Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 8-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ConnectOne Bancorp, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 29,896,501 | |
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-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_STATEMENTS_OF_CON
CONSOLIDATED STATEMENTS OF CONDITION (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $30,127 | $31,813 |
Interest-bearing deposits with banks | 58,416 | 95,034 |
Cash and cash equivalents | 88,543 | 126,847 |
Investment securities: | ||
Available-for-sale | 276,121 | 289,532 |
Held-to-maturity (fair value of $240,263 and $231,445) | 231,720 | 224,682 |
Loans held for sale | 1,392 | |
Loans receivable | 2,640,739 | 2,538,641 |
Less: Allowance for loan and lease losses | 15,933 | 14,160 |
Net loans receivable | 2,624,806 | 2,524,481 |
Investment in restricted stock, at cost | 24,874 | 23,535 |
Bank premises and equipment, net | 20,358 | 20,653 |
Accrued interest receivable | 11,513 | 11,700 |
Bank-owned life insurance | 52,904 | 52,518 |
Other real estate owned | 870 | 1,108 |
Goodwill | 145,909 | 145,909 |
Core deposit intangibles | 4,584 | 4,825 |
Other assets | 22,297 | 22,782 |
Total assets | 3,505,891 | 3,448,572 |
Deposits: | ||
Noninterest-bearing | 479,652 | 492,515 |
Interest-bearing | 2,016,359 | 1,983,092 |
Total deposits | 2,496,011 | 2,475,607 |
Borrowings | 525,148 | 495,553 |
Subordinated debentures | 5,155 | 5,155 |
Other liabilities | 23,383 | 26,038 |
Total liabilities | 3,049,697 | 3,002,353 |
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 March 31, 2015 and December 31, 2014; total liquidation value of $11,250 at March 31, 2015 and December 31, 2014 | 11,250 | 11,250 |
Common stock, no par value, authorized 50,000,000 shares; issued 31,928,524 shares at March 31, 2015 and 31,758,558 at December 31, 2014; outstanding 29,864,602 shares at March 31, 2015 and 29,694,636 at December 31, 2014 | 374,287 | 374,287 |
Additional paid-in capital | 7,084 | 6,015 |
Retained earnings | 80,526 | 72,398 |
Treasury stock, at cost (2,063,922 common shares at March 31, 2015 and December 31, 2014) | -16,717 | -16,717 |
Accumulated other comprehensive loss | -236 | -1,014 |
Total stockholders’ equity | 456,194 | 446,219 |
Total liabilities and stockholders’ equity | $3,505,891 | $3,448,572 |
CONSOLIDATED_STATEMENTS_OF_CON1
CONSOLIDATED STATEMENTS OF CONDITION (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity, fair value (in Dollars) | $240,263 | $231,445 |
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 | 31,928,524 | 31,758,558 |
Common stock, shares outstanding | 29,864,602 | 29,694,636 |
Treasury Stock, Shares | 2,063,922 | 2,063,922 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued | 11,250 | 11,250 |
Preferred stock, shares outstanding | 11,250 | 11,250 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income | ||
Interest and fees on loans | $29,314 | $10,111 |
Interest and dividends on investment securities: | ||
Taxable | 2,910 | 3,057 |
Tax-exempt | 883 | 1,056 |
Dividends | 220 | 113 |
Interest on federal funds sold and other short-term investments | 43 | |
Total interest income | 33,370 | 14,337 |
Interest expense | ||
Deposits | 3,025 | 1,316 |
Borrowings | 2,053 | 1,411 |
Total interest expense | 5,078 | 2,727 |
Net interest income | 28,292 | 11,610 |
Provision for loan and lease losses | 1,825 | 625 |
Net interest income after provision for loan and lease losses | 26,467 | 10,985 |
Noninterest income | ||
Annuities and insurance commissions | 86 | 100 |
Bank-owned life insurance | 386 | 255 |
Net gains on sale of loans held for sale | 114 | 36 |
Deposit, loan and other income | 463 | 715 |
Net gains on sale of investment securities | 506 | 1,415 |
Total other income | 1,555 | 2,521 |
Noninterest expense | ||
Salaries and employee benefits | 6,628 | 3,332 |
Occupancy and equipment | 2,082 | 1,080 |
FDIC insurance | 560 | 300 |
Professional and consulting | 494 | 255 |
Marketing and advertising | 194 | 40 |
Data processing | 900 | 345 |
Merger expenses | 1,060 | |
Amortization of core deposit intangible | 241 | 6 |
Other expenses | 1,532 | 1,078 |
Total other expense | 12,631 | 7,496 |
Income before income tax expense | 15,391 | 6,010 |
Income tax expense | 5,012 | 1,612 |
Net Income | 10,379 | 4,398 |
Less: Preferred stock dividends | 28 | 28 |
Net income available to common stockholders | $10,351 | $4,370 |
Earnings per common share | ||
Basic (in Dollars per share) | $0.35 | $0.27 |
Diluted (in Dollars per share) | $0.34 | $0.27 |
Weighted average common shares outstanding | ||
Basic (in Shares) | 29,757,316 | 16,350,183 |
Diluted (in Shares) | 30,149,469 | 16,405,540 |
Dividends per common share (in Dollars per share) | $0.08 | $0.08 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $10,379 | $4,398 |
Unrealized gains and losses on securities available-for-sale: | ||
Unrealized holding gains on available-for-sale securities | 1,509 | 3,516 |
Tax effect | -595 | -1,190 |
Net of tax amount | 914 | 2,326 |
Reclassification adjustment for realized gains arising during period | -506 | -1,415 |
Tax effect | 207 | 380 |
Net of tax amount | -299 | -1,035 |
Amortization of unrealized losses holding gains on held-to-maturity securities transferred from available-for-sale securities | 65 | 45 |
Tax effect | -25 | -20 |
Net of tax amount | 40 | 25 |
Unrealized losses on cash flow hedge | -534 | |
Tax effect | 218 | |
Net of tax amount | -316 | |
Unrealized pension plan gains | 742 | 1,281 |
Tax effect | -303 | -523 |
Net of tax amount | 439 | 758 |
Total other comprehensive income | 778 | 2,074 |
Total comprehensive income | $11,157 | $6,472 |
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] | AOCI Attributable to Parent [Member] | Total |
In Thousands | |||||||
Balance 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, net of taxes | 1,530 | 1,530 | |||||
Dividends on series B preferred stock | -112 | -112 | |||||
Issuance cost of common stock | -7 | -7 | |||||
Cash dividends declared on common stock | -7,962 | -7,962 | |||||
Exercise of stock options | 806 | 361 | 1,167 | ||||
Stock issued (13,221,152 shares) and options acquired (783,732 shares) in acquisition of Legacy ConnectOne | 264,231 | 264,231 | |||||
Stock-based compensation expense | 223 | 223 | |||||
Balance at Dec. 31, 2014 | 11,250 | 374,287 | 6,015 | 72,398 | -16,717 | -1,014 | 446,219 |
Net income | 10,379 | 10,379 | |||||
Other comprehensive income, net of taxes | 778 | 778 | |||||
Dividends on series B preferred stock | -28 | -28 | |||||
Cash dividends declared on common stock | -2,223 | -2,223 | |||||
Exercise of stock options | 590 | 590 | |||||
Granted 59,466 shares of restricted stock | |||||||
Stock-based compensation expense | 479 | 479 | |||||
Balance at Mar. 31, 2015 | $11,250 | $374,287 | $7,084 | $80,526 | ($16,717) | ($236) | $456,194 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Cash dividends declared on common stock (in Dollars per share) | $0.08 | $0.30 |
Exercise of stock options, shares | 110,500 | 100,911 |
Exercise of stock options, tax benefits (in Dollars) | $165 | $282 |
Stock issued in acquisition | 13,221,152 | |
Options acquired acquisition | 783,732 | |
Granted restricted stock | 59,466 | |
Common Stock [Member] | ||
Stock issued in acquisition | 13,221,152 | |
Options acquired acquisition | 783,732 | |
Additional Paid-in Capital [Member] | ||
Exercise of stock options, shares | 110,500 | 100,911 |
Exercise of stock options, tax benefits (in Dollars) | 165 | 282 |
Retained Earnings [Member] | ||
Cash dividends declared on common stock (in Dollars per share) | $0.08 | $0.30 |
Treasury Stock [Member] | ||
Exercise of stock options, shares | 110,500 | 100,911 |
Exercise of stock options, tax benefits (in Dollars) | $282 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income | $10,379 | $4,398 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,040 | 204 |
Provision for loan and lease losses | 1,825 | 625 |
Stock-based compensation (excluding tax benefit) | 479 | 16 |
Gains on sales of investment securities, net | -506 | -1,415 |
Gains on sale of loans held for sale | -114 | -36 |
Loans originated for resale | -8,468 | -2,168 |
Proceeds from sale of loans held for sale | 7,190 | 2,204 |
Net loss on sale of other real estate owned | 112 | |
Increase in cash surrender value of bank-owned life insurance | -386 | -255 |
Amortization of premiums and accretion of discounts on investments securities, net | 518 | 536 |
Decrease in accrued interest receivable | 187 | 461 |
(Increase) decrease in other assets | -49 | 1,588 |
Decrease in other liabilities | -2,388 | -31 |
Net cash provided by operating activities | 9,819 | 6,127 |
Investment securities available-for-sale: | ||
Purchases | -1,543 | -10,397 |
Sales | 9,537 | 50,611 |
Maturities, calls and principal repayments | 6,673 | 6,999 |
Investment securities held-to-maturity: | ||
Purchases | -9,986 | |
Maturities and principal repayments | 2,749 | 890 |
Net purchases of restricted investment in bank stocks | -1,339 | |
Net increase in loans | -102,150 | -26,911 |
Purchases of premises and equipment | -504 | -350 |
Proceeds from sale of other real estate owned | 126 | |
Net cash (used in) provided by investing activities | -96,437 | 20,842 |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 20,404 | -2,120 |
Net increase in borrowings | 29,595 | |
Cash dividends paid on preferred stock | -28 | -28 |
Cash dividends paid on common stock | -2,247 | -1,228 |
Issuance cost of common stock | -3 | |
Proceeds from exercise of stock options | 590 | |
Net cash provided by (used in) financing activities | 48,314 | -3,379 |
Net change in cash and cash equivalents | -38,304 | 23,590 |
Cash and cash equivalents at beginning of period | 126,847 | 82,692 |
Cash and cash equivalents at end of period | 88,543 | 106,282 |
Cash payments for: | ||
Interest paid on deposits and borrowings | 4,724 | 2,723 |
Income taxes | $5,500 | $500 |
Nature_of_Operations_and_Princ
Nature of Operations and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Nature of Operations and Principles of Consolidation |
The consolidated financial statements of ConnectOne Bancorp, Inc. (the “Parent Corporation”) are prepared on an accrual basis and include the accounts of the Parent Corporation and its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s other direct and indirect subsidiaries, the “Company”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. | |
The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey and 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 client. However, the clients’ ability to repay their loans is dependent on the cash flows, real estate and general economic conditions in the area. | |
The following unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and, accordingly, do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2015, or for any other interim period. The Company’s 2014 Annual Report on Form 10-K, should be read in conjunction with these financial statements. | |
In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan and lease losses, the other-than-temporary impairment evaluation of securities, the evaluation of the impairment of goodwill and the evaluation of deferred tax assets. | |
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Some items in the prior year financial statements were reclassified to conform to current presentation. Reclassifications had no effect on prior year net income for stockholders’ equity. |
Business_Combinations
Business Combinations | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Business Combinations [Abstract] | ||||||||||||||
Business Combination Disclosure [Text Block] | Note 2. Business Combinations | |||||||||||||
On January 20, 2014, the Parent Corporation entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ConnectOne Bancorp, Inc., a New Jersey Company (“Legacy ConnectOne”). Effective July 1, 2014 (the “Effective Time”), the Parent Corporation completed the merger contemplated by the Merger Agreement (the “Merger”) with Legacy ConnectOne. At closing, Legacy ConnectOne merged with and into the Parent Corporation, with the Parent Corporation as the surviving Company. Also at closing, the Parent Corporation changed its name from “Center Bancorp, Inc.” to “ConnectOne Bancorp, Inc.” and changed its NASDAQ trading symbol to “CNOB” from “CNBC.” | ||||||||||||||
Pursuant to the Merger Agreement, holders of Legacy ConnectOne common stock, no par value per share (the “Legacy ConnectOne Common Stock”), received 2.6 shares of common stock of the Parent Corporation, no par value per share (the “Company Common Stock”), for each share of Legacy ConnectOne Common Stock held immediately prior to the effective time of the Merger, with cash to be paid in lieu of fractional shares. Each outstanding share of Company Common Stock remained outstanding and was unaffected by the Merger. Each option granted by Legacy ConnectOne to purchase shares of Legacy ConnectOne Common Stock was converted into an option to purchase Company Common Stock on the same terms and conditions as were applicable prior to the Merger (taking into account any acceleration or vesting by reason of the consummation of the Merger and its related transactions), subject to adjustment of the exercise price and the number of shares of Company Common Stock issuable upon exercise of such option based on the 2.6 exchange ratio. | ||||||||||||||
Immediately following the Merger, Union Center National Bank, a bank organized pursuant to the laws of the United States, and a wholly owned subsidiary of the Parent Corporation (“UNCB”), merged (the “Bank Merger”) with and into ConnectOne Bank, a New Jersey state-chartered commercial bank and a wholly owned subsidiary of Legacy ConnectOne, with ConnectOne Bank as the surviving entity (the “Bank”). The Bank now conducts business only in the name of and under the brand of ConnectOne. | ||||||||||||||
The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of July 1, 2014 based on management’s best estimate using the information available as of the Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $129,105,000 and a core deposit intangible of $5,308,000. As of July 1, 2014, Legacy ConnectOne had assets with a carrying value of approximately $1.5 billion, including loans with a carrying value of approximately $1.2 billion, and deposits with a carrying value of approximately $1.1 billion. The table below summarizes the amounts recognized as of the Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Company’s financial statements at fair value at the Merger date (in thousands): | ||||||||||||||
Consideration paid through Parent Corporation common stock issued to Legacy ConnectOne shareholders and fair value of stock options acceleration was: $ 264,231 | ||||||||||||||
Legacy | Fair value | As recorded | ||||||||||||
ConnectOne | adjustments | at | ||||||||||||
carrying value | acquisition | |||||||||||||
Cash and cash equivalents | $ | 70,318 | $ | — | $ | 70,318 | ||||||||
Investment securities | 28,436 | 16 | (a) | 28,452 | ||||||||||
Restricted stock | 13,646 | — | 13,646 | |||||||||||
Loans held for sale | 190 | — | 190 | |||||||||||
Loans | 1,304,600 | (5,316 | ) | (b) | 1,299,284 | |||||||||
Bank owned life insurance | 15,481 | — | 15,481 | |||||||||||
Premises and equipment | 7,380 | (905 | ) | (c) | 6,475 | |||||||||
Accrued interest receivable | 4,470 | — | 4,470 | |||||||||||
Core deposit and other intangibles | — | 5,308 | (d) | 5,308 | ||||||||||
Other real estate owned | 2,455 | — | 2,455 | |||||||||||
Other assets | 10,636 | 3,650 | (e) | 14,286 | ||||||||||
Deposits | (1,049,666 | ) | (1,676 | ) | (f) | (1,051,342 | ) | |||||||
FHLB borrowings | (262,046 | ) | (1,324 | ) | (g) | (263,370 | ) | |||||||
Other liabilities | (10,527 | ) | — | (10,527 | ) | |||||||||
Total identifiable net assets | $ | 135,373 | $ | (247 | ) | $ | 135,126 | |||||||
Goodwill recorded in the Merger | $ | 129,105 | ||||||||||||
The following provides an explanation of certain fair value adjustments presented in the above table: | ||||||||||||||
a) | Represents the fair value adjustment on investment securities held to maturity. | |||||||||||||
b) | Represents the elimination of Legacy ConnectOne’s allowance for loan and lease 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 rates 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 and lease losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Merger. | ||||||||||||||
The acquired loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of July 1, 2014 was comprised of collateral dependent loans with deteriorated credit quality as follows (in thousands): | ||||||||||||||
ASC 310-30 | ||||||||||||||
Loans | ||||||||||||||
Contractual principal and accrued interest at acquisition | $ | 23,284 | ||||||||||||
Principal not expected to be collected (non-accretable discount) | (6,942 | ) | ||||||||||||
Expected cash flows at acquisition | 16,342 | |||||||||||||
Interest component of expected cash flows (accretable discount) | (5,013 | ) | ||||||||||||
Fair value of acquired loans | $ | 11,329 | ||||||||||||
The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the accelerated method. Other intangibles consist of below market rents, which are amortized over the remaining life of each lease using the straight-line method. | ||||||||||||||
Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. | ||||||||||||||
The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowed funds was estimated by discounting the future cash flows using market rates for similar borrowings. | ||||||||||||||
Direct acquisition and integration costs of the Merger were expensed as incurred and totaled $10.6 million. These items were recorded as merger-related expenses on the statement of operations. |
Earnings_per_Common_Share
Earnings per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | Note 3. Earnings per Common Share | ||||||||
Basic earnings per common share (“EPS”) is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Company’s weighted average common shares outstanding for diluted EPS include the effect of stock options and restricted stock awards outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS. | |||||||||
Earnings per common share have been computed as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except for per share data) | 2015 | 2014 | |||||||
Net income | $ | 10,379 | $ | 4,398 | |||||
Preferred stock dividends | (28 | ) | (28 | ) | |||||
Net income available to common stockholders | $ | 10,351 | $ | 4,370 | |||||
Basic weighted average common shares outstanding | 29,757 | 16,350 | |||||||
Effect of dilutive options | 392 | 56 | |||||||
Diluted weighted average common shares outstanding | 30,149 | 16,406 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 0.35 | $ | 0.27 | |||||
Diluted | 0.34 | 0.27 | |||||||
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4. Investment Securities | ||||||||||||||||||||||||
The Company’s investment securities are classified as available-for-sale and held-to-maturity at March 31, 2015 and December 31, 2014. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value as of March 31, 2015. 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 8 of the Notes to Consolidated Financial Statements for a further discussion. | |||||||||||||||||||||||||
Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. | |||||||||||||||||||||||||
The following tables present information related to the Company’s investment securities at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Federal agency obligations | $ | 30,774 | $ | 463 | $ | (4 | ) | $ | 31,233 | ||||||||||||||||
Residential mortgage pass-through securities | 57,300 | 1,737 | (9 | ) | 59,028 | ||||||||||||||||||||
Commercial mortgage pass-through securities | 3,027 | 55 | — | 3,082 | |||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,197 | 238 | — | 8,435 | |||||||||||||||||||||
Trust preferred securities | 16,086 | 648 | (278 | ) | 16,456 | ||||||||||||||||||||
Corporate bonds and notes | 110,671 | 6,190 | (22 | ) | 116,839 | ||||||||||||||||||||
Asset-backed securities | 26,045 | 127 | (80 | ) | 26,092 | ||||||||||||||||||||
Certificates of deposit | 2,097 | 31 | (5 | ) | 2,123 | ||||||||||||||||||||
Equity securities | 376 | — | (56 | ) | 320 | ||||||||||||||||||||
Other securities | 12,474 | 89 | (50 | ) | 12,513 | ||||||||||||||||||||
Total | $ | 267,047 | $ | 9,578 | $ | (504 | ) | $ | 276,121 | ||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 28,315 | $ | 1,507 | $ | — | $ | 29,822 | |||||||||||||||||
Federal agency obligations | 35,393 | 586 | (30 | ) | 35,949 | ||||||||||||||||||||
Residential mortgage-backed securities | 5,542 | 26 | (13 | ) | 5,555 | ||||||||||||||||||||
Commercial mortgage-backed securities | 4,124 | 86 | — | 4,210 | |||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 119,384 | 4,966 | (46 | ) | 124,304 | ||||||||||||||||||||
Corporate bonds and notes | 38,962 | 1,472 | (11 | ) | 40,423 | ||||||||||||||||||||
Total | $ | 231,720 | $ | 8,643 | $ | (100 | ) | $ | 240,263 | ||||||||||||||||
Total investment securities | $ | 498,767 | $ | 18,221 | $ | (604 | ) | $ | 516,384 | ||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(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 | ||||||||||||||||
The following table presents information for investment securities available-for-sale at March 31, 2015, 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-Mar-15 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 23,891 | $ | 24,248 | |||||||||||||||||||||
Due after one year through five years | 32,274 | 33,611 | |||||||||||||||||||||||
Due after five years through ten years | 83,910 | 88,819 | |||||||||||||||||||||||
Due after ten years | 53,795 | 54,500 | |||||||||||||||||||||||
Residential mortgage pass-through securities | 57,300 | 59,028 | |||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,027 | 3,082 | |||||||||||||||||||||||
Equity securities | 376 | 320 | |||||||||||||||||||||||
Other securities | 12,474 | 12,513 | |||||||||||||||||||||||
Total | $ | 267,047 | $ | 276,121 | |||||||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||
Due in one year or less | $ | 4,991 | $ | 5,020 | |||||||||||||||||||||
Due after one year through five years | 9,207 | 9,401 | |||||||||||||||||||||||
Due after five years through ten years | 71,916 | 75,354 | |||||||||||||||||||||||
Due after ten years | 135,940 | 140,723 | |||||||||||||||||||||||
Residential mortgage-backed securities | 5,542 | 5,555 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 4,124 | 4,210 | |||||||||||||||||||||||
Total | $ | 231,720 | $ | 240,263 | |||||||||||||||||||||
Total investment securities | $ | 498,767 | $ | 516,384 | |||||||||||||||||||||
Gross gains and losses from the sales, calls, and maturities of investment securities for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Proceeds | $ | 9,537 | $ | 50,611 | |||||||||||||||||||||
Gross gains on sales of investment securities | 506 | 1,432 | |||||||||||||||||||||||
Gross losses on sales of investment securities | — | (17 | ) | ||||||||||||||||||||||
Net gains on sales of investment securities | 506 | 1,415 | |||||||||||||||||||||||
Less: tax provision on net gains | 207 | 380 | |||||||||||||||||||||||
Total | $ | 299 | $ | 1,035 | |||||||||||||||||||||
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 impairment in the portfolio 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 issuer trust preferred security held by the Company at March 31, 2015, of which all but one has at least one rating below investment grade (in thousands): | |||||||||||||||||||||||||
Issuer | Amortized | Fair | Gross | Lowest | |||||||||||||||||||||
Cost | Value | Unrealized | Credit | ||||||||||||||||||||||
Gain (Loss) | Rating | ||||||||||||||||||||||||
Assigned | |||||||||||||||||||||||||
Countrywide Capital IV | $ | 1,771 | $ | 1,819 | $ | 48 | BB | ||||||||||||||||||
Countrywide Capital V | 2,747 | 2,848 | 101 | BB | |||||||||||||||||||||
Countrywide Capital V | 250 | 259 | 9 | BB | |||||||||||||||||||||
Nationsbank Cap Trust III | 1,575 | 1,297 | (278 | ) | BB | ||||||||||||||||||||
Morgan Stanley Cap Trust IV | 2,500 | 2,567 | 67 | BB | |||||||||||||||||||||
Morgan Stanley Cap Trust IV | 1,743 | 1,795 | 52 | BB | |||||||||||||||||||||
Goldman Sachs | 1,000 | 1,252 | 252 | BB | |||||||||||||||||||||
Stifel Financial | 4,500 | 4,619 | 119 | BBB- | |||||||||||||||||||||
Total | $ | 16,086 | $ | 16,456 | $ | 370 | |||||||||||||||||||
Temporarily Impaired Investments | |||||||||||||||||||||||||
For all other securities, the Company does not believe that the unrealized losses, which were comprised of 39 and 54 investment securities as of March 31, 2015 and December 31, 2014, 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 consist 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. Neither 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 March 31, 2015. | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Federal agency obligation | $ | 1,656 | $ | (4 | ) | $ | 1,357 | $ | (1 | ) | $ | 299 | $ | (3 | ) | ||||||||||
Residential mortgage pass-through securities | 1,026 | (9 | ) | 1,026 | (9 | ) | — | — | |||||||||||||||||
Trust preferred securities | 1,297 | (278 | ) | — | — | 1,297 | (278 | ) | |||||||||||||||||
Corporate bonds and notes | 3,935 | (22 | ) | 3,935 | (22 | ) | — | — | |||||||||||||||||
Asset-backed securities | 9,698 | (80 | ) | 9,698 | (80 | ) | — | — | |||||||||||||||||
Certificates of deposit | 217 | (5 | ) | 217 | (5 | ) | — | — | |||||||||||||||||
Equity securities | 320 | (56 | ) | — | — | 320 | (56 | ) | |||||||||||||||||
Other securities | 5,477 | (50 | ) | — | — | 5,477 | (50 | ) | |||||||||||||||||
Total | $ | 23,626 | $ | (504 | ) | $ | 16,233 | $ | (117 | ) | $ | 7,393 | $ | (387 | ) | ||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||
Federal agency obligation | $ | 6,422 | $ | (30 | ) | $ | 6,422 | $ | (30 | ) | $ | — | $ | — | |||||||||||
Residential mortgage pass-through securities | 3,660 | (13 | ) | 3,660 | (13 | ) | — | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 7,336 | (46 | ) | 7,336 | (46 | ) | — | — | |||||||||||||||||
Corporate bonds and notes | 3,720 | (11 | ) | 3,720 | (11 | ) | — | — | |||||||||||||||||
Total | $ | 21,138 | $ | (100 | ) | $ | 21,138 | $ | (100 | ) | $ | — | $ | — | |||||||||||
Total temporarily impaired securities | $ | 44,764 | $ | (604 | ) | $ | 37,371 | $ | (217 | ) | $ | 7,393 | $ | (387 | ) | ||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
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 | ) | ||||||||||
Investment securities having a carrying value of approximately $215.9 million and $224.7 million at March 31, 2015 and December 31, 2014, respectively, were pledged to secure public deposits, borrowings, Federal Reserve Discount Window, and Federal Home Loan Bank advances and for other purposes required or permitted by law. | |||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, there were no holdings of securities of any one issuer, other than the U.S Government and its agencies, in an amount greater than 10% of stockholders’ equity. |
Derivatives
Derivatives | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 5 - 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 swaps designated as cash flow hedges as of period-end is as follows: | |||||||||||||
(dollars in thousands) | March 31, | March 31, | December 31, | ||||||||||
2015 | 2014 | 2014 | |||||||||||
Notional amount | $ | 50,000 | $ | — | $ | 50,000 | |||||||
Weighted average pay rates | 1.58 | % | — | % | 1.58 | % | |||||||
Weighted average receive rates | 0.25 | % | — | % | 0.24 | % | |||||||
Weighted average maturity | 4.2 years | — | 4.4 years | ||||||||||
Fair value | $ | (486 | ) | $ | — | $ | 48 | ||||||
Interest expense recorded on these swap transactions totaled approximately $166,000 for the three months ended March 31, 2015 and there are 0 related expenses for the three months ended March 31, 2014. | |||||||||||||
Cash Flow Hedge | |||||||||||||
The following table presents the net gains (losses), recorded in other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the three months ended March 31, 2015: | |||||||||||||
(in thousands) | Amount of gain | Amount of gain | Amount of gain | ||||||||||
(loss) recognized | (loss) reclassified | (loss) | |||||||||||
in OCI (Effective | from OCI to | recognized in other | |||||||||||
Portion) | interest income | Non-interest income (Ineffective Portion) | |||||||||||
Interest rate contracts | $ | (534 | ) | $ | — | $ | — | ||||||
There were 0 net gains (losses) recorded in accumulated other comprehensive income or in the Consolidated Statement of Income relating to cash flow derivative instruments for the three months ended March 31, 2014. |
Loans_and_the_Allowance_for_Lo
Loans and the Allowance for Loan and Lease Losses | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 6. Loans and the Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||||
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 and lease 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 nonaccrual 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 and lease 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 and Lease Losses | |||||||||||||||||||||||||||||
The allowance for loan and lease losses is a valuation allowance for probable incurred credit losses. 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 and lease 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 nonaccrual 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 and lease 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 category. These exogenous factors (nine total) include consideration of the following: concentrations of credit; delinquency & nonaccrual 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 and lease losses. After acquisition, losses are recognized by an increase in the allowance for loan and lease 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. | |||||||||||||||||||||||||||||
Composition of Loan Portfolio | |||||||||||||||||||||||||||||
The following table sets forth the composition of the Company’s loan portfolio, including net deferred loan fees, at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 562,931 | $ | 499,816 | |||||||||||||||||||||||||
Commercial real estate | 1,668,310 | 1,634,510 | |||||||||||||||||||||||||||
Commercial construction | 181,056 | 167,359 | |||||||||||||||||||||||||||
Residential real estate | 226,645 | 234,967 | |||||||||||||||||||||||||||
Consumer | 3,581 | 2,879 | |||||||||||||||||||||||||||
Gross loans | 2,642,523 | 2,539,531 | |||||||||||||||||||||||||||
Net deferred loan fees | (1,784 | ) | (890 | ) | |||||||||||||||||||||||||
Total loans receivable | $ | 2,640,739 | $ | 2,538,641 | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, loan balances of approximately $1.1 billion and $1.0 billion, respectively, were pledged to secure borrowings from the Federal Home Loan Bank of New York. | |||||||||||||||||||||||||||||
Purchased 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 March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 7,146 | $ | 7,199 | |||||||||||||||||||||||||
Commercial real estate | 1,807 | 1,816 | |||||||||||||||||||||||||||
Residential real estate | 819 | 806 | |||||||||||||||||||||||||||
Total carrying amount | $ | 9,772 | $ | 9,821 | |||||||||||||||||||||||||
For those purchased loans disclosed above, the Company did not increase the allowance for loan and lease losses for the three months ended March 31, 2015, nor did it increase the allowance for loan and lease losses for purchased impaired loans during the three months ended March 31, 2015. | |||||||||||||||||||||||||||||
The accretable yield, or income expected to be collected, on the purchased loans for the three months ended March 31, 2015 is as follows (in thousands): | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 4,805 | |||||||||||||||||||||||||||
New loans purchased | — | ||||||||||||||||||||||||||||
Accretion of income | (54 | ) | |||||||||||||||||||||||||||
Reclassifications from non-accretable difference | — | ||||||||||||||||||||||||||||
Disposals | — | ||||||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 4,751 | |||||||||||||||||||||||||||
The following table presents information about the recorded investment in loan receivables on nonaccrual status by class at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
Loans Receivable on Nonaccrual Status | |||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 3,347 | $ | 616 | |||||||||||||||||||||||||
Commercial real estate | 8,009 | 8,197 | |||||||||||||||||||||||||||
Residential real estate | 3,229 | 2,796 | |||||||||||||||||||||||||||
Total loans receivable on nonaccrual status | $ | 14,585 | $ | 11,609 | |||||||||||||||||||||||||
Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogenous loans that are collectively evaluated for impairment and individually classified impaired loans. | |||||||||||||||||||||||||||||
The Company continuously monitors the credit quality of its loans receivable. In addition to its 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. The following table presents information, excluding net deferred loan fees, about the Company’s loan credit quality at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 528,431 | $ | 23,975 | $ | 10,249 | $ | 276 | $ | 562,931 | |||||||||||||||||||
Commercial real estate | 1,621,181 | 24,509 | 22,620 | — | 1,668,310 | ||||||||||||||||||||||||
Commercial construction | 179,577 | 1,479 | — | — | 181,056 | ||||||||||||||||||||||||
Residential real estate | 223,148 | — | 3,497 | — | 226,645 | ||||||||||||||||||||||||
Consumer | 3,484 | — | 97 | — | 3,581 | ||||||||||||||||||||||||
Total loans | $ | 2,555,821 | $ | 49,963 | $ | 36,463 | $ | 276 | $ | 2,642,523 | |||||||||||||||||||
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 | |||||||||||||||||||
The following table provides an analysis of the impaired loans, by loan segment, at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
No related allowance recorded | (in thousands) | ||||||||||||||||||||||||||||
Commercial | $ | 314 | $ | 334 | $ | — | |||||||||||||||||||||||
Commercial real estate | 5,774 | 6,468 | — | ||||||||||||||||||||||||||
Residential real estate | 3,505 | 3,869 | — | ||||||||||||||||||||||||||
Consumer | 105 | 97 | — | ||||||||||||||||||||||||||
Total | $ | 9,698 | $ | 10,768 | $ | — | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 382 | $ | 390 | $ | 188 | |||||||||||||||||||||||
Commercial real estate | 6,341 | 6,341 | 518 | ||||||||||||||||||||||||||
Total | $ | 6,723 | $ | 6,731 | $ | 706 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | $ | 696 | $ | 724 | $ | 188 | |||||||||||||||||||||||
Commercial real estate | 12,115 | 12,809 | 518 | ||||||||||||||||||||||||||
Residential real estate | 3,505 | 3,869 | — | ||||||||||||||||||||||||||
Consumer | 105 | 97 | — | ||||||||||||||||||||||||||
Total | $ | 16,421 | $ | 17,499 | $ | 706 | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
No related allowance recorded | (in thousands) | ||||||||||||||||||||||||||||
Commercial | $ | 481 | $ | 527 | $ | — | |||||||||||||||||||||||
Commercial real estate | 5,890 | 6,587 | — | ||||||||||||||||||||||||||
Residential real estate | 3,072 | 3,407 | — | ||||||||||||||||||||||||||
Consumer | 109 | 101 | — | ||||||||||||||||||||||||||
Total | $ | 9,552 | $ | 10,622 | $ | — | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 387 | $ | 390 | $ | 111 | |||||||||||||||||||||||
Commercial real estate | 3,520 | 3,520 | 151 | ||||||||||||||||||||||||||
Total | $ | 3,907 | $ | 3,910 | $ | 262 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | $ | 868 | $ | 917 | $ | 111 | |||||||||||||||||||||||
Commercial real estate | 9,410 | 10,107 | 151 | ||||||||||||||||||||||||||
Residential real estate | 3,072 | 3,407 | — | ||||||||||||||||||||||||||
Consumer | 109 | 101 | — | ||||||||||||||||||||||||||
Total | $ | 13,459 | $ | 14,532 | $ | 262 | |||||||||||||||||||||||
The following table provides an analysis related to the average recorded investment and interest income recognized on impaired loans by segment as of and for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
Impaired loans with no related allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 290 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Commercial real estate | 6,052 | 19 | 1,275 | 57 | |||||||||||||||||||||||||
Residential real estate | 3,613 | 2 | — | — | |||||||||||||||||||||||||
Consumer | 106 | 1 | — | — | |||||||||||||||||||||||||
Total | $ | 10,061 | $ | 22 | $ | 1,275 | $ | 57 | |||||||||||||||||||||
Impaired loans with an allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 387 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Commercial real estate | 6,335 | — | 2,302 | 68 | |||||||||||||||||||||||||
Residential real estate | — | — | 1,226 | 31 | |||||||||||||||||||||||||
Total | $ | 6,722 | $ | $ | 3,528 | $ | 99 | ||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||
Commercial | $ | 677 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Commercial real estate | 12,387 | 19 | 3,477 | 125 | |||||||||||||||||||||||||
Residential real estate | 3,613 | 2 | 1,226 | 31 | |||||||||||||||||||||||||
Consumer | 106 | 1 | — | — | |||||||||||||||||||||||||
Total | $ | 16,783 | $ | 22 | $ | 4,703 | $ | 156 | |||||||||||||||||||||
Included in impaired loans at March 31, 2015, December 31, 2014 and March 31, 2014 are loans that are deemed troubled debt restructurings. The recorded investment in loans include accrued interest receivable and other capitalized costs such as real estate taxes paid on behalf of the borrower and loan origination fees, net, when applicable. Cash basis interest and interest income recognized on accrual basis approximate each other. | |||||||||||||||||||||||||||||
The following table provides an analysis of the aging of the recorded investment of loans, excluding net deferred loan fees that are past due at March 31, 2015 and December 31, 2014 by segment: | |||||||||||||||||||||||||||||
Aging Analysis | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
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 or Greater | ||||||||||||||||||||||||||||
Past Due and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 5,562 | $ | 554 | $ | 3,899 | $ | 10,015 | $ | 552,916 | $ | 562,931 | $ | 638 | |||||||||||||||
Commercial real estate | 2,567 | 5,092 | 4,180 | 11,839 | 1,656,471 | 1,668,310 | — | ||||||||||||||||||||||
Commercial construction | 375 | — | — | 375 | 180,681 | 181,056 | — | ||||||||||||||||||||||
Residential real estate | 1,925 | — | 2,937 | 4,862 | 221,783 | 226,645 | — | ||||||||||||||||||||||
Consumer | 2 | 1 | — | 3 | 3,578 | 3,581 | |||||||||||||||||||||||
Total | $ | 10,431 | $ | 5,647 | $ | 11,016 | $ | 27,094 | $ | 2,615,429 | $ | 2,642,523 | $ | 638 | |||||||||||||||
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 or Greater | ||||||||||||||||||||||||||||
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 | $ | 23,519 | $ | 2,516,012 | $ | 2,539,531 | $ | 1,211 | |||||||||||||||
The following table details the amount of loans receivable that are evaluated individually, and collectively, for impairment (excluding net deferred loan fees), acquired, and the related portion of the allowance for loan and lease losses that are allocated to each loan portfolio segment: | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 188 | $ | 518 | $ | — | $ | — | $ | — | $ | — | $ | 706 | |||||||||||||||
Collectively evaluated for impairment | 3,739 | 8,328 | 1,518 | 981 | 4 | 657 | 15,227 | ||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 3,927 | $ | 8,846 | $ | 1,518 | $ | 981 | $ | 4 | $ | 657 | $ | 15,933 | |||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 696 | $ | 12,115 | $ | — | $ | 3,905 | $ | 105 | $ | — | $ | 16,421 | |||||||||||||||
Collectively evaluated for impairment | 555,089 | 1,654,388 | 181,056 | 222,321 | 3,476 | — | 2,616,330 | ||||||||||||||||||||||
Acquired with deteriorated credit quality | 7,146 | 1,807 | — | 819 | — | — | 9,772 | ||||||||||||||||||||||
Total | $ | 562,931 | $ | 1,668,310 | $ | 181,056 | $ | 226,645 | $ | 3,581 | $ | — | $ | 2,642,523 | |||||||||||||||
The tables above include approximately $1.1 billion of acquired loans for the period ended March 31, 2015 reported as collectively evaluated for impairment. | |||||||||||||||||||||||||||||
The following table details the amount of loans that are evaluated individually, and collectively, for impairment (excluding net deferred loan fees), acquired, and the related portion of the allowance for loan and lease losses that are allocated to each loan portfolio segment: | |||||||||||||||||||||||||||||
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 | |||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
The Company’s allowance for loan and lease 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 and lease losses 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 and lease losses is as follows: | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 3,083 | $ | 7,799 | $ | 1,239 | $ | 1,113 | $ | 7 | $ | 919 | $ | 14,160 | |||||||||||||||
Charge-offs | (45 | ) | (4 | ) | — | — | (11 | ) | — | (60 | ) | ||||||||||||||||||
Recoveries | 6 | — | — | 1 | 1 | — | 8 | ||||||||||||||||||||||
Provision | 883 | 1,051 | 279 | (133 | ) | 7 | (262 | ) | 1,825 | ||||||||||||||||||||
Balance at March 31, 2015 | $ | 3,927 | $ | 8,846 | $ | 1,518 | $ | 981 | $ | 4 | $ | 657 | $ | 15,933 | |||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | |||||||||||||||
Charge-offs | (333 | ) | — | — | — | (3 | ) | — | (336 | ) | |||||||||||||||||||
Recoveries | — | — | — | 10 | 1 | — | 11 | ||||||||||||||||||||||
Provision | 860 | (362 | ) | 72 | 4 | (65 | ) | 116 | 625 | ||||||||||||||||||||
Balance at March 31, 2014 | $ | 2,225 | $ | 5,384 | $ | 434 | $ | 1,004 | $ | 79 | $ | 1,507 | $ | 10,663 | |||||||||||||||
Trouble Debt Restructurings | |||||||||||||||||||||||||||||
At March 31, 2015, there were 0 commitments to lend additional funds to borrowers whose loans were on nonaccrual status or were contractually past due in excess of 90 days and still accruing interest, or whose terms have been modified in troubled debt restructurings. | |||||||||||||||||||||||||||||
The policy of the Company generally is to grant commercial, mortgage and consumer loans to residents and businesses within its market area. The borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the 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 and lease losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for virtually all loans. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. | |||||||||||||||||||||||||||||
Loans modified in a troubled debt restructuring totaled a recorded investment of $2.8 million at March 31, 2015, of which $1.1 million were on nonaccrual status. The remaining loans modified were current and have complied with the terms of their restructure agreement. At December 31, 2014, loans modified in a troubled debt restructuring totaled $2.8 million, of which $1.0 million were on nonaccrual status. The remaining loans modified were current at the time of the restructuring 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 March 31, 2015 and December 31, 2014. The TDRs presented as of March 31, 2015 and December 31, 2014 did not increase the allowance for loan and lease losses. | |||||||||||||||||||||||||||||
There were 0 troubled debt restructurings occurring during the three months ended March 31, 2015. | |||||||||||||||||||||||||||||
There were 0 charge-offs in connection with a loan modification at the time of modification during the three months ended March 31, 2015. There were 0 troubled debt restructurings for which there was a payment default within twelve months following the modification during the three months ended March 31, 2015. | |||||||||||||||||||||||||||||
The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended March 31, 2014 (dollars in thousands): | |||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||
Loans | Investment | Investment | |||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Commercial | 1 | $ | 672 | $ | 337 | ||||||||||||||||||||||||
The Company had a $333,000 charge-off in connection with a loan modification at the time of modification during the three months ended March 31, 2014. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the three months ended March 31, 2014. |
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 7. Fair Value Measurements and Fair Value of Financial Instruments | ||||||||||||||||||||
ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques 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 are described below: | |||||||||||||||||||||
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 Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||
Federal agency obligations | $ | 31,233 | $ | — | $ | 31,233 | $ | — | |||||||||||||
Residential mortgage pass-through securities | 59,028 | — | 59,028 | — | |||||||||||||||||
Commercial mortgage pass-through securities | 3,082 | — | 3,082 | — | |||||||||||||||||
Obligations of U.S. states and political subdivision | 8,435 | — | 8,435 | — | |||||||||||||||||
Trust preferred securities | 16,456 | — | 16,456 | — | |||||||||||||||||
Corporate bonds and notes | 116,839 | — | 116,839 | — | |||||||||||||||||
Asset-backed securities | 26,092 | — | 26,092 | — | |||||||||||||||||
Certificates of deposit | 2,123 | — | 2,123 | — | |||||||||||||||||
Equity securities | 320 | 320 | — | — | |||||||||||||||||
Other securities | 12,513 | 12,513 | — | — | |||||||||||||||||
Total available-for-sale | 276,121 | 12,833 | 263,288 | — | |||||||||||||||||
Loans held for sale | 1,392 | — | 1,392 | — | |||||||||||||||||
Total assets | $ | 277,513 | $ | 12,833 | $ | 264,680 | $ | — | |||||||||||||
Liabilities | |||||||||||||||||||||
Derivatives | $ | 486 | $ | — | $ | 486 | $ | — | |||||||||||||
Total liabilities | $ | 486 | $ | — | $ | 486 | $ | — | |||||||||||||
31-Dec-14 | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||
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 | — | — | |||||||||||||||||
Total available-for-sale | 289,532 | 13,199 | 276,333 | — | |||||||||||||||||
Derivatives | 48 | — | 48 | — | |||||||||||||||||
Total assets | $ | 289,580 | $ | 13,199 | $ | 276,381 | $ | — | |||||||||||||
For the three months ended March 31, 2015, there were no transfers of investment securities available-for-sale into or out of Level 1, Level 2, or Level 3 assets. | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||
For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Range | |||||||||||||||||||||
Impaired loans | Valuation Techniques | Range of Unobservable Inputs | Minimum | Maximum | |||||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates. Market rental rates for similar properties | 8% | 12% | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Commercial real estate | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Range | |||||||||||||||||||||
Impaired loans | Valuation Techniques | Range of Unobservable Inputs | Minimum | Maximum | |||||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates. Market rental rates for similar properties | 8% | 12% | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Commercial real estate | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis: | March 31, | Quoted | Significant | Significant | |||||||||||||||||
2015 | Prices | Other | Unobservable | ||||||||||||||||||
in Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Impaired loans | (in thousands) | ||||||||||||||||||||
Commercial | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||||
Commercial real estate | 5,823 | — | — | 5,823 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Commercial real estate | 870 | — | — | 870 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | December 31, | Quoted | Significant | Significant | |||||||||||||||||
2014 | Prices | Other | Unobservable | ||||||||||||||||||
in Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Impaired loans | (in thousands) | ||||||||||||||||||||
Commercial | $ | 276 | $ | — | $ | — | $ | 276 | |||||||||||||
Commercial real estate | 3,369 | — | — | 3,369 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Commercial real estate | 1,108 | — | — | 1,108 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014. | |||||||||||||||||||||
Impaired loans - Impaired loans at March 31, 2015 that required a valuation allowance during 2015 were $6.7 million with a related valuation allowance of $706,000 compared to $3.9 million with a related valuation allowance of $262,000 at December 31, 2014. Additional provision for loan and lease losses of $444,000 for the first quarter of 2015 was recorded. An additional provision for loan and lease losses of $262,000 for the year ended December 31, 2014 was recorded. | |||||||||||||||||||||
Other real estate owned - Other real estate owned (“OREO”) is measured at fair value less costs to sell. The Company believes that the fair value component in its valuation follows the provisions of FASB ASC 820-10-05. The fair value of OREO is determined by sales agreements or appraisals by qualified licensed appraisers approved and hired by the Company. Costs to sell associated with OREO are based on estimation per the terms and conditions of the sales agreements or appraisals. For the three months ended March 31, 2015, 0 provision recorded. | |||||||||||||||||||||
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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
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 discount 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. | |||||||||||||||||||||
Borrowings and subordinated debentures - The fair value of the Company’s borrowings and subordinated debentures were calculated using a discounted cash flow approach and applying discount rates currently offered based on weighted remaining maturities. | |||||||||||||||||||||
Accrued interest receivable/payable - The carrying amounts of accrued interest approximate fair value resulting in a level 2 or level 3 classification based on the level of the asset or liability with which the accrual is associated. | |||||||||||||||||||||
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | |||||||||||||||||
Amount | Value | Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 88,543 | $ | 88,543 | $ | 88,543 | $ | — | $ | — | |||||||||||
Investment securities available-for-sale | 276,121 | 276,121 | 12,833 | 263,288 | — | ||||||||||||||||
Investment securities held-to-maturity | 231,720 | 240,263 | 29,822 | 191,722 | 18,719 | ||||||||||||||||
Restricted investment in bank stocks | 24,874 | n/a | n/a | n/a | n/a | ||||||||||||||||
Loans held for sale | 1,392 | 1,392 | 1,392 | ||||||||||||||||||
Net loans | 2,624,806 | 2,628,873 | — | — | 2,628,873 | ||||||||||||||||
Accrued interest receivable | 11,513 | 11,513 | 199 | 2,943 | 8,371 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Noninterest-bearing deposits | 479,652 | 479,652 | 479,652 | — | — | ||||||||||||||||
Interest-bearing deposits | 2,016,359 | 2,021,144 | — | 2,021,144 | — | ||||||||||||||||
Borrowings | 525,148 | 532,335 | — | 532,335 | — | ||||||||||||||||
Subordinated debentures | 5,155 | 4,852 | — | 4,852 | — | ||||||||||||||||
Derivatives | 486 | 486 | — | 486 | — | ||||||||||||||||
Accrued interest payable | 4,316 | 4,316 | — | 4,316 | — | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | |||||||||||||||||
Amount | Value | 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 cash equivalents | $ | 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 | 492,515 | 492,515 | 492,515 | — | — | ||||||||||||||||
Interest-bearing deposits | 1,983,092 | 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 | — | ||||||||||||||||
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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Comprehensive Income (Loss) Note [Text Block] | Note 8. Accumulated Other Comprehensive Income | ||||||||
Accumulated other comprehensive loss (net of tax) at March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Net unrealized gain on investment securities available-for-sale | $ | 5,491 | $ | 4,874 | |||||
Cash flow hedge | (288 | ) | 28 | ||||||
Unamortized component of securities transferred from available-for-sale to held-to-maturity | (1,263 | ) | (1,301 | ) | |||||
Defined benefit pension and post-retirement plans | (4,176 | ) | (4,615 | ) | |||||
Total accumulated other comprehensive loss | $ | (236 | ) | $ | (1,014 | ) | |||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. Stock-Based Compensation | ||||||||||||||||
The 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 303,615 shares are available for grant and issuance as of March 31, 2015. In addition, a total of 237,621 shares remain available for grant and issuance under Legacy ConnectOne equity plans. Options may be exercised with shares issued from Treasury shares, newly issued shares or a combination of both. | |||||||||||||||||
Options have been granted to purchase common stock at the fair market value of the stock at the date of grant. Options are exercisable after a three to five-year vesting period starting one year after the date of grant and generally expire ten years from the date of grant. Restricted shares have a vesting schedule ranging from 1-3 years. | |||||||||||||||||
Stock-based compensation expense for share-based payment awards is based on the grant date fair value estimated on the date of grant. The Company recognizes compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three years. The Company estimates the forfeiture rate based on its historical experience during the preceding seven fiscal years. | |||||||||||||||||
Under the principal stock-based compensation plans, the Company may also grant stock awards to certain employees. Stock awards are independent of option grants and are generally subject to forfeiture if employment terminates prior to the release of any applicable restrictions. During that period, ownership of the shares cannot be transferred. Restricted stock and stock awards that are fully vested at the time of grant have the same cash dividend and voting rights as other common stock and are considered to be currently issued and outstanding. The Company expenses the cost of stock awards, which is determined to be the fair market value of the shares at the date of grant, ratably over the period during which any restrictions lapse. | |||||||||||||||||
There were 89,104 and 18,829 restricted stock awards outstanding at March 31, 2015 and March 31, 2014, respectively. These awards were issued with an award price equal to the market price of the Company’s common stock on the award date and with a three year vesting period. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. A total of 37,110 shares of restricted stock became fully vested on July 1, 2014. | |||||||||||||||||
There were 0 shares of common stock underlying options that were granted during the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||
Options activity under the stock-based compensation plans as of March 31, 2015 and changes during the three months ended March 31, 2015 were as follows: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 31, 2014 | 882,657 | $ | 5.65 | ||||||||||||||
Exercised | (110,500 | ) | $ | 3.85 | |||||||||||||
Canceled/expired | — | ||||||||||||||||
Forfeited | (3,362 | ) | |||||||||||||||
Outstanding at March 31, 2015 | 768,795 | $ | 5.87 | 2.67 | $ | 10,273,607 | |||||||||||
Exercisable at March 31, 2015 | 763,028 | $ | 5.8 | 2.62 | $ | 10,244,830 | |||||||||||
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 the first quarter of 2015 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 March 31, 2015. This amount changes based on the fair value of the Company’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 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 Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at December 31, 2014 | 50,203 | $ | 11.79 | ||||||||||||||
Granted | 59,466 | 18.47 | |||||||||||||||
Vested | (20,565 | ) | 10.76 | ||||||||||||||
Forfeited/cancelled/expired | — | — | |||||||||||||||
Outstanding at March 31, 2015 | 89,104 | $ | 16.43 | ||||||||||||||
As of March 31, 2015, there was approximately $35,500 of total unrecognized compensation expense relating to unvested stock options. As of March 31, 2015, there was approximately $1,358,000 of total unrecognized compensation expense relating to unvested restricted stock awards. These costs are expected to be recognized over a weighted average period of 2.1 years. |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension Cost | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10. Components of Net Periodic Pension Cost | ||||||||
The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until March 31, 2007, at which time the Company froze the plan. The following table sets forth the net periodic pension cost of the Company’s pension plan for the periods indicated. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Interest cost | $ | 138 | $ | 144 | |||||
Expected return on plan assets | (137 | ) | (149 | ) | |||||
Net amortization | 108 | 56 | |||||||
Recognized settlement loss | 450 | — | |||||||
Total periodic pension expense | $ | 559 | $ | 51 | |||||
Net actuarial gain | $ | (742 | ) | $ | (1,281 | ) | |||
Total recognized in other comprehensive income | $ | (742 | ) | $ | (1,281 | ) | |||
Total recognized in net periodic expense and other comprehensive income (before tax) | $ | (183 | ) | $ | (1,230 | ) | |||
Contributions | |||||||||
The Company presently estimates that it will contribute $2.0 million to its Pension Trust in 2015. The trust is established to provide retirement and other benefits for eligible employees and their beneficiaries. No part of the trust assets may be applied to any purpose other than providing benefits under the plan and for defraying expenses of administering the plan and the trust. |
FHLB_and_other_borrowings
FHLB and other borrowings | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt Disclosure [Text Block] | Note 11. FHLB and other borrowings | ||||||||||||||||
The Company’s FHLB and other borrowings and weighted average interest rates are summarized below: | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
(in thousands) | |||||||||||||||||
By type of borrowing: | |||||||||||||||||
FHLB borrowings | $ | 494,148 | 1.23% | $ | 464,553 | 1.18% | |||||||||||
Repurchase agreements | 31,000 | 5.90% | 31,000 | 5.90% | |||||||||||||
Total borrowings | $ | 525,148 | 1.51% | $ | 495,553 | 1.48% | |||||||||||
By remaining period to maturity: | |||||||||||||||||
One year or less | $ | 238,148 | 0.50% | 258,553 | 0.50% | ||||||||||||
One to two years | 55,000 | 1.20% | 30,000 | 1.40% | |||||||||||||
Two to three years | 71,000 | 2.33% | 71,000 | 2.33% | |||||||||||||
Three to four years | 96,000 | 2.67% | 96,000 | 2.67% | |||||||||||||
Four to five years | 25,000 | 1.85% | — | — | |||||||||||||
Greater than five years | 40,000 | 3.43% | 40,000 | 3.42% | |||||||||||||
Total borrowings | $ | 525,148 | 1.51% | $ | 495,553 | 1.48% | |||||||||||
The FHLB borrowings are secured by pledges of certain collateral, including but not limited to U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans. | |||||||||||||||||
The Company has entered into agreements under which it has sold securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated statement of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees. | |||||||||||||||||
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, 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 its 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 rate while the REPOs are variable rate advances. The advances at March 31, 2015 were collateralized by approximately $809 million of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At March 31, 2015 the Company had remaining borrowing capacity of approximately $315 million. |
Subordinated_Debentures
Subordinated Debentures | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Subordinated Borrowings [Abstract] | |||||||||||||
Subordinated Borrowings Disclosure [Text Block] | Note 12 - 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% and reprices quarterly. The rate at March 31, 2015 was 3.10%. 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 March 31, 2015. | |||||||||||||
Issuance Date | Securities | Liquidation Value | Coupon Rate | Maturity | Redeemable by | ||||||||
Issued | Issuer Beginning | ||||||||||||
12/19/03 | $ | 5,000,000 | $1,000 per Capital Security | Floating 3-month LIBOR + 285 Basis Points | 1/23/34 | 1/23/09 | |||||||
The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II at December 31, 2014. | |||||||||||||
Issuance Date | Securities | Liquidation Value | Coupon Rate | Maturity | Redeemable by | ||||||||
Issued | Issuer Beginning | ||||||||||||
12/19/03 | $ | 5,000,000 | $1,000 per Capital Security | Floating 3-month LIBOR + 285 Basis Points | 1/23/34 | 1/23/09 | |||||||
Subsequent_Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13 – Subsequent Event |
On April 27, 2015, the Corporation received a pretax recovery amounting to $2.2 million from one of its insurance carriers with regard to a wire fraud pretax loss of $2.4 million recorded in the fourth quarter of 2014. This recovery will be recognized in the second quarter of 2015. At this time, the Corporation does not expect any further recoveries on this matter. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | The consolidated financial statements of ConnectOne Bancorp, Inc. (the “Parent Corporation”) are prepared on an accrual basis and include the accounts of the Parent Corporation and its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s other direct and indirect subsidiaries, the “Company”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements |
Use of Estimates, Policy [Policy Text Block] | In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan and lease losses, the other-than-temporary impairment evaluation of securities, the evaluation of the impairment of goodwill and the evaluation of deferred tax assets |
Basis of Accounting, Policy [Policy Text Block] | The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Some items in the prior year financial statements were reclassified to conform to current presentation. Reclassifications had no effect on prior year net income for stockholders’ equity |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
FASB ASC 825-10 requires all entities to disclose the estimated fair value of their financial instrument assets and liabilities. For the 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. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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 | ||||||||||||
carrying value | acquisition | |||||||||||||
Cash and cash equivalents | $ | 70,318 | $ | — | $ | 70,318 | ||||||||
Investment securities | 28,436 | 16 | (a) | 28,452 | ||||||||||
Restricted stock | 13,646 | — | 13,646 | |||||||||||
Loans held for sale | 190 | — | 190 | |||||||||||
Loans | 1,304,600 | (5,316 | ) | (b) | 1,299,284 | |||||||||
Bank owned life insurance | 15,481 | — | 15,481 | |||||||||||
Premises and equipment | 7,380 | (905 | ) | (c) | 6,475 | |||||||||
Accrued interest receivable | 4,470 | — | 4,470 | |||||||||||
Core deposit and other intangibles | — | 5,308 | (d) | 5,308 | ||||||||||
Other real estate owned | 2,455 | — | 2,455 | |||||||||||
Other assets | 10,636 | 3,650 | (e) | 14,286 | ||||||||||
Deposits | (1,049,666 | ) | (1,676 | ) | (f) | (1,051,342 | ) | |||||||
FHLB borrowings | (262,046 | ) | (1,324 | ) | (g) | (263,370 | ) | |||||||
Other liabilities | (10,527 | ) | — | (10,527 | ) | |||||||||
Total identifiable net assets | $ | 135,373 | $ | (247 | ) | $ | 135,126 | |||||||
Goodwill recorded in the Merger | $ | 129,105 | ||||||||||||
a) | Represents the fair value adjustment on investment securities held to maturity. | |||||||||||||
b) | Represents the elimination of Legacy ConnectOne’s allowance for loan and lease 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 (in thousands): | |||||||||||||
ASC 310-30 | ||||||||||||||
Loans | ||||||||||||||
Contractual principal and accrued interest at acquisition | $ | 23,284 | ||||||||||||
Principal not expected to be collected (non-accretable discount) | (6,942 | ) | ||||||||||||
Expected cash flows at acquisition | 16,342 | |||||||||||||
Interest component of expected cash flows (accretable discount) | (5,013 | ) | ||||||||||||
Fair value of acquired loans | $ | 11,329 |
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per common share have been computed as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except for per share data) | 2015 | 2014 | |||||||
Net income | $ | 10,379 | $ | 4,398 | |||||
Preferred stock dividends | (28 | ) | (28 | ) | |||||
Net income available to common stockholders | $ | 10,351 | $ | 4,370 | |||||
Basic weighted average common shares outstanding | 29,757 | 16,350 | |||||||
Effect of dilutive options | 392 | 56 | |||||||
Diluted weighted average common shares outstanding | 30,149 | 16,406 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 0.35 | $ | 0.27 | |||||
Diluted | 0.34 | 0.27 |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | The following tables present information related to the Company’s investment securities at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Federal agency obligations | $ | 30,774 | $ | 463 | $ | (4 | ) | $ | 31,233 | ||||||||||||||||
Residential mortgage pass-through securities | 57,300 | 1,737 | (9 | ) | 59,028 | ||||||||||||||||||||
Commercial mortgage pass-through securities | 3,027 | 55 | — | 3,082 | |||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 8,197 | 238 | — | 8,435 | |||||||||||||||||||||
Trust preferred securities | 16,086 | 648 | (278 | ) | 16,456 | ||||||||||||||||||||
Corporate bonds and notes | 110,671 | 6,190 | (22 | ) | 116,839 | ||||||||||||||||||||
Asset-backed securities | 26,045 | 127 | (80 | ) | 26,092 | ||||||||||||||||||||
Certificates of deposit | 2,097 | 31 | (5 | ) | 2,123 | ||||||||||||||||||||
Equity securities | 376 | — | (56 | ) | 320 | ||||||||||||||||||||
Other securities | 12,474 | 89 | (50 | ) | 12,513 | ||||||||||||||||||||
Total | $ | 267,047 | $ | 9,578 | $ | (504 | ) | $ | 276,121 | ||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||
U.S. Treasury and agency securities | $ | 28,315 | $ | 1,507 | $ | — | $ | 29,822 | |||||||||||||||||
Federal agency obligations | 35,393 | 586 | (30 | ) | 35,949 | ||||||||||||||||||||
Residential mortgage-backed securities | 5,542 | 26 | (13 | ) | 5,555 | ||||||||||||||||||||
Commercial mortgage-backed securities | 4,124 | 86 | — | 4,210 | |||||||||||||||||||||
Obligations of U.S. states and political subdivisions | 119,384 | 4,966 | (46 | ) | 124,304 | ||||||||||||||||||||
Corporate bonds and notes | 38,962 | 1,472 | (11 | ) | 40,423 | ||||||||||||||||||||
Total | $ | 231,720 | $ | 8,643 | $ | (100 | ) | $ | 240,263 | ||||||||||||||||
Total investment securities | $ | 498,767 | $ | 18,221 | $ | (604 | ) | $ | 516,384 | ||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(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 | ||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents information for investment securities available-for-sale at March 31, 2015, 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-Mar-15 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 23,891 | $ | 24,248 | |||||||||||||||||||||
Due after one year through five years | 32,274 | 33,611 | |||||||||||||||||||||||
Due after five years through ten years | 83,910 | 88,819 | |||||||||||||||||||||||
Due after ten years | 53,795 | 54,500 | |||||||||||||||||||||||
Residential mortgage pass-through securities | 57,300 | 59,028 | |||||||||||||||||||||||
Commercial mortgage pass-through securities | 3,027 | 3,082 | |||||||||||||||||||||||
Equity securities | 376 | 320 | |||||||||||||||||||||||
Other securities | 12,474 | 12,513 | |||||||||||||||||||||||
Total | $ | 267,047 | $ | 276,121 | |||||||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||
Due in one year or less | $ | 4,991 | $ | 5,020 | |||||||||||||||||||||
Due after one year through five years | 9,207 | 9,401 | |||||||||||||||||||||||
Due after five years through ten years | 71,916 | 75,354 | |||||||||||||||||||||||
Due after ten years | 135,940 | 140,723 | |||||||||||||||||||||||
Residential mortgage-backed securities | 5,542 | 5,555 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 4,124 | 4,210 | |||||||||||||||||||||||
Total | $ | 231,720 | $ | 240,263 | |||||||||||||||||||||
Total investment securities | $ | 498,767 | $ | 516,384 | |||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | Gross gains and losses from the sales, calls, and maturities of investment securities for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Proceeds | $ | 9,537 | $ | 50,611 | |||||||||||||||||||||
Gross gains on sales of investment securities | 506 | 1,432 | |||||||||||||||||||||||
Gross losses on sales of investment securities | — | (17 | ) | ||||||||||||||||||||||
Net gains on sales of investment securities | 506 | 1,415 | |||||||||||||||||||||||
Less: tax provision on net gains | 207 | 380 | |||||||||||||||||||||||
Total | $ | 299 | $ | 1,035 | |||||||||||||||||||||
Schedule of Preferred Security and Associated Ratings [Table Text Block] | The following table presents detailed information for each single issuer trust preferred security held by the Company at March 31, 2015, of which all but one has at least one rating below investment grade (in thousands): | ||||||||||||||||||||||||
Issuer | Amortized | Fair | Gross | Lowest | |||||||||||||||||||||
Cost | Value | Unrealized | Credit | ||||||||||||||||||||||
Gain (Loss) | Rating | ||||||||||||||||||||||||
Assigned | |||||||||||||||||||||||||
Countrywide Capital IV | $ | 1,771 | $ | 1,819 | $ | 48 | BB | ||||||||||||||||||
Countrywide Capital V | 2,747 | 2,848 | 101 | BB | |||||||||||||||||||||
Countrywide Capital V | 250 | 259 | 9 | BB | |||||||||||||||||||||
Nationsbank Cap Trust III | 1,575 | 1,297 | (278 | ) | BB | ||||||||||||||||||||
Morgan Stanley Cap Trust IV | 2,500 | 2,567 | 67 | BB | |||||||||||||||||||||
Morgan Stanley Cap Trust IV | 1,743 | 1,795 | 52 | BB | |||||||||||||||||||||
Goldman Sachs | 1,000 | 1,252 | 252 | BB | |||||||||||||||||||||
Stifel Financial | 4,500 | 4,619 | 119 | BBB- | |||||||||||||||||||||
Total | $ | 16,086 | $ | 16,456 | $ | 370 | |||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Federal agency obligation | $ | 1,656 | $ | (4 | ) | $ | 1,357 | $ | (1 | ) | $ | 299 | $ | (3 | ) | ||||||||||
Residential mortgage pass-through securities | 1,026 | (9 | ) | 1,026 | (9 | ) | — | — | |||||||||||||||||
Trust preferred securities | 1,297 | (278 | ) | — | — | 1,297 | (278 | ) | |||||||||||||||||
Corporate bonds and notes | 3,935 | (22 | ) | 3,935 | (22 | ) | — | — | |||||||||||||||||
Asset-backed securities | 9,698 | (80 | ) | 9,698 | (80 | ) | — | — | |||||||||||||||||
Certificates of deposit | 217 | (5 | ) | 217 | (5 | ) | — | — | |||||||||||||||||
Equity securities | 320 | (56 | ) | — | — | 320 | (56 | ) | |||||||||||||||||
Other securities | 5,477 | (50 | ) | — | — | 5,477 | (50 | ) | |||||||||||||||||
Total | $ | 23,626 | $ | (504 | ) | $ | 16,233 | $ | (117 | ) | $ | 7,393 | $ | (387 | ) | ||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||
Federal agency obligation | $ | 6,422 | $ | (30 | ) | $ | 6,422 | $ | (30 | ) | $ | — | $ | — | |||||||||||
Residential mortgage pass-through securities | 3,660 | (13 | ) | 3,660 | (13 | ) | — | — | |||||||||||||||||
Obligations of U.S. states and political subdivisions | 7,336 | (46 | ) | 7,336 | (46 | ) | — | — | |||||||||||||||||
Corporate bonds and notes | 3,720 | (11 | ) | 3,720 | (11 | ) | — | — | |||||||||||||||||
Total | $ | 21,138 | $ | (100 | ) | $ | 21,138 | $ | (100 | ) | $ | — | $ | — | |||||||||||
Total temporarily impaired securities | $ | 44,764 | $ | (604 | ) | $ | 37,371 | $ | (217 | ) | $ | 7,393 | $ | (387 | ) | ||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Total | Less than 12 Months | 12 Months or Longer | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
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 | ) |
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | Summary information about the interest rate swaps designated as cash flow hedges as of period-end is as follows: | ||||||||||||
(dollars in thousands) | March 31, | March 31, | December 31, | ||||||||||
2015 | 2014 | 2014 | |||||||||||
Notional amount | $ | 50,000 | $ | — | $ | 50,000 | |||||||
Weighted average pay rates | 1.58 | % | — | % | 1.58 | % | |||||||
Weighted average receive rates | 0.25 | % | — | % | 0.24 | % | |||||||
Weighted average maturity | 4.2 years | — | 4.4 years | ||||||||||
Fair value | $ | (486 | ) | $ | — | $ | 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 other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the three months ended March 31, 2015: | ||||||||||||
(in thousands) | Amount of gain | Amount of gain | Amount of gain | ||||||||||
(loss) recognized | (loss) reclassified | (loss) | |||||||||||
in OCI (Effective | from OCI to | recognized in other | |||||||||||
Portion) | interest income | Non-interest income (Ineffective Portion) | |||||||||||
Interest rate contracts | $ | (534 | ) | $ | — | $ | — |
Loans_and_the_Allowance_for_Lo1
Loans and the Allowance for Loan and Lease Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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, including net deferred loan fees, at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 562,931 | $ | 499,816 | |||||||||||||||||||||||||
Commercial real estate | 1,668,310 | 1,634,510 | |||||||||||||||||||||||||||
Commercial construction | 181,056 | 167,359 | |||||||||||||||||||||||||||
Residential real estate | 226,645 | 234,967 | |||||||||||||||||||||||||||
Consumer | 3,581 | 2,879 | |||||||||||||||||||||||||||
Gross loans | 2,642,523 | 2,539,531 | |||||||||||||||||||||||||||
Net deferred loan fees | (1,784 | ) | (890 | ) | |||||||||||||||||||||||||
Total loans receivable | $ | 2,640,739 | $ | 2,538,641 | |||||||||||||||||||||||||
Loans and Leases Receivable Purchase Credit Impaired Loans [Table Text Block] | The carrying amount of those loans is as follows at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 7,146 | $ | 7,199 | |||||||||||||||||||||||||
Commercial real estate | 1,807 | 1,816 | |||||||||||||||||||||||||||
Residential real estate | 819 | 806 | |||||||||||||||||||||||||||
Total carrying amount | $ | 9,772 | $ | 9,821 | |||||||||||||||||||||||||
Loans and Leases Receivable Purchased Loans [Table Text Block] | The accretable yield, or income expected to be collected, on the purchased loans for the three months ended March 31, 2015 is as follows (in thousands): | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 4,805 | |||||||||||||||||||||||||||
New loans purchased | — | ||||||||||||||||||||||||||||
Accretion of income | (54 | ) | |||||||||||||||||||||||||||
Reclassifications from non-accretable difference | — | ||||||||||||||||||||||||||||
Disposals | — | ||||||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 4,751 | |||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents information about the recorded investment in loan receivables on nonaccrual status by class at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 3,347 | $ | 616 | |||||||||||||||||||||||||
Commercial real estate | 8,009 | 8,197 | |||||||||||||||||||||||||||
Residential real estate | 3,229 | 2,796 | |||||||||||||||||||||||||||
Total loans receivable on nonaccrual status | $ | 14,585 | $ | 11,609 | |||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents information, excluding net deferred loan fees, about the Company’s loan credit quality at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 528,431 | $ | 23,975 | $ | 10,249 | $ | 276 | $ | 562,931 | |||||||||||||||||||
Commercial real estate | 1,621,181 | 24,509 | 22,620 | — | 1,668,310 | ||||||||||||||||||||||||
Commercial construction | 179,577 | 1,479 | — | — | 181,056 | ||||||||||||||||||||||||
Residential real estate | 223,148 | — | 3,497 | — | 226,645 | ||||||||||||||||||||||||
Consumer | 3,484 | — | 97 | — | 3,581 | ||||||||||||||||||||||||
Total loans | $ | 2,555,821 | $ | 49,963 | $ | 36,463 | $ | 276 | $ | 2,642,523 | |||||||||||||||||||
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 | |||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | The following table provides an analysis of the impaired loans, by loan segment, at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
No related allowance recorded | (in thousands) | ||||||||||||||||||||||||||||
Commercial | $ | 314 | $ | 334 | $ | — | |||||||||||||||||||||||
Commercial real estate | 5,774 | 6,468 | — | ||||||||||||||||||||||||||
Residential real estate | 3,505 | 3,869 | — | ||||||||||||||||||||||||||
Consumer | 105 | 97 | — | ||||||||||||||||||||||||||
Total | $ | 9,698 | $ | 10,768 | $ | — | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 382 | $ | 390 | $ | 188 | |||||||||||||||||||||||
Commercial real estate | 6,341 | 6,341 | 518 | ||||||||||||||||||||||||||
Total | $ | 6,723 | $ | 6,731 | $ | 706 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | $ | 696 | $ | 724 | $ | 188 | |||||||||||||||||||||||
Commercial real estate | 12,115 | 12,809 | 518 | ||||||||||||||||||||||||||
Residential real estate | 3,505 | 3,869 | — | ||||||||||||||||||||||||||
Consumer | 105 | 97 | — | ||||||||||||||||||||||||||
Total | $ | 16,421 | $ | 17,499 | $ | 706 | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
No related allowance recorded | (in thousands) | ||||||||||||||||||||||||||||
Commercial | $ | 481 | $ | 527 | $ | — | |||||||||||||||||||||||
Commercial real estate | 5,890 | 6,587 | — | ||||||||||||||||||||||||||
Residential real estate | 3,072 | 3,407 | — | ||||||||||||||||||||||||||
Consumer | 109 | 101 | — | ||||||||||||||||||||||||||
Total | $ | 9,552 | $ | 10,622 | $ | — | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 387 | $ | 390 | $ | 111 | |||||||||||||||||||||||
Commercial real estate | 3,520 | 3,520 | 151 | ||||||||||||||||||||||||||
Total | $ | 3,907 | $ | 3,910 | $ | 262 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | $ | 868 | $ | 917 | $ | 111 | |||||||||||||||||||||||
Commercial real estate | 9,410 | 10,107 | 151 | ||||||||||||||||||||||||||
Residential real estate | 3,072 | 3,407 | — | ||||||||||||||||||||||||||
Consumer | 109 | 101 | — | ||||||||||||||||||||||||||
Total | $ | 13,459 | $ | 14,532 | $ | 262 | |||||||||||||||||||||||
Schedule of Average Balance and Interest Income Recognized on Impaired Loans [Table Text Block] | The following table provides an analysis related to the average recorded investment and interest income recognized on impaired loans by segment as of and for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
Impaired loans with no related allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 290 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Commercial real estate | 6,052 | 19 | 1,275 | 57 | |||||||||||||||||||||||||
Residential real estate | 3,613 | 2 | — | — | |||||||||||||||||||||||||
Consumer | 106 | 1 | — | — | |||||||||||||||||||||||||
Total | $ | 10,061 | $ | 22 | $ | 1,275 | $ | 57 | |||||||||||||||||||||
Impaired loans with an allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 387 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Commercial real estate | 6,335 | — | 2,302 | 68 | |||||||||||||||||||||||||
Residential real estate | — | — | 1,226 | 31 | |||||||||||||||||||||||||
Total | $ | 6,722 | $ | $ | 3,528 | $ | 99 | ||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||
Commercial | $ | 677 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Commercial real estate | 12,387 | 19 | 3,477 | 125 | |||||||||||||||||||||||||
Residential real estate | 3,613 | 2 | 1,226 | 31 | |||||||||||||||||||||||||
Consumer | 106 | 1 | — | — | |||||||||||||||||||||||||
Total | $ | 16,783 | $ | 22 | $ | 4,703 | $ | 156 | |||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | The following table provides an analysis of the aging of the recorded investment of loans, excluding net deferred loan fees that are past due at March 31, 2015 and December 31, 2014 by segment: | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
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 or Greater | ||||||||||||||||||||||||||||
Past Due and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 5,562 | $ | 554 | $ | 3,899 | $ | 10,015 | $ | 552,916 | $ | 562,931 | $ | 638 | |||||||||||||||
Commercial real estate | 2,567 | 5,092 | 4,180 | 11,839 | 1,656,471 | 1,668,310 | — | ||||||||||||||||||||||
Commercial construction | 375 | — | — | 375 | 180,681 | 181,056 | — | ||||||||||||||||||||||
Residential real estate | 1,925 | — | 2,937 | 4,862 | 221,783 | 226,645 | — | ||||||||||||||||||||||
Consumer | 2 | 1 | — | 3 | 3,578 | 3,581 | |||||||||||||||||||||||
Total | $ | 10,431 | $ | 5,647 | $ | 11,016 | $ | 27,094 | $ | 2,615,429 | $ | 2,642,523 | $ | 638 | |||||||||||||||
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 or Greater | ||||||||||||||||||||||||||||
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 | $ | 23,519 | $ | 2,516,012 | $ | 2,539,531 | $ | 1,211 | |||||||||||||||
Schedule of Recorded Investment in Financing Receivables [Table Text Block] | The following table details the amount of loans receivable that are evaluated individually, and collectively, for impairment (excluding net deferred loan fees), acquired, and the related portion of the allowance for loan and lease losses that are allocated to each loan portfolio segment: | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 188 | $ | 518 | $ | — | $ | — | $ | — | $ | — | $ | 706 | |||||||||||||||
Collectively evaluated for impairment | 3,739 | 8,328 | 1,518 | 981 | 4 | 657 | 15,227 | ||||||||||||||||||||||
Acquired with deteriorated credit quality | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 3,927 | $ | 8,846 | $ | 1,518 | $ | 981 | $ | 4 | $ | 657 | $ | 15,933 | |||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 696 | $ | 12,115 | $ | — | $ | 3,905 | $ | 105 | $ | — | $ | 16,421 | |||||||||||||||
Collectively evaluated for impairment | 555,089 | 1,654,388 | 181,056 | 222,321 | 3,476 | — | 2,616,330 | ||||||||||||||||||||||
Acquired with deteriorated credit quality | 7,146 | 1,807 | — | 819 | — | — | 9,772 | ||||||||||||||||||||||
Total | $ | 562,931 | $ | 1,668,310 | $ | 181,056 | $ | 226,645 | $ | 3,581 | $ | — | $ | 2,642,523 | |||||||||||||||
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 | |||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||
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 | |||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | A summary of the activity in the allowance for loan and lease losses is as follows: | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 3,083 | $ | 7,799 | $ | 1,239 | $ | 1,113 | $ | 7 | $ | 919 | $ | 14,160 | |||||||||||||||
Charge-offs | (45 | ) | (4 | ) | — | — | (11 | ) | — | (60 | ) | ||||||||||||||||||
Recoveries | 6 | — | — | 1 | 1 | — | 8 | ||||||||||||||||||||||
Provision | 883 | 1,051 | 279 | (133 | ) | 7 | (262 | ) | 1,825 | ||||||||||||||||||||
Balance at March 31, 2015 | $ | 3,927 | $ | 8,846 | $ | 1,518 | $ | 981 | $ | 4 | $ | 657 | $ | 15,933 | |||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||
real estate | construction | real estate | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 1,698 | $ | 5,746 | $ | 362 | $ | 990 | $ | 146 | $ | 1,391 | $ | 10,333 | |||||||||||||||
Charge-offs | (333 | ) | — | — | — | (3 | ) | — | (336 | ) | |||||||||||||||||||
Recoveries | — | — | — | 10 | 1 | — | 11 | ||||||||||||||||||||||
Provision | 860 | (362 | ) | 72 | 4 | (65 | ) | 116 | 625 | ||||||||||||||||||||
Balance at March 31, 2014 | $ | 2,225 | $ | 5,384 | $ | 434 | $ | 1,004 | $ | 79 | $ | 1,507 | $ | 10,663 | |||||||||||||||
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 March 31, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||
Loans | Investment | Investment | |||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||
Commercial | 1 | $ | 672 | $ | 337 | ||||||||||||||||||||||||
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||
Federal agency obligations | $ | 31,233 | $ | — | $ | 31,233 | $ | — | |||||||||||||
Residential mortgage pass-through securities | 59,028 | — | 59,028 | — | |||||||||||||||||
Commercial mortgage pass-through securities | 3,082 | — | 3,082 | — | |||||||||||||||||
Obligations of U.S. states and political subdivision | 8,435 | — | 8,435 | — | |||||||||||||||||
Trust preferred securities | 16,456 | — | 16,456 | — | |||||||||||||||||
Corporate bonds and notes | 116,839 | — | 116,839 | — | |||||||||||||||||
Asset-backed securities | 26,092 | — | 26,092 | — | |||||||||||||||||
Certificates of deposit | 2,123 | — | 2,123 | — | |||||||||||||||||
Equity securities | 320 | 320 | — | — | |||||||||||||||||
Other securities | 12,513 | 12,513 | — | — | |||||||||||||||||
Total available-for-sale | 276,121 | 12,833 | 263,288 | — | |||||||||||||||||
Loans held for sale | 1,392 | — | 1,392 | — | |||||||||||||||||
Total assets | $ | 277,513 | $ | 12,833 | $ | 264,680 | $ | — | |||||||||||||
Liabilities | |||||||||||||||||||||
Derivatives | $ | 486 | $ | — | $ | 486 | $ | — | |||||||||||||
Total liabilities | $ | 486 | $ | — | $ | 486 | $ | — | |||||||||||||
31-Dec-14 | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||
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 | — | — | |||||||||||||||||
Total available-for-sale | 289,532 | 13,199 | 276,333 | — | |||||||||||||||||
Derivatives | 48 | — | 48 | — | |||||||||||||||||
Total assets | $ | 289,580 | $ | 13,199 | $ | 276,381 | $ | — | |||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||
Range | |||||||||||||||||||||
Impaired loans | Valuation Techniques | Range of Unobservable Inputs | Minimum | Maximum | |||||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates. Market rental rates for similar properties | 8% | 12% | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Commercial real estate | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Range | |||||||||||||||||||||
Impaired loans | Valuation Techniques | Range of Unobservable Inputs | Minimum | Maximum | |||||||||||||||||
Commercial real estate | Appraisals of collateral value | Market capitalization rates. Market rental rates for similar properties | 8% | 12% | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Commercial real estate | Appraisals of collateral value | Adjustment for age of comparable sales | 0% | 25% | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis: | March 31, | Quoted | Significant | Significant | |||||||||||||||||
2015 | Prices | Other | Unobservable | ||||||||||||||||||
in Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Impaired loans | (in thousands) | ||||||||||||||||||||
Commercial | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||||
Commercial real estate | 5,823 | — | — | 5,823 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Commercial real estate | 870 | — | — | 870 | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | December 31, | Quoted | Significant | Significant | |||||||||||||||||
2014 | Prices | Other | Unobservable | ||||||||||||||||||
in Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Impaired loans | (in thousands) | ||||||||||||||||||||
Commercial | $ | 276 | $ | — | $ | — | $ | 276 | |||||||||||||
Commercial real estate | 3,369 | — | — | 3,369 | |||||||||||||||||
Other real estate owned | |||||||||||||||||||||
Commercial real estate | 1,108 | — | — | 1,108 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | |||||||||||||||||
Amount | Value | Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 88,543 | $ | 88,543 | $ | 88,543 | $ | — | $ | — | |||||||||||
Investment securities available-for-sale | 276,121 | 276,121 | 12,833 | 263,288 | — | ||||||||||||||||
Investment securities held-to-maturity | 231,720 | 240,263 | 29,822 | 191,722 | 18,719 | ||||||||||||||||
Restricted investment in bank stocks | 24,874 | n/a | n/a | n/a | n/a | ||||||||||||||||
Loans held for sale | 1,392 | 1,392 | 1,392 | ||||||||||||||||||
Net loans | 2,624,806 | 2,628,873 | — | — | 2,628,873 | ||||||||||||||||
Accrued interest receivable | 11,513 | 11,513 | 199 | 2,943 | 8,371 | ||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Noninterest-bearing deposits | 479,652 | 479,652 | 479,652 | — | — | ||||||||||||||||
Interest-bearing deposits | 2,016,359 | 2,021,144 | — | 2,021,144 | — | ||||||||||||||||
Borrowings | 525,148 | 532,335 | — | 532,335 | — | ||||||||||||||||
Subordinated debentures | 5,155 | 4,852 | — | 4,852 | — | ||||||||||||||||
Derivatives | 486 | 486 | — | 486 | — | ||||||||||||||||
Accrued interest payable | 4,316 | 4,316 | — | 4,316 | — | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair | Quoted | Significant | Significant | |||||||||||||||||
Amount | Value | 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 cash equivalents | $ | 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 | 492,515 | 492,515 | 492,515 | — | — | ||||||||||||||||
Interest-bearing deposits | 1,983,092 | 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 | — |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss (net of tax) at March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Net unrealized gain on investment securities available-for-sale | $ | 5,491 | $ | 4,874 | |||||
Cash flow hedge | (288 | ) | 28 | ||||||
Unamortized component of securities transferred from available-for-sale to held-to-maturity | (1,263 | ) | (1,301 | ) | |||||
Defined benefit pension and post-retirement plans | (4,176 | ) | (4,615 | ) | |||||
Total accumulated other comprehensive loss | $ | (236 | ) | $ | (1,014 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Options activity under the stock-based compensation plans as of March 31, 2015 and changes during the three months ended March 31, 2015 were as follows: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 31, 2014 | 882,657 | $ | 5.65 | ||||||||||||||
Exercised | (110,500 | ) | $ | 3.85 | |||||||||||||
Canceled/expired | — | ||||||||||||||||
Forfeited | (3,362 | ) | |||||||||||||||
Outstanding at March 31, 2015 | 768,795 | $ | 5.87 | 2.67 | $ | 10,273,607 | |||||||||||
Exercisable at March 31, 2015 | 763,028 | $ | 5.8 | 2.62 | $ | 10,244,830 | |||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The fair value of the stock granted 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 Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at December 31, 2014 | 50,203 | $ | 11.79 | ||||||||||||||
Granted | 59,466 | 18.47 | |||||||||||||||
Vested | (20,565 | ) | 10.76 | ||||||||||||||
Forfeited/cancelled/expired | — | — | |||||||||||||||
Outstanding at March 31, 2015 | 89,104 | $ | 16.43 |
Components_of_Net_Periodic_Pen1
Components of Net Periodic Pension Cost (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Schedule of Net Benefit Costs [Table Text Block] | The following table sets forth the net periodic pension cost of the Company’s pension plan for the periods indicated. | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Interest cost | $ | 138 | $ | 144 | |||||
Expected return on plan assets | (137 | ) | (149 | ) | |||||
Net amortization | 108 | 56 | |||||||
Recognized settlement loss | 450 | — | |||||||
Total periodic pension expense | $ | 559 | $ | 51 | |||||
Net actuarial gain | $ | (742 | ) | $ | (1,281 | ) | |||
Total recognized in other comprehensive income | $ | (742 | ) | $ | (1,281 | ) | |||
Total recognized in net periodic expense and other comprehensive income (before tax) | $ | (183 | ) | $ | (1,230 | ) |
FHLB_and_other_borrowings_Tabl
FHLB and other borrowings (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s FHLB and other borrowings and weighted average interest rates are summarized below: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
(in thousands) | |||||||||||||||||
By type of borrowing: | |||||||||||||||||
FHLB borrowings | $ | 494,148 | 1.23% | $ | 464,553 | 1.18% | |||||||||||
Repurchase agreements | 31,000 | 5.90% | 31,000 | 5.90% | |||||||||||||
Total borrowings | $ | 525,148 | 1.51% | $ | 495,553 | 1.48% | |||||||||||
By remaining period to maturity: | |||||||||||||||||
One year or less | $ | 238,148 | 0.50% | 258,553 | 0.50% | ||||||||||||
One to two years | 55,000 | 1.20% | 30,000 | 1.40% | |||||||||||||
Two to three years | 71,000 | 2.33% | 71,000 | 2.33% | |||||||||||||
Three to four years | 96,000 | 2.67% | 96,000 | 2.67% | |||||||||||||
Four to five years | 25,000 | 1.85% | — | — | |||||||||||||
Greater than five years | 40,000 | 3.43% | 40,000 | 3.42% | |||||||||||||
Total borrowings | $ | 525,148 | 1.51% | $ | 495,553 | 1.48% |
Subordinated_Debentures_Tables
Subordinated Debentures (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 March 31, 2015. | ||||||||||||
Issuance Date | Securities | Liquidation Value | Coupon Rate | Maturity | Redeemable by | ||||||||
Issued | Issuer Beginning | ||||||||||||
12/19/03 | $ | 5,000,000 | $1,000 per Capital Security | Floating 3-month LIBOR + 285 Basis Points | 1/23/34 | 1/23/09 | |||||||
Issuance Date | Securities | Liquidation Value | Coupon Rate | Maturity | Redeemable by | ||||||||
Issued | Issuer Beginning | ||||||||||||
12/19/03 | $ | 5,000,000 | $1,000 per Capital Security | Floating 3-month LIBOR + 285 Basis Points | 1/23/34 | 1/23/09 |
Nature_of_Operations_and_Princ1
Nature of Operations and Principles of Consolidation (Details) | Mar. 31, 2015 |
Disclosure Text Block [Abstract] | |
Number of offices merge | 23 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | 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 | 10,600,000 | |
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 $) | Mar. 31, 2015 | Jul. 01, 2014 | |
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $70,318,000 | ||
Investment securities | 28,452,000 | ||
Restricted stock | 13,646,000 | ||
Loans held for sale | 190,000 | ||
Loans | 1,299,284,000 | ||
Bank owned life insurance | 15,481,000 | ||
Premises and equipment | 6,475,000 | ||
Accrued interest receivable | 4,470,000 | ||
Core deposit and other intangibles | 5,308,000 | ||
Other real estate owned | 2,455,000 | ||
Other assets | 14,286,000 | ||
Deposits | -1,051,342,000 | ||
FHLB borrowings | -263,370,000 | ||
Other liabilities | -10,527,000 | ||
Total identifiable net assets | 135,126,000 | ||
Goodwill recorded in the Merger | 129,105,000 | 129,105,000 | |
Fair Value Adjustments [Member] | |||
Business Acquisition [Line Items] | |||
Investment securities | 16,000 | [1] | |
Loans | -5,316,000 | [2] | |
Premises and equipment | -905,000 | [3] | |
Core deposit and other intangibles | 5,308,000 | [4] | |
Other assets | 3,650,000 | [5] | |
Deposits | -1,676,000 | [6] | |
FHLB borrowings | -1,324,000 | [7] | |
Total identifiable net assets | -247,000 | ||
Legacy ConnectOne [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 70,318,000 | ||
Investment securities | 28,436,000 | ||
Restricted stock | 13,646,000 | ||
Loans held for sale | 190,000 | ||
Loans | 1,304,600,000 | ||
Bank owned life insurance | 15,481,000 | ||
Premises and equipment | 7,380,000 | ||
Accrued interest receivable | 4,470,000 | ||
Other real estate owned | 2,455,000 | ||
Other assets | 10,636,000 | ||
Deposits | -1,049,666,000 | ||
FHLB borrowings | -262,046,000 | ||
Other liabilities | -10,527,000 | ||
Total identifiable net assets | $135,373,000 | ||
[1] | Represents the fair value adjustment on investment securities held to maturity. | ||
[2] | Represents the elimination of Legacy ConnectOne's allowance for loan and lease 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 (Loans accounted for in accordance with FASB ASC 310-30 [Member], USD $) | Jul. 01, 2014 |
In Thousands, unless otherwise specified | |
Loans accounted for in accordance with FASB ASC 310-30 [Member] | |
Business Combinations (Details) - Loans accounted for in accordance with ASC 310-30 [Line Items] | |
Contractual principal and accrued interest at acquisition | $23,284 |
Principal not expected to be collected (non-accretable discount) | -6,942 |
Expected cash flows at acquisition | 16,342 |
Interest component of expected cash flows (accretable discount) | -5,013 |
Fair value of acquired loans | $11,329 |
Earnings_per_Common_Share_Deta
Earnings per Common Share (Details) - Schedule of earnings per common share (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Schedule of earnings per common share [Abstract] | |||
Net income | $10,379 | $4,398 | $18,565 |
Preferred stock dividends | -28 | -28 | |
Net income available to common stockholders | $10,351 | $4,370 | |
Basic weighted average common shares outstanding | 29,757,316 | 16,350,183 | |
Effect of dilutive options | 392,000 | 56,000 | |
Diluted weighted average common shares outstanding | 30,149,469 | 16,405,540 | |
Earnings per common share: | |||
Basic | $0.35 | $0.27 | |
Diluted | $0.34 | $0.27 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Number of Investment Securities Sold | 39 | 54 |
Available-for-sale Securities Pledged as Collateral | $215.90 | $224.70 |
Description of Holding Securities | there were no holdings of securities of any one issuer, other than the U.S Government and its agencies, in an amount greater than 10% of stockholders’ equity. |
Investment_Securities_Details_
Investment Securities (Details) - Unrealized gains on investment securities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | $267,047 | $281,461 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 9,578 | 8,596 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -504 | -525 |
Investment Securities Available-for-Sale, Fair Value | 276,121 | 289,532 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 231,720 | 224,682 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 8,643 | 6,858 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -100 | -95 |
Investment Securities Held-to-Maturity, Fair Value | 240,263 | 231,445 |
Total, Amortized Cost | 498,767 | 506,143 |
Total, Gross Unrealized Gains | 18,221 | 15,454 |
Total, Gross Unrealized Losses | -604 | -620 |
Total, Fair Value | 516,384 | 520,977 |
Federal Agency Obligations [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 30,774 | 32,650 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 463 | 217 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -4 | -50 |
Investment Securities Available-for-Sale, Fair Value | 31,233 | 32,817 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 35,393 | 27,103 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 586 | 322 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -30 | -28 |
Investment Securities Held-to-Maturity, Fair Value | 35,949 | 27,397 |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 57,300 | 58,836 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 1,737 | 1,531 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -9 | -11 |
Investment Securities Available-for-Sale, Fair Value | 59,028 | 60,356 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 5,542 | 5,955 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 26 | 28 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -13 | |
Investment Securities Held-to-Maturity, Fair Value | 5,555 | 5,983 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 3,027 | 3,042 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 55 | 4 |
Investment Securities Available-for-Sale, Fair Value | 3,082 | 3,046 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 4,124 | 4,266 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 86 | 50 |
Investment Securities Held-to-Maturity, Fair Value | 4,210 | 4,316 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 8,197 | 8,201 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 238 | 205 |
Investment Securities Available-for-Sale, Fair Value | 8,435 | 8,406 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 119,384 | 120,144 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 4,966 | 4,512 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -46 | -60 |
Investment Securities Held-to-Maturity, Fair Value | 124,304 | 124,596 |
Trust Preferred Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 16,086 | 16,086 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 648 | 489 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -278 | -269 |
Investment Securities Available-for-Sale, Fair Value | 16,456 | 16,306 |
Corporate Bonds and Notes [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 110,671 | 119,838 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 6,190 | 5,950 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -22 | -11 |
Investment Securities Available-for-Sale, Fair Value | 116,839 | 125,777 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 38,962 | 38,950 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 1,472 | 1,026 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | -11 | -7 |
Investment Securities Held-to-Maturity, Fair Value | 40,423 | 39,969 |
Asset-backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 26,045 | 27,393 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 127 | 140 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -80 | -31 |
Investment Securities Available-for-Sale, Fair Value | 26,092 | 27,502 |
Certificates of Deposit [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 2,097 | 2,098 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 31 | 27 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -5 | -2 |
Investment Securities Available-for-Sale, Fair Value | 2,123 | 2,123 |
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 | -56 | -69 |
Investment Securities Available-for-Sale, Fair Value | 320 | 307 |
Other Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale, Amortized Cost | 12,474 | 12,941 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 89 | 33 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | -50 | -82 |
Investment Securities Available-for-Sale, Fair Value | 12,513 | 12,892 |
US Treasury Securities [Member] | ||
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Amortized Cost | 28,315 | 28,264 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 1,507 | 920 |
Investment Securities Held-to-Maturity, Fair Value | $29,822 | $29,184 |
Investment_Securities_Details_1
Investment Securities (Details) - Investments classified by maturity date (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment securities available-for-sale: | ||
Due in one year or less | $23,891 | |
Due in one year or less | 24,248 | |
Due after one year through five years | 32,274 | |
Due after one year through five years | 33,611 | |
Due after five years through ten years | 83,910 | |
Due after five years through ten years | 88,819 | |
Due after ten years | 53,795 | |
Due after ten years | 54,500 | |
Total | 267,047 | 281,461 |
Total | 276,121 | |
Investment securities held-to-maturity: | ||
Due in one year or less | 4,991 | |
Due in one year or less | 5,020 | |
Due after one year through five years | 9,207 | |
Due after one year through five years | 9,401 | |
Due after five years through ten years | 71,916 | |
Due after five years through ten years | 75,354 | |
Due after ten years | 135,940 | |
Due after ten years | 140,723 | |
Total | 231,720 | 224,682 |
Total | 240,263 | 231,445 |
Total investment securities | 498,767 | |
Total investment securities | 516,384 | |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 57,300 | |
Investment Securities Available-for-Sale: Fair Value | 59,028 | |
Total | 57,300 | 58,836 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Amoritzed Cost | 5,542 | |
Investment Securities Held-to-Maturity: Fair Value | 5,555 | |
Total | 5,555 | 5,983 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 3,027 | |
Investment Securities Available-for-Sale: Fair Value | 3,082 | |
Total | 3,027 | 3,042 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Amoritzed Cost | 4,124 | |
Investment Securities Held-to-Maturity: Fair Value | 4,210 | |
Total | 4,210 | 4,316 |
Equity Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 376 | |
Investment Securities Available-for-Sale: Fair Value | 320 | |
Total | 376 | 376 |
Other Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 12,474 | |
Investment Securities Available-for-Sale: Fair Value | 12,513 | |
Total | $12,474 | $12,941 |
Investment_Securities_Details_2
Investment Securities (Details) - Schedule of realized gains and losses (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of realized gains and losses [Abstract] | ||
Proceeds | $9,537 | $50,611 |
Gross gains on sales of investment securities | 506 | 1,432 |
Gross losses on sales of investment securities | -17 | |
Net gains on sales of investment securities | 506 | 1,415 |
Less: tax provision on net gains | 207 | 380 |
Total | $299 | $1,035 |
Investment_Securities_Details_3
Investment Securities (Details) - Schedule of preferred security and associated ratings (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Investment Securities (Details) - Schedule of preferred security and associated ratings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $267,047 | $281,461 |
Available-for-sale Securities, Fair Value | 276,121 | 289,532 |
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 | 259 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 9 | |
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 | 1,795 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 52 | |
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 | 1,819 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 48 | |
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 | 2,848 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 101 | |
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 | 1,297 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | -278 | |
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 | 2,567 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 67 | |
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 | 1,252 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 252 | |
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 | 4,619 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 119 | |
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 | 16,086 |
Available-for-sale Securities, Fair Value | 16,456 | 16,306 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $370 |
Investment_Securities_Details_4
Investment Securities (Details) - Schedule of unrealized losses not recognized in income (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | $23,626 | $31,583 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -504 | -525 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 16,233 | 22,545 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -117 | -85 |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 7,393 | 9,038 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -387 | -440 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 21,138 | 12,562 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -100 | -95 |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 21,138 | 5,622 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -100 | -38 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 6,940 | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | -57 | |
Fair Value, Total | 44,764 | 44,145 |
Unrealized Losses, Total | -604 | -620 |
Fair Value, Less than 12 Months | 37,371 | 28,167 |
Unrealized Losses, Less than 12 Months | -217 | -123 |
Fair Value, 12 Months or Longer | 7,393 | 15,978 |
Unrealized Losses, 12 Months or Longer | -387 | -497 |
Federal Agency Obligations [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,656 | 6,755 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -4 | -50 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 1,357 | 2,770 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -1 | -9 |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 299 | 3,985 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -3 | -41 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 6,422 | 3,228 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -30 | -28 |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 6,422 | 3,228 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -30 | -28 |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,026 | 5,694 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -9 | -11 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 1,026 | 5,694 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -9 | -11 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 3,660 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -13 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 3,660 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -13 | |
Trust Preferred Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,297 | 1,307 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -278 | -269 |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 1,297 | 1,307 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -278 | -269 |
Corporate Bonds and Notes [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 3,935 | 1,961 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -22 | -11 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 3,935 | 1,961 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -22 | -11 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 3,720 | 993 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -11 | -7 |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 3,720 | 993 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -11 | -7 |
Asset-backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 9,698 | 9,773 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -80 | -31 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 9,698 | 9,773 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -80 | -31 |
Certificates of Deposit [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 217 | 369 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -5 | -2 |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 217 | 369 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | -5 | -2 |
Equity Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 320 | 307 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -56 | -69 |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 320 | 307 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -56 | -69 |
Other Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 5,477 | 5,417 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | -50 | -82 |
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 | 5,477 | 3,439 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | -50 | -61 |
Obligation of U.S. States and Political Subdivisions [Member] | ||
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 7,336 | 8,341 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | -46 | -60 |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 7,336 | 1,401 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | -46 | -3 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 6,940 | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | ($57) |
Derivatives_Details
Derivatives (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 30, 2014 | Oct. 15, 2014 | |
Derivatives (Details) [Line Items] | |||||
Derivative, Notional Amount | $50,000,000 | $50,000,000 | |||
Interest Expense | 5,078,000 | 2,727,000 | |||
Cash Flow Derivative Instruments Gain (Loss) Recognized In Accumulated Other Comprehensive Income | 0 | ||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||
Derivatives (Details) [Line Items] | |||||
Derivative, Notional Amount | 25,000,000 | 25,000,000 | |||
Interest Rate Swap [Member] | |||||
Derivatives (Details) [Line Items] | |||||
Interest Expense | $166,000 | $0 |
Derivatives_Details_Summary_of
Derivatives (Details) - Summary of interest rate swap designated as a cash flow hedges (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Summary of interest rate swap designated as a cash flow hedges [Abstract] | |||
Notional amount | $50,000 | $50,000 | |
Weighted average pay rates | 1.58% | 1.58% | |
Weighted average receive rates | 0.25% | 0.24% | |
Weighted average maturity | 4 years 73 days | 4 years 146 days | |
Fair value | ($486) | $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 $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
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 | ($534) |
Loans_and_the_Allowance_for_Lo2
Loans and the Allowance for Loan and Lease Losses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Loans and the Allowance for Loan and Lease Losses (Details) [Line Items] | |||
Number of Segments of Loans and Leases | 5 | ||
Non Accrual Contractual Due | 90 years | ||
Threshold to Determine Impaired Loans | $250,000 | ||
Period Considered to Calculate Actual Loss | 3 years | ||
Loans Pledged as Collateral | 1,100,000,000 | 1,000,000,000 | |
Financing Receivable, Collectively Evaluated for Impairment | 2,616,330,000 | 2,520,693,000 | |
Commitments to Lend Additional Funds | 0 | ||
Financing Receivable, Modifications, Recorded Investment | 2,800,000 | 2,800,000 | |
Loans Modified In Troubled Debt Restructuring On Non Accrual Status | 1,100,000 | 1,000,000 | |
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 0 | 333,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ||
Acquired Loans [Member] | |||
Loans and the Allowance for Loan and Lease Losses (Details) [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | $1,100,000,000 | $1,200,000,000 |
Loans_and_the_Allowance_for_Lo3
Loans and the Allowance for Loan and Lease Losses (Details) - Composition of loan portfolio (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $2,642,523 | $2,539,531 |
Net deferred loan fees | -1,784 | -890 |
Total loans receivable | 2,640,739 | 2,538,641 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 562,931 | 499,816 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,668,310 | 1,634,510 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 181,056 | 167,359 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 226,645 | 234,967 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $3,581 | $2,879 |
Loans_and_the_Allowance_for_Lo4
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | $9,772 | $9,821 |
Commercial Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | 7,146 | 7,199 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | 1,807 | 1,816 |
Residential Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | $819 | $806 |
Loans_and_the_Allowance_for_Lo5
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of accretable yield, or income expected to be collected (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Schedule of accretable yield, or income expected to be collected [Abstract] | |
Balance at January 1, 2015 | $4,805 |
Accretion of income | -54 |
Balance at March 31, 2015 | $4,751 |
Loans_and_the_Allowance_for_Lo6
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $14,585 | $11,609 |
Commercial Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,347 | 616 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,009 | 8,197 |
Residential Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $3,229 | $2,796 |
Loans_and_the_Allowance_for_Lo7
Loans and the Allowance for Loan and Lease Losses (Details) - Credit quality indicators (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $2,642,523 | $2,539,531 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 528,431 | 481,638 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 23,975 | 3,686 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 10,249 | 14,203 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 276 | 289 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 562,931 | 499,816 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,621,181 | 1,596,606 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 24,509 | 14,140 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 22,620 | 23,764 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,668,310 | 1,634,510 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 179,577 | 165,880 |
Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,479 | 1,479 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 181,056 | 167,359 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 223,148 | 230,772 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,497 | 4,195 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 226,645 | 234,967 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,484 | 2,778 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 97 | 101 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,581 | 2,879 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,555,821 | 2,477,674 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 49,963 | 19,305 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 36,463 | 42,263 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $276 | $289 |
Loans_and_the_Allowance_for_Lo8
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of analysis of impaired loans, by class (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
No related allowance recorded, Recorded Investment | $9,698,000 | $9,552,000 |
No related allowance recorded, Unpaid Principal Balance | 10,768,000 | 10,622,000 |
With an allowance recorded, Recorded Investment | 6,723,000 | 3,907,000 |
With an allowance recorded, Unpaid Principal Balance | 6,731,000 | 3,910,000 |
With an allowance recorded, Related Allowance | 706,000 | 262,000 |
Total, Recorded Investment | 16,421,000 | 13,459,000 |
Total, Unpaid Principal Balance | 17,499,000 | 14,532,000 |
Total, Related Allowance | 706,000 | 262,000 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
No related allowance recorded, Recorded Investment | 314,000 | 481,000 |
No related allowance recorded, Unpaid Principal Balance | 334,000 | 527,000 |
With an allowance recorded, Recorded Investment | 382,000 | 387,000 |
With an allowance recorded, Unpaid Principal Balance | 390,000 | 390,000 |
With an allowance recorded, Related Allowance | 188,000 | 111,000 |
Total, Recorded Investment | 696,000 | 868,000 |
Total, Unpaid Principal Balance | 724,000 | 917,000 |
Total, Related Allowance | 188,000 | 111,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
No related allowance recorded, Recorded Investment | 5,774,000 | 5,890,000 |
No related allowance recorded, Unpaid Principal Balance | 6,468,000 | 6,587,000 |
With an allowance recorded, Recorded Investment | 6,341,000 | 3,520,000 |
With an allowance recorded, Unpaid Principal Balance | 6,341,000 | 3,520,000 |
With an allowance recorded, Related Allowance | 518,000 | 151,000 |
Total, Recorded Investment | 12,115,000 | 9,410,000 |
Total, Unpaid Principal Balance | 12,809,000 | 10,107,000 |
Total, Related Allowance | 518,000 | 151,000 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
No related allowance recorded, Recorded Investment | 3,505,000 | 3,072,000 |
No related allowance recorded, Unpaid Principal Balance | 3,869,000 | 3,407,000 |
Total, Recorded Investment | 3,505,000 | 3,072,000 |
Total, Unpaid Principal Balance | 3,869,000 | 3,407,000 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
No related allowance recorded, Recorded Investment | 105,000 | 109,000 |
No related allowance recorded, Unpaid Principal Balance | 97,000 | 101,000 |
Total, Recorded Investment | 105,000 | 109,000 |
Total, Unpaid Principal Balance | $97,000 | $101,000 |
Loans_and_the_Allowance_for_Lo9
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of analysis related to the average recorded investment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Impaired loans with no related allowance recorded | ||
Impaired loans with no related allowance recorded, Average Recorded Investment | $10,061 | $1,275 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 22 | 57 |
Impaired loans with an allowance recorded | ||
Impaired loans with an allowance recorded, Average Recorded Investment | 6,722 | 3,528 |
Impaired loans with an allowance recorded, Interest Income Recognized | 99 | |
Total impaired loans | ||
Total impaired loans, Average Recorded Investment | 16,783 | 4,703 |
Total impaired loans, Interest Income Recognized | 22 | 156 |
Commercial Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded | ||
Impaired loans with no related allowance recorded, Average Recorded Investment | 290 | |
Impaired loans with an allowance recorded | ||
Impaired loans with an allowance recorded, Average Recorded Investment | 387 | |
Total impaired loans | ||
Total impaired loans, Average Recorded Investment | 677 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded | ||
Impaired loans with no related allowance recorded, Average Recorded Investment | 6,052 | 1,275 |
Impaired loans with no related allowance recorded, Interest Income Recognized | 19 | 57 |
Impaired loans with an allowance recorded | ||
Impaired loans with an allowance recorded, Average Recorded Investment | 6,335 | 2,302 |
Impaired loans with an allowance recorded, Interest Income Recognized | 68 | |
Total impaired loans | ||
Total impaired loans, Average Recorded Investment | 12,387 | 3,477 |
Total impaired loans, Interest Income Recognized | 19 | 125 |
Residential Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded | ||
Impaired loans with no related allowance recorded, Average Recorded Investment | 3,613 | |
Impaired loans with no related allowance recorded, Interest Income Recognized | 2 | |
Impaired loans with an allowance recorded | ||
Impaired loans with an allowance recorded, Average Recorded Investment | 1,226 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 31 | |
Total impaired loans | ||
Total impaired loans, Average Recorded Investment | 3,613 | 1,226 |
Total impaired loans, Interest Income Recognized | 2 | 31 |
Consumer Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded | ||
Impaired loans with no related allowance recorded, Average Recorded Investment | 106 | |
Impaired loans with no related allowance recorded, Interest Income Recognized | 1 | |
Total impaired loans | ||
Total impaired loans, Average Recorded Investment | 106 | |
Total impaired loans, Interest Income Recognized | $1 |
Recovered_Sheet1
Loans and the Allowance for Loan and Lease Losses (Details) - Aging analysis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | $10,431 | $12,848 |
60-89 Days Past Due | 5,647 | 849 |
90 Days or Greater Past Due | 11,016 | 9,823 |
Total Past Due | 27,094 | 23,519 |
Current | 2,615,429 | 2,516,012 |
Total Loans Receivable | 2,642,523 | 2,539,531 |
Loans Receivable > 90 Days Past Due and Accruing | 638 | 1,211 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 5,562 | 6,060 |
60-89 Days Past Due | 554 | |
90 Days or Greater Past Due | 3,899 | 662 |
Total Past Due | 10,015 | 6,722 |
Current | 552,916 | 493,094 |
Total Loans Receivable | 562,931 | 499,816 |
Loans Receivable > 90 Days Past Due and Accruing | 638 | 45 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 2,567 | 4,937 |
60-89 Days Past Due | 5,092 | 638 |
90 Days or Greater Past Due | 4,180 | 5,961 |
Total Past Due | 11,839 | 11,535 |
Current | 1,656,471 | 1,622,975 |
Total Loans Receivable | 1,668,310 | 1,634,510 |
Loans Receivable > 90 Days Past Due and Accruing | 609 | |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 375 | |
Total Past Due | 375 | |
Current | 180,681 | 167,359 |
Total Loans Receivable | 181,056 | 167,359 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 1,925 | 1,821 |
60-89 Days Past Due | 210 | |
90 Days or Greater Past Due | 2,937 | 3,200 |
Total Past Due | 4,862 | 5,231 |
Current | 221,783 | 229,736 |
Total Loans Receivable | 226,645 | 234,967 |
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 | 2 | 30 |
60-89 Days Past Due | 1 | 1 |
Total Past Due | 3 | 31 |
Current | 3,578 | 2,848 |
Total Loans Receivable | $3,581 | $2,879 |
Recovered_Sheet2
Loans and the Allowance for Loan and Lease Losses (Details) - Allowance for loan and lease losses (USD $) | Mar. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Jan. 01, 2014 |
In Thousands, unless otherwise specified | |||||
Allowance for loan and lease losses | |||||
Allowance for loan and lease losses, individually evaluated for impairment | $706 | $262 | |||
Allowance for loan and lease losses, collectively evaluated for impairment | 15,227 | 13,898 | |||
Allowance for loan and lease losses, total | 15,933 | 14,160 | 14,160 | 10,663 | 10,333 |
Loans receivable | |||||
Loans Receivable, individually evaluated for impairment | 16,421 | 9,017 | |||
Loans Receivable, collectively evaluated for impairment | 2,616,330 | 2,520,693 | |||
Loans Receivables, acquired with deteriorated credit quality | 9,772 | 9,821 | |||
Loans Receivable, Total | 2,642,523 | 2,539,531 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | |||||
Loans receivable | |||||
Loans Receivables, acquired with deteriorated credit quality | 7,146 | 7,199 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans receivable | |||||
Loans Receivables, acquired with deteriorated credit quality | 1,807 | 1,816 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Portfolio Segment [Member] | |||||
Loans receivable | |||||
Loans Receivables, acquired with deteriorated credit quality | 819 | 806 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Loans receivable | |||||
Loans Receivables, acquired with deteriorated credit quality | 9,772 | 9,821 | |||
Commercial Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | |||||
Allowance for loan and lease losses, individually evaluated for impairment | 188 | 111 | |||
Allowance for loan and lease losses, collectively evaluated for impairment | 3,739 | 2,972 | |||
Allowance for loan and lease losses, total | 3,927 | 3,083 | 3,083 | 2,225 | 1,698 |
Loans receivable | |||||
Loans Receivable, individually evaluated for impairment | 696 | 452 | |||
Loans Receivable, collectively evaluated for impairment | 555,089 | 492,165 | |||
Loans Receivables, acquired with deteriorated credit quality | 7,146 | 7,199 | |||
Loans Receivable, Total | 562,931 | 499,816 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | |||||
Allowance for loan and lease losses, individually evaluated for impairment | 518 | 151 | |||
Allowance for loan and lease losses, collectively evaluated for impairment | 8,328 | 7,648 | |||
Allowance for loan and lease losses, total | 8,846 | 7,799 | 7,799 | 5,384 | 5,746 |
Loans receivable | |||||
Loans Receivable, individually evaluated for impairment | 12,115 | 6,284 | |||
Loans Receivable, collectively evaluated for impairment | 1,654,388 | 1,626,410 | |||
Loans Receivables, acquired with deteriorated credit quality | 1,807 | 1,816 | |||
Loans Receivable, Total | 1,668,310 | 1,634,510 | |||
Construction Loans [Member] | |||||
Allowance for loan and lease losses | |||||
Allowance for loan and lease losses, collectively evaluated for impairment | 1,518 | 1,239 | |||
Allowance for loan and lease losses, total | 1,518 | 1,239 | 1,239 | 434 | 362 |
Loans receivable | |||||
Loans Receivable, collectively evaluated for impairment | 181,056 | 167,359 | |||
Loans Receivable, Total | 181,056 | 167,359 | |||
Residential Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | |||||
Allowance for loan and lease losses, collectively evaluated for impairment | 981 | 1,113 | |||
Allowance for loan and lease losses, total | 981 | 1,113 | 1,113 | 1,004 | 990 |
Loans receivable | |||||
Loans Receivable, individually evaluated for impairment | 3,905 | 2,180 | |||
Loans Receivable, collectively evaluated for impairment | 222,321 | 231,981 | |||
Loans Receivables, acquired with deteriorated credit quality | 819 | 806 | |||
Loans Receivable, Total | 226,645 | 234,967 | |||
Consumer Portfolio Segment [Member] | |||||
Allowance for loan and lease losses | |||||
Allowance for loan and lease losses, collectively evaluated for impairment | 4 | 7 | |||
Allowance for loan and lease losses, total | 4 | 7 | 7 | 79 | 146 |
Loans receivable | |||||
Loans Receivable, individually evaluated for impairment | 105 | 101 | |||
Loans Receivable, collectively evaluated for impairment | 3,476 | 2,778 | |||
Loans Receivable, Total | 3,581 | 2,879 | |||
Unallocated Financing Receivables [Member] | |||||
Allowance for loan and lease losses | |||||
Allowance for loan and lease losses, collectively evaluated for impairment | 657 | 919 | |||
Allowance for loan and lease losses, total | $657 | $919 | $919 | $1,507 | $1,391 |
Recovered_Sheet3
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of allowance for loan losses (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 01, 2015 | Dec. 31, 2014 | Jan. 01, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | $15,933 | $10,663 | $14,160 | $14,160 | $10,333 |
Charged-offs | -60 | -336 | |||
Recoveries | 8 | 11 | |||
Provision | 1,825 | 625 | |||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 3,927 | 2,225 | 3,083 | 3,083 | 1,698 |
Charged-offs | -45 | -333 | |||
Recoveries | 6 | ||||
Provision | 883 | 860 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 8,846 | 5,384 | 7,799 | 7,799 | 5,746 |
Charged-offs | -4 | ||||
Provision | 1,051 | -362 | |||
Construction Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 1,518 | 434 | 1,239 | 1,239 | 362 |
Provision | 279 | 72 | |||
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 981 | 1,004 | 1,113 | 1,113 | 990 |
Recoveries | 1 | 10 | |||
Provision | -133 | 4 | |||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 4 | 79 | 7 | 7 | 146 |
Charged-offs | -11 | -3 | |||
Recoveries | 1 | 1 | |||
Provision | 7 | -65 | |||
Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 657 | 1,507 | 919 | 919 | 1,391 |
Provision | ($262) | $116 |
Recovered_Sheet4
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of troubled debt restructuring by class (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Troubled debt restructurings: | |
Commercial | 0 |
Commercial Portfolio Segment [Member] | |
Troubled debt restructurings: | |
Commercial | 1 |
Commercial | 672 |
Commercial | 337 |
Fair_Value_Measurements_and_Fa2
Fair Value Measurements and Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $6,723,000 | $3,907,000 |
Impaired Financing Receivable, Related Allowance | 706,000 | 262,000 |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 444,000 | 262,000 |
Other Real Estate Owned, Provision Recorded | $0 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | $276,121 | $289,532 |
Loans held for sale | 1,392 | |
Assets: Available-for-sale, Fair Value | 277,513 | 289,580 |
Liabilities | ||
Derivatives | 486 | |
Total liabilities | 486 | |
Assets | ||
Derivatives | 48 | |
Federal Agency Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 31,233 | 32,817 |
Federal Agency Obligations [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 31,233 | 32,817 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 59,028 | 60,356 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 59,028 | 60,356 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 3,082 | 3,046 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 3,082 | 3,046 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 8,435 | 8,406 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 8,435 | 8,406 |
Trust Preferred Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 16,456 | 16,306 |
Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 16,456 | 16,306 |
Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 116,839 | 125,777 |
Corporate Bonds and Notes [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 116,839 | 125,777 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 26,092 | 27,502 |
Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 26,092 | 27,502 |
Certificate of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 2,123 | 2,123 |
Certificate of Deposit [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 2,123 | 2,123 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 320 | 307 |
Equity Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 320 | 307 |
Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 12,513 | 12,892 |
Other Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 12,513 | 12,892 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 12,833 | 13,199 |
Assets: Available-for-sale, Fair Value | 12,833 | 13,199 |
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 263,288 | 276,333 |
Loans held for sale | 1,392 | |
Assets: Available-for-sale, Fair Value | 264,680 | 276,381 |
Liabilities | ||
Derivatives | 486 | |
Total liabilities | 486 | |
Assets | ||
Derivatives | $48 |
Fair_Value_Measurements_and_Fa4
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques (Commercial Real Estate Portfolio Segment [Member], Appraisals of Collateral Valuation Technique [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Minimum [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] | ||
Discounted Range | 8.00% | 8.00% |
Minimum [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] | ||
Discounted Range | 0.00% | 0.00% |
Maximum [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] | ||
Discounted Range | 12.00% | 12.00% |
Maximum [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] | ||
Discounted Range | 25.00% | 25.00% |
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 [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 |
Fair_Value_Measurements_and_Fa5
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of assets at fair value on non-recurring basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Commercial Portfolio Segment [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [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 | $194 | $276 |
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 | 194 | 276 |
Commercial Real Estate Portfolio Segment [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [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 | 5,823 | 3,369 |
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 | 5,823 | 3,369 |
Commercial Real Estate Portfolio Segment [Member] | Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [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 | 870 | 1,108 |
Commercial Real Estate 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 | $870 | $1,108 |
Fair_Value_Measurements_and_Fa6
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value hierarchy (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financial assets | ||||
Cash and cash equivalents, Carrying Amount | $88,543 | $126,847 | $106,282 | $82,692 |
Cash and cash equivalents, Fair Value | 88,543 | 126,847 | ||
Investment securities available-for-sale, Carrying Amount | 276,121 | 289,532 | ||
Investment securities: available-for-sale, Fair Value | 276,121 | 289,532 | ||
Investment securities held-to-maturity, Carrying Amount | 231,720 | 224,682 | ||
Investment securities held-to-maturity, Fair Value | 240,263 | 231,445 | ||
Restricted investment in bank stocks, Carrying Amount | 24,874 | 23,535 | ||
Restricted investment in bank stocks, Fair Value | ||||
Loans held for sale | 1,392 | |||
Loans held for sale | 1,392 | |||
Net loans, Carrying Amount | 2,624,806 | 2,524,481 | ||
Net loans, Fair Value | 2,628,873 | 2,538,415 | ||
Derivatives | 48 | |||
Derivatives | 48 | |||
Accrued interest receivable, Carrying Amount | 11,513 | 11,700 | ||
Accrued interest receivable, Fair Value | 11,513 | 11,700 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Carrying Amount | 479,652 | 492,515 | ||
Noninterest-bearing deposits, Fair Value | 479,652 | 492,515 | ||
Interest-bearing deposits, Carrying Amount | 2,016,359 | 1,983,092 | ||
Interest-bearing deposits, Fair Value | 2,021,144 | 1,990,484 | ||
Borrowings, Carrying Amount | 525,148 | 495,553 | ||
Borrowings, Fair Value | 532,335 | 505,641 | ||
Subordinated debentures, Carrying Amount | 5,155 | 5,155 | ||
Subordinated debentures, Fair Value | 4,852 | 4,768 | ||
Derivatives | 486 | |||
Derivatives | 486 | |||
Accrued interest payable, Carrying Amount | 4,316 | 3,930 | ||
Accrued interest payable, Fair Value | 4,316 | 3,930 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 88,543 | 126,847 | ||
Investment securities: available-for-sale, Fair Value | 12,833 | 13,199 | ||
Investment securities held-to-maturity, Fair Value | 29,822 | 29,184 | ||
Restricted investment in bank stocks, Fair Value | ||||
Accrued interest receivable, Fair Value | 199 | 68 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair Value | 479,652 | 492,515 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets | ||||
Investment securities: available-for-sale, Fair Value | 263,288 | 276,333 | ||
Investment securities held-to-maturity, Fair Value | 191,722 | 183,489 | ||
Restricted investment in bank stocks, Fair Value | ||||
Loans held for sale | 1,392 | |||
Derivatives | 48 | |||
Accrued interest receivable, Fair Value | 2,943 | 3,674 | ||
Financial liabilities | ||||
Interest-bearing deposits, Fair Value | 2,021,144 | 1,990,484 | ||
Borrowings, Fair Value | 532,335 | 505,641 | ||
Subordinated debentures, Fair Value | 4,852 | 4,768 | ||
Derivatives | 486 | |||
Accrued interest payable, Fair Value | 4,316 | 3,930 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets | ||||
Investment securities held-to-maturity, Fair Value | 18,719 | 18,772 | ||
Restricted investment in bank stocks, Fair Value | ||||
Net loans, Fair Value | 2,628,873 | 2,538,415 | ||
Accrued interest receivable, Fair Value | $8,371 | $7,958 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) - Schedule of accumulated other comprehensive loss (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of accumulated other comprehensive loss [Abstract] | ||
Net unrealized gain on investment securities available-for-sale | $5,491 | $4,874 |
Cash flow hedge | -288 | 28 |
Unamortized component of securities transferred from available-for-sale to held-to-maturity | -1,263 | -1,301 |
Defined benefit pension and post-retirement plans | -4,176 | -4,615 |
Total accumulated other comprehensive loss | ($236) | ($1,014) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Jul. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 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 303,615 shares are available for grant and issuance as of March 31, 2015. In addition, a total of 237,621 shares remain available for grant and issuance under Legacy ConnectOne equity plans. Options may be exercised with shares issued from Treasury shares, newly issued shares or a combination of both.Options have been granted to purchase common stock at the fair market value of the stock at the date of grant. Options are exercisable after a three to five-year vesting period starting one year after the date of grant and generally expire ten years from the date of grant. Restricted shares have a vesting schedule ranging from 1-3 years.Stock-based compensation expense for share-based payment awards is based on the grant date fair value estimated on the date of grant. The Company recognizes compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of three years. The Company estimates the forfeiture rate based on its historical experience during the preceding seven fiscal years. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 37,110 | 20,565 | |
Restricted Stock [Member] | |||
Stock-Based Compensation (Details) [Line Items] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 89,104 | 18,829 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 1,358,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days | ||
Employee Stock Option [Member] | |||
Stock-Based Compensation (Details) [Line Items] | |||
Common Stock Underlying Grant Options | 0 | 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 35,500 | ||
Employee Director Stock Option Plan 2009 [Member] | |||
Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 303,615 | ||
Legacy ConnectOne Equity Plan [Member] | |||
Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 237,621 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details) - Disclosure of share-based compensation arrangements by share-based payment award (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Disclosure of share-based compensation arrangements by share-based payment award [Abstract] | ||
Outstanding Beginning Balance - shares | 768,795 | 882,657 |
Outstanding Beginning Balance - weighted average exercise price (in Dollars per share) | $5.87 | $5.65 |
Outstanding Ending Balance - weighted average remaining contractual term (years) | 2 years 244 days | |
Outstanding Ending Balance - aggregate intrinsic value (in Dollars) | $10,273,607 | |
Exercisable at March 31, 2015 | 763,028 | |
Exercisable at March 31, 2015 (in Dollars per share) | $5.80 | |
Exercisable at March 31, 2015 | 2 years 226 days | |
Exercisable at March 31, 2015 (in Dollars) | $10,244,830 | |
Exercised | -110,500 | -100,911 |
Exercised (in Dollars per share) | $3.85 | |
Forfeited | -3,362 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details) - Schedule of share-based payment award, nonvested shares (USD $) | 0 Months Ended | 3 Months Ended | |
Jul. 01, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of share-based payment award, nonvested shares [Abstract] | |||
Stock based compensation, Nonvested Shares | 89,104 | 50,203 | |
Stock based compensation, Weighted-Average Grant Date Fair Value | $16.43 | $11.79 | |
Granted | 59,466 | ||
Granted | $18.47 | ||
Vested | -37,110 | -20,565 | |
Vested | $10.76 |
Components_of_Net_Periodic_Pen2
Components of Net Periodic Pension Cost (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Contributions by Employer | $2 |
Components_of_Net_Periodic_Pen3
Components of Net Periodic Pension Cost (Details) - Schedule of net benefit costs (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of net benefit costs [Abstract] | ||
Interest cost | $138 | $144 |
Expected return on plan assets | -137 | -149 |
Net amortization | 108 | 56 |
Recognized settlement loss | 450 | |
Total periodic pension expense | 559 | 51 |
Net actuarial gain | -742 | -1,281 |
Total recognized in other comprehensive income | -742 | -1,281 |
Total recognized in net periodic expense and other comprehensive income (before tax) | ($183) | ($1,230) |
FHLB_and_other_borrowings_Deta
FHLB and other borrowings (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
FHLB and other borrowings (Details) [Line Items] | |
Number of Federal Home Loan Bank Notes | 3 |
Long-term Line of Credit | $809,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 315,000,000 |
Federal Home Loan Bank Note One [Member] | |
FHLB and other borrowings (Details) [Line Items] | |
Extinguishment of Debt, Amount | 2,500,000 |
Debt Instrument, Maturity Date | 2-Apr-18 |
Federal Home Loan Bank Note Two [Member] | |
FHLB and other borrowings (Details) [Line Items] | |
Extinguishment of Debt, Amount | 7,500,000 |
Debt Instrument, Maturity Date | 2-Apr-18 |
Federal Home Loan Bank Note Three [Member] | |
FHLB and other borrowings (Details) [Line Items] | |
Extinguishment of Debt, Amount | $5,000,000 |
Debt Instrument, Maturity Date | 16-Jul-18 |
FHLB_and_other_borrowings_Deta1
FHLB and other borrowings (Details) - Schedule of components of FHLB and other borrowings and weighted average interest rates (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
By type of borrowing: | ||
FHLB and other borrowings | $525,148 | $495,553 |
Weighted average interest rates | 1.51% | 1.48% |
By remaining period to maturity: | ||
One year or less | 238,148 | 258,553 |
One year or less | 0.50% | 0.50% |
One to two years | 55,000 | 30,000 |
One to two years | 1.20% | 1.40% |
Two to three years | 71,000 | 71,000 |
Two to three years | 2.33% | 2.33% |
Three to four years | 96,000 | 96,000 |
Three to four years | 2.67% | 2.67% |
Four to five years | 25,000 | |
Four to five years | 1.85% | |
Greater than five years | 40,000 | 40,000 |
Greater than five years | 3.43% | 3.42% |
Federal Home Loan Bank Advances [Member] | ||
By type of borrowing: | ||
FHLB and other borrowings | 494,148 | 464,553 |
Weighted average interest rates | 1.23% | 1.18% |
Repurchase Agreements [Member] | ||
By type of borrowing: | ||
FHLB and other borrowings | $31,000 | $31,000 |
Weighted average interest rates | 5.90% | 5.90% |
Subordinated_Debentures_Detail
Subordinated Debentures (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Subordinated Borrowings [Abstract] | |
Value of subordinated debentures received by Trust | $5.20 |
Floating interest rate on subordinated debentures | 3.10% |
Subordinated_Debentures_Detail1
Subordinated Debentures (Details) - Schedule of Subordinated Borrowing (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Subordinated Borrowing [Abstract] | ||
Issuance Date | 19-Dec-03 | 19-Dec-03 |
Securities Issued | $5,000,000 | $5,000,000 |
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 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Apr. 27, 2015 |
Subsequent Event (Details) [Line Items] | ||
Amount Recorded as Fraud Pretax Loss | $2.40 | |
Subsequent Event [Member] | ||
Subsequent Event (Details) [Line Items] | ||
Amount Received as Pretax Recovery | $2.20 |