Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 06, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ConnectOne Bancorp, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 30,179,900 | |
Amendment Flag | false | |
Entity Central Index Key | 712,771 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 34,603 | $ 31,291 |
Interest-bearing deposits with banks | 83,656 | 169,604 |
Cash and cash equivalents | 118,259 | 200,895 |
Investment securities: | ||
Available-for-sale | 191,331 | 195,770 |
Securities held-to-maturity (fair value of $229,470 and $230,558) | 219,373 | 224,056 |
Loans receivable | 3,263,813 | 3,099,007 |
Less: Allowance for loan and lease losses | 29,074 | 26,572 |
Net loans receivable | 3,234,739 | 3,072,435 |
Investment in restricted stock, at cost | 31,487 | 32,612 |
Bank premises and equipment, net | 22,652 | 22,333 |
Accrued interest receivable | 12,604 | 12,545 |
Bank-owned life insurance | 79,412 | 78,801 |
Other real estate owned | 1,696 | 2,549 |
Goodwill | 145,909 | 145,909 |
Core deposit intangibles | 3,691 | 3,908 |
Other assets | 29,847 | 24,096 |
Total assets | 4,091,000 | 4,015,909 |
Deposits: | ||
Noninterest-bearing | 614,507 | 650,775 |
Interest-bearing | 2,278,564 | 2,140,191 |
Total deposits | 2,893,071 | 2,790,966 |
Borrowings | 646,501 | 671,587 |
Subordinated debentures (net of $763 and $812 in debt issuance costs) | 54,392 | 54,343 |
Other liabilities | 22,309 | 21,669 |
Total liabilities | $ 3,616,273 | $ 3,538,565 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $1,000 liquidation value per share, authorized 5,000,000 shares; issued and outstanding 11,250 shares of Series B preferred stock at December 31, 2015; total liquidation value of $11,250 at December 31, 2015 | $ 11,250 | |
Common stock, no par value, authorized 50,000,000 shares; issued 32,227,000 shares at March 31, 2016 and 32,149,585 at December 31, 2015; outstanding 30,163,078 shares at March 31, 2016 and 30,085,663 at December 31, 2015 | $ 374,287 | 374,287 |
Additional paid-in capital | 9,324 | 8,527 |
Retained earnings | 112,663 | 104,606 |
Treasury stock, at cost (2,063,922 common shares at March 31, 2016 and December 31, 2015) | (16,717) | (16,717) |
Accumulated other comprehensive loss | (4,830) | (4,609) |
Total stockholders' equity | 474,727 | 477,344 |
Total liabilities and stockholders' equity | $ 4,091,000 | $ 4,015,909 |
CONSOLIDATED STATEMENTS OF CON3
CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Held-to-maturity, fair value (in Dollars) | $ 229,470 | $ 230,558 |
Subordinated debentures, debt issuance costs | $ 763 | $ 812 |
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, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 32,227,000 | 32,149,585 |
Common stock, shares outstanding | 30,163,078 | 30,085,663 |
Treasury Stock, Shares | 2,063,922 | 2,063,922 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued | 11,250 | |
Preferred stock, shares outstanding | 11,250 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income | ||
Interest and fees on loans | $ 35,017 | $ 29,314 |
Interest and dividends on investment securities: | ||
Taxable | 2,140 | 2,910 |
Tax-exempt | 883 | 883 |
Dividends | 352 | 220 |
Interest on federal funds sold and other short-term investments | 134 | 43 |
Total interest income | 38,526 | 33,370 |
Interest expense | ||
Deposits | 3,939 | 3,025 |
Borrowings | 3,267 | 2,053 |
Total interest expense | 7,206 | 5,078 |
Net interest income | 31,320 | 28,292 |
Provision for loan and lease losses | 3,000 | 1,825 |
Net interest income after provision for loan and lease losses | 28,320 | 26,467 |
Noninterest income | ||
Annuities and insurance commissions | 40 | 86 |
Bank-owned life insurance | 612 | 386 |
Net gains on sale of loans held for sale | 35 | 114 |
Deposit, loan and other income | $ 515 | 463 |
Net gains on sale of investment securities | 506 | |
Total other income | $ 1,202 | 1,555 |
Noninterest expense | ||
Salaries and employee benefits | 7,599 | 6,628 |
Occupancy and equipment | 2,247 | 2,082 |
FDIC insurance | 595 | 560 |
Professional and consulting | 711 | 494 |
Marketing and advertising | 184 | 194 |
Data processing | 1,024 | 900 |
Amortization of core deposit intangible | 217 | 241 |
Other expenses | 1,776 | 1,532 |
Total other expense | 14,353 | 12,631 |
Income before income tax expense | 15,169 | 15,391 |
Income tax expense | 4,778 | 5,012 |
Net income | 10,391 | 10,379 |
Less: Preferred stock dividends | 22 | 28 |
Net income available to common stockholders | $ 10,369 | $ 10,351 |
Earnings per common share | ||
Basic | $ 0.35 | $ 0.35 |
Diluted | $ 0.34 | $ 0.34 |
Weighted average common shares outstanding | ||
Basic | 29,995,870 | 29,757,316 |
Diluted | 30,257,676 | 30,149,469 |
Dividend per common share | $ 0.075 | $ 0.075 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 10,391 | $ 10,379 |
Unrealized gains and losses on securities: | ||
Unrealized holding gains on available-for-sale securities arising during the period | 895 | 1,509 |
Tax effect | (357) | (595) |
Net of tax | $ 538 | 914 |
Reclassification adjustment for realized gains included in net income | (506) | |
Tax effect | 207 | |
Net of tax | (299) | |
Amortization of unrealized net losses on held-to-maturity securities transferred from available-for-sale securities | $ 51 | 65 |
Tax effect | (20) | (25) |
Net of tax | 31 | 40 |
Unrealized losses on cash flow hedge | (1,437) | (534) |
Tax effect | 587 | 218 |
Net of tax | (850) | (316) |
Unrealized pension plan (losses) gains before reclassifications | $ (1) | 634 |
Tax effect | (259) | |
Net of tax | $ (1) | 375 |
Reclassification adjustment for realized losses included in net income | 102 | 108 |
Tax effect | (41) | (44) |
Net of tax | 61 | 64 |
Total other comprehensive (loss) income | (221) | 778 |
Total comprehensive income | $ 10,170 | $ 11,157 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Preferred Stock | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
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 (loss), net of tax | $ 778 | 778 | |||||
Dividend on series B preferred stock | $ (28) | (28) | |||||
Cash dividends declared on common stock ($0.075 per share) | $ (2,223) | (2,223) | |||||
Exercise of stock options | $ 590 | $ 590 | |||||
Restricted stock grants | |||||||
Stock-based compensation expense | $ 479 | $ 479 | |||||
Balance at Mar. 31, 2015 | $ 11,250 | $ 374,287 | 7,084 | $ 80,526 | $ (16,717) | $ (236) | 456,194 |
Balance at Dec. 31, 2015 | $ 11,250 | $ 374,287 | $ 8,527 | 104,606 | $ (16,717) | (4,609) | 477,344 |
Net income | 10,391 | 10,391 | |||||
Other comprehensive income (loss), net of tax | $ (221) | (221) | |||||
Dividend on series B preferred stock | (22) | (22) | |||||
Cash dividends declared on common stock ($0.075 per share) | $ (2,312) | (2,312) | |||||
Redemption of preferred stock | $ (11,250) | (11,250) | |||||
Exercise of stock options | $ 42 | $ 42 | |||||
Restricted stock grants | |||||||
Stock-based compensation expense | $ 755 | $ 755 | |||||
Balance at Mar. 31, 2016 | $ 374,287 | $ 9,324 | $ 112,663 | $ (16,717) | $ (4,830) | $ 474,727 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared on common stock | $ 0.075 | $ 0.075 |
Exercise of stock options, shares | 5,495 | 110,500 |
Issuance of restricted stock awards, shares | 71,920 | 59,466 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 10,391 | $ 10,379 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 653 | 799 |
Provision for loan and lease losses | 3,000 | 1,825 |
Amortization of intangibles | 217 | 241 |
Net accretion of loans | (1,174) | (1,442) |
Accretion on bank premises | (31) | (26) |
Accretion on deposits | (75) | (191) |
Accretion on borrowings | (86) | (143) |
Stock-based compensation | $ 755 | 479 |
Gains on sales of investment securities, net | (506) | |
Gains on sale of loans held for sale, net | $ (35) | (114) |
Loans originated for resale | (1,916) | (8,468) |
Proceeds from sale of loans held for sale | 1,951 | 7,190 |
Net loss on sale of other real estate owned | 115 | 112 |
Increase in cash surrender value of bank-owned life insurance | (612) | (386) |
Amortization of premiums and accretion of discounts on investments securities, net | 417 | 518 |
(Increase) decrease in accrued interest receivable | (58) | 187 |
Increase in other assets | (7,137) | (49) |
Increase (decrease) in other liabilities | 960 | (2,388) |
Net cash provided by operating activities | 7,335 | 8,017 |
Investment securities available-for-sale: | ||
Purchases | $ (19,135) | (1,543) |
Sales | 9,537 | |
Maturities, calls and principal repayments | $ 24,295 | 6,673 |
Investment securities held-to-maturity: | ||
Purchases | (1,000) | (9,986) |
Maturities and principal repayments | 5,439 | 2,749 |
Net redemptions (purchases) of restricted investment in bank stocks | 1,125 | (1,339) |
Net increase in loans | (164,130) | (100,708) |
Purchases of premises and equipment | (941) | (478) |
Proceeds from sale of other real estate owned | 738 | 126 |
Net cash used in investing activities | (153,609) | (94,969) |
Cash flows from financing activities | ||
Net increase in deposits | 102,180 | 20,595 |
Advances of FHLB borrowings | 50,000 | 90,101 |
Repayments of FHLB borrowings | (75,000) | (60,363) |
Cash dividends paid on common stock | (2,312) | (2,247) |
Cash dividends paid on preferred stock | (22) | $ (28) |
Redemption of preferred stock | (11,250) | |
Proceeds from exercise of stock options | 42 | $ 590 |
Net cash provided by financing activities | 63,638 | 48,648 |
Net change in cash and cash equivalents | (82,636) | (38,304) |
Cash and cash equivalents at beginning of period | 200,895 | 126,847 |
Cash and cash equivalents at end of period | 118,259 | 88,543 |
Cash payments for: | ||
Interest paid on deposits and borrowings | 6,492 | 4,724 |
Income taxes | $ 10,235 | $ 5,500 |
Nature of Operations and Princi
Nature of Operations and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Nature of Operations and Principles of Consolidation | 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 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 preceding 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, 2016 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016, or for any other interim period. The Company’s 2015 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. 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 or stockholders’ equity. |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Authoritative Accounting Guidance | Note 2. New Authoritative Accounting Guidance ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12"). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The Company adopted ASU 2014-12 effective on January 1, 2016 and is not expected to have a significant impact on the Company's consolidated financial statements. ASU No. 2015-03, "Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs" requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in the ASU No. 2015-03. The Company adopted ASU 2015-03 effective on January 1, 2016 and is not expected to have a significant impact on the Company's consolidated financial statements. ASU No. 2015-12, "Plan Accounting: Defined Benefit Pension Plans (Topic 960): Defined Contribution Pension Plans, (Topic 962): Health and Welfare Benefit Plans, (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient." ASU No. 2015-12 simplifies accounting for employee benefit plans as follows: (i) fully benefit-responsive investment contracts are now to be measured, presented and disclosed at contract value, (ii) the requirement to disclose investments that represent 5 percent or more of net assets available for benefits has been eliminated, (iii) the net appreciation or depreciation in investments for the period should be presented in the aggregate, but is no longer required to be disaggregated and disclosed by general type, (iv) if an investment is measured using the net asset value per share (or its equivalent) practical expedient in Topic 820, and that investment is in a fund that files a U.S. Department of Labor Form 5500, Annual Return/Report of Employee Benefit Plan, as a direct filing entity, disclosure of that investment’s strategy is no longer required, and (v) allows employers to measure (as a practical expedient) benefit plan assets on a month-end date nearest to the employer’s fiscal year end when the fiscal period does not coincide with a month end. ASU No. 2015-12 is effective for the Company on ASU No. 2016-02, “Leases (Topic 842)” requires the recognition of a right of use asset and related lease liability by lessees for leases classified as operating leases under current GAAP. Topic 842, which replaces the current guidance under Topic 840, retains a distinction between finance leases and operating leases. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee also will not significantly change from current GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize right of use assets and lease liabilities. Topic 842 will be effective for the Company for reporting periods beginning January 1, 2019, with an early adoption permitted. The Company must apply a modified retrospective transition approach for the applicable leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Management is currently evaluating the impact of Topic 842 on the Company’s consolidated financial statements. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 3. Earnings per Common Share Basic earnings per common share 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 CompanyÂ’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) 2016 2015 Net income $ 10,391 $ 10,379 Preferred stock dividends (22) (28) Net income available to common stockholders $ 10,369 $ 10,351 Basic weighted average common shares outstanding 29,996 29,757 Effect of dilutive options 262 392 Diluted weighted average common shares outstanding 30,258 30,149 Earnings per common share: Basic $ 0.35 $ 0.35 Diluted $ 0.34 $ 0.34 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4. Investment Securities The Company’s investment securities are classified as available-for-sale and held-to-maturity at March 31, 2016 and December 31, 2015. 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, 2016. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 7 of the Notes to Consolidated Financial Statements for a further discussion. Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. The following tables present information related to the Company’s investment securities at March 31, 2016 and December 31, 2015 (dollars in thousands): Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Investment securities available-for-sale Federal agency obligations $ 31,370 $ 486 $ (29) $ 31,827 Residential mortgage pass-through securities 47,404 1,162 (21) 48,545 Commercial mortgage pass-through securities 2,965 88 - 3,053 Obligations of U.S. states and political subdivisions 9,642 164 - 9,806 Trust preferred securities 16,089 440 (350) 16,179 Corporate bonds and notes 40,771 873 (256) 41,388 Asset-backed securities 18,682 - (528) 18,154 Certificates of deposit 1,496 20 - 1,516 Equity securities 376 29 (28) 377 Other securities 20,490 84 (88) 20,486 Total securities available-for-sale $ 189,285 $ 3,346 $ (1,300) $ 191,331 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Investment securities held-to-maturity U.S. Treasury and agency securities $ 28,523 $ 1,890 $ - $ 30,413 Federal agency obligations 31,567 700 (8) 33,259 Residential mortgage-backed securities 3,489 28 (15) 3,502 Commercial mortgage-backed securities 1,317 30 - 1,347 Obligations of U.S. states and political divisions 117,416 6,208 - 123,624 Corporate bonds and notes 37,061 1,396 (132) 38,325 Total securities held-to-maturity $ 219,373 $ 10,252 $ (155) $ 229,470 Total investment securities $ 408,658 $ 13,598 $ (1,455) $ 420,801 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Investment securities available-for-sale Federal agency obligations $ 29,062 $ 142 $ (58) $ 29,146 Residential mortgage pass-through securities 44,155 803 (48) 44,910 Commercial mortgage pass-through securities 2,981 - (9) 2,972 Obligations of U.S. states and political subdivisions 8,188 169 - 8,357 Trust preferred securities 16,088 398 (231) 16,255 Corporate bonds and notes 53,566 702 (292) 53,976 Asset-backed securities 20,005 18 (298) 19,725 Certificates of deposit 1,895 18 (8) 1,905 Equity securities 376 21 (23) 374 Other securities 18,303 - (153) 18,150 Total securities available-for-sale $ 194,619 $ 2,271 $ (1,120) $ 195,770 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Investment securities held-to-maturity U.S. Treasury and agency securities $ 28,471 $ 755 $ - $ 29,226 Federal agency obligations 33,616 280 (119) 33,777 Residential mortgage-backed securities 3,805 11 (6) 3,810 Commercial mortgage-backed securities 4,110 27 (2) 4,135 Obligations of U.S. states and political divisions 118,015 5,001 (3) 123,013 Corporate bonds and notes 36,039 719 (161) 36,597 Total securities held-to-maturity $ 224,056 $ 6,793 $ (291) $ 230,558 Total investment securities $ 418,675 $ 9,064 $ (1,411) $ 426,328 The following table presents information for investment securities at March 31, 2016, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. March 31, 2016 Amortized Fair Cost Value (in thousands) Investment securities available-for-sale Due in one year or less $ 10,948 $ 10,967 Due after one year through five years 15,800 16,287 Due after five years through ten years 37,582 37,795 Due after ten years 53,720 58,821 Residential mortgage pass-through securities 47,404 48,545 Commercial mortgage pass-through securities 2,965 3,053 Equity securities 376 377 Other securities 20,490 20,486 Total $ 189,285 $ 191,331 Investment securities held-to-maturity Due in one year or less $ 1,000 $ 1,000 Due after one year through five years 14,561 14,907 Due after five years through ten years 85,428 90,182 Due after ten years 113,578 118,532 Residential mortgage pass-through securities 3,489 3,502 Commercial mortgage pass-through securities 1,317 1,347 Total $ 219,373 $ 229,470 Total investment securities $ 408,658 $ 420,801 Gross gains and losses from the sales, calls and maturities of investment securities for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, (in thousands) 2016 2015 Proceeds $ - $ 9,537 Gross gains on sales of investment securities - 506 Gross losses on sales of investment securities - - Net gains on sales of investment securities - 506 Less: tax provision on net gains - 207 Total $ - $ 299 The Company performs regular analysis on the 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 will 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 Company will not be required to sell the security before recovery of its amortized cost basis less any current period loss, and the Company 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 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. Temporarily Impaired Investments The Company does not believe that the unrealized losses, for all securities, which were comprised of 46 and 74 investment securities as of March 31, 2016 and December 31, 2015, 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, 2016. 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, 2016 and December 31, 2015: March 31, 2016 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 $ 7,070 $ (29) $ 6,836 $ (28) $ 234 $ (1) Residential mortgage pass-through securities 7,173 (21) 6,679 (14) 494 (7) Trust preferred securities 1,227 (350) - - 1,227 (350) Corporate bonds and notes 15,553 (256) 11,727 (118) 3,826 (138) Asset-backed securities 18,154 (528) 14,825 (417) 3,329 (111) Equity securities 117 (28) - - 117 (28) Other securities 5,412 (88) - - 5,412 (88) Total $ 54,706 $ (1,300) $ 40,067 $ (577) $ 14,639 $ (723) Investment securities held-to-maturity Federal agency obligation $ 4,161 $ (8) $ 2,300 $ (6) $ 1,861 $ (2) Residential mortgage pass-through securities 1,920 (15) 1,920 (15) - - Corporate bonds and notes 2,632 (131) 2,632 (131) - - Total $ 8,713 $ (154) $ 6,852 $ (152) $ 1,861 $ (2) Total temporarily impaired securities $ 63,419 $ (1,454) $ 46,919 $ (729) $ 16,500 $ (725) December 31, 2015 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 12,260 $ (58) $ 12,013 $ (54) $ 247 $ (4) Residential mortgage pass-through securities 9,027 (48) 9,027 (48) — — Commercial mortgage-backed securities 2,971 (9) 2,971 (9) — — Trust preferred securities 1,345 (231) — — 1,345 (231) Corporate bonds and notes 16,533 (292) 12,702 (161) 3,831 (131) Asset-backed securities 14,745 (298) 11,250 (188) 3,495 (110) Certificates of deposit 215 (8) 215 (8) — — Equity securities 123 (23) — — 123 (23) Other securities 5,347 (153) — — 5,347 (153) Total $ 62,566 $ (1,120) $ 48,178 $ (468) $ 14,388 $ (652) Investment Securities Held-to-Maturity: Federal agency obligation 12,554 (119) 11,783 (109) 771 (10) Residential mortgage pass-through securities 2,480 (6) 2,480 (6) — — Commercial mortgage-backed securities 1,331 (2) 1,331 (2) — — Obligations of U.S. states and political subdivisions 981 (3) 981 (3) — — Corporate bonds and notes 5,536 (161) 5,536 (161) — — Total $ 22,882 $ (291) $ 22,111 $ (281) $ 771 $ (10) Total Temporarily Impaired Securities $ 85,448 $ (1,411) $ 70,289 $ (749) $ 15,159 $ (662) Investment securities having a carrying value of approximately $155.3 million and $142.5 million at March 31, 2016 and December 31, 2015, 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, 2016 and December 31, 2015, 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, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 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 were entered into on August 24, 2015, October 15, 2014 and December 30, 2014, each with a respective notional amount of $25.0 million and were designated as cash flow hedges of a Federal Home Loan Bank advance. The swaps were determined to be fully effective during the period presented and therefore no amount of ineffectiveness has been included in net income while 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 March 31, 2016, December 31, 2015 and March 31, 2015 are presented in the following table. March 31, December 31, March 31, (dollars in thousands) 2016 2015 2015 Notional amount $ 75,000 $ 75,000 $ 50,000 Weighted average pay rates 1.57% 1.56% 1.58% Weighted average receive rates 0.56% 0.44% 0.24% Weighted average maturity 3.6 years 3.8 years 4.2 years Fair value $ (1,568) $ (131) $ (486) Interest expense recorded on these swap transactions totaled approximately $191 thousand for the three months ended March 31, 2016 and $166 thousands for the three months ended March 31, 2015. 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 following periods: Three Months Ended March 31, 2016 Amount of loss recognized in other Amount of loss Non- recognized Amount of loss interest in OCI reclassified income (Effective from OCI to interest (Ineffective (in thousands) Portion) income Portion) Interest rate contracts $ (1,437) $ - $ - Three Months Ended March 31, 2015 Amount of loss recognized in other Amount of loss non- recognized Amount of loss interest in OCI reclassified income (effective from OCI to interest (ineffective (in thousands) Portion) income portion) Interest rate contracts $ (534) $ - $ - The following table reflects the cash flow hedges included in the consolidated statements of condition as of March 31, 2016 and December 31, 2015: 2016 2015 Notional Notional (in thousands) Amount Fair Value Amount Fair Value Included in other assets/(liabilities): Interest rate swaps related to FHLB Advances $ 75,000 $ (1,568) $ 75,000 $ (131) |
Loans and the Allowance for Loa
Loans and the Allowance for Loan and Lease Losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans and the Allowance for Loan and Lease Losses | 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 is 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 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 (“PCI”) 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). A PCI loan may be resolved either through a sale of the loan, by working with the customer and obtaining partial or full repayment, by short sale of the collateral, or by foreclosure. A gain or loss on resolution would be recognized based on the difference between the proceeds received and the carrying amount of the loan. Payments received earlier than expected or in excess of expected cash flows from sales or other resolutions may result in the carrying value of a pool being reduced to zero even though outstanding contractual balances and expected cash flows remain related to loans in the pool. Once the carrying value of a pool is reduced to zero, any future proceeds, which may include cash or real estate acquired in foreclosure, from the remaining loans, representing further realization of accretable yield, are recognized as interest income upon receipt. PCI loans that met the criteria for nonaccrual may be considered performing, regardless of whether the customer is contractually delinquent, if management can reasonably estimate the timing and amount of the expected cash flows on such loans and if management expects to fully collect the new carrying value of the loans. As such, management may no longer consider the loans to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. 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, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (in thousands) Commercial $ 601,708 $ 570,116 Commercial real estate 2,028,301 1,966,696 Commercial construction 402,594 328,838 Residential real estate 231,319 233,690 Consumer 1,851 2,454 Gross loans 3,265,773 3,101,794 Net deferred loan fees (1,960) (2,787) Total loans receivable $ 3,263,813 $ 3,099,007 At March 31, 2016 and December 31, 2015 loan balances of approximately $1.6 billion 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, 2016 and December 31, 2015. March 31, December 31, 2016 2015 (in thousands) Commercial $ 7,059 $ 7,078 Commercial real estate 1,745 1,775 Residential real estate 334 328 Total carrying amount $ 9,138 $ 9,181 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, 2016. The accretable yield, or income expected to be collected, on the purchased loans disclosed above for the three months ended March 31, 2016 is as follows (in thousands): Three Months Three Months Ended March Ended March 31, 2016 31, 2015 Beginning balance $ 3,599 $ 4,805 New loans purchased - - Accretion of income (183) (54) Reclassification from nonaccretable differences - - Disposals - - Ending balance $ 3,416 $ 4,751 The following table presents information about the recorded investment in loan receivables on nonaccrual status by segment at March 31, 2016 and December 31, 2015: Loans Receivable on Nonaccrual Status March 31, December 31, 2016 2015 (in thousands) Commercial $ 7,239 $ 6,586 Commercial real estate 8,841 9,112 Commercial construction 1,636 1,479 Residential real estate 3,734 3,559 Total loans receivable on nonaccrual status $ 21,450 $ 20,736 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, 2016 and December 31, 2015: March 31, 2016 Special Pass Mention Substandard Doubtful Total (in thousands) Commercial $ 494,413 $ 6,976 $ 100,319 $ - $ 601,708 Commercial real estate 1,979,211 17,820 31,270 - 2,028,301 Commercial construction 400,131 827 1,636 - 402,594 Residential real estate 226,879 - 4,440 - 231,319 Consumer 1,770 - 81 - 1,851 Total loans $ 3,102,404 $ 25,623 $ 137,746 $ - $ 3,265,773 December 31, 2015 Special Pass Mention Substandard Doubtful Total (in thousands) Commercial $ 462,358 $ 11,760 $ 95,998 $ - $ 570,116 Commercial real estate 1,919,041 18,990 28,426 239 1,966,696 Commercial construction 326,697 662 1,479 - 328,838 Residential real estate 229,426 - 4,264 - 233,690 Consumer 2,368 - 86 - 2,454 Total loans $ 2,939,890 $ 31,412 $ 130,253 $ 239 $ 3,101,794 The following table provides an analysis of the impaired loans, by loan segment, at March 31, 2016 and December 31, 2015: March 31, 2016 Unpaid Recorded Principal Related Investment Balance Allowance No related allowance recorded (in thousands) Commercial $ 3,320 $ 3,625 Commercial real estate 15,271 15,202 Commercial construction 2,466 2,538 Residential real estate 4,123 4,532 Consumer 81 81 Total $ 25,261 $ 25,978 With an allowance recorded Commercial $ 91,928 $ 91,851 $ 7,677 Total Commercial $ 95,248 $ 95,476 $ 7,677 Commercial real estate 15,271 15,202 - Commercial construction 2,466 2,538 - Residential real estate 4,123 4,532 - Consumer 81 81 - Total $ 117,189 $ 117,829 $ 7,677 December 31, 2015 Unpaid Recorded Principal Related Investment Balance Allowance No related allowance recorded (in thousands) Commercial $ 610 $ 645 Commercial real estate 15,517 16,512 Commercial construction 2,149 2,141 Residential real estate 3,954 4,329 Consumer 87 86 Total $ 22,317 $ 23,713 With an allowance recorded Commercial $ 84,787 $ 84,449 $ 6,725 Total Commercial $ 85,397 $ 85,094 $ 6,725 Commercial real estate 15,517 16,512 - Commercial construction 2,149 2,141 - Residential real estate 3,954 4,329 - Consumer 87 86 - Total $ 107,104 $ 108,162 $ 6,725 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 and nine months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Impaired loans with no related allowance recorded Commercial $ 2,591 $ 24 $ 290 $ - Commercial real estate 15,274 25 6,052 19 Commercial construction 2,307 16 - - Residential real estate 4,107 5 3,613 2 Consumer 84 1 106 1 Total $ 24,363 $ 71 $ 10,061 $ 22 Impaired loans with an allowance recorded Commercial $ 83,759 $ 737 $ 387 $ - Commercial real estate - - 6,335 - Total $ 83,759 $ 737 $ 6,722 $ - Total impaired loans Commercial $ 86,350 $ 761 $ 677 $ - Commercial real estate 15,274 25 12,387 19 Commercial construction 2,307 16 Residential real estate 4,107 5 3,613 2 Consumer 84 1 106 1 Total $ 108,122 $ 808 $ 16,783 $ 22 Included in impaired loans at March 31, 2016 and December 31, 2015 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, 2016 and December 31, 2015 by segment: Aging Analysis March 31, 2016 Loans Receivable 90 90 Days or Days or Greater 30-59 Days 60-89 Days Greater Past Total Past Total Loans Past Due and Past Due Past Due Due Due Current Receivable Accruing (in thousands) Commercial $ 5,539 $ - $ 12,409 $ 17,948 $ 583,760 $ 601,708 $ 5,250 Commercial real estate 5,408 - 10,027 15,435 2,012,866 2,028,301 1,382 Commercial construction 1,750 - - 1,750 400,844 402,594 - Residential real estate 1,741 380 2,746 4,867 226,452 231,319 - Consumer 2 - - 2 1,849 1,851 Total $ 14,440 $ 380 $ 25,181 $ 40,002 $ 3,225,771 $ 3,265,773 $ 6,632 December 31, 2015 Loans Receivable 90 90 Days or Days or Greater 30-59 Days 60-89 Days Greater Past Total Past Total Loans Past Due and Past Due Past Due Due Due Current Receivable Accruing (in thousands) Commercial $ 6,887 $ 3,505 $ 6,865 $ 17,257 $ 552,859 $ 570,116 $ - Commercial real estate 1,998 988 9,561 12,547 1,954,149 1,966,696 - Commercial construction - - 1,479 1,479 327,359 328,838 - Residential real estate - - 2,122 2,122 231,568 233,690 - Consumer 4 9 - 13 2,441 2,454 - Total $ 8,889 $ 4,502 $ 20,027 $ 33,418 $ 3,068,376 $ 3,101,794 $ - The following table details, at the period presented, the amount of loans receivable that are evaluated individually, and collectively, for impairment (excluding net deferred loan fees), those acquired with deteriorated quality, and the related portion of the allowance for loan and lease losses that are allocated to each loan portfolio segment: March 31, 2016 Commercial Commercial Residential Commercial real estate construction real estate Consumer Unallocated Total (in thousands) Allowance for loan and lease losses Individually evaluated for impairment $ 7,677 $ - $ - $ - $ - $ - $ 7.677 Collectively evaluated for impairment 5,420 10,941 3,617 1,074 4 341 21,397 Acquired with deteriorated credit quality - - - - - - - Total $ 13,097 $ 10,941 $ 3,617 $ 1,074 $ 4 $ 341 $ 29,074 Gross loans Individually evaluated for impairment $ 95,248 $ 15,271 $ 2,466 $ 4,123 $ 81 $ - $ 117,189 Collectively evaluated for impairment 499,401 2,011,285 400,128 226,862 1,770 - 3,139,446 Acquired with deteriorated credit quality 7,059 1,745 - 334 - - 9,138 Total $ 601,708 $ 2,028,301 $ 402,594 $ 231,319 $ 1,851 $ - $ 3,265,773 The table above includes approximately $824 million of acquired loans for the period ended March 31, 2016 reported as collectively evaluated for impairment, of which approximately $661 million were included in the commercial real estate loan segment. The following table details the amount of gross loans that are evaluated individually, and collectively, for impairment (excluding net deferred costs), those acquired with deteriorated quality, and the related portion of the allowance for loan and lease loss that is allocated to each loan portfolio class: December 31, 2015 Commercial Commercial Residential Commercial real estate construction real estate Consumer Unallocated Total (in thousands) Allowance for loan and lease losses Individually evaluated for impairment $ 6,725 $ - $ - $ - $ - $ - $ 6,725 Collectively evaluated for impairment 4,224 10,926 3,253 976 4 464 19,847 Acquired with deteriorated credit quality - - - - - - - Total $ 10,949 $ 10,926 $ 3,253 $ 976 $ 4 $ 464 $ 26,572 Gross loans Individually evaluated for impairment $ 85,397 $ 15,517 $ 2,149 $ 3,954 $ 87 $ - $ 107,104 Collectively evaluated for impairment 477,641 1,949,404 326,689 229,408 2,367 - 2,985,509 Acquired with deteriorated credit quality 7,078 1,775 - 328 - - 9,181 Total $ 570,116 $ 1,966,696 $ 328,838 $ 233,690 $ 2,454 $ - $ 3,101,794 The tables above include approximately $867 million of acquired loans as of December 31, 2015 reported as collectively evaluated for impairment, of which $672 million were included in the commercial real estate loan segment. 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, 2015. A summary of the activity in the allowance for loan and lease losses is as follows: Three Months Ended March 31, 2016 Commercial Commercial Residential Commercial real estate construction real estate Consumer Unallocated Total (in thousands) Balance at December 31, 2015 $ 10,949 $ 10,926 $ 3,253 $ 976 $ 4 $ 464 $ 26,572 Charge-offs (445) - - (67) - - (512) Recoveries 1 13 - - - - 14 Provision 2,592 2 364 165 - (123) 3,000 Balance at March 31, 2016 $ 13,097 $ 10,941 $ 3,617 $ 1,074 $ 4 $ 341 $ 29,074 Three Months Ended March 31, 2015 Commercial Commercial Residential Commercial real estate construction real estate Consumer Unallocated Total (in thousands) Balance at December 31, 2014 $ 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 Trouble Debt Restructurings At March 31, 2016, there were no 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 ability of 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 troubled debt restructurings totaled $96.5 million at March 31, 2016, of which $1.4 million were on nonaccrual status and $95.1 million were performing troubled debt restructurings. At December 31, 2015, loans modified in troubled debt restructurings totaled $86.6 million, of which $0.7 million were on nonaccrual status and $85.9 million were performing troubled debt restructurings. The Company has allocated $6.0 million in specific allocations with respect to loans whose loan terms had been modified in troubled debt restructurings as of March 31, 2016. At December 31, 2015, there were $4.5 million in specific allocations with respect to performing troubled debt restructurings, and there were no specific allocations with respect to troubled debt restructurings as of March 31, 2015. Performing TDRs as of March 31, 2016 increased the allowance for loan and lease losses by $1.5 million for the three months ended March 31, 2016. Performing TDRs as of March 31, 2015 did not increase the allowance for loan and lease losses for the three months ended March 31, 2015. The $6.0 million in specific allocations referenced above were associated with taxi medallion lending and were calculated based on the present value of estimated cash flows, including contractual debt interest service through maturity, and principal repayments based on the fair value of the collateral excluding any consideration for personal guarantees of borrowers, which provide an additional source of repayment but cannot be relied upon. The valuation per corporate medallion used for the calculation at March 31, 2016 was approximately $775,000. An additional $1.5 million specific allocation was required at March 31, 2016 due to a decline in the Company’s estimated valuation of taxi medallions at December 31, 2015, when the specific allocation was $4.5 million. The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended March 31, 2016 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Troubled debt restructurings: Commercial 9 $ 9,555 $ 9,555 Commercial real estate - - - Commercial construction - - - Residential real estate - - - Consumer - - - Total 9 $ 9,555 $ 9,555 The increase in TDRs was primarily due to six loans secured by New York City taxi medallions totaling $8.0 million that were modified during the first quarter of 2016. Four of these modifications consisted of short-term extensions of the loans’ contractual maturity dates at the pre-existing contractual rate and two of these modifications interest rates decreased from approximately 3% to 1.3-1.6%. These six loans were accruing prior to modification, while five remained in accrual status post-modification. The troubled debt restructurings described above increased the allowance for loan and lease losses by $45 thousand during the three months ended March 31, 2016. There were no charge-offs in connection with a loan modification at the time of modification during the three months ended March 31, 2016. 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, 2016. There were no troubled debt restructurings occurring during the three months ended March 31, 2015. There were no charge-offs in connection with a loan modification at the time of modification during the three months ended March 31, 2015. 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, 2015. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | Note 7 - Fair Value Measurements and Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: FASB ASC 820-10-05 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurements and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. FASB ASC 820-10-65 provides additional guidance for estimating fair value in accordance with FASB ASC 820-10-05 when the volume and level of activity for the asset or liability have significantly decreased. This ASC also includes guidance on identifying circumstances that indicate a transaction is not orderly. FASB ASC 820-10-05 establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820-10-05 are as follows: Level 1: Level 2: Level 3: An assetÂ’s or liabilityÂ’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 CompanyÂ’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 CompanyÂ’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 CompanyÂ’s assets measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015: Securities Available-for-Sale Where quoted prices are available in an active market, securities are classified within 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 the fair value of the instruments and these are classified as Level 3. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The CompanyÂ’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, 2016 and December 31, 2015 are as follows: March 31, 2016 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 31,827 $ - $ 31,827 $ - Residential mortgage pass- through securities 48,545 - 48,545 - Commercial mortgage pass- through securities 3,053 - 3,053 - Obligations of U.S. states and political subdivision 9,806 - 9,806 - Trust preferred securities 16,179 - 16,179 - Corporate bonds and notes 41,388 - 41,388 - Asset-backed securities 18,154 - 18,154 - Certificates of deposit 1,516 - 1,516 - Equity securities 377 377 - - Other securities 20,486 20,486 - - Total available-for-sale $ 191,331 $ 20,863 $ 170,468 $ - Liabilities Derivatives $ 1,568 $ - $ 1,568 $ - Total liabilities $ 1,568 $ - $ 1,568 $ - There were no transfers between Level 1, Level 2 and Level 3 during the three months ended March 31, 2016. December 31, 2015 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 29,146 $ - $ 29,146 $ - Residential mortgage pass- through securities 44,910 - 44,910 - Commercial mortgage pass- through securities 2,972 - 2,972 - Obligations of U.S. states and political subdivision 8,357 - 8,357 - Trust preferred securities 16,255 - 16,255 - Corporate bonds and notes 53,976 - 53,976 - Asset-backed securities 19,725 - 19,725 - Certificates of deposit 1,905 - 1,905 - Equity securities 374 374 - - Other securities 18,150 18,150 - - Total available-for-sale $ 195,770 $ 18,524 $ 177,246 $ - Liabilities Derivatives $ 131 $ - $ 131 $ - Total liabilities $ 131 $ - $ 131 $ - There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2015. Assets Measured at Fair Value on a Non-Recurring Basis The Company may be required periodically to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or impairment write-downs of individual assets. The Company primarily utilized appraisal value less cost to sell and other unobservable market inputs to determine fair value of assets, and therefore, these valuations are classified as a Level 3 measurement. For assets measured at fair value on a non-recurring basis, the fair value measurements at March 31, 2016 and December 31, 2015 are as follows: Impaired loans Valuation Techniques Range of Unobservable Inputs Commercial Appraisals of collateral value Adjustment for age of comparable sales, generally a decline of 0% to 15%. Adjustment for age of lease payments. Market capitalization rates between 4% and 8% Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs Assets measured at fair value on a nonrecurring basis: 2016 (Level 1) (Level 2) (Level 3) Impaired loans (in thousands) Commercial $ 3,410 $ - $ - $ 3,410 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs Assets measured at fair value on a nonrecurring basis: 2015 (Level 1) (Level 2) (Level 3) Impaired loans (in thousands) Commercial $ 3,751 $ - $ - $ 3,751 The following methods and assumptions were used to estimate the fair values of the CompanyÂ’s assets measured at fair value on a non-recurring basis at March 31, 2016 and December 31, 2015. Impaired loans 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 CompanyÂ’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 CompanyÂ’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. FHLB stock. Investment Securities Held-to-Maturity. Loans. Interest-Bearing Deposits Term Borrowings and Subordinated Debentures Accrued Interest Receivable/Payable. The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the CompanyÂ’s financial instruments as of March 31, 2016 and December 31, 2015. Fair Value Measurements Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) (in thousands) March 31, 2016 Financial assets Cash and due from banks $ 118,259 $ 118,259 $ 118,259 $ - $ - Investment securities available-for-sale 191,331 191,331 20,863 170,468 - Investment securities held-to-maturity 219,373 229,470 30,413 180,553 18,504 Restricted investment in bank stocks 31,487 n/a n/a n/a n/a Net loans 3,234,739 3,242,398 - - 3,242,398 Accrued interest receivable 12,604 12,604 199 2,486 9,919 Financial liabilities Noninterest-bearing deposits 614,507 614,507 614,507 - - Interest-bearing deposits 2,278,564 2,285,918 - 2,285,918 - Borrowings 646,501 651,739 - 651,739 - Subordinated debentures, net 54,392 57,879 - 57,879 - Derivatives 1,568 1,568 - 1,568 - Accrued interest payable $ 5,101 $ 5,101 $ - $ 5,101 $ - December 31, 2015 Financial assets Cash and due from banks $ 200,895 $ 200,895 $ 200,895 $ - $ - Investment securities available-for-sale 195,770 195,770 18,524 177,246 - Investment securities held-to-maturity 224,056 230,558 29,226 182,774 18,558 Restricted investment in bank stocks 32,612 n/a n/a n/a n/a Net loans 3,072,435 3,059,343 - - 3,059,343 Accrued interest receivable 12,545 12,545 68 2,699 9,778 Financial liabilities Noninterest-bearing deposits 650,775 650,775 650,775 - - Interest-bearing deposits 2,140,191 2,137,149 - 2,137,149 - Borrowings 671,587 674,131 - 674,131 - Subordinated debentures, net 54,343 55,209 - 55,209 - Derivatives 131 131 - 131 - Accrued interest payable $ 4,387 $ 4,387 $ - $ 4,387 $ - 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 CompanyÂ’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 CompanyÂ’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, 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 Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Accumulated Other Comprehensive Loss | Note 8. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss (net of tax) at March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, 2016 2015 (in thousands) Net unrealized gain on investment securities available-for-sale $ 1,251 $ 713 Cash flow hedge (927) (77) Unamortized component of securities transferred from available-for-sale to held-to- maturity (1,142) (1,173) Defined benefit pension and post-retirement plans (4,012) (4,072) Total accumulated other comprehensive loss $ (4,830) $ (4,609) |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 9. Stock-Based Compensation The Company maintains three stock-based compensation plans from which new grants could be issued. The CompanyÂ’s stock-based compensation plans permit Parent Corporation common stock to be issued to key employees and directors of the Company and its subsidiaries. Grants under the existing plans can be in the form of stock options (qualified or non-qualified), restricted shares, or performance units. Shares available for grant and issuance under the existing plans as of March 31, 2016 are as follows 68,516 under the 2009 Equity Incentive Plan and 235,090 shares under the North Jersey Community Bancorp 2009 Equity Compensation Plan. The Company intends to issue all shares under these plans in the form of newly issued shares. Restricted stock and option awards typically have a three-year vesting period starting one year after the date of grant with one-third vesting each year. The options generally expire ten years from the date of grant. Restricted stock awards granted to new employees and board members may be granted with shorter vesting periods. Grants of performance units typically have a cliff vesting after 3 years. All issuances are subject to forfeiture if the recipient leaves or is terminated prior to the awards vesting. Restricted shares have the same dividend and voting rights as common stock while options and performance units do not. All awards are issued at fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant, ratably over the vesting period. No options were granted during the three months ended March 31, 2016 or 2015. During the three months ended March 31, 2016 and 2015 a total of 71,920 and 48,507 restricted shares were awarded, respectively. The compensation expense related to restricted stock awards during the quarter ended March 31, 2016 was $182,000. During 2016 and 2015, the Company granted to various key employees performance unit awards, with each unit entitling the holder to one share of the CompanyÂ’s common stock contingent upon the Company meeting or exceeding certain return on asset targets over the course of a three-year period commencing on the date of issuance. Under the agreement, and assuming the Company has met or exceeded the applicable targets, grants of performance unit awards will vest on the third anniversary of the grant date or on an earlier date in the event of a change in control, as defined in the agreement. At March 31, 2016, the specific number of shares related to performance unit awards that were expected to vest was 151,577, determined by actual performance in consideration of the established range of the performance targets, which is consistent with the level of expense currently being recognized over the vesting period. Should this expectation change, additional compensation expense could be recorded in future periods or previously recognized expense could be reversed. The maximum amount of performance unit awards is 181,892 shares. The total amount of compensation cost related to performance unit awards included in salary expense during the quarter ended March 31, 2016 and 2015 was $193,000 and $0, respectively. Option activity under the principal option plans as of March 31, 2016 and changes during the three months ended March 31, 2016 were as follows: Weighted- Average Weighted- Remaining Average Contractual Exercise Term Aggregate Shares Price (In Years) Intrinsic Value Outstanding at December 31, 2015 535,906 $ 6.48 Granted - - Exercised (5,495) 7.67 Forfeited/cancelled/expired (20,839) 9.77 Outstanding at March 31, 2016 509,572 $ 6.34 2.92 $ 5,102,923 Exercisable at March 31, 2016 503,941 $ 6.22 2.90 $ 5,071,354 Information related to stock option exercises during 2016: 2016 Intrinsic value of options exercised $ 54,326 Cash received from options exercised 42,171 Tax benefit realized from options exercised 17,114 Weighted average fair value of options granted - The aggregate intrinsic value of options above represents the total pre-tax intrinsic value (the difference between the CompanyÂ’s closing stock price on March 31, 2016 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, 2016. This amount changes based on the fair market value of the Parent CorporationÂ’s stock. The below table represents information regarding restricted shares currently outstanding at March 31, 2016: Weighted- Average Nonvested Grant Date Shares Fair Value Nonvested at December 31, 2015 96,902 $ 16.81 Granted 71,920 15.88 Vested (54,648) 16.01 Forfeited/cancelled/expired (1,000) 19.58 Nonvested at March 31, 2016 113,174 $ 16.81 As of March 31, 2016, there was $1,806,000 of total unrecognized compensation cost related to nonvested restricted shares granted under the plans. The cost is expected to be recognized over a weighted average period of 24.0 months. The total fair value of shares vested during the quarter ended March 31, 2016, was $686,000. A summary of the status of unearned performance unit awards and the change during the period is presented in the table below: Weighted- Average Grant Date Shares Fair Value Unearned at December 31, 2015 94,485 $ 19.46 Awarded 64,540 17.15 Forfeited (7,447) 19.46 Expired - - Unearned at March 31, 2016 151,578 $ 19.46 At March 31, 2016, compensation cost of $2,198,000 related to nonvested awards not yet recognized is expected to be recognized over a weighted-average period of 2.3 years. |
Components of Net Periodic Pens
Components of Net Periodic Pension Cost | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Pension Cost | 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 CompanyÂ’s pension plan for the periods indicated. Three Months Ended March 31, 2016 2015 Interest cost $ 128 $ 138 Expected return on plan assets (136) (137) Net amortization 102 108 Recognized settlement loss - 450 Total periodic pension expense $ 94 $ 559 Net actuarial gain $ (101) $ (742) Total recognized in other comprehensive income $ (101) $ (742) Total recognized in net periodic expense and other comprehensive income (before tax) $ (7) $ (183) Contributions As of March 31, 2016, The Company intended to contribute $2.0 million to its Pension Trust during the second quarter of 2016. (As intended, the company contributed $2.0 million to its Pension Trust in April 2016). 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, 2016 | |
Debt Disclosure [Abstract] | |
FHLB and other borrowings | Note 11. FHLB and other borrowings The CompanyÂ’s FHLB and other borrowings and weighted average interest rates are summarized below: March 31, 2016 December 31, 2015 Amount Rate Amount Rate (in thousands) By type of borrowing: FHLB borrowings $ 631,501 1.30 % $ 656,587 1.26 % Repurchase agreements ("REPO") 15,000 5.95 15,000 5.95 Total borrowings $ 646,501 1.41 $ 671,587 1.37 By remaining period to maturity: One year or less $ 330,501 0.64 270,587 0.64 One to two years 121,000 1.90 171,000 1.56 Two to three years 105,000 1.96 130,000 1.84 Three to four years 50,000 1.66 35,000 1.60 Four to five years 40,000 3.42 65,000 2.82 Total borrowings $ 646,501 1.41 % $ 671,587 1.37 % 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 CompanyÂ’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 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, 2016 were collateralized by approximately $1.2 billion of commercial mortgage loans, net of required over-collateralization amounts, under a blanket lien arrangement. At March 31, 2016 the Company had remaining borrowing capacity of approximately at FHLB of approximately $594 million. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2016 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold under Agreements to Repurchase | Note 12 – Securities Sold under Agreements to Repurchase Repurchase agreements are secured borrowings. The Company pledges investment securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows for the periods presented: March 31, December 31, March 31, (dollars in thousands) 2016 2015 2015 Average daily balance during the year-to-date $ 15,000 $ 22,890 $ 31,000 Average interest rate during the year-to-date 5.95% 5.92% 5.90% Maximum month-end balance during the year-to-date $ 15,000 $ 31,000 $ 31,000% Weighted average interest rate during the year-to-date 5.95% 5.92% 5.90% The table below shows the remaining contractual maturity of agreement by fair value of collateral pledged: March 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Greater Than (dollars in thousands) Continuous Days 30-90 Days 90 Days Total Repurchase agreements and Repurchase-to-maturity transactions U.S. Treasury and agency securities $ - $ - $ - $ 5,069 $ 5,069 Residential mortgage pass-through securities - - - 14,849 14,849 Total Borrowings $ - $ - $ - $ 19,918 $ 19,918 Amounts related to agreements not included in offsetting disclosure in Note 14 $ 4,918 December 31, 2015 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Greater Than (dollars in thousands) Continuous Days 30-90 Days 90 Days Total Repurchase agreements and Repurchase-to-maturity transactions U.S. Treasury and agency securities $ - $ - $ - $ 6,313 $ 6,313 Residential mortgage pass-through securities - - - 12,589 12,589 Total Borrowings $ - $ - $ - $ 18,902 $ 18,902 Amounts related to agreements not included in offsetting disclosure in Note 14 $ 3,902 The fair value of securities pledged to secure repurchase agreement may decline. The Company manages this risk by having a policy to pledge securities valued at 8% above the gross outstanding balance of repurchase agreement. Securities sold under agreements to repurchase are secured by securities with a carrying amount of $19.1 million and $18.8 million at March 31, 2016 and December 31, 2015. |
Subordinated Debentures
Subordinated Debentures | 3 Months Ended |
Mar. 31, 2016 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | Note 13 - 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, 2016 was 3.47%. 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, 2016 and December 31, 2015. Securities Redeemable by Issuance Date Issued Liquidation Value Coupon Rate Maturity Issuer Beginning 12/19/2003 $ 5,000,000 $1,000 per Capital Floating 3-month 01/23/2034 01/23/2009 Security LIBOR + 285 Basis Points During June 2015, the Parent Corporation issued $50 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”) to certain institutional investors. The Notes are non-callable for five years, have a stated maturity of July 1, 2025, and bear interest at a fixed rate of 5.75% per year, from and including June 30, 2015 to, but excluding July 1, 2020. From and including July 1, 2020 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month LIBOR rate plus 393 basis points. As of March 31, 2016, unamortized costs related to the debt issuance were $763,000. The net proceeds from the sale of the Notes were used by the Parent Corporation to contribute $35.0 million of common equity to the Bank on June 30, 2015, and to repay, on March 11, 2016, $11.25 million of SBLF preferred issued to the U.S. Treasury. Remaining funds will be used for general corporate purposes. In connection with the issuance of the Notes, the Parent Corporation obtained ratings from Kroll Bond Rating Agency (“KBRA”). KBRA assigned investment grade ratings of BBB- for the Company’s subordinated debt and a senior deposit rating of BBB+ for the Bank. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Offsetting [Abstract] | |
Offsetting Assets and Liabilities | Note 14 – Offsetting Assets and Liabilities Certain financial instrument-related assets and liabilities may be eligible for offset on the consolidated statements of condition because they are subject to master netting agreements or similar agreements. However, the Company does not elect to offset such arrangements on the consolidated financial statements. The Company enters into interest rate swap agreements with financial institution counterparties. For additional detail regarding interest rate swap agreements refer to Footnote 5 within this section. In the event of default on, or termination of, any one contract, both parties have the right to net settle multiple contracts. Also, certain interest rate swap agreements may require the Company to receive or pledge cash or financial instrument collateral based on the contract provisions. The Company also entered into an agreement to sell securities subject to an obligation to repurchase the same or similar securities, referred to as a repurchase agreement. Under this agreement, 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 repurchase agreements remain in the respective investment securities account, therefore there is no offsetting or netting of the investment securities assets with the repurchase agreement liability. The following table presents information about financial instruments that are eligible for offset as of March 31, 2016 and December 31, 2015: Gross Amounts Not Offset Gross Amounts Net Amounts Cash or Offset in the of Assets Presented in the Financial Financial Gross Amounts Statement of Statement of Financial Instruments Instrument Net Recognized Financial Position Position Recognized Collateral Amount (in thousands) March 31, 2016 Assets: Interest rate swaps $ — $ — $ — $ — $ — $ — Liabilities: Interest rate swaps $ 1,568 $ — $ 1,568 $ — $ 1,568 $ — Repurchase agreements 15,000 — 15,000 — 15,000 — Total $ 16,568 $ — $ 16,568 $ — $ 16,568 $ — December 31, 2015 Assets: Interest rate swaps $ 48 $ — $ — $ — $ — $ — Liabilities: Interest rate swaps $ 131 $ — $ 131 $ — $ 131 $ — Repurchase agreements 15,000 — 15,000 — 15,000 — Total $ 15,131 $ — $ 15,131 $ — $ 15,131 $ — |
Presentation of Debt Issuance C
Presentation of Debt Issuance Costs | 3 Months Ended |
Mar. 31, 2016 | |
Presentation Of Debt Issuance Costs | |
Presentation of Debt Issuance Costs | Note 15 – Presentation of Debt Issuance Costs As of January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs be presented in the consolidated statement of condition as a direct deduction from the carrying amount of debt liability. This ASU is required to be applied retrospectively to all periods presented. The following table summarizes the impact of retrospective application to the consolidated statement of condition for the year ended December 31, 2015: December 31, (dollars in thousands) 2015 Other assets As previously reported $ 24,908 As reported under the new guidance 24,096 Total assets As previously reported $ 4,016,721 As reported under the new guidance 4,015,909 Subordinated debentures As previously reported $ 55,155 As reported under the new guidance 54,343 Total liabilities As previously reported $ 3,539,377 As reported under the new guidance 3,538,565 |
New Authoritative Accounting 24
New Authoritative Accounting Guidance (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Authoritative Accounting Guidance | ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12"). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The Company adopted ASU 2014-12 effective on January 1, 2016 and is not expected to have a significant impact on the Company's consolidated financial statements. ASU No. 2015-03, "Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs" requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in the ASU No. 2015-03. The Company adopted ASU 2015-03 effective on January 1, 2016 and is not expected to have a significant impact on the Company's consolidated financial statements. ASU No. 2015-12, "Plan Accounting: Defined Benefit Pension Plans (Topic 960): Defined Contribution Pension Plans, (Topic 962): Health and Welfare Benefit Plans, (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient." ASU No. 2015-12 simplifies accounting for employee benefit plans as follows: (i) fully benefit-responsive investment contracts are now to be measured, presented and disclosed at contract value, (ii) the requirement to disclose investments that represent 5 percent or more of net assets available for benefits has been eliminated, (iii) the net appreciation or depreciation in investments for the period should be presented in the aggregate, but is no longer required to be disaggregated and disclosed by general type, (iv) if an investment is measured using the net asset value per share (or its equivalent) practical expedient in Topic 820, and that investment is in a fund that files a U.S. Department of Labor Form 5500, Annual Return/Report of Employee Benefit Plan, as a direct filing entity, disclosure of that investment’s strategy is no longer required, and (v) allows employers to measure (as a practical expedient) benefit plan assets on a month-end date nearest to the employer’s fiscal year end when the fiscal period does not coincide with a month end. ASU No. 2015-12 is effective for the Company on ASU No. 2016-02, “Leases (Topic 842)” requires the recognition of a right of use asset and related lease liability by lessees for leases classified as operating leases under current GAAP. Topic 842, which replaces the current guidance under Topic 840, retains a distinction between finance leases and operating leases. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee also will not significantly change from current GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize right of use assets and lease liabilities. Topic 842 will be effective for the Company for reporting periods beginning January 1, 2019, with an early adoption permitted. The Company must apply a modified retrospective transition approach for the applicable leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Management is currently evaluating the impact of Topic 842 on the Company’s consolidated financial statements. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, (in thousands, except for per share data) 2016 2015 Net income $ 10,391 $ 10,379 Preferred stock dividends (22) (28) Net income available to common stockholders $ 10,369 $ 10,351 Basic weighted average common shares outstanding 29,996 29,757 Effect of dilutive options 262 392 Diluted weighted average common shares outstanding 30,258 30,149 Earnings per common share: Basic $ 0.35 $ 0.35 Diluted $ 0.34 $ 0.34 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following tables present information related to the CompanyÂ’s investment securities at March 31, 2016 and December 31, 2015 (dollars in thousands): Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Investment securities available-for-sale Federal agency obligations $ 31,370 $ 486 $ (29) $ 31,827 Residential mortgage pass-through securities 47,404 1,162 (21) 48,545 Commercial mortgage pass-through securities 2,965 88 - 3,053 Obligations of U.S. states and political subdivisions 9,642 164 - 9,806 Trust preferred securities 16,089 440 (350) 16,179 Corporate bonds and notes 40,771 873 (256) 41,388 Asset-backed securities 18,682 - (528) 18,154 Certificates of deposit 1,496 20 - 1,516 Equity securities 376 29 (28) 377 Other securities 20,490 84 (88) 20,486 Total securities available-for-sale $ 189,285 $ 3,346 $ (1,300) $ 191,331 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Investment securities held-to-maturity U.S. Treasury and agency securities $ 28,523 $ 1,890 $ - $ 30,413 Federal agency obligations 31,567 700 (8) 33,259 Residential mortgage-backed securities 3,489 28 (15) 3,502 Commercial mortgage-backed securities 1,317 30 - 1,347 Obligations of U.S. states and political divisions 117,416 6,208 - 123,624 Corporate bonds and notes 37,061 1,396 (132) 38,325 Total securities held-to-maturity $ 219,373 $ 10,252 $ (155) $ 229,470 Total investment securities $ 408,658 $ 13,598 $ (1,455) $ 420,801 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Investment securities available-for-sale Federal agency obligations $ 29,062 $ 142 $ (58) $ 29,146 Residential mortgage pass-through securities 44,155 803 (48) 44,910 Commercial mortgage pass-through securities 2,981 - (9) 2,972 Obligations of U.S. states and political subdivisions 8,188 169 - 8,357 Trust preferred securities 16,088 398 (231) 16,255 Corporate bonds and notes 53,566 702 (292) 53,976 Asset-backed securities 20,005 18 (298) 19,725 Certificates of deposit 1,895 18 (8) 1,905 Equity securities 376 21 (23) 374 Other securities 18,303 - (153) 18,150 Total securities available-for-sale $ 194,619 $ 2,271 $ (1,120) $ 195,770 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Investment securities held-to-maturity U.S. Treasury and agency securities $ 28,471 $ 755 $ - $ 29,226 Federal agency obligations 33,616 280 (119) 33,777 Residential mortgage-backed securities 3,805 11 (6) 3,810 Commercial mortgage-backed securities 4,110 27 (2) 4,135 Obligations of U.S. states and political divisions 118,015 5,001 (3) 123,013 Corporate bonds and notes 36,039 719 (161) 36,597 Total securities held-to-maturity $ 224,056 $ 6,793 $ (291) $ 230,558 Total investment securities $ 418,675 $ 9,064 $ (1,411) $ 426,328 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents information for investment securities at March 31, 2016, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. March 31, 2016 Amortized Fair Cost Value (in thousands) Investment securities available-for-sale Due in one year or less $ 10,948 $ 10,967 Due after one year through five years 15,800 16,287 Due after five years through ten years 37,582 37,795 Due after ten years 53,720 58,821 Residential mortgage pass-through securities 47,404 48,545 Commercial mortgage pass-through securities 2,965 3,053 Equity securities 376 377 Other securities 20,490 20,486 Total $ 189,285 $ 191,331 Investment securities held-to-maturity Due in one year or less $ 1,000 $ 1,000 Due after one year through five years 14,561 14,907 Due after five years through ten years 85,428 90,182 Due after ten years 113,578 118,532 Residential mortgage pass-through securities 3,489 3,502 Commercial mortgage pass-through securities 1,317 1,347 Total $ 219,373 $ 229,470 Total investment securities $ 408,658 $ 420,801 |
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, 2016 and 2015 were as follows: Three Months Ended March 31, (in thousands) 2016 2015 Proceeds $ - $ 9,537 Gross gains on sales of investment securities - 506 Gross losses on sales of investment securities - - Net gains on sales of investment securities - 506 Less: tax provision on net gains - 207 Total $ - $ 299 |
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, 2016 and December 31, 2015: March 31, 2016 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 $ 7,070 $ (29) $ 6,836 $ (28) $ 234 $ (1) Residential mortgage pass-through securities 7,173 (21) 6,679 (14) 494 (7) Trust preferred securities 1,227 (350) - - 1,227 (350) Corporate bonds and notes 15,553 (256) 11,727 (118) 3,826 (138) Asset-backed securities 18,154 (528) 14,825 (417) 3,329 (111) Equity securities 117 (28) - - 117 (28) Other securities 5,412 (88) - - 5,412 (88) Total $ 54,706 $ (1,300) $ 40,067 $ (577) $ 14,639 $ (723) Investment securities held-to-maturity Federal agency obligation $ 4,161 $ (8) $ 2,300 $ (6) $ 1,861 $ (2) Residential mortgage pass-through securities 1,920 (15) 1,920 (15) - - Corporate bonds and notes 2,632 (131) 2,632 (131) - - Total $ 8,713 $ (154) $ 6,852 $ (152) $ 1,861 $ (2) Total temporarily impaired securities $ 63,419 $ (1,454) $ 46,919 $ (729) $ 16,500 $ (725) December 31, 2015 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 12,260 $ (58) $ 12,013 $ (54) $ 247 $ (4) Residential mortgage pass-through securities 9,027 (48) 9,027 (48) — — Commercial mortgage-backed securities 2,971 (9) 2,971 (9) — — Trust preferred securities 1,345 (231) — — 1,345 (231) Corporate bonds and notes 16,533 (292) 12,702 (161) 3,831 (131) Asset-backed securities 14,745 (298) 11,250 (188) 3,495 (110) Certificates of deposit 215 (8) 215 (8) — — Equity securities 123 (23) — — 123 (23) Other securities 5,347 (153) — — 5,347 (153) Total $ 62,566 $ (1,120) $ 48,178 $ (468) $ 14,388 $ (652) Investment Securities Held-to-Maturity: Federal agency obligation 12,554 (119) 11,783 (109) 771 (10) Residential mortgage pass-through securities 2,480 (6) 2,480 (6) — — Commercial mortgage-backed securities 1,331 (2) 1,331 (2) — — Obligations of U.S. states and political subdivisions 981 (3) 981 (3) — — Corporate bonds and notes 5,536 (161) 5,536 (161) — — Total $ 22,882 $ (291) $ 22,111 $ (281) $ 771 $ (10) Total Temporarily Impaired Securities $ 85,448 $ (1,411) $ 70,289 $ (749) $ 15,159 $ (662) |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016, December 31, 2015 and March 31, 2015 are presented in the following table. March 31, December 31, March 31, (dollars in thousands) 2016 2015 2015 Notional amount $ 75,000 $ 75,000 $ 50,000 Weighted average pay rates 1.57% 1.56% 1.58% Weighted average receive rates 0.56% 0.44% 0.24% Weighted average maturity 3.6 years 3.8 years 4.2 years Fair value $ (1,568) $ (131) $ (486) |
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 following periods: Three Months Ended March 31, 2016 Amount of loss recognized in other Amount of loss Non- recognized Amount of loss interest in OCI reclassified income (Effective from OCI to interest (Ineffective (in thousands) Portion) income Portion) Interest rate contracts $ (1,437) $ - $ - Three Months Ended March 31, 2015 Amount of loss recognized in other Amount of loss non- recognized Amount of loss interest in OCI reclassified income (effective from OCI to interest (ineffective (in thousands) Portion) income portion) Interest rate contracts $ (534) $ - $ - |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table reflects the cash flow hedges included in the consolidated statements of condition as of March 31, 2016 and December 31, 2015: 2016 2015 Notional Notional (in thousands) Amount Fair Value Amount Fair Value Included in other assets/(liabilities): Interest rate swaps related to FHLB Advances $ 75,000 $ (1,568) $ 75,000 $ (131) |
Loans and the Allowance for L28
Loans and the Allowance for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table sets forth the composition of the CompanyÂ’s loan portfolio, including net deferred loan fees, at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (in thousands) Commercial $ 601,708 $ 570,116 Commercial real estate 2,028,301 1,966,696 Commercial construction 402,594 328,838 Residential real estate 231,319 233,690 Consumer 1,851 2,454 Gross loans 3,265,773 3,101,794 Net deferred loan fees (1,960) (2,787) Total loans receivable $ 3,263,813 $ 3,099,007 |
Loans and Leases Receivable Purchase Credit Impaired Loans [Table Text Block] | The carrying amount of those loans is as follows at March 31, 2016 and December 31, 2015. March 31, December 31, 2016 2015 (in thousands) Commercial $ 7,059 $ 7,078 Commercial real estate 1,745 1,775 Residential real estate 334 328 Total carrying amount $ 9,138 $ 9,181 |
Loans and Leases Receivable Purchased Loans [Table Text Block] | The accretable yield, or income expected to be collected, on the purchased loans disclosed above for the three months ended March 31, 2016 is as follows (in thousands): Three Months Three Months Ended March Ended March 31, 2016 31, 2015 Beginning balance $ 3,599 $ 4,805 New loans purchased - - Accretion of income (183) (54) Reclassification from nonaccretable differences - - Disposals - - Ending balance $ 3,416 $ 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 segment at March 31, 2016 and December 31, 2015: Loans Receivable on Nonaccrual Status March 31, December 31, 2016 2015 (in thousands) Commercial $ 7,239 $ 6,586 Commercial real estate 8,841 9,112 Commercial construction 1,636 1,479 Residential real estate 3,734 3,559 Total loans receivable on nonaccrual status $ 21,450 $ 20,736 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents information, excluding net deferred loan fees, about the CompanyÂ’s loan credit quality at March 31, 2016 and December 31, 2015: March 31, 2016 Special Pass Mention Substandard Doubtful Total (in thousands) Commercial $ 494,413 $ 6,976 $ 100,319 $ - $ 601,708 Commercial real estate 1,979,211 17,820 31,270 - 2,028,301 Commercial construction 400,131 827 1,636 - 402,594 Residential real estate 226,879 - 4,440 - 231,319 Consumer 1,770 - 81 - 1,851 Total loans $ 3,102,404 $ 25,623 $ 137,746 $ - $ 3,265,773 December 31, 2015 Special Pass Mention Substandard Doubtful Total (in thousands) Commercial $ 462,358 $ 11,760 $ 95,998 $ - $ 570,116 Commercial real estate 1,919,041 18,990 28,426 239 1,966,696 Commercial construction 326,697 662 1,479 - 328,838 Residential real estate 229,426 - 4,264 - 233,690 Consumer 2,368 - 86 - 2,454 Total loans $ 2,939,890 $ 31,412 $ 130,253 $ 239 $ 3,101,794 |
Impaired Financing Receivables [Table Text Block] | The following table provides an analysis of the impaired loans, by loan segment, at March 31, 2016 and December 31, 2015: March 31, 2016 Unpaid Recorded Principal Related Investment Balance Allowance No related allowance recorded (in thousands) Commercial $ 3,320 $ 3,625 Commercial real estate 15,271 15,202 Commercial construction 2,466 2,538 Residential real estate 4,123 4,532 Consumer 81 81 Total $ 25,261 $ 25,978 With an allowance recorded Commercial $ 91,928 $ 91,851 $ 7,677 Total Commercial $ 95,248 $ 95,476 $ 7,677 Commercial real estate 15,271 15,202 - Commercial construction 2,466 2,538 - Residential real estate 4,123 4,532 - Consumer 81 81 - Total $ 117,189 $ 117,829 $ 7,677 December 31, 2015 Unpaid Recorded Principal Related Investment Balance Allowance No related allowance recorded (in thousands) Commercial $ 610 $ 645 Commercial real estate 15,517 16,512 Commercial construction 2,149 2,141 Residential real estate 3,954 4,329 Consumer 87 86 Total $ 22,317 $ 23,713 With an allowance recorded Commercial $ 84,787 $ 84,449 $ 6,725 Total Commercial $ 85,397 $ 85,094 $ 6,725 Commercial real estate 15,517 16,512 - Commercial construction 2,149 2,141 - Residential real estate 3,954 4,329 - Consumer 87 86 - Total $ 107,104 $ 108,162 $ 6,725 |
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 and nine months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Impaired loans with no related allowance recorded Commercial $ 2,591 $ 24 $ 290 $ - Commercial real estate 15,274 25 6,052 19 Commercial construction 2,307 16 - - Residential real estate 4,107 5 3,613 2 Consumer 84 1 106 1 Total $ 24,363 $ 71 $ 10,061 $ 22 Impaired loans with an allowance recorded Commercial $ 83,759 $ 737 $ 387 $ - Commercial real estate - - 6,335 - Total $ 83,759 $ 737 $ 6,722 $ - Total impaired loans Commercial $ 86,350 $ 761 $ 677 $ - Commercial real estate 15,274 25 12,387 19 Commercial construction 2,307 16 Residential real estate 4,107 5 3,613 2 Consumer 84 1 106 1 Total $ 108,122 $ 808 $ 16,783 $ 22 |
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, 2016 and December 31, 2015 by segment: Aging Analysis March 31, 2016 Loans Receivable 90 90 Days or Days or Greater 30-59 Days 60-89 Days Greater Past Total Past Total Loans Past Due and Past Due Past Due Due Due Current Receivable Accruing (in thousands) Commercial $ 5,539 $ - $ 12,409 $ 17,948 $ 583,760 $ 601,708 $ 5,250 Commercial real estate 5,408 - 10,027 15,435 2,012,866 2,028,301 1,382 Commercial construction 1,750 - - 1,750 400,844 402,594 - Residential real estate 1,741 380 2,746 4,867 226,452 231,319 - Consumer 2 - - 2 1,849 1,851 Total $ 14,440 $ 380 $ 25,181 $ 40,002 $ 3,225,771 $ 3,265,773 $ 6,632 December 31, 2015 Loans Receivable 90 90 Days or Days or Greater 30-59 Days 60-89 Days Greater Past Total Past Total Loans Past Due and Past Due Past Due Due Due Current Receivable Accruing (in thousands) Commercial $ 6,887 $ 3,505 $ 6,865 $ 17,257 $ 552,859 $ 570,116 $ - Commercial real estate 1,998 988 9,561 12,547 1,954,149 1,966,696 - Commercial construction - - 1,479 1,479 327,359 328,838 - Residential real estate - - 2,122 2,122 231,568 233,690 - Consumer 4 9 - 13 2,441 2,454 - Total $ 8,889 $ 4,502 $ 20,027 $ 33,418 $ 3,068,376 $ 3,101,794 $ - |
Schedule of Recorded Investment in Financing Receivables [Table Text Block] | The following table details, at the period presented, the amount of loans receivable that are evaluated individually, and collectively, for impairment (excluding net deferred loan fees), those acquired with deteriorated quality, and the related portion of the allowance for loan and lease losses that are allocated to each loan portfolio segment: March 31, 2016 Commercial Commercial Residential Commercial real estate construction real estate Consumer Unallocated Total (in thousands) Allowance for loan and lease losses Individually evaluated for impairment $ 7,677 $ - $ - $ - $ - $ - $ 7.677 Collectively evaluated for impairment 5,420 10,941 3,617 1,074 4 341 21,397 Acquired with deteriorated credit quality - - - - - - - Total $ 13,097 $ 10,941 $ 3,617 $ 1,074 $ 4 $ 341 $ 29,074 Gross loans Individually evaluated for impairment $ 95,248 $ 15,271 $ 2,466 $ 4,123 $ 81 $ - $ 117,189 Collectively evaluated for impairment 499,401 2,011,285 400,128 226,862 1,770 - 3,139,446 Acquired with deteriorated credit quality 7,059 1,745 - 334 - - 9,138 Total $ 601,708 $ 2,028,301 $ 402,594 $ 231,319 $ 1,851 $ - $ 3,265,773 The following table details the amount of gross loans that are evaluated individually, and collectively, for impairment (excluding net deferred costs), those acquired with deteriorated quality, and the related portion of the allowance for loan and lease loss that is allocated to each loan portfolio class: December 31, 2015 Commercial Commercial Residential Commercial real estate construction real estate Consumer Unallocated Total (in thousands) Allowance for loan and lease losses Individually evaluated for impairment $ 6,725 $ - $ - $ - $ - $ - $ 6,725 Collectively evaluated for impairment 4,224 10,926 3,253 976 4 464 19,847 Acquired with deteriorated credit quality - - - - - - - Total $ 10,949 $ 10,926 $ 3,253 $ 976 $ 4 $ 464 $ 26,572 Gross loans Individually evaluated for impairment $ 85,397 $ 15,517 $ 2,149 $ 3,954 $ 87 $ - $ 107,104 Collectively evaluated for impairment 477,641 1,949,404 326,689 229,408 2,367 - 2,985,509 Acquired with deteriorated credit quality 7,078 1,775 - 328 - - 9,181 Total $ 570,116 $ 1,966,696 $ 328,838 $ 233,690 $ 2,454 $ - $ 3,101,794 |
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, 2016 Commercial Commercial Residential Commercial real estate construction real estate Consumer Unallocated Total (in thousands) Balance at December 31, 2015 $ 10,949 $ 10,926 $ 3,253 $ 976 $ 4 $ 464 $ 26,572 Charge-offs (445) - - (67) - - (512) Recoveries 1 13 - - - - 14 Provision 2,592 2 364 165 - (123) 3,000 Balance at March 31, 2016 $ 13,097 $ 10,941 $ 3,617 $ 1,074 $ 4 $ 341 $ 29,074 Three Months Ended March 31, 2015 Commercial Commercial Residential Commercial real estate construction real estate Consumer Unallocated Total (in thousands) Balance at December 31, 2014 $ 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 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended March 31, 2016 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Troubled debt restructurings: Commercial 9 $ 9,555 $ 9,555 Commercial real estate - - - Commercial construction - - - Residential real estate - - - Consumer - - - Total 9 $ 9,555 $ 9,555 |
Fair Value Measurements and F29
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015 are as follows: March 31, 2016 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 31,827 $ - $ 31,827 $ - Residential mortgage pass- through securities 48,545 - 48,545 - Commercial mortgage pass- through securities 3,053 - 3,053 - Obligations of U.S. states and political subdivision 9,806 - 9,806 - Trust preferred securities 16,179 - 16,179 - Corporate bonds and notes 41,388 - 41,388 - Asset-backed securities 18,154 - 18,154 - Certificates of deposit 1,516 - 1,516 - Equity securities 377 377 - - Other securities 20,486 20,486 - - Total available-for-sale $ 191,331 $ 20,863 $ 170,468 $ - Liabilities Derivatives $ 1,568 $ - $ 1,568 $ - Total liabilities $ 1,568 $ - $ 1,568 $ - December 31, 2015 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 29,146 $ - $ 29,146 $ - Residential mortgage pass- through securities 44,910 - 44,910 - Commercial mortgage pass- through securities 2,972 - 2,972 - Obligations of U.S. states and political subdivision 8,357 - 8,357 - Trust preferred securities 16,255 - 16,255 - Corporate bonds and notes 53,976 - 53,976 - Asset-backed securities 19,725 - 19,725 - Certificates of deposit 1,905 - 1,905 - Equity securities 374 374 - - Other securities 18,150 18,150 - - Total available-for-sale $ 195,770 $ 18,524 $ 177,246 $ - Liabilities Derivatives $ 131 $ - $ 131 $ - Total liabilities $ 131 $ - $ 131 $ - |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | For assets measured at fair value on a non-recurring basis, the fair value measurements at March 31, 2016 and December 31, 2015 are as follows: Impaired loans Valuation Techniques Range of Unobservable Inputs Commercial Appraisals of collateral value Adjustment for age of comparable sales, generally a decline of 0% to 15%. Adjustment for age of lease payments. Market capitalization rates between 4% and 8% |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs Assets measured at fair value on a nonrecurring basis: 2016 (Level 1) (Level 2) (Level 3) Impaired loans (in thousands) Commercial $ 3,410 $ - $ - $ 3,410 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs Assets measured at fair value on a nonrecurring basis: 2015 (Level 1) (Level 2) (Level 3) Impaired loans (in thousands) Commercial $ 3,751 $ - $ - $ 3,751 |
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 CompanyÂ’s financial instruments as of March 31, 2016 and December 31, 2015. Fair Value Measurements Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) (in thousands) March 31, 2016 Financial assets Cash and due from banks $ 118,259 $ 118,259 $ 118,259 $ - $ - Investment securities available-for-sale 191,331 191,331 20,863 170,468 - Investment securities held-to-maturity 219,373 229,470 30,413 180,553 18,504 Restricted investment in bank stocks 31,487 n/a n/a n/a n/a Net loans 3,234,739 3,242,398 - - 3,242,398 Accrued interest receivable 12,604 12,604 199 2,486 9,919 Financial liabilities Noninterest-bearing deposits 614,507 614,507 614,507 - - Interest-bearing deposits 2,278,564 2,285,918 - 2,285,918 - Borrowings 646,501 651,739 - 651,739 - Subordinated debentures, net 54,392 57,879 - 57,879 - Derivatives 1,568 1,568 - 1,568 - Accrued interest payable $ 5,101 $ 5,101 $ - $ 5,101 $ - December 31, 2015 Financial assets Cash and due from banks $ 200,895 $ 200,895 $ 200,895 $ - $ - Investment securities available-for-sale 195,770 195,770 18,524 177,246 - Investment securities held-to-maturity 224,056 230,558 29,226 182,774 18,558 Restricted investment in bank stocks 32,612 n/a n/a n/a n/a Net loans 3,072,435 3,059,343 - - 3,059,343 Accrued interest receivable 12,545 12,545 68 2,699 9,778 Financial liabilities Noninterest-bearing deposits 650,775 650,775 650,775 - - Interest-bearing deposits 2,140,191 2,137,149 - 2,137,149 - Borrowings 671,587 674,131 - 674,131 - Subordinated debentures, net 54,343 55,209 - 55,209 - Derivatives 131 131 - 131 - Accrued interest payable $ 4,387 $ 4,387 $ - $ 4,387 $ - |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss (net of tax) at March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, 2016 2015 (in thousands) Net unrealized gain on investment securities available-for-sale $ 1,251 $ 713 Cash flow hedge (927) (77) Unamortized component of securities transferred from available-for-sale to held-to- maturity (1,142) (1,173) Defined benefit pension and post-retirement plans (4,012) (4,072) Total accumulated other comprehensive loss $ (4,830) $ (4,609) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Option activity under the principal option plans as of March 31, 2016 and changes during the three months ended March 31, 2016 were as follows: Weighted- Average Weighted- Remaining Average Contractual Exercise Term Aggregate Shares Price (In Years) Intrinsic Value Outstanding at December 31, 2015 535,906 $ 6.48 Granted - - Exercised (5,495) 7.67 Forfeited/cancelled/expired (20,839) 9.77 Outstanding at March 31, 2016 509,572 $ 6.34 2.92 $ 5,102,923 Exercisable at March 31, 2016 503,941 $ 6.22 2.90 $ 5,071,354 |
Schedule of Share Based Compensation Stock Option Plan Table Text Block | Information related to stock option exercises during 2016: 2016 Intrinsic value of options exercised $ 54,326 Cash received from options exercised 42,171 Tax benefit realized from options exercised 17,114 Weighted average fair value of options granted - |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The below table represents information regarding restricted shares currently outstanding at March 31, 2016: Weighted- Average Nonvested Grant Date Shares Fair Value Nonvested at December 31, 2015 96,902 $ 16.81 Granted 71,920 15.88 Vested (54,648) 16.01 Forfeited/cancelled/expired (1,000) 19.58 Nonvested at March 31, 2016 113,174 $ 16.81 |
Schedule of Unearned Performance Unit Awards [Table Text Block] | A summary of the status of unearned performance unit awards and the change during the period is presented in the table below: Weighted- Average Grant Date Shares Fair Value Unearned at December 31, 2015 94,485 $ 19.46 Awarded 64,540 17.15 Forfeited (7,447) 19.46 Expired - - Unearned at March 31, 2016 151,578 $ 19.46 |
Components of Net Periodic Pe32
Components of Net Periodic Pension Cost (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 CompanyÂ’s pension plan for the periods indicated. Three Months Ended March 31, 2016 2015 Interest cost $ 128 $ 138 Expected return on plan assets (136) (137) Net amortization 102 108 Recognized settlement loss - 450 Total periodic pension expense $ 94 $ 559 Net actuarial gain $ (101) $ (742) Total recognized in other comprehensive income $ (101) $ (742) Total recognized in net periodic expense and other comprehensive income (before tax) $ (7) $ (183) |
FHLB and other borrowings (Tabl
FHLB and other borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The CompanyÂ’s FHLB and other borrowings and weighted average interest rates are summarized below: March 31, 2016 December 31, 2015 Amount Rate Amount Rate (in thousands) By type of borrowing: FHLB borrowings $ 631,501 1.30 % $ 656,587 1.26 % Repurchase agreements ("REPO") 15,000 5.95 15,000 5.95 Total borrowings $ 646,501 1.41 $ 671,587 1.37 By remaining period to maturity: One year or less $ 330,501 0.64 270,587 0.64 One to two years 121,000 1.90 171,000 1.56 Two to three years 105,000 1.96 130,000 1.84 Three to four years 50,000 1.66 35,000 1.60 Four to five years 40,000 3.42 65,000 2.82 Total borrowings $ 646,501 1.41 % $ 671,587 1.37 % |
Securities Sold under Agreeme34
Securities Sold under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Securities Sold Under Agreements To Repurchase Tables | |
Schedule of information concerning repurchase agreements [Table Text Block] | The Company pledges investment securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows for the periods presented: March 31, December 31, March 31, (dollars in thousands) 2016 2015 2015 Average daily balance during the year-to-date $ 15,000 $ 22,890 $ 31,000 Average interest rate during the year-to-date 5.95% 5.92% 5.90% Maximum month-end balance during the year-to-date $ 15,000 $ 31,000 $ 31,000% Weighted average interest rate during the year-to-date 5.95% 5.92% 5.90% |
Schedule of remaining contractual maturity [Table Text Block] | The table below shows the remaining contractual maturity of agreement by fair value of collateral pledged: March 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Greater Than (dollars in thousands) Continuous Days 30-90 Days 90 Days Total Repurchase agreements and Repurchase-to-maturity transactions U.S. Treasury and agency securities $ - $ - $ - $ 5,069 $ 5,069 Residential mortgage pass-through securities - - - 14,849 14,849 Total Borrowings $ - $ - $ - $ 19,918 $ 19,918 Amounts related to agreements not included in offsetting disclosure in Note 14 $ 4,918 December 31, 2015 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Greater Than (dollars in thousands) Continuous Days 30-90 Days 90 Days Total Repurchase agreements and Repurchase-to-maturity transactions U.S. Treasury and agency securities $ - $ - $ - $ 6,313 $ 6,313 Residential mortgage pass-through securities - - - 12,589 12,589 Total Borrowings $ - $ - $ - $ 18,902 $ 18,902 Amounts related to agreements not included in offsetting disclosure in Note 14 $ 3,902 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Debentures [Table Text Block] | The following table summarizes the mandatory redeemable trust preferred securities of the CompanyÂ’s Statutory Trust II at March 31, 2016 and December 31, 2015. Securities Redeemable by Issuance Date Issued Liquidation Value Coupon Rate Maturity Issuer Beginning 12/19/2003 $ 5,000,000 $1,000 per Capital Floating 3-month 01/23/2034 01/23/2009 Security LIBOR + 285 Basis Points |
Offsetting Assets and Liabili36
Offsetting Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Offsetting Assets And Liabilities Tables | |
Schedule of financial instruments that are eligible for offset [Table Text Block] | The following table presents information about financial instruments that are eligible for offset as of March 31, 2016 and December 31, 2015: Gross Amounts Not Offset Gross Amounts Net Amounts Cash or Offset in the of Assets Presented in the Financial Financial Gross Amounts Statement of Statement of Financial Instruments Instrument Net Recognized Financial Position Position Recognized Collateral Amount (in thousands) March 31, 2016 Assets: Interest rate swaps $ — $ — $ — $ — $ — $ — Liabilities: Interest rate swaps $ 1,568 $ — $ 1,568 $ — $ 1,568 $ — Repurchase agreements 15,000 — 15,000 — 15,000 — Total $ 16,568 $ — $ 16,568 $ — $ 16,568 $ — December 31, 2015 Assets: Interest rate swaps $ 48 $ — $ — $ — $ — $ — Liabilities: Interest rate swaps $ 131 $ — $ 131 $ — $ 131 $ — Repurchase agreements 15,000 — 15,000 — 15,000 — Total $ 15,131 $ — $ 15,131 $ — $ 15,131 $ — |
Presentation of Debt Issuance37
Presentation of Debt Issuance Costs (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Presentation Of Debt Issuance Costs | |
Presentation of Debt Issuance Costs [Table Text Block] | The following table summarizes the impact of retrospective application to the consolidated statement of condition for the year ended December 31, 2015: December 31, (dollars in thousands) 2015 Other assets As previously reported $ 24,908 As reported under the new guidance 24,096 Total assets As previously reported $ 4,016,721 As reported under the new guidance 4,015,909 Subordinated debentures As previously reported $ 55,155 As reported under the new guidance 54,343 Total liabilities As previously reported $ 3,539,377 As reported under the new guidance 3,538,565 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 10,391 | $ 10,379 |
Preferred stock dividends | (22) | (28) |
Net income available to common stockholders | $ 10,369 | $ 10,351 |
Basic weighted average common shares outstanding | 29,996 | 29,757 |
Effect of dilutive options | 262 | 392 |
Diluted | 30,257,676 | 30,149,469 |
Earnings per common share: | ||
Basic | $ 0.35 | $ 0.35 |
Diluted | $ 0.34 | $ 0.34 |
Investment Securities (Details)
Investment Securities (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)Integer | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of Investment Securities Sold | 46 | 74 |
Available-for-sale Securities Pledged as Collateral | $ 155,300 | $ 142,500 |
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 (Detail40
Investment Securities (Details) - Unrealized gains on investment securities - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | $ 189,285 | $ 194,619 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 3,346 | 2,271 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (1,300) | (1,120) |
Investment Securities Available-for-Sale, Fair Value | 191,331 | 195,770 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 219,373 | 224,056 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 10,252 | 6,793 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (155) | (291) |
Investment Securities Held-to-Maturity, Fair Value | 229,470 | 230,558 |
Total, Amortized Cost | 408,658 | 418,675 |
Total, Gross Unrealized Gains | 13,598 | 9,064 |
Total, Gross Unrealized Losses | (1,455) | (1,411) |
Total, Fair Value | 420,801 | 426,328 |
US Treasury Securities [Member] | ||
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 28,523 | 28,471 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | $ 1,890 | $ 755 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | ||
Investment Securities Held-to-Maturity, Fair Value | $ 30,413 | $ 29,226 |
Federal Agency Obligations [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 31,370 | 29,062 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 486 | 142 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (29) | (58) |
Investment Securities Available-for-Sale, Fair Value | 31,827 | 29,146 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 31,567 | 33,616 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 700 | 280 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (8) | (119) |
Investment Securities Held-to-Maturity, Fair Value | 33,259 | 33,777 |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 47,404 | 44,155 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 1,162 | 803 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (21) | (48) |
Investment Securities Available-for-Sale, Fair Value | 48,545 | 44,910 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 3,489 | 3,805 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 28 | 11 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (15) | (6) |
Investment Securities Held-to-Maturity, Fair Value | 3,502 | 3,810 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 2,965 | $ 2,981 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | $ 88 | |
Investment Securities Available-for-Sale, Gross Unrealized Losses | $ (9) | |
Investment Securities Available-for-Sale, Fair Value | $ 3,053 | 2,972 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 1,317 | 4,110 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | $ 30 | 27 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (2) | |
Investment Securities Held-to-Maturity, Fair Value | $ 1,347 | 4,135 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 9,642 | 8,188 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | $ 164 | $ 169 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | ||
Investment Securities Available-for-Sale, Fair Value | $ 9,806 | $ 8,357 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 117,416 | 118,015 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | $ 6,208 | 5,001 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (3) | |
Investment Securities Held-to-Maturity, Fair Value | $ 123,624 | 123,013 |
Corporate Bonds And Notes [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 40,771 | 53,566 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 873 | 702 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (256) | (292) |
Investment Securities Available-for-Sale, Fair Value | 41,388 | 53,976 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 37,061 | 36,039 |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 1,396 | 719 |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (132) | (161) |
Investment Securities Held-to-Maturity, Fair Value | 38,325 | 36,597 |
Trust Preferred Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 16,089 | 16,088 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 440 | 398 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (350) | (231) |
Investment Securities Available-for-Sale, Fair Value | 16,179 | 16,255 |
Asset-backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | $ 18,682 | 20,005 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 18 | |
Investment Securities Available-for-Sale, Gross Unrealized Losses | $ (528) | (298) |
Investment Securities Available-for-Sale, Fair Value | 18,154 | 19,725 |
Certificates of Deposit [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 1,496 | 1,895 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | $ 20 | 18 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (8) | |
Investment Securities Available-for-Sale, Fair Value | $ 1,516 | 1,905 |
Equity Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 376 | 376 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 29 | 21 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (28) | (23) |
Investment Securities Available-for-Sale, Fair Value | 377 | 374 |
Other Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 20,490 | $ 18,303 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 84 | |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (88) | $ (153) |
Investment Securities Available-for-Sale, Fair Value | $ 20,486 | $ 18,150 |
Investment Securities (Detail41
Investment Securities (Details) - Investments classified by maturity date - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities available-for-sale: | ||
Due in one year or less | $ 10,948 | |
Due in one year or less | 10,967 | |
Due after one year through five years | 15,800 | |
Due after one year through five years | 16,287 | |
Due after five years through ten years | 37,582 | |
Due after five years through ten years | 37,795 | |
Due after ten years | 53,720 | |
Due after ten years | 58,821 | |
Total | 189,285 | $ 194,619 |
Total | 191,331 | |
Investment securities held-to-maturity: | ||
Due in one year or less | 1,000 | |
Due in one year or less | 1,000 | |
Due after one year through five years | 14,561 | |
Due after one year through five years | 14,907 | |
Due after five years through ten years | 85,428 | |
Due after five years through ten years | 90,182 | |
Due after ten years | 113,578 | |
Due after ten years | 118,532 | |
Total | 219,373 | 224,056 |
Investment Securities Held-to-Maturity, Fair Value | 229,470 | 230,558 |
Total investment securities | 408,658 | |
Total investment securities | 420,801 | |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 47,404 | |
Investment Securities Available-for-Sale: Fair Value | 48,545 | |
Total | 47,404 | 44,155 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Amoritzed Cost | 3,489 | |
Investment Securities Held-to-Maturity: Fair Value | 3,502 | |
Investment Securities Held-to-Maturity, Fair Value | 3,502 | 3,810 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 2,965 | |
Investment Securities Available-for-Sale: Fair Value | 3,053 | |
Total | 2,965 | 2,981 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Amoritzed Cost | 1,317 | |
Investment Securities Held-to-Maturity: Fair Value | 1,347 | |
Investment Securities Held-to-Maturity, Fair Value | 1,347 | 4,135 |
Equity Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 376 | |
Investment Securities Available-for-Sale: Fair Value | 377 | |
Total | 376 | 376 |
Other Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 20,490 | |
Investment Securities Available-for-Sale: Fair Value | 20,486 | |
Total | $ 20,490 | $ 18,303 |
Investment Securities (Detail42
Investment Securities (Details) - Schedule of realized gains and losses - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of realized gains and losses [Abstract] | ||
Proceeds | $ 9,537 | |
Gross gains on sales of investment securities | $ 506 | |
Gross losses on sales of investment securities | ||
Net gains on sales of investment securities | $ 506 | |
Less: tax provision on net gains | 207 | |
Net gains on sales of investment securities | $ 299 |
Investment Securities (Detail43
Investment Securities (Details) - Schedule of unrealized losses not recognized in income - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | $ 54,706 | $ 62,566 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (1,300) | (1,120) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 40,067 | 48,178 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (577) | (468) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 14,639 | 14,388 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (723) | (652) |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 8,713 | 22,882 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (154) | (291) |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 6,852 | 22,111 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | (152) | (281) |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 1,861 | 771 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | (2) | (10) |
Fair Value, Total | 63,419 | 85,448 |
Unrealized Losses, Total | (1,454) | (1,411) |
Fair Value, Less than 12 Months | 46,919 | 70,289 |
Unrealized Losses, Less than 12 Months | (729) | (749) |
Fair Value, 12 Months or Longer | 16,500 | 15,159 |
Unrealized Losses, 12 Months or Longer | (725) | (662) |
Federal Agency Obligations [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 7,070 | 12,260 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (29) | (58) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 6,836 | 12,013 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (28) | (54) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 234 | 247 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (1) | (4) |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 4,161 | 12,554 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (8) | (119) |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 2,300 | 11,783 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | (6) | (109) |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 1,861 | 771 |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | (2) | (10) |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 7,173 | 9,027 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (21) | (48) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 6,679 | 9,027 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (14) | $ (48) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 494 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (7) | |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 1,920 | $ 2,480 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (15) | (6) |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 1,920 | 2,480 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | $ (15) | $ (6) |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | ||
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | ||
Corporate Bonds And Notes [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | $ 15,553 | $ 16,533 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (256) | (292) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 11,727 | 12,702 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (118) | (161) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 3,826 | 3,831 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (138) | (131) |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 2,632 | 5,536 |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (131) | (161) |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 2,632 | 5,536 |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | $ (131) | $ (161) |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | ||
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | ||
Trust Preferred Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | $ 1,227 | $ 1,345 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | $ (350) | $ (231) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | ||
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | $ 1,227 | $ 1,345 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (350) | (231) |
Asset-backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 18,154 | 14,745 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (528) | (298) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 14,825 | 11,250 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (417) | (188) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 3,329 | 3,495 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (111) | (110) |
Equity Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 117 | 123 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | $ (28) | $ (23) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | ||
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | $ 117 | $ 123 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (28) | (23) |
Other Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 5,412 | 5,347 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | $ (88) | $ (153) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | ||
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | $ 5,412 | $ 5,347 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | $ (88) | (153) |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 2,971 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (9) | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 2,971 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | $ (9) | |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | ||
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | $ 1,331 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (2) | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 1,331 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | $ (2) | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | ||
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | ||
Obligation Of Us States And Political Subdivisions [Member] | ||
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | $ 981 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (3) | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 981 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | $ (3) | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | ||
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | ||
Certificates of Deposit [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | $ 215 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (8) | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 215 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | $ (8) | |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Aug. 24, 2015 | Dec. 30, 2014 | Oct. 15, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 25,000 | $ 25,000 | $ 25,000 | ||
Interest expense on derivatives | $ 191 | $ 166 |
Derivatives (Details) - Summary
Derivatives (Details) - Summary of interest rate swap designated as a cash flow hedges - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Summary of interest rate swap designated as a cash flow hedges [Abstract] | |||
Notional amount | $ 75,000 | $ 50,000 | $ 75,000 |
Weighted average pay rates | 1.57% | 1.58% | 1.56% |
Weighted average receive rates | 0.56% | 0.24% | 0.44% |
Weighted average maturity | 3 years 7 months 6 days | 4 years 2 months 12 days | 3 years 9 months 18 days |
Fair value | $ (1,568) | $ (486) | $ (131) |
Derivatives (Details) - Summa46
Derivatives (Details) - Summary of net gains (losses) recorded in accumulated other comprehensive income - Interest Rate Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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] | ||
Amount of loss recognized in OCI (Effective Portion) | $ (1,437) | $ (534) |
Amount of loss reclassified from OCI to interest income | ||
Amount of loss recognized in other Non-interest income (Ineffective Portion) |
Derivatives (Details) - Summa47
Derivatives (Details) - Summary of cash flow hedges included in the consolidated balance sheets - Interest Rate Swap [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Included in other asset/(liabilities): | ||
Interest rate swap related to FHLB Advances, Notional Amount | $ 75,000 | $ 75,000 |
Interest rate swap related to FHLB Advances, Fair Value | $ (1,568) | $ (131) |
Loans and the Allowance for L48
Loans and the Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | ||
Non Accrual Contractual Due | 90 days | |
Loans Pledged as Collateral | $ 1,600,000 | $ 1,600,000 |
Loans performing under the restructured terms | 95,100 | 85,900 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 1,400 | 700 |
Troubled debt restructurings | 96,500 | 86,600 |
Financing Receivable, Collectively Evaluated for Impairment | 3,139,446 | 2,985,509 |
Allowance for Loan and Lease Losses Period Increase Decrease Due to Trouble Debt Restructuring | $ 1,500 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range | 5.75% | |
Debt Instrument, Interest Rate, Increase (Decrease) | 3.00% | |
Specific allocations associated with taxi medallion, fair value | $ 6,000 | 4,500 |
Modified specific allocations associated with taxi medallion, fair value | 8,000 | |
Valuation per Medallion Amount | 775 | |
Increase in allowance for loan and lease losses | $ 45 | |
Minimum [Member] | ||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range | 1.30% | |
Maximum [Member] | ||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range | 1.60% | |
Acquired Loans [Member] | ||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | ||
Financing Receivable, Collectively Evaluated for Impairment | $ 824,000 | 867,000 |
Real Estate Loan [Member] | ||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | ||
Financing Receivable, Collectively Evaluated for Impairment | $ 661,000 | $ 672,000 |
Loans and the Allowance for L49
Loans and the Allowance for Loan and Lease Losses (Details) - Composition of loan portfolio - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 3,265,773 | $ 3,101,794 |
Net deferred loan fees | (1,960) | (2,787) |
Total loans receivable | 3,263,813 | 3,099,007 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 601,708 | 570,116 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,028,301 | 1,966,696 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 402,594 | 328,838 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 231,319 | 233,690 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 1,851 | $ 2,454 |
Loans and the Allowance for L50
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | $ 9,138 | $ 9,181 |
Commercial Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | 7,059 | 7,078 |
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 | 1,745 | 1,775 |
Residential Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | $ 334 | $ 328 |
Loans and the Allowance for L51
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of accretable yield, or income expected to be collected - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of accretable yield, or income expected to be collected [Abstract] | ||
Beginning balance | $ 3,599 | $ 4,805 |
Accretion of income | (183) | (54) |
Ending balance | $ 3,416 | $ 4,751 |
Loans and the Allowance for L52
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 21,450 | $ 20,736 |
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 | 7,239 | 6,586 |
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 | 8,841 | 9,112 |
Construction Loans [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,636 | 1,479 |
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 | $ 3,734 | $ 3,559 |
Loans and the Allowance for L53
Loans and the Allowance for Loan and Lease Losses (Details) - Credit quality indicators - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 3,265,773 | $ 3,101,794 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,102,404 | 2,939,890 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 25,623 | 31,412 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 137,746 | 130,253 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 239 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 601,708 | 570,116 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 494,413 | 462,358 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 6,976 | 11,760 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 100,319 | $ 95,998 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 2,028,301 | $ 1,966,696 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,979,211 | 1,919,041 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 17,820 | 18,990 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 31,270 | 28,426 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 239 | |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 402,594 | 328,838 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 400,131 | 326,697 |
Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 827 | 662 |
Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 1,636 | 1,479 |
Construction Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | ||
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 231,319 | 233,690 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 226,879 | 229,426 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,440 | 4,264 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,851 | 2,454 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,770 | 2,368 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 81 | $ 86 |
Loans and the Allowance for L54
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of analysis of impaired loans, by class - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | $ 25,261 | $ 22,317 | |
No related allowance recorded, Unpaid Principal Balance | 25,978 | 23,713 | |
No Related Allowance Average Recorded Investment | 24,363 | $ 10,061 | |
No Related Allowance Interest Income Recognized | 71 | 22 | |
With an allowance recorded, Recorded Investment | 5,100 | 6,000 | |
With An Allowance Recorded Average Recorded Investment | 83,759 | $ 6,722 | |
With An Allowance Recorded Interest Income Recognized | 737 | ||
Total, Recorded Investment | 117,189 | 107,104 | |
Total, Unpaid Principal Balance | 117,829 | 108,162 | |
Total, Related Allowance | 7,677 | 6,725 | |
Total Impaired Average Recorded Investment | 108,122 | $ 16,783 | |
Total Impaired Interest Income Recognized | 808 | 22 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 3,320 | 610 | |
No related allowance recorded, Unpaid Principal Balance | 3,625 | 645 | |
No Related Allowance Average Recorded Investment | 2,591 | $ 290 | |
No Related Allowance Interest Income Recognized | 24 | ||
With an allowance recorded, Recorded Investment | 91,928 | 84,787 | |
With an allowance recorded, Unpaid Principal Balance | 91,851 | 84,449 | |
With an allowance recorded, Related Allowance | 7,677 | 6,725 | |
With An Allowance Recorded Average Recorded Investment | 83,759 | $ 387 | |
With An Allowance Recorded Interest Income Recognized | 737 | ||
Total, Recorded Investment | 95,248 | 85,397 | |
Total, Unpaid Principal Balance | 95,476 | 85,094 | |
Total, Related Allowance | 7,677 | 6,725 | |
Total Impaired Average Recorded Investment | 86,350 | $ 677 | |
Total Impaired Interest Income Recognized | 761 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 15,271 | 15,517 | |
No related allowance recorded, Unpaid Principal Balance | 15,202 | 16,512 | |
No Related Allowance Average Recorded Investment | 15,274 | $ 6,052 | |
No Related Allowance Interest Income Recognized | $ 25 | 19 | |
With An Allowance Recorded Average Recorded Investment | $ 6,335 | ||
With An Allowance Recorded Interest Income Recognized | |||
Total, Recorded Investment | $ 15,271 | 15,517 | |
Total, Unpaid Principal Balance | $ 15,202 | $ 16,512 | |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | $ 15,274 | $ 12,387 | |
Total Impaired Interest Income Recognized | 25 | 19 | |
Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 2,466 | $ 2,149 | |
No related allowance recorded, Unpaid Principal Balance | 2,538 | 2,141 | |
No Related Allowance Average Recorded Investment | 2,307 | ||
No Related Allowance Interest Income Recognized | 16 | ||
Total, Recorded Investment | 2,466 | 2,149 | |
Total, Unpaid Principal Balance | $ 2,538 | $ 2,141 | |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | $ 2,307 | ||
Total Impaired Interest Income Recognized | 16 | ||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 4,123 | $ 3,954 | |
No related allowance recorded, Unpaid Principal Balance | 4,532 | 4,329 | |
No Related Allowance Average Recorded Investment | 4,107 | 3,613 | |
No Related Allowance Interest Income Recognized | 5 | 2 | |
Total, Recorded Investment | 4,123 | 3,954 | |
Total, Unpaid Principal Balance | $ 4,532 | $ 4,329 | |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | $ 4,107 | 3,613 | |
Total Impaired Interest Income Recognized | 5 | 2 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 81 | $ 87 | |
No related allowance recorded, Unpaid Principal Balance | 81 | 86 | |
No Related Allowance Average Recorded Investment | 84 | 106 | |
No Related Allowance Interest Income Recognized | 1 | 1 | |
Total, Recorded Investment | 81 | 87 | |
Total, Unpaid Principal Balance | $ 81 | $ 86 | |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | $ 84 | 106 | |
Total Impaired Interest Income Recognized | $ 1 | $ 1 |
Loans and the Allowance for L55
Loans and the Allowance for Loan and Lease Losses (Details) - Aging analysis - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 40,002 | $ 33,418 |
Current | 3,225,771 | 3,068,376 |
Loans | 3,265,773 | 3,101,794 |
Loans Receivable 90 Days or Greater Past Due and Accruing | 6,632 | |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,440 | 8,889 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 380 | 4,502 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25,181 | 20,027 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,948 | 17,257 |
Current | 583,760 | 552,859 |
Loans | 601,708 | 570,116 |
Loans Receivable 90 Days or Greater Past Due and Accruing | 5,250 | |
Commercial Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 5,539 | 6,887 |
Commercial Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,505 | |
Commercial Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 12,409 | 6,865 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,435 | 12,547 |
Current | 2,012,866 | 1,954,149 |
Loans | 2,028,301 | 1,966,696 |
Loans Receivable 90 Days or Greater Past Due and Accruing | 1,382 | |
Commercial Real Estate Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 5,408 | 1,998 |
Commercial Real Estate Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 988 | |
Commercial Real Estate Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 10,027 | 9,561 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,750 | 1,479 |
Current | 400,844 | 327,359 |
Loans | 402,594 | 328,838 |
Construction Loans [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,750 | |
Construction Loans [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,479 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,867 | 2,122 |
Current | 226,452 | 231,568 |
Loans | 231,319 | 233,690 |
Residential Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,741 | |
Residential Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 380 | |
Residential Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,746 | 2,122 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | 13 |
Current | 1,849 | 2,441 |
Loans | 1,851 | 2,454 |
Consumer Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2 | 4 |
Consumer Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 9 |
Loans and the Allowance for L56
Loans and the Allowance for Loan and Lease Losses (Details) - Allowance for loan and lease losses - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | $ 7,677 | $ 6,725 | ||
Allowance for loan and lease losses, collectively evaluated for impairment | 21,397 | 19,847 | ||
Allowance for loan and lease losses, total | 29,074 | 26,572 | $ 15,933 | $ 14,160 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 117,189 | 107,104 | ||
Loans Receivable, collectively evaluated for impairment | 3,139,446 | 2,985,509 | ||
Loans Receivables, acquired with deteriorated credit quality | 9,138 | 9,181 | ||
Loans Receivable, Total | 3,265,773 | 3,101,794 | ||
Commercial Portfolio Segment [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | 7,677 | 6,725 | ||
Allowance for loan and lease losses, collectively evaluated for impairment | 5,420 | 4,224 | ||
Allowance for loan and lease losses, total | 13,097 | 10,949 | 3,927 | 3,083 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 95,248 | 85,397 | ||
Loans Receivable, collectively evaluated for impairment | 499,401 | 477,641 | ||
Loans Receivables, acquired with deteriorated credit quality | 7,059 | 7,078 | ||
Loans Receivable, Total | $ 601,708 | $ 570,116 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | $ 10,941 | $ 10,926 | ||
Allowance for loan and lease losses, total | 10,941 | 10,926 | 8,846 | 7,799 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 15,271 | 15,517 | ||
Loans Receivable, collectively evaluated for impairment | 2,011,285 | 1,949,404 | ||
Loans Receivables, acquired with deteriorated credit quality | 1,745 | 1,775 | ||
Loans Receivable, Total | $ 2,028,301 | $ 1,966,696 | ||
Construction Loans [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | $ 3,617 | $ 3,253 | ||
Allowance for loan and lease losses, total | 3,617 | 3,253 | 1,518 | 1,239 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 2,466 | 2,149 | ||
Loans Receivable, collectively evaluated for impairment | $ 400,128 | $ 326,689 | ||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total | $ 402,594 | $ 328,838 | ||
Residential Portfolio Segment [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | $ 1,074 | $ 976 | ||
Allowance for loan and lease losses, total | 1,074 | 976 | 981 | 1,113 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 4,123 | 3,954 | ||
Loans Receivable, collectively evaluated for impairment | 226,862 | 229,408 | ||
Loans Receivables, acquired with deteriorated credit quality | 334 | 328 | ||
Loans Receivable, Total | $ 231,319 | $ 233,690 | ||
Consumer Portfolio Segment [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | $ 4 | $ 4 | ||
Allowance for loan and lease losses, total | 4 | 4 | 4 | 7 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 81 | 87 | ||
Loans Receivable, collectively evaluated for impairment | $ 1,770 | $ 2,367 | ||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total | $ 1,851 | $ 2,454 | ||
Unallocated Financing Receivables [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | ||||
Allowance for loan and lease losses, collectively evaluated for impairment | $ 341 | $ 464 | ||
Allowance for loan and lease losses, total | $ 341 | $ 464 | $ 657 | $ 919 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | ||||
Loans Receivable, collectively evaluated for impairment | ||||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total |
Loans and the Allowance for L57
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of allowance for loan losses - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance | $ 26,572 | $ 14,160 |
Loans charged-off | (512) | (60) |
Recoveries | 14 | 8 |
Provision | 3,000 | 1,825 |
Balance | 29,074 | 15,933 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance | 10,949 | 3,083 |
Loans charged-off | (445) | (45) |
Recoveries | 1 | 6 |
Provision | 2,592 | 883 |
Balance | 13,097 | 3,927 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance | $ 10,926 | 7,799 |
Loans charged-off | $ (4) | |
Recoveries | $ 13 | |
Provision | 2 | $ 1,051 |
Balance | 10,941 | 8,846 |
Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance | $ 3,253 | $ 1,239 |
Loans charged-off | ||
Recoveries | ||
Provision | $ 364 | $ 279 |
Balance | 3,617 | 1,518 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance | 976 | $ 1,113 |
Loans charged-off | $ (67) | |
Recoveries | $ 1 | |
Provision | $ 165 | (133) |
Balance | 1,074 | 981 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance | $ 4 | 7 |
Loans charged-off | (11) | |
Recoveries | 1 | |
Provision | 7 | |
Balance | $ 4 | 4 |
Unallocated Financing Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance | $ 464 | $ 919 |
Loans charged-off | ||
Recoveries | ||
Provision | $ (123) | $ (262) |
Balance | $ 341 | $ 657 |
Loans and the Allowance for L58
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of Troubled Debt Restructuring by Class $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)Integer | |
Troubled debt restructurings: | |
Number of Loans | Integer | 9 |
Pre-Modification Outstanding Recorded Investment | $ 9,555 |
Post-Modification Outstanding Recorded Investment | $ 9,555 |
Commercial Portfolio Segment [Member] | |
Troubled debt restructurings: | |
Number of Loans | Integer | 9 |
Pre-Modification Outstanding Recorded Investment | $ 9,555 |
Post-Modification Outstanding Recorded Investment | $ 9,555 |
Commercial Real Estate Portfolio Segment [Member] | |
Troubled debt restructurings: | |
Number of Loans | Integer | |
Pre-Modification Outstanding Recorded Investment | |
Post-Modification Outstanding Recorded Investment | |
Construction Loans [Member] | |
Troubled debt restructurings: | |
Number of Loans | Integer | |
Pre-Modification Outstanding Recorded Investment | |
Post-Modification Outstanding Recorded Investment | |
Residential Portfolio Segment [Member] | |
Troubled debt restructurings: | |
Number of Loans | Integer | |
Pre-Modification Outstanding Recorded Investment | |
Post-Modification Outstanding Recorded Investment | |
Consumer Portfolio Segment [Member] | |
Troubled debt restructurings: | |
Number of Loans | Integer | |
Pre-Modification Outstanding Recorded Investment | |
Post-Modification Outstanding Recorded Investment |
Fair Value Measurements and F59
Fair Value Measurements and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 5,100 | $ 6,000 |
Impaired Financing Receivable, Related Allowance | $ 1,700 | $ 2,200 |
Fair Value Measurements and F60
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a recurring basis - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | $ 191,331 | $ 195,770 |
Liabilities | ||
Derivatives | 1,568 | 131 |
Total liabilities | 1,568 | 131 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | $ 20,863 | $ 18,524 |
Liabilities | ||
Derivatives | ||
Total liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | $ 170,468 | $ 177,246 |
Liabilities | ||
Derivatives | 1,568 | 131 |
Total liabilities | $ 1,568 | $ 131 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Liabilities | ||
Derivatives | ||
Total liabilities | ||
Federal Agency Obligations [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | $ 31,827 | $ 29,146 |
Federal Agency Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 31,827 | 29,146 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 48,545 | 44,910 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 48,545 | 44,910 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 3,053 | 2,972 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 3,053 | 2,972 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 9,806 | 8,357 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 9,806 | 8,357 |
Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 16,179 | 16,255 |
Trust Preferred Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 16,179 | 16,255 |
Corporate Bonds And Notes [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 41,388 | 53,976 |
Corporate Bonds And Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 41,388 | 53,976 |
Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 18,154 | 19,725 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 18,154 | 19,725 |
Certificates of Deposit [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 1,516 | 1,905 |
Equity Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 377 | 374 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 377 | 374 |
Other Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 20,486 | 18,150 |
Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 20,486 | 18,150 |
Certificate Of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | $ 1,516 | $ 1,905 |
Fair Value Measurements and F61
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis - Commercial Portfolio Segment [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Market Capitalization [Member] | Minimum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Discounted Range | 4.00% | 4.00% |
Market Capitalization [Member] | Maximum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Discounted Range | 8.00% | 8.00% |
Impaired Loans [Member] | Appraisals Of Collateral Valuation Technique [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 |
Impaired Loans [Member] | Appraisals Of Collateral Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Discounted Range | 0.00% | 0.00% |
Impaired Loans [Member] | Appraisals Of Collateral Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Discounted Range | 15.00% | 15.00% |
Fair Value Measurements and F62
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring - Impaired Loans [Member] - Commercial Portfolio Segment [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 3,410 | $ 3,751 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 3,410 | $ 3,751 |
Fair Value Measurements and F63
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value hierarchy - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets | ||||
Cash and cash equivalents, Carrying Amount | $ 118,259 | $ 200,895 | $ 88,543 | $ 126,847 |
Cash and cash equivalents, Fair Value | 118,259 | 200,895 | ||
Investment securities available-for-sale | 191,331 | 195,770 | ||
Investment Securities Available-for-Sale, Fair Value | 191,331 | 195,770 | ||
Investment securities held-to-maturity, Carrying Amount | 219,373 | 224,056 | ||
Investment securities held-to-maturity, Fair Value | 229,470 | 230,558 | ||
Investments in restricted stock, at cost, Carrying Amount | $ 31,487 | $ 32,612 | ||
Investments in restricted stock, at cost, Fair Value | ||||
Net loans, Carrying Amount | $ 3,234,739 | $ 3,072,435 | ||
Net loans, Fair Value | 3,242,398 | 3,059,343 | ||
Accrued interest receivable, Carrying Amount | 12,604 | 12,545 | ||
Accrued interest receivable, Fair Value | 12,604 | 12,545 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Carrying Amount | 614,507 | 650,775 | ||
Noninterest-bearing deposits, Fair Value | 614,507 | 650,775 | ||
Interest-bearing deposits, Carrying Amount | 2,278,564 | 2,140,191 | ||
Interest-bearing deposits, Fair Value | 2,285,918 | 2,137,149 | ||
Borrowings, Carrying Amount | 646,501 | 671,587 | ||
Borrowings, Fair Value | 651,739 | 674,131 | ||
Subordinated debentures, net | 54,392 | 54,343 | ||
Subordinated debentures, Fair Value | 57,879 | 55,209 | ||
Derivatives | 1,568 | 131 | ||
Derivatives | 1,568 | 131 | ||
Accrued interest payable, Carrying Amount | 5,101 | 4,387 | ||
Accrued interest payable, Fair Value | 5,101 | 4,387 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 118,259 | 200,895 | ||
Investment Securities Available-for-Sale, Fair Value | 20,863 | 18,524 | ||
Investment securities held-to-maturity, Fair Value | 30,413 | 29,226 | ||
Accrued interest receivable, Fair Value | 199 | 68 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair Value | $ 614,507 | 650,775 | ||
Derivatives | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets | ||||
Investment Securities Available-for-Sale, Fair Value | $ 170,468 | 177,246 | ||
Investment securities held-to-maturity, Fair Value | 180,553 | 182,774 | ||
Accrued interest receivable, Fair Value | 2,486 | 2,699 | ||
Financial liabilities | ||||
Interest-bearing deposits, Fair Value | 2,285,918 | 2,137,149 | ||
Borrowings, Fair Value | 651,739 | 674,131 | ||
Subordinated debentures, Fair Value | 57,879 | 55,209 | ||
Derivatives | 1,568 | 131 | ||
Accrued interest payable, Fair Value | $ 5,101 | $ 4,387 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets | ||||
Investment Securities Available-for-Sale, Fair Value | ||||
Investment securities held-to-maturity, Fair Value | $ 18,504 | $ 18,558 | ||
Net loans, Fair Value | 3,242,398 | 3,059,343 | ||
Accrued interest receivable, Fair Value | $ 9,919 | $ 9,778 | ||
Financial liabilities | ||||
Derivatives |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net unrealized gain on investment securities available-for-sale | $ 1,251 | $ 713 |
Cash flow hedge | (927) | (77) |
Unamortized component of securities transferred from available-for-sale to held-to-maturity | (1,142) | (1,173) |
Defined benefit pension and post-retirement plans | (4,012) | (4,072) |
Total accumulated other comprehensive loss | $ (4,830) | $ (4,609) |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Integer$ / sharesshares | Mar. 31, 2015USD ($)shares | Dec. 31, 2015shares | |
Share Based Compensation Arrangement by Share Based Payment Award Number of Plans | Integer | 3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 71,920 | 59,466 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 509,572 | 535,906 | |
Unrecognized compensation cost related to nonvested shares | $ | $ 2,198 | ||
Weighted average period related to compensation cost | 2 years 3 months 18 days | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 686 | ||
Restricted Stock [Member] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 71,920 | 48,507 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost (in Dollars) | $ | $ 182 | ||
Unrecognized compensation cost related to nonvested shares | $ | $ 1,806 | ||
Weighted average period related to compensation cost | 24 months | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost (in Dollars) | $ | $ 193 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 151,577 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 181,892 | ||
Employee Director Stock Option Plan 2009 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 68,516 | ||
Equity Compensation Plan 2009 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 235,090 |
Stock Based Compensation (Det66
Stock Based Compensation (Details) - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Beginning balance | 535,906 | |
Granted | ||
Exercised | (5,495) | (110,500) |
Forfeited/cancelled/expired | (20,839) | |
Ending balance | 509,572 | |
Exercisable Ending Balance | 503,941 | |
Outstanding Beginning Balance, Weighted-Average Exercise Price | $ 6.48 | |
Granted, Weighted-Average Exercise Price | ||
Exercised, Weighted-Average Exercise Price | $ 7.67 | |
Forfeited/cancelled/expired, Weighted-Average Exercise Price | 9.77 | |
Outstanding Ending Balance, Weighted-Average Exercise Price | 6.34 | |
Exercisable Ending Balance, Weighted-Average Exercise Price | $ 6.22 | |
Outstanding Ending Balance - Weighted average remaining contractual term (years) | 2 years 11 months 1 day | |
Exercisable Ending Balance - Weighted average remaining contractual term (years) | 2 years 10 months 24 days | |
Outstanding Ending Balance - Aggregate intrinsic value | $ 5,102,923 | |
Exercisable Ending Balance - Aggregate intrinsic value | $ 5,071,354 |
Stock Based Compensation (Det67
Stock Based Compensation (Details) - Disclosure related to stock option plan $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Intrinsic value of options exercised | $ 54,326 |
Cash received from options exercised | 42,171 |
Tax benefit realized from options exercised | $ 17,114 |
Weighted average fair value of options granted |
Stock Based Compensation (Det68
Stock Based Compensation (Details) - Schedule of Share-based Payment Award, Nonvested Shares | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Granted | |
Nonvested [Member] | |
Beginning balance | 96,902 |
Granted | 71,920 |
Vested | (54,648) |
Forfeited/cancelled/expired | (1,000) |
Ending balance | 113,174 |
Beginning balance | $ / shares | $ 16.81 |
Granted | $ / shares | 15.88 |
Vested | $ / shares | 16.01 |
Forfeited/cancelled/expired | $ / shares | 19.58 |
Ending balance | $ / shares | $ 16.81 |
Stock Based Compensation (Det69
Stock Based Compensation (Details) - Schedule of Share-based Payment Award, Unearned Shares | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Beginning balance | 535,906 |
Awarded | |
Ending balance | 509,572 |
Unearned [Member] | |
Beginning balance | 94,485 |
Awarded | 64,540 |
Forfeited | (7,447) |
Expired | |
Ending balance | 151,578 |
Beginning balance | $ / shares | $ 19.46 |
Awarded | $ / shares | 17.15 |
Forfeited | $ / shares | $ 19.46 |
Expired | $ / shares | |
Ending balance | $ / shares | $ 19.46 |
Components of Net Periodic Pe70
Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 128 | $ 138 | |
Expected return on plan assets | (136) | (137) | |
Net amortization | $ 102 | 108 | |
Recognized settlement loss | 450 | ||
Total net periodic pension expense | $ 94 | 559 | |
Net actuarial (gain) loss | (101) | (742) | |
Total recognized in other comprehensive income | (101) | (742) | |
Total recognized in net periodic expense and other comprehensive income (before tax) | $ (7) | $ (183) | |
Subsequent Event [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 2,000 |
FHLB and other borrowings (Deta
FHLB and other borrowings (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Number of Federal Home Loan Bank Notes | 3 |
Debt Instrument, Maturity Date | Jul. 1, 2025 |
Long-term Line of Credit | $ 1,200,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 594,000 |
Federal Home Loan Bank Note One [Member] | |
Extinguishment of Debt, Amount | $ 2,500 |
Debt Instrument, Maturity Date | Apr. 2, 2018 |
Federal Home Loan Bank Note Two [Member] | |
Extinguishment of Debt, Amount | $ 7,500 |
Debt Instrument, Maturity Date | Apr. 2, 2018 |
Federal Home Loan Bank Note Three [Member] | |
Extinguishment of Debt, Amount | $ 5,000 |
Debt Instrument, Maturity Date | Jul. 16, 2018 |
FHLB and other borrowings (De72
FHLB and other borrowings (Details) - Schedule of components of FHLB and other borrowings and weighted average interest rates - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
By type of borrowing: | ||
FHLB and other borrowings (in Dollars) | $ 646,501 | $ 671,587 |
Weighted average interest rates | 1.41% | 1.37% |
By remaining period to maturity: | ||
One year or less (in Dollars) | $ 330,501 | $ 270,587 |
One year or less | 0.64% | 0.64% |
One to two years (in Dollars) | $ 121,000 | $ 171,000 |
One to two years | 1.90% | 1.56% |
Two to three years (in Dollars) | $ 105,000 | $ 130,000 |
Two to three years | 1.96% | 1.84% |
Three to four years (in Dollars) | $ 50,000 | $ 35,000 |
Three to four years | 1.66% | 1.60% |
Four to five years (in Dollars) | $ 40,000 | $ 65,000 |
Four to five years | 3.42% | 2.82% |
Federal Home Loan Bank Advances [Member] | ||
By type of borrowing: | ||
FHLB and other borrowings (in Dollars) | $ 631,501 | $ 656,587 |
Weighted average interest rates | 1.30% | 1.26% |
Repurchase Agreements ("REPO") [Member] | ||
By type of borrowing: | ||
FHLB and other borrowings (in Dollars) | $ 15,000 | $ 15,000 |
Weighted average interest rates | 5.95% | 5.95% |
Securities Sold under Agreeme73
Securities Sold under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2016 | |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Pledge securities | 8.00% | |
Securities carrying amount | $ 18,800 | $ 19,100 |
Securities Sold under Agreeme74
Securities Sold under Agreements to Repurchase (Details) - Schedule of repurchase agreements - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Average daily balance during the year | $ 15,000 | $ 31,000 | $ 22,890 |
Average interest rate during the year | 5.95% | 5.90% | 5.92% |
Maximum month-end balance during the year-to-date | $ 15,000 | $ 31,000 | $ 31,000 |
Weighted average interest rate during the year-to-date | 5.95% | 5.90% | 5.92% |
Securities Sold under Agreeme75
Securities Sold under Agreements to Repurchase (Details) - Schedule of remaining contractual maturity - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Total Borrowings | $ 19,918 | $ 18,902 |
Amounts related to agreements not included in offsetting disclosure in Note 13 | 4,918 | 3,902 |
US Treasury Securities [Member] | ||
Total Borrowings | 5,069 | 6,313 |
Residential Mortgage Backed Securities [Member] | ||
Total Borrowings | $ 14,849 | $ 12,589 |
Overnight and Continuous [Member] | ||
Total Borrowings | ||
Overnight and Continuous [Member] | US Treasury Securities [Member] | ||
Total Borrowings | ||
Overnight and Continuous [Member] | Residential Mortgage Backed Securities [Member] | ||
Total Borrowings | ||
Upto 30 Days [Member] | ||
Total Borrowings | ||
Upto 30 Days [Member] | US Treasury Securities [Member] | ||
Total Borrowings | ||
Upto 30 Days [Member] | Residential Mortgage Backed Securities [Member] | ||
Total Borrowings | ||
30 - 90 Days [Member] | ||
Total Borrowings | ||
30 - 90 Days [Member] | US Treasury Securities [Member] | ||
Total Borrowings | ||
30 - 90 Days [Member] | Residential Mortgage Backed Securities [Member] | ||
Total Borrowings | ||
Greater Than 90 Days[Member] | ||
Total Borrowings | $ 19,918 | $ 18,902 |
Greater Than 90 Days[Member] | US Treasury Securities [Member] | ||
Total Borrowings | 5,069 | 6,313 |
Greater Than 90 Days[Member] | Residential Mortgage Backed Securities [Member] | ||
Total Borrowings | $ 14,849 | $ 12,589 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Subordinated Debentures (Details) [Line Items] | |
Value of subordinated debentures received by Trust | $ 5,200 |
Percentage Rate Added to Libor | 2.85% |
Floating interest rate on subordinated debentures | 3.47% |
Proceeds from Issuance of Debt | $ 50,000 |
Debt Instrument, Term | 5 years |
Debt Instrument, Maturity Date | Jul. 1, 2025 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% |
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR rate plus 393 basis points |
Debt Instrument, Basis Spread on Variable Rate | 3.93% |
Debt Issuance Cost | $ 763 |
Proceeds from Stock Plans | 35,000 |
Noncumulative Preferred Stock [Member] | |
Subordinated Debentures (Details) [Line Items] | |
Preferred Stock, Value, Outstanding | $ 11,250 |
Subordinated Debentures (Deta77
Subordinated Debentures (Details) - Schedule of Subordinated Borrowing - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Subordinated Borrowing [Abstract] | ||
Issuance Date | Dec. 19, 2003 | Dec. 19, 2003 |
Securities Issued | $ 5,000 | $ 5,000 |
Liquidation Value | $1,000 per Capital Security | $1,000 per Capital Security |
Coupon Rate | Floating 3-month LIBOR + 285 Basis Points | Floating 3-month LIBOR + 285 Basis Points |
Maturity | Jan. 23, 2034 | Jan. 23, 2034 |
Redeemable by Issuer Beginning | Jan. 23, 2009 | Jan. 23, 2009 |
Offsetting Assets and Liabili78
Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Gross Amounts Recognized, Total | $ 16,568 | $ 15,131 |
Gross Amounts Offset in the Statement of Financial Position, Total | ||
Net Amounts of Assets Presented in the Statement of Financial Position, Total | $ 16,568 | $ 15,131 |
Financial Instruments Recognized, Total | ||
Cash or Financial Instrument Collateral, Total | $ 16,568 | $ 15,131 |
Net Amount, Total | ||
Repurchase Agreements ("REPO") [Member] | ||
Gross Amounts Recognized, Liabilities | $ 15,000 | $ 15,000 |
Gross Amounts Offset in the Statement of Financial Position, Liabilities | ||
Net Amounts of Assets Presented in the Statement of Financial Position, Liabilities | $ 15,000 | $ 15,000 |
Financial Instruments Recognized, Liabilities | ||
Cash or Financial Instrument Collateral, Liabilities | $ 15,000 | $ 15,000 |
Net Amount, Liabilities | ||
Interest Rate Swap [Member] | ||
Gross Amounts Recognized, Assets | $ 48 | |
Gross Amounts Offset in the Statement of Financial Position | ||
Net Amounts of Assets Presented in the Statement of Financial Position, Assets | ||
Financial Instruments Recognized, Assets | ||
Cash or Financial Instrument Collateral, Assets | ||
Net Amount, Assets | ||
Gross Amounts Recognized, Liabilities | $ 1,568 | $ 131 |
Gross Amounts Offset in the Statement of Financial Position, Liabilities | ||
Net Amounts of Assets Presented in the Statement of Financial Position, Liabilities | $ 1,568 | $ 131 |
Financial Instruments Recognized, Liabilities | ||
Cash or Financial Instrument Collateral, Liabilities | $ 1,568 | $ 131 |
Net Amount, Liabilities |
Presentation of Debt Issuance79
Presentation of Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Other assets | $ 29,847 | $ 24,096 |
Total assets | 4,091,000 | 4,015,909 |
Subordinated debentures | 54,392 | 54,343 |
Total liabilities | $ 3,616,273 | 3,538,565 |
As previously reported [Member] | ||
Other assets | 24,908 | |
Total assets | 4,016,721 | |
Subordinated debentures | 55,155 | |
Total liabilities | 3,539,377 | |
As reported under the new guidance [Member] | ||
Other assets | 24,096 | |
Total assets | 4,015,909 | |
Subordinated debentures | 54,343 | |
Total liabilities | $ 3,538,565 |