Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ConnectOne Bancorp, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 31,973,356 | ||
Entity Public Float | $ 368 | ||
Amendment Flag | false | ||
Entity Central Index Key | 712,771 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 37,150 | $ 31,291 |
Interest-bearing deposits with banks | 163,249 | 169,604 |
Cash and due from banks | 200,399 | 200,895 |
Investment securities: | ||
Securities available-for-sale | 353,290 | 195,770 |
Securities held-to-maturity (fair value of $ - and $231,445) | 224,056 | |
Loans held-for-sale | 78,005 | |
Loans receivable | 3,475,832 | 3,099,007 |
Less: Allowance for loan and lease losses | 25,744 | 26,572 |
Net loans receivable | 3,450,088 | 3,072,435 |
Investment in restricted stock, at cost | 24,310 | 32,612 |
Bank premises and equipment, net | 22,075 | 22,333 |
Accrued interest receivable | 12,965 | 12,545 |
Bank owned life insurance | 98,359 | 78,801 |
Other real estate owned | 626 | 2,549 |
Goodwill | 145,909 | 145,909 |
Core deposit intangibles | 3,088 | 3,908 |
Other assets | 37,234 | 24,096 |
Total assets | 4,426,348 | 4,015,909 |
Deposits: | ||
Noninterest-bearing | 694,977 | 650,775 |
Interest-bearing | 2,649,294 | 2,140,191 |
Total deposits | 3,344,271 | 2,790,966 |
Borrowings | 476,280 | 671,587 |
Subordinated debentures | 54,534 | 54,343 |
Accounts payable and accrued liabilities | 20,231 | 21,669 |
Total liabilities | 3,895,316 | 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 34,018,731 shares at December 31, 2016 and 32,149,585 shares at December 31, 2015; outstanding 31,948,307 shares at December 31, 2016 and 30,082,065 at December 31, 2015 | 412,726 | 374,287 |
Additional paid-in capital | 11,407 | 8,527 |
Retained earnings | 126,462 | 104,606 |
Treasury stock, at cost (2,063,922 shares at December 31, 2016 and December 31, 2015) | (16,717) | (16,717) |
Accumulated other comprehensive loss | (2,846) | (4,609) |
Total stockholders' equity | 531,032 | 477,344 |
Total liabilities and stockholders' equity | $ 4,426,348 | $ 4,015,909 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Held-to-maturity, fair value (in Dollars) | $ 231,445 | |
Preferred stock, liquidation value (in Dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, total liquidation value (in Dollars) | $ 11,250 | |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 34,018,731 | 32,149,585 |
Common stock, shares outstanding | 31,948,307 | 30,082,065 |
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Interest and fees on loans | $ 147,982 | $ 125,493 | $ 77,669 |
Interest and dividends on investment securities: | |||
Taxable | 7,266 | 10,665 | 12,024 |
Nontaxable | 3,827 | 3,550 | 3,740 |
Dividends | 1,410 | 1,081 | 636 |
Interest on federal funds sold and other short-term investment | 756 | 178 | 138 |
Total interest income | 161,241 | 140,967 | 94,207 |
Interest expense: | |||
Deposits | 18,667 | 13,756 | 8,260 |
Borrowings | 12,429 | 10,058 | 6,548 |
Total interest expense | 31,096 | 23,814 | 14,808 |
Net interest income | 130,145 | 117,153 | 79,399 |
Provision for loan and lease losses | 38,700 | 12,605 | 4,683 |
Net interest income after provision for loan and lease losses | 91,445 | 104,548 | 74,716 |
Noninterest income: | |||
Annuity and insurance commissions | 191 | 242 | 382 |
Income on bank owned life insurance | 2,559 | 1,782 | 1,303 |
Net gains on sale of loans held-for-sale | 232 | 327 | 182 |
Deposit, loan and other income | 2,704 | 2,667 | 2,813 |
Insurance recovery | 2,224 | ||
Net gains on sale of investment securities | 4,234 | 3,931 | 2,818 |
Total noninterest income | 9,920 | 11,173 | 7,498 |
Noninterest expense: | |||
Salaries and employee benefits | 31,030 | 27,685 | 18,829 |
Occupancy and equipment | 8,571 | 7,587 | 5,312 |
FDIC insurance | 2,940 | 2,110 | 1,618 |
Professional and consulting | 2,979 | 2,951 | 1,661 |
Marketing and advertising | 1,040 | 847 | 498 |
Data processing | 4,141 | 3,703 | 2,575 |
Merger-related expenses | 12,388 | ||
Loss on extinguishment of debt | 2,397 | 4,550 | |
Amortization of core deposit intangible | 820 | 917 | 506 |
Charge due to wire fraud | 2,374 | ||
Other expenses | 6,986 | 6,287 | 4,493 |
Total noninterest expenses | 58,507 | 54,484 | 54,804 |
Income before income tax expense | 42,858 | 61,237 | 27,410 |
Income tax expense | 11,776 | 19,926 | 8,845 |
Net income | 31,082 | 41,311 | 18,565 |
Less: Preferred stock dividends | 22 | 112 | 112 |
Net income available to common stockholders | $ 31,060 | $ 41,199 | $ 18,453 |
Earnings per common share: | |||
Basic | $ 1.02 | $ 1.37 | $ 0.80 |
Diluted | 1.01 | 1.36 | 0.79 |
Dividends per common share | $ 0.300 | $ 0.300 | $ 0.300 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 31,082 | $ 41,311 | $ 18,565 |
Unrealized gains and losses: | |||
Unrealized holding (losses) gains on available-for-sale securities arising during the period | (5,624) | (2,991) | 6,966 |
Tax effect | 2,142 | 1,196 | (2,635) |
Net of tax | (3,482) | (1,795) | 4,331 |
Unrealized gains on securities transferred from held-to-maturity to available-for-sale the period | 10,069 | ||
Tax effect | (3,815) | ||
Net of tax | 6,254 | ||
Reclassification adjustment for realized gains included in net income | (4,234) | (3,931) | (2,818) |
Tax effect | 1,682 | 1,564 | 986 |
Net of tax | (2,552) | (2,367) | (1,832) |
Amortization of unrealized net losses on held-to-maturity securities transferred from available-for-sale securities | 1,986 | 220 | 215 |
Tax effect | (813) | (90) | (91) |
Net of tax | 1,173 | 130 | 124 |
Unrealized gains (losses) on cash flow hedges | 219 | (179) | 48 |
Tax effect | (90) | 73 | (20) |
Net of tax | 129 | (106) | 28 |
Unrealized pension plan gains and (losses): | |||
Unrealized pension plan gains (losses) before reclassifications | (2) | 485 | (2,119) |
Tax effect | 1 | (198) | 866 |
Net of tax | (1) | 287 | (1,253) |
Reclassification adjustment for realized losses included in net income | 407 | 433 | 223 |
Tax effect | (165) | (177) | (91) |
Net of tax | 242 | 256 | 132 |
Total other comprehensive income (loss) | 1,763 | (3,595) | 1,530 |
Total comprehensive income | $ 32,845 | $ 37,716 | $ 20,095 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2013 | $ 11,250 | $ 110,056 | $ 4,986 | $ 61,914 | $ (17,078) | $ (2,544) | $ 168,584 |
Net income | 18,565 | 18,565 | |||||
Other comprehensive income (loss), net of taxes | 1,530 | 1,530 | |||||
Dividends on series B preferred stock | (112) | (112) | |||||
Cash dividends declared on common stock ($0.300 per share) | (7,962) | (7,962) | |||||
Issuance cost of common stock | (7) | (7) | |||||
Redemption of preferred stock | |||||||
Exercise of stock options | 806 | 361 | 1,167 | ||||
Secondary offering of common stock, net of costs of $1,811 (1,659,794 shares) | |||||||
Stock-based compensation expense | 223 | 223 | |||||
Stock issued in acquisition of legacy ConnectOne Bancorp, Inc. (13,221,152 shares) | 264,231 | 264,231 | |||||
Balance at Dec. 31, 2014 | 11,250 | 374,287 | 6,015 | 72,398 | (16,717) | (1,014) | 446,219 |
Net income | 41,311 | 41,311 | |||||
Other comprehensive income (loss), net of taxes | (3,595) | (3,595) | |||||
Dividends on series B preferred stock | (112) | (112) | |||||
Cash dividends declared on common stock ($0.300 per share) | (8,991) | (8,991) | |||||
Redemption of preferred stock | |||||||
Exercise of stock options | 1,765 | 1,765 | |||||
Restricted stock net of forfeitures (69,258 and 70,019 shares) | |||||||
Stock-based compensation expense | 747 | 747 | |||||
Balance at Dec. 31, 2015 | 11,250 | 374,287 | 8,527 | 104,606 | (16,717) | (4,609) | 477,344 |
Net income | 31,082 | 31,082 | |||||
Other comprehensive income (loss), net of taxes | 1,763 | 1,763 | |||||
Dividends on series B preferred stock | (22) | ||||||
Cash dividends declared on common stock ($0.300 per share) | (9,204) | ||||||
Redemption of preferred stock | (11,250) | ||||||
Exercise of stock options | 767 | ||||||
Secondary offering of common stock, net of costs of $1,811 (1,659,794 shares) | 38,439 | ||||||
Restricted stock net of forfeitures (69,258 and 70,019 shares) | |||||||
Stock-based compensation expense | 2,113 | ||||||
Balance at Dec. 31, 2016 | $ 412,726 | $ 11,407 | $ 126,462 | $ (16,717) | $ (2,846) | $ 531,032 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared on common stock (in Dollars per share) | $ 0.300 | $ 0.300 | $ 0.300 |
Issuance of restricted stock awards, shares | 70,019 | 69,258 | |
Exercise of stock options, shares | 136,429 | 340,492 | 100,911 |
Stock issued in acquisition | 13,221,152 | ||
Secondary offering of common stock, shares | 1,659,794 | ||
Offering costs for common shares | $ 1,811 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 31,082 | $ 41,311 | $ 18,565 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Depreciation and amortization of premises and equipment | 2,704 | 2,309 | 1,539 |
Provision for loan and lease losses | 38,700 | 12,605 | 4,683 |
Amortization of intangibles | 820 | 917 | 506 |
Net accretion of loans | (4,280) | (5,052) | (4,328) |
Accretion on bank premises | (132) | (108) | (51) |
Accretion on deposits | (172) | (470) | (701) |
Accretion on borrowings | (307) | (441) | (296) |
Net deferred income tax expense (benefit) | 1,969 | (3,493) | 184 |
Stock-based compensation | 2,113 | 747 | 223 |
Gains on sales of investment securities, net | (4,234) | (3,931) | (2,818) |
Gains on sale of loans held-for-sale, net | (232) | (327) | (182) |
Loans originated for resale | (10,004) | (20,834) | (10,994) |
Proceeds from sale of loans held-for-sale | 10,048 | 21,161 | 11,366 |
Net gains on disposition of premises and equipment | (57) | ||
Net (gain) loss on sale of other real estate owned | (182) | 164 | 23 |
Increase in cash surrender value of bank owned life insurance | (2,559) | (1,782) | (1,303) |
Loss on extinguishment of debt | 2,397 | 4,550 | |
Amortization of premiums and accretion of discounts on investments securities, net | 1,692 | 1,793 | 2,074 |
Increase in accrued interest receivable | (420) | (845) | (428) |
(Increase) decrease in other assets | (14,815) | 1,190 | 2,200 |
(Decrease) increase in other liabilities | (2,022) | (1,080) | 377 |
Net cash provided by operating activities | 49,712 | 46,231 | 25,189 |
Investment securities available-for-sale: | |||
Purchases | (165,527) | (37,403) | (37,886) |
Sales | 85,253 | 65,231 | 80,449 |
Maturities, calls and principal repayments | 137,587 | 62,007 | 33,496 |
Investment securities held-to-maturity: | |||
Purchases | (1,000) | (17,531) | (20,860) |
Maturities and principal repayments | 14,757 | 17,520 | 10,766 |
Net redemptions (purchases) of restricted investment in bank stocks | 8,302 | (9,077) | (903) |
Net increase in loans | (490,777) | (557,881) | (274,942) |
Purchases of premises and equipment | (2,702) | (3,881) | (1,986) |
Purchases of bank owned life insurance | (16,999) | (24,501) | |
Proceeds from sale of premises and equipment | 445 | ||
Proceeds from sale of other real estate owned | 2,992 | 769 | 1,544 |
Cash acquired in acquisition | 70,318 | ||
Net cash used in investing activities | (427,669) | (504,747) | (140,004) |
Cash flows from financing activities | |||
Net increase in deposits | 553,477 | 315,829 | 82,961 |
Increase in subordinated debt | 50,000 | ||
Advances of FHLB borrowings | 375,000 | 848,875 | 161,183 |
Repayments of FHLB borrowings | (570,000) | (656,400) | (79,254) |
Repayment of repurchase agreement | (18,397) | ||
Cash dividends paid on common stock | (9,067) | (8,996) | (6,940) |
Cash dividends paid on preferred stock | (22) | (112) | (140) |
Redemption of preferred stock | (11,250) | ||
Secondary offering and issuance of common stock | 38,439 | ||
Tax benefit of options exercised | 117 | 341 | 282 |
Proceeds from exercise of stock options | 767 | 1,424 | 878 |
Net cash provided by financing activities | 377,461 | 532,564 | 158,970 |
Net change in cash and cash equivalents | (496) | 74,048 | 44,155 |
Cash and cash equivalents at beginning of period | 200,895 | 126,847 | 82,692 |
Cash and cash equivalents at end of period | 200,399 | 200,895 | 126,847 |
Interest paid | 30,862 | 23,357 | 14,785 |
Income taxes paid | 22,945 | 17,880 | 4,993 |
Investing: | |||
Transfer of loans to other real estate owned | 887 | 2,374 | 352 |
Transfer of loans to loans held-for-sale | 77,817 | ||
Transfer from investment securities held-to-maturity to investment securities available-for-sale | 209,855 | ||
Noncash assets acquired: | |||
Investment securities | 28,452 | ||
Restricted investments | 13,646 | ||
Loans held-for-sale | 190 | ||
Loans | 1,299,284 | ||
Accrued interest receivable | 4,470 | ||
Premises and equipment, net | 6,475 | ||
Goodwill | 129,105 | ||
Core deposit intangible | 5,308 | ||
Bank owned life insurance | 15,481 | ||
Other real estate owned | 2,455 | ||
Other assets | 14,286 | ||
Total noncash assets acquired | 1,519,152 | ||
Noncash liabilities assumed: | |||
Deposits | 1,051,342 | ||
Borrowings | 263,370 | ||
Other liabilities | 10,527 | ||
Total noncash liabilities assumed | 1,325,239 | ||
Net noncash assets acquired | 193,913 | ||
Bargain gain on acquisition | |||
Net cash and cash equivalents acquired | $ 70,318 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Note 1 - Summary of Significant Accounting Policies Business ConnectOne Bancorp, Inc. (the Parent Corporation) is incorporated under the laws of State of New Jersey and is a registered bank holding company. The Parent Corporations business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the Bank and, collectively with the Parent Corporation and the Parent Corporations subsidiaries, the Company). The Banks subsidiaries include Union Investment Company, Inc. (a New Jersey investment company), Twin Bridge Investments, LLC (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey real estate company), Volosin Holdings, LLC, (a New Jersey real estate company), and NJCB Spec-1, LLC (a New Jersey real estate company). The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey, through its twenty other banking offices. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flow from business operations. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the cash flows, real estate and general economic conditions in the area. Basis of Financial Statement Presentation The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. Segments FASB ASC 28, “Segment Reporting,” requires companies to report certain information about operating segments. The Company is managed as one segment; a community bank. All decisions including but not limited to loan growth, deposit funding, interest rate risk, credit risk and pricing are determined after assessing the effect on the totality of the organization. For example, loan growth is dependent on the ability of the organization to fund this growth through deposits or other borrowings. As a result, the Company is managed as one operating segment. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the reported periods. These estimates and assumptions affect the amounts reported in the financial statements and the disclosure provided, and actual results could differ. Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities of less than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest-bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. Investment Securities The Company accounts for its investment securities in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10-05. Investments are classified into the following categories: (1) held-to-maturity securities, for which the Company has both the positive intent and ability to hold until maturity, which are reported at amortized cost; (2) trading securities, which are purchased and held principally for the purpose of selling in the near term and are reported at fair value with unrealized gains and losses included in earnings; and (3) available-for-sale securities, which do not meet the criteria of the other two categories and which management believes may be sold prior to maturity due to changes in interest rates, prepayment, risk, liquidity or other factors, and are reported at fair value, with unrealized gains and losses, net of applicable income taxes, reported as a component of accumulated other comprehensive income, which is included in stockholders’ equity and excluded from earnings. Investment securities are adjusted for amortization of premiums and accretion of discounts as adjustments to interest income, which are recognized on a level yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Investment securities gains or losses are determined using the specific identification method. Securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. FASB ASC 320-10-65 clarifies the interaction of the factors that should be considered when determining whether a debt security is other-than-temporarily impaired. For debt securities, management must assess whether (a) it has the intent to sell the security and (b) it is more likely than not that it will be required to sell the security prior to its anticipated recovery. These steps are done before assessing whether the entity will recover the cost basis of the investment. In instances when a determination is made that an other-than-temporary impairment exists but the investor does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security prior to its anticipated recovery, FASB ASC 320-10-65 changed the presentation and amount of the other-than-temporary impairment recognized in the Consolidated Statement of Income Loans Held-for-Sale Residential mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For these originated and intended for sale, Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. A portion of these loans loans Another portion of these loans are Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan 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. Loans that are 90 days past due are automatically placed on nonaccrual and previously accrued interest is reversed and charged against interest income unless the loans is both well-secured and in the 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 90 days or greater past due and still accruing include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated for impairment. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The policy of the Company is to generally grant commercial, residential and consumer loans to residents and businesses within its New Jersey and New York market area. The borrowers’ abilities to repay their obligations are dependent upon various factors including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Company. The Company is therefore subject to risk of loss. The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for a large majority of the Company’s loans. Allowance for Loan and Lease Loss The allowance for loan and lease losses is a valuation allowance for probable incurred credit losses. Loan and lease losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status and the probability of collecting scheduled principal and interest payments when due. Loans for which the terms have been modified as a concession to the borrower due to the borrower experiencing financial difficulties are considered troubled debt restructurings (“TDR”) and are classified as impaired. Loans considered to be TDRs can be categorized as nonaccrual or performing. The impairment of a loan can be measured at (1) the fair value of the collateral less costs to sell, if the loan is collateral dependent, (2) at the value of expected future cash flows using the loan’s effective interest rate, or (3) at the loan’s observable market price. Generally, the Bank measures impairment of such loans by reference to the fair value of the collateral less costs to sell. Loans that experience minor payment delays and payment shortfall generally are not classified as impaired. Loans $250,000 and over, as well as all TDRs of TDRs 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 segment and is based on the actual loss history experienced by the Bank over an actual three year rolling calculation. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. This actual loss experience is supplemented with the exogenous factor adjustments based on the risks present for each loan categories. These exogenous factors (nine total) include consideration of the following: concentrations of credit; delinquency & 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 acquires 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 their estimated fair value, 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 valued on an individual basis. 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. 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. Derivatives The Company records cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. Restricted Stock The Bank is a member of the Federal Home Loan Bank (“FHLB”) of New York. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash dividends on the stock are reported as income. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Premises and Equipment Land is carried at cost and premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 4 to 39 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. Other Real Estate Owned Other real estate owned (“OREO”), representing property acquired through foreclosure and held-for-sale, is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequently, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to holding the assets are charged to expenses. Employee Benefit Plans The Company has a noncontributory pension plan that covered all eligible employees up until September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of September 30, 2007 were preserved. The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. The costs associated with the plan are accrued based on actuarial assumptions and included in salaries and employee benefits expense. The Company accounts for its defined benefit pension plan in accordance with FASB ASC 715-30. FASB ASC 715-30 requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded status be reflected in other comprehensive income. FASB ASC 715-30 also requires companies to measure the funded status of the plan as of the date of its fiscal year-end. The Company maintains a 401(k) employee savings plan to provide for defined contributions which covers substantially all employees of the Company. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. Stock-Based Compensation Stock compensation accounting guidance (FASB ASC 718, “Compensation-Stock Compensation”) requires that the compensation cost related to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. Stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. See Note 19 of the Notes to Consolidated Financial Statements for a further discussion. Earnings per Share Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards and certain restricted stock units granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. Earnings per common share have been computed based on the following: Years Ended December 31, 2016 2015 2014 (in thousands, except per share amounts) Net income available to common stockholders $ 31,060 $ 41,199 $ 18,565 Dividends paid on earnings allocated to participating securities (147) (157) (50) Income attributable to common stock $ 30,913 $ 41,042 $ 18,515 Weighted average common shares outstanding, including participating securities 30,453 29,989 23,050 Weighted average participating securities (54) (51) (20) Weighted average common shares outstanding 30,399 29,938 23,030 Incremental shares from assumed conversions of options, performance units and restricted shares 291 346 449 Weighted average common and equivalent shares outstanding 30,690 30,284 23,479 Earnings per common share: Basic $ 1.02 $ 1.37 $ 0.80 Diluted 1.01 1.36 0.79 There were no antidilutive share equivalents as of December 31, 2016, 2015 and 2014. Treasury Stock Subject to limitations applicable to the Parent Corporation, treasury stock purchases may be made from time to time as, in the opinion of management, market conditions warrant, in the open market or in privately negotiated transactions. Shares repurchased are added to the corporate treasury and will be used for future stock dividends and other issuances. The repurchased shares are recorded as treasury stock, which results in a decrease in stockholders’ equity. Treasury stock is recorded using the cost method and accordingly is presented as a reduction of stockholders’ equity. During the years ended December 31, 2016, 2015 and 2014, the Parent Corporation did not purchase any of its shares. Goodwill The Company adopted the provisions of FASB ASC 350-20-35-4 (“ASC 350”), which requires that goodwill be tested for impairment annually, or more frequently if indicators arise for impairment. The Company has selected December 31 as the date to perform the annual impairment test. No impairment charge was deemed necessary for the years ended December 31, 2016, 2015 and 2014. In accordance with ASC 350, an impairment analysis is a two-step test. The first step is to identify potential impairment by comparing the value fair of a reporting unit with its carrying amount, including goodwill and the second step, if necessary, is to quantify the amount of impairment. Also considered as part of the analysis were: · Market value and control value compared to Company’s common equity. · Company’s market price as compared to previous period. · Overall financial performance. Other Intangible Assets Other intangible assets consist of core deposits arising from business combinations that are amortized over their estimated useful lives to their estimated residual value. Comprehensive Income Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedge, net of taxes. Restrictions on Cash Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements. Dividend Restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Parent Corporation or by the Parent Corporation to the stockholders. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. Bank Owned Life Insurance The Company invests in Bank Owned Life Insurance (“BOLI”) to help offset the cost of employee benefits. The change in the cash surrender value of the BOLI is recorded as a component of noninterest income. Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Advertising Costs The Company recognizes its marketing and advertising cost as incurred. Reclassifications Certain reclassifications have been made in the consolidated financial statements and footnotes for 2015 and 2014 to conform to the classifications presented in 2016. Such reclassifications had no impact on net income or stockholders’ equity. |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Authoritative Accounting Guidance | Note 2 - New Authoritative Accounting Guidance ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350).” our statements. ASU No. 2017-01, “Business Combinations (Topic 805).” our statements. ASU No. 2016-16, “ Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. this ASU to determine the impact ASU No. 2016-15, “ Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments We are currently evaluating this ASU to determine the impact on our consolidated financial statements. ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Assets Measured at Amortized Cost.” ASU 2016- this ASU ASU No. 2016-12, “ Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Although management continues to evaluate the potential impact of this ASU on our consolidated financial statements at this time, we believe this standard will not have a significant impact on our consolidated financial statements. ASU No. 2016-10, “ Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” “Revenue from Contracts with Customers” “Revenue from Contracts with Customers (Topic 606),” Although management continues to evaluate the potential impact of this ASU on our consolidated financial statements at this time, we believe this standard will not have a significant impact on our consolidated financial statements. ASU 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Under ASU 2016-09 all excess tax benefits and tax deficiencies related to share-based payment awards should be recognized as income tax expense or benefit in the income statement during the period in which they occur. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Because excess tax benefits are no longer recognized in additional paid-in capital, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, excess tax benefits should be classified along with other income tax cash flows as an operating activity rather than a financing activity, as was previously the case. ASU 2016-09 also provides that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. ASU 2016-09 changes the threshold to qualify for equity classification (rather than as a liability) to permit withholding up to the maximum statutory tax rates (rather than the minimum as was previously the case) in the applicable jurisdictions. ASU 2016-09 will be effective on January 1, 2017 and is not expected to have a significant impact on our consolidated financial statements. ASU No. 2016-02, “ Leases (Topic 842) We are currently evaluating this ASU to determine the impact ASU No. 2016-01, “ Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” “Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date” this ASU |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business combinations: | |
Business Combination Disclosure | Note 3 - Business Combinations On January 20, 2014, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ConnectOne Bancorp, Inc., a New Jersey corporation (“Legacy ConnectOne”). Effective July 1, 2014 (the “Effective Time”), the Company completed the merger contemplated by the Merger Agreement (the “Merger”) with Legacy ConnectOne, and Legacy ConnectOne merged with and into the Company, with the Company as the surviving corporation. Also at closing, the Company changed its name from “Center Bancorp, Inc.” to “ConnectOne Bancorp, Inc.” and changed its NASDAQ trading symbol to “CNOB” from “CNBC.” Pursuant to the Merger Agreement, holders of Legacy ConnectOne common stock, no par value per share (the “Legacy ConnectOne Common Stock”), received 2.6 shares of common stock of the Company, no par value per share (the “Company Common Stock”), for each share of Legacy ConnectOne Common Stock held immediately prior to the effective time of the Merger, with cash to be paid in lieu of fractional shares. Each outstanding share of Company Common Stock remained outstanding and was unaffected by the Merger. Each option granted by Legacy ConnectOne to purchase shares of Legacy ConnectOne Common Stock was converted into an option to purchase Company Common Stock on the same terms and conditions as were applicable prior to the Merger (taking into account any acceleration or vesting by reason of the consummation of the Merger and its related transactions), subject to adjustment of the exercise price and the number of shares of Company Common Stock issuable upon exercise of such option based on the 2.6 exchange ratio. Immediately following the Merger, Union Center National Bank, a bank organized pursuant to the laws of the United States, and a wholly owned subsidiary of the Company (“UNCB”), merged (the “Bank Merger”) with and into ConnectOne Bank, a New Jersey state-chartered commercial bank and a wholly owned subsidiary of Legacy ConnectOne, with ConnectOne Bank as the surviving entity (the “Bank”). The Bank now conducts business only in the name of and under the brand of ConnectOne. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of July 1, 2014 based on management’s best estimate using the information available as of the Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $129,105,000 and a core deposit intangible of $5,308,000. As of July 1, 2014, Legacy ConnectOne had assets with a carrying value of approximately $1.5 billion, including loans with a carrying value of approximately $1.2 billion, and deposits with a carrying value of approximately $1.1 billion. The table below summarizes the amounts recognized as of the Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Company’s financial statements at fair value at the Merger date (in thousands): Consideration paid through Company common stock issued to Legacy ConnectOne shareholders and fair value of stock options acceleration was: $ 264,231 Legacy Fair value As recorded Cash and cash equivalents $ 70,318 $ - $ 70,318 Investment securities 28,436 16 (a) 28,452 Restricted investments 13,646 - 13,646 Loans held-for-sale 190 - 190 Loans 1,304,600 (5,316) (b) 1,299,284 Bank owned life insurance 15,481 - 15,481 Premises and equipment, net 7,380 (905) (c) 6,475 Accrued interest receivable 4,470 - 4,470 Core deposit intangible - 5,308 (d) 5,308 Other real estate owned 2,455 - 2,455 Other assets 10,636 3,650 (e) 14,286 Deposits (1,049,666) (1,676) (f) (1,051,342) Borrowings (262,046) (1,324) (g) (263,370) Other liabilities (10,527) - (10,527) Total identifiable net assets $ 135,373 $ (247) $ 135,126 Goodwill recorded in the Merger $ 129,105 The following provides an explanation of certain fair value adjustments presented in the above table: a) Represents the fair value adjustment on investment securities held-to-maturity. b) Represents the elimination of Legacy ConnectOne’s allowance for loan and lease losses, deferred fees, deferred costs and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. c) Represent an adjustment to reflect the fair value of above-market rent on leased premises. The above-market rent adjustment will be amortized on a straight-line basis over the remaining term of the respective leases. d) Represents intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. e) Consist primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to acquired assets, liabilities assumed and identifiable intangibles recorded. f) Represents fair value adjustment on time deposits as the weighted average interest rates of time deposits assumed exceeded the costs of similar funding available in the market at the time of the Merger, as well as the elimination of fees paid on brokered time deposits. g) Represents the fair value adjustment on FHLB borrowings as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Merger. The amount of goodwill recorded represents the excess purchase price over the estimated fair value of the net assets acquired by the Company and reflects the economies of scale, increased market share and lending capabilities, greater access to best-in-class banking technology, and related synergies that are expected to result from the acquisition. Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired from Legacy ConnectOne were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimated future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loan were derived from the eventual sale of the collateral. These values were discounted using market derived rate of returns, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of Legacy ConnectOne allowance for loan and lease losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Merger. The acquired loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of July 1, 2014 was comprised of collateral dependent loans with deteriorated credit quality as follows: ASC 310-30 Contractual principal and accrued interest at acquisition $ 23,284 Principal not expected to be collected (nonaccretable discount) (6,942) Expected cash flows at acquisition 16,342 Interest component of expected cash flows (accretable discount) (5,013) Fair value of acquired loans $ 11,329 The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing an accelerated method. Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. The fair value of retail demand and interest-bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowed funds was estimated by discounting the future cash flows using market rates for similar borrowings. Direct acquisition and integration costs of the Merger were expensed as incurred and totaled $12.4 million. These items were recorded as merger-related expenses on the statement of operations. The following table presents selected unaudited pro forma financial information reflecting the Merger assuming it was completed as of January 1, 2013. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the Merger actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full fiscal year period. Pro forma basic and diluted earnings per common share were calculated using the Company’s actual weighted average shares outstanding for the periods presented, plus the incremental shares issued, assuming the Merger occurred at the beginning of the periods presented. The unaudited pro forma information set forth below reflects the adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion discounts. In the table below, merger-related expenses of $12.4 million were excluded from pro forma noninterest expenses for the year ended December 31, 2014. Income taxes were also adjusted to exclude income tax benefits of $5.6 million related to the merger expenses for the year ended December 31, 2014. 2014 Net interest income $ 107,988 Noninterest income 8,244 Noninterest expense (54,749) Net income 45,981 Pro forma earnings per share from continuing operations: Basic $ 1.55 Diluted 1.53 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 - Investment Securities The Company’s investment securities are classified as available-for-sale at December 31, 2016 and as available-for-sale and held-to-maturity at 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 December 31, 2016 and December 31, 2015. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 22 of the Notes to Consolidated Financial Statements for a further discussion. Transfers of debt securities between the held-to-maturity category to the available-for-sale category are made at fair value at the date of transfer. For transfers from the available-for-sale category to the held-to maturity category 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. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted out of other comprehensive income with an offsetting entry to interest income as a yield adjustment through earnings over the remaining terms of the securities. For transfers from the held-to-maturity category to the available-for-sale category unrealized holding gain or loss at the date of the transfer shall be recognized in accumulated other comprehensive income, net of applicable taxes. During the year ended December 31, 2016, the Company transferred all securities previously categorized as held-to-maturity to available-for-sale classification. The transfer resulted in an increase of approximately $210 million in amortized cost basis of available-for-sale securities and resulted in a net increase to accumulated other comprehensive income of $7.4 million, net of tax. This transfer will enhance liquidity and increase flexibility with regard to asset-liability management and balance sheet composition. As a result of the transfer, the Company believes it has tainted its held-to-maturity classification and judgment will be required in the future in determining when circumstances have changed such that management can assert that it has the intent and ability to hold debt securities to maturity. Based on this guidance, the Company does not expect to classify any securities as held-to-maturity within the near future. The following tables present information related to the Company’s portfolio of securities available-for-sale and held-to-maturity at December 31, 2016 and 2015. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) December 31, 2016 Investment securities available-for-sale Federal agency obligations $ 52,826 $ 282 $ (271) $ 52,837 Residential mortgage pass-through securities 72,922 519 (944) 72,497 Commercial mortgage pass-through securities 4,186 23 - 4,209 Obligations of U.S. states and political subdivisions 148,747 2,789 (931) 150,605 Trust preferred securities 5,575 242 (151) 5,666 Corporate bonds and notes 36,717 586 (375) 36,928 Asset-backed securities 14,867 2 (286) 14,583 Certificates of deposit 973 10 - 983 Equity securities 376 192 - 568 Other securities 14,739 - (325) 14,414 Total securities available-for-sale $ 351,928 $ 4,645 $ (3,283) $ 353,290 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 (dollars in thousands) 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 Amortized Cost Gross Gross Fair 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 subdivisions 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 The following table presents information for investments in securities available-for-sale at December 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. Securities not due at a single maturity date are shown separately. December 31, 2016 Amortized Cost Fair Value (dollars in thousands) Investment Securities Available-for-Sale: Due in one year or less $ 5,003 $ 5,054 Due after one year through five years 32,045 32,406 Due after five years through ten years 50,718 51,473 Due after ten years 171,939 172,669 Residential mortgage pass-through securities 72,922 72,497 Commercial mortgage pass-through securities 4,186 4,209 Equity securities 376 568 Other securities 14,739 14,414 Total securities available-for-sale $ 351,928 $ 353,290 Gross gains and losses from the sales, calls, and maturities of investment securities for the years ended December 31, 2016, 2015 and 2014 were as follows (dollars in thousands): Years Ended December 31, 2016 2015 2014 Proceeds $ 85,253 $ 65,231 $ 81,844 Gross gains on sales of investment securities $ 4,234 $ 3,931 $ 2,837 Gross losses on sales of investment securities - - 19 Net gains on sales of investment securities 4,234 3,931 2,818 Less: tax provision on net gains (1,682) (1,564) (986) Net gains on sales of investment securities , after tax $ 2,552 $ 2,367 $ 1,832 Other-than-Temporarily Impaired Investments The Company reviews all securities for potential recognition of other-than-temporary impairment. The Company maintains a watch list for the identification and monitoring of securities experiencing problems that require a heightened level of review. This could include credit rating downgrades. The Company’s assessment of whether an impairment in the portfolio is other-than temporary includes factors such as whether the issuer has defaulted on scheduled payments, announced restructuring and/or filed for bankruptcy, has disclosed severe liquidity problems that cannot be resolved, disclosed deteriorating financial condition or sustained significant losses. Temporarily Impaired Investments The Company does not believe that any of the unrealized losses, which were comprised of 84 and 74 investment securities as of December 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 management believes 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 which may contribute to unrealized losses include credit risk, market risk, changes in 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 the investment portfolio including limits on concentrations to any one issuer. The Company believes the investment portfolio is prudently diversified. The unrealized losses included in the tables below are primarily related to changes in interest rates and credit spreads. All of the Company’s investment securities are performing and are expected to continue to perform in accordance with their respective contractual terms and conditions. These are largely intermediate duration holdings and, in certain cases, monthly principal payments can further reduce loss exposure resulting from an increase 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 December 31, 2016. In determining whether or not securities are OTTI, the Company must exercise considerable judgment. Accordingly, there can be no assurance that the actual results will not differ from the Company’s judgments and that such differences may not require the future recognition of other-than-temporary impairment charges that could have a material effect on the Company’s financial position and results of operations. In addition, the value of, and the realization of any loss on, an investment security is subject to numerous risks as cited above. The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at December 31, 2016 and 2015. There were no investments held-to-maturity as of December 31, 2016. December 31, 2016 Total Less than 12 Months 12 Months or Longer Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 22,672 $ (271) $ 21,416 $ (262) $ 1,256 $ (9) Residential mortgage pass-through securities 50,136 (944) 49,817 (937) 319 (7) Obligations of U.S. states and political subdivisions 52,307 (931) 52,307 (931) - - Trust preferred securities 1,427 (151) - - 1,427 (151) Corporate bonds and notes 15,930 (375) 7,671 (265) 8,259 (110) Asset-backed securities 13,404 (286) 3,743 (88) 9,661 (198) Other securities 11,467 (325) - - 11,467 (325) Total Temporarily Impaired Securities $ 167,343 $ (3,283) $ 134,954 $ (2,483) $ 32,389 $ (800) December 31, 2015 Total Less than 12 Months 12 Months or Longer Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 6,755 $ (50) $ 2,770 $ (9) $ 3,985 $ (41) Residential mortgage pass-through securities 5,694 (11) 5,694 (11) — — Trust preferred securities 1,307 (269) — — 1,307 (269) Corporate bonds and notes 1,961 (11) 1,961 (11) — — Asset-backed securities 9,773 (31) 9,773 (31) — — Certificates of deposit 369 (2) 369 (2) — — Equity securities 307 (69) — — 307 (69) Other securities 5,417 (82) 1,978 (21) 3,439 (61) Total $ 31,583 $ (525) $ 22,545 $ (85) $ 9,038 $ (440) Investment Securities Held-to-Maturity: Federal agency obligation 3,228 (28) 3,228 (28) — — Obligations of U.S. states and political subdivisions 8,341 (60) 1,401 (3) 6,940 (57) Corporate bonds and notes 993 (7) 993 (7) — — Total 12,562 (95) 5,622 (38) 6,940 (57) Total Temporarily Impaired Securities $ 44,145 $ (620) $ 28,167 $ (123) $ 15,978 $ (497) Investment securities having a carrying value of approximately $121.9 million and $142.5 million at December 31, 2016 and December 31, 2015, respectively, were pledged to secure public deposits, borrowings, repurchase agreements, Federal Reserve Discount Window and Federal Home Loan Bank advances and for other purposes required or permitted by law. As of December 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. |
Loans and the Allowance for Loa
Loans and the Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure | Note 5 - Loans and the Allowance for Loan and Lease Losses Loans held-for-sale The following table presents loans held-for-sale by loan segment: 2016 2015 (in thousands) Commercial $ 70,105 $ - Commercial real estate 7,712 Residential mortgage loans 188 - Total carrying amount $ 78,005 $ - As of December 31, 2016, the commercial loans held-for-sale segment included the Company’s entire taxi medallion portfolio, with a carrying value of $65.6 million. As of December 31, 2016 the majority of the taxi medallion portfolio ($63.0 million, or 96%) was designated as nonaccrual. Loans Receivable The following table sets forth the composition of the Company’s loan portfolio segments, including net deferred fees at December 31, 2016 and 2015, respectively: 2016 2015 (in thousands) Commercial $ 553,576 $ 570,116 Commercial real estate 2,204,710 1,966,696 Commercial construction 486,228 328,838 Residential real estate 232,547 233,690 Consumer 2,380 2,454 Gross loans 3,479,441 3,101,794 Net deferred (fees) (3,609) (2,787) Total loans receivable $ 3,475,832 $ 3,099,007 The loan segments in the above table have unique risk characteristics with respect to credit quality: · The repayment of commercial loans is generally dependent on the creditworthiness and cash flow of borrowers, and if applicable, guarantors, which may be negatively impacted by adverse economic conditions. While the majority of these loans are secured, collateral type, marketing, coverage, valuation and monitoring is not as uniform as in other portfolio classes and recovery from liquidation of such collateral may be subject to greater variability. · Payment on commercial mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. · Properties underlying construction, land and land development loans often do not generate sufficient cash flows to service debt and thus repayment is subject to ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain. · The ability of borrowers to service debt in the residential and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and/or second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions. 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 December 31, 2016 and December 31, 2015. 2016 2015 (in thousands) Commercial $ 7,098 $ 7,078 Commercial real estate 982 1,775 Commercial construction - - Residential real estate - 328 Consumer - - Total carrying amount $ 8,080 $ 9,181 For those purchased loans disclosed above, the Company did not increase the allowance for loan and lease losses for the year ended December 31, 2016. No allowances for loan and lease losses were reversed during 2016. The accretable yield, or income expected to be collected, on the purchased credit impaired loans above is as follows at December 31, 2016 and December 31, 2015. 2016 2015 (in thousands) Balance at beginning of period $ 3,599 $ 4,805 New loans purchased - - Accretion of income (739) (1,206) Reclassifications from nonaccretable difference - - Disposals - - Balance at end of period $ 2,860 $ 3,599 Loans Receivable on Nonaccrual Status The following table presents nonaccrual loans included in loans receivable by loan segment as of the periods presented. 2016 2015 (in thousands) Commercial $ 1,460 $ 6,586 Commercial real estate 1,081 9,112 Commercial construction - 1,479 Residential real estate 3,193 3,559 Total loans receivable on nonaccrual status $ 5,734 $ 20,736 Nonaccrual loans and loans 90 days or greater past due and still accruing include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated for impairment. At December 31, 2016 and 2015, loan balances of approximately $1.7 billion and $1.6 billion, respectively, were pledged to secure borrowings from the Federal Home Loan Bank. The Company continuously monitors the credit quality of its loans receivable. In addition to its internal monitoring, periodically validate the on a simple basis. Credit Quality Indicators December 31, 2016 Pass Special Substandard Doubtful Total (in thousands) Commercial $ 539,961 $ 3,255 $ 10,360 $ - $ 553,576 Commercial real estate 2,154,343 31,173 19,194 - 2,204,710 Commercial construction 480,319 3,388 2,521 - 486,228 Residential real estate 228,990 - 3,557 - 232,547 Consumer 2,318 - 62 - 2,380 Total loans $ 3,405,931 $ 37,816 $ 35,694 $ - $ 3,479,441 December 31, 2015 Pass Special 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 segment at December 31, 2016, 2015 and 2014: December 31, 2016 (dollars in thousands) No Related Allowance Recorded Recorded Unpaid Related Average Interest Commercial $ 3,637 $ 4,063 $ $ 4,052 $ 64 Commercial real estate 18,288 18,288 18,532 250 Commercial construction 5,909 5,909 5,308 79 Residential real estate 1,851 2,055 1,908 19 Consumer 62 62 72 4 Total $ 29,747 $ 30,377 $ $ 29,872 $ 416 With An Allowance Recorded Commercial real estate $ 1,244 $ 1,244 $ 145 $ 1,274 $ - Total Commercial $ 3,637 $ 4,063 $ - $ 4,052 $ 64 Commercial real estate 19,532 19,532 145 19,806 250 Commercial construction 5,909 5,909 - 5,308 79 Residential real estate 1,851 2,055 - 1,908 19 Consumer 62 62 - 72 4 Total (including related $ 30,991 $ 31,621 $ 145 $ 31,146 $ 416 December 31, 2015 (dollars in thousands) No Related Allowance Recorded Recorded Unpaid Related Average Interest Commercial $ 610 $ 645 $ 686 $ - Commercial real estate 15,517 16,512 6,363 60 Commercial construction 2,149 2,141 1,535 - Residential real estate 3,954 4,329 3,322 10 Consumer 87 86 96 5 Total $ 22,317 $ 23,713 $ 12,002 $ 75 With An Allowance Recorded Commercial $ 84,787 $ 84,449 $ 6,725 $ 55,445 $ 1,895 Total Commercial $ 85,397 $ 85,094 $ 6,725 $ 56,131 $ 1,895 Commercial real estate 15,517 16,512 - 6,363 60 Commercial construction 2,149 2,141 - 1,535 Residential real estate 3,954 4,329 - 3,322 10 Consumer 87 86 - 96 5 Total $ 107,104 $ 108,162 $ 6,725 $ 67,447 $ 1,970 December 31, 2014 (dollars in thousands) No Related Allowance Recorded Recorded Unpaid Related Average Interest Commercial $ 481 $ 527 $ 494 $ - Commercial real estate 5,890 6,857 6,276 129 Residential real estate 3,072 3,406 3,170 41 Consumer 109 101 107 - Total $ 9,552 $ 10,891 $ 10,047 $ 170 With An Allowance Recorded Commercial $ 387 $ 389 $ 111 $ 389 $ - Commercial real estate 3,520 3,520 150 3,584 171 Total $ 3,907 $ 3,909 $ 261 $ 3,973 $ 171 Total Commercial $ 868 $ 917 $ 111 $ 883 $ - Commercial real estate 9,410 10,107 150 9,860 300 Residential real estate 3,072 3,406 - 3,170 41 Consumer 109 101 - 106 - Total $ 13,459 $ 14,531 $ 261 $ 14,019 $ 341 Included in the impaired loans table are $13.3 The following table provides an analysis of the aging of the loans by segment, excluding net deferred fees Aging Analysis: December 31, 2016 30-59 Days 60-89 Days 90 Days or Nonaccrual Total Past Current Total Loans Commercial $ 475 $ 18 $ 4,630 $ 1,460 $ 6,583 $ 546,993 $ 553,576 Commercial real estate 4,928 1,584 663 1,081 8,256 2,196,454 2,204,710 Commercial construction - - - - - 486,228 486,228 Residential real estate 2,131 388 - 3,193 5,712 226,835 232,547 Consumer - - - - - 2,380 2,380 Total $ 7,534 $ 1,990 $ 5,293 $ 5,734 $ 20,551 $ 3,458,890 3,479,441 December 31, 2015 30-59 Days 60-89 Days 90 Days or Nonaccrual Total Past Current Total Loans Commercial $ 6,178 $ 3,505 $ - $ 6,586 $ 16,269 $ 553,847 $ 570,116 Commercial real estate 1,998 988 - 9,112 12,098 1,954,598 1,966,696 Commercial construction - - - 1,479 1,479 327,359 328,838 Residential real estate - - - 3,559 3,559 230,131 233,690 Consumer 4 9 - - 13 2,441 2,454 Total $ 8,180 $ 4,502 $ - $ 20,736 $ 33,418 $ 3,068,376 3,101,794 Included in the 90 days or greater and still accruing are PCI loans, net of their fair value marks, which are accreting income per their valuation at date of acquisition. The following tables detail, at the period-end presented, the amount of gross loans (excluding loans held-for-sale) that are evaluated individually, and collectively, for impairment, 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: December 31, 2016 Commercial Commercial Commercial Residential Consumer Unallocated Total (in thousands) Allowance for loan and lease losses Individually evaluated for impairment $ - $ 145 $ - $ - $ - $ - $ 145 Collectively evaluated for impairment 6,632 12,438 4,789 958 3 779 25,599 Acquired portfolio - - - - - - - Acquired with deteriorated credit quality - - - - - - - Total $ 6,632 $ 12,583 $ 4,789 $ 958 $ 3 $ 779 $ 25,744 Gross loans Individually evaluated for impairment $ 3,637 $ 19,532 $ 5,909 $ 1,851 $ 62 $ 30,991 Collectively evaluated for impairment 517,869 1,621,745 478,865 163,686 1,757 2,783,922 Acquired portfolio 24,972 562,451 1,454 67,010 561 656,448 Acquired with deteriorated credit quality 7,098 982 - - - 8,080 Total $ 553,576 $ 2,204,710 $ 486,228 $ 232,547 $ 2,380 $ 3,479,441 December 31, 2015 Commercial Commercial Commercial Residential 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 portfolio - - - - - - - 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 395,424 1,269,140 315,785 136,633 1,649 2,118,631 Acquired portfolio 82,217 680,264 10,904 92,775 718 866,878 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 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. A summary of the activity in the allowance for loan and lease losses is as follows: Year Ended December 31, 2016 (dollars in thousands) Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total Balance at January 1, 2016 $ 10,949 $ 10,926 $ 3,253 $ 976 $ 4 $ 464 $ 26,572 Loan charge-offs (39,343) (107) - (94) (29) - (39,573) Recoveries 4 35 - 3 3 - 45 Provision for loan and lease losses 35,022 1,729 1,536 73 25 315 38,700 Balance at December 31, 2016 $ 6,632 $ 12,583 $ 4,789 $ 958 $ 3 $ 779 $ 25,744 Year Ended December 31, 2015 (dollars in thousands) Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total Balance at January 1, 2015 $ 3,083 $ 7,799 $ 1,239 $ 1,113 $ 7 $ 919 $ 14,160 Loans charge-offs (101) (406) - - (31) - (538) Recoveries 13 327 - 2 3 - 345 Provision for loan and lease losses 7,954 3,206 2,014 (139) 25 (455) 12,605 Balance at December 31, 2015 $ 10,949 $ 10,926 $ 3,253 $ 976 $ 4 $ 464 $ 26,572 Year Ended December 31, 2014 (dollars in thousands) Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total Balance at January 1, 2014 $ 1,698 $ 5,746 $ 362 $ 990 $ 146 $ 1,391 $ 10,333 Loans charge-off (379) (398) - (159) - - (936) Recoveries 50 - - 19 11 - 80 Provision for loan and lease losses 1,714 2,451 877 263 (150) (472) 4,683 Balance at December 31, 2014 $ 3,083 $ 7,799 $ 1,239 $ 1,113 $ 7 $ 919 $ 14,160 For the year ended, the loan charge-offs within the commercial loan segment were primarily made up of $36.7 The $36.7 million charge on the taxi medallion portfolio occurred in conjunction with the transfer of the taxi medallion loans to loans held-for-sale. The amount transferred to loans held-for-sale as of December 31, 2016 had a carrying value of $65.6 million following the charge-off. Troubled Debt Restructurings Loans are considered to have been modified in a troubled debt restructuring (“TDRs”) when due to a borrower’s financial difficulties, the Company makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a nonaccrual loan that has been modified in a troubled debt restructuring remains on nonaccrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual status. At December 31, 2016, there were no commitments to lend additional funds to borrowers whose loans were on nonaccrual status or were contractually past due 90 days or greater and still accruing interest, or whose terms have been modified in troubled debt restructurings. The following table presents loans by segment modified as troubled debt restructurings and the related changes to the allowance for loan and leases losses that occurred during the year ended December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Recorded Recorded Investment ALLL Investment ALLL Troubled debt restructurings Beginning balance $ 86,629 $ 4,500 $ 2,788 $ - Additions 26,325 8,250 84,290 4,500 Payoffs/paydowns (2,616) (449) Transfers (96,520) - - Other - (12,750) - - Ending balance $ 13,818 $ - $ 86,629 $ 4,500 Loans modified in troubled debt restructurings totaled $13.8 million at December 31, 2016, of which $0.5 million were on nonaccrual status, $13.3 million were performing under restructured terms. 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 under restructured terms. During the year, approximately $96.5 million of taxi medallion loans were transferred to the loans held-for-sale category and, concurrently, were made nonaccrual. Prior to the transfer, the taxi medallion loans modified in a troubled debt restructuring had a specific reserve of $12.5 million, which was charged-off as part of the transfer of the entire taxi medallion loan portfolio to loans held-for-sale. The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2016 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Troubled debt restructurings: Commercial 19 $ 22,420 $ 22,420 Commercial real estate 3 2,155 2,155 Commercial construction 1 1,750 1,750 Residential real estate - - - Consumer - - - Total 23 $ 26,325 $ 26,325 Included in the above troubled debt restructurings were 15 loans secured by 27 New York City taxi medallions totaling $18.5 million as of the date of the respective modifications. These loan modifications included interest rate reductions and maturity extensions. All 15 loans were accruing prior to modification, while 14 remained in accrual status post-modification. As of December 31, 2016, the taxi medallion loans that were modified in a troubled debt restructuring in 2016 were transferred to the loans held-for-sale category (along with the 2015 taxi medallion modified troubled debt restructurings) and, concurrently, were put on nonaccrual. There were no charge-offs in connection with a loan modification at the time of modification during the year ended December 31, 2016. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the year ended December 31, 2016. The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2015 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Troubled debt restructurings: Commercial 48 $ 78,466 $ 78,466 Commercial real estate 3 5,049 5,049 Commercial construction 1 661 661 Residential real estate 1 110 110 Consumer 1 4 4 Total 54 $ 84,290 $ 84,290 The increase in TDRs was due to loans secured by New York City taxi medallions that were modified during the second quarter of 2015. The modifications consisted of a deferral of principal amortization from approximately 25-30 year amortization to interest-only. There was no extension of the loans contractual maturity dates, there was no forgiveness of principal, and the interest rates on these loans were increased from approximately 3%-3.25% to 3.75%. These loans were accruing prior to modification and remained in accrual status post-modification. There were no charge-offs in connection with a loan modification at the time of modification during the year ended December 31, 2015. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the year ended December 31, 2015. The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2014 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Troubled debt restructurings: Commercial 1 $ 672 $ 289 Commercial real estate - - - Commercial construction - - - Residential real estate 2 275 272 Total 3 $ 947 $ 561 The TDRs presented as of December 31, 2014 did not increase the allowance for loan and lease losses and resulted in charge-offs of $333,000 during the year ended December 31, 2014. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the year ended December 31, 2014. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment Disclosure [Text Block] | Note 6 - Premises and Equipment Premises and equipment are summarized as follows: Estimated Useful Life (Years) 2016 2015 (dollars in Thousands) Land - $ 2,403 $ 2,403 Buildings 20-40 16,027 16,490 Furniture, fixtures and equipment 3-7 29,039 27,235 Leasehold improvements 10-20 12,908 12,230 Subtotal 60,377 58,358 Less: accumulated depreciation and amortization 37,700 35,291 Subtotal 22,677 23,067 Less: fair value adjustment for acquired leases (602) (734) Total premises and equipment, net $ 22,075 $ 22,333 Depreciation and amortization expense of premises and equipment was $2.7 million, $2.3 million and $1.5 million for 2016, 2015 and 2014, respectively. Capital Leases The Company has included this lease in premises and equipment as follows (dollars in thousands): 2016 2015 Capital Lease $ 3,422 $ 3,422 Less: accumulated amortization 1,369 1,198 $ 2,053 $ 2,224 The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments at December 31, 2016 (dollars in thousands): 2017 $ 292 2018 294 2019 321 2020 321 2021 321 Thereafter 2,376 Total minimum lease payments 3,925 Less amount representing interest 1,162 Present value of net minimum lease payments $ 2,763 Operating Leases Future minimum lease payments under these leases are as follows (dollars in thousands): 2017 $ 2,149 2018 2,131 2019 2,003 2020 1,851 2021 1,565 Thereafter 6,400 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 - Goodwill and Other Intangible Assets A goodwill impairment test is required under ASC 350, Intangibles – Goodwill and Other, and the FASB issued ASU No. 2011-08, “Testing Goodwill for Impairment,” allowing an initial qualitative assessment of goodwill commonly known as step zero impairment testing. In general, the step zero test allows an entity to first assess qualitative factors to determine whether it is more likely than not (i.e., more than 50%) that the fair value of a reporting unit is less than its carrying value. If a step zero impairment test results in the conclusion that it is more likely than not that the fair value of the reporting unit exceeds its carrying value, then no further testing is required. Step zero impairment testing is an assessment of qualitative factors that affect the likelihood of impairment. Based upon management’s review, the Company’s intangible assets were not impaired and there has been no impairment through December 31, 2016. Management concludes that the ASC 350 goodwill step zero test has been passed, and no further testing is required. Goodwill The change in goodwill during the year is as follows (dollars in thousands): 2016 2015 Beginning of year $ 145,909 $ 145,909 Acquired goodwill - - Impairment - - End of year $ 145,909 $ 145,909 Acquired Intangible Assets The table below provides information regarding the carrying amounts and accumulated amortization of total amortized intangible assets as of the dates set forth below. Gross Carrying Amount Accumulated Amortization Net Carrying Amount (dollars in thousands) As of December 31, 2016 Core deposit intangibles $ 6,011 $ (2,923) $ 3,088 As of December 31, 2015 Core deposit intangibles $ 6,011 $ (2,103) $ 3,908 Aggregate amortization expense was $820,000, $917,000 and $507,000 for 2016, 2015 and 2014, respectively. Estimated amortization expense for each of the next five years (in thousands): 2017 $ 724 2018 627 2019 531 2020 434 2021 338 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Note 8 – Deposits Time Deposits As of December 31, 2016 and 2015, the Company's total time deposits were $968.1 million and $774.7 million, respectively. As of December 31, 2016, the contractual maturities of these time deposits were as follows: (dollars in thousands) Amount 2017 $ 518,913 2018 302,698 2019 119,925 2020 20,167 2021 6,433 Total $ 968,136 The amount of time deposits with balances of $250,000 or more was $106.5 million and $142.8 million as of December 31, 2016 and 2015, respectively. |
FHLB Borrowings
FHLB Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
FHLB Borrowings | Note 9 – FHLB Borrowings The Company’s FHLB borrowings and weighted average interest rates are summarized below: December 31, 2016 December 31, 2015 Amount Rate Amount Rate (in thousands) Total FHLB borrowings $ 461,280 1.55 % $ 656,587 1.26% By remaining period to maturity: One year or less $ 231,280 1.02 % 270,587 0.64% One to two years 130,000 1.84 % 156,000 1.13% Two to three years 35,000 1.60 % 130,000 1.84% Three to four years 65,000 2.82 % 35,000 1.60% Four to five years - 65,000 2.82% Total borrowings $ 461,280 1.55 % $ 656,587 1.26% 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. Three of the FHLB notes ($2.5 million and $7.5 million each due April 2, 2018, and $5.0 million 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. The advances at December 2016 were primarily collateralized by approximately $1.3 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At December 31, 2016 the Company had remaining borrowing capacity of approximately at FHLB of $744 million. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2016 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold under Agreements to Repurchase [Text Block] | Note 10 – Securities Sold under Agreements to Repurchase The Company has entered into agreements under which it has sold securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated statement of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees. Repurchase agreements are secured borrowings. The Company pledges investment securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows: 2016 2015 2014 Average daily balance during the year $ 15,000 $ 22,890 $ 31,000 Average interest rate during the year 5.95 % 5.92 % 5.90 % Maximum month-end balance during the year $ 15,000 $ 31,000 $ 31,000 Weighted average interest rate during the year 5.95 % 5.92 % 5.90 % The table below shows the remaining contractual maturity of agreement by fair value of collateral pledged: 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30-90 Days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and agency securities $ - $ - $ - $ - $ - Residential mortgage pass-through securities - - - 16,826 16,826 Total Borrowings $ - $ - $ - $ 16,826 $ 16,826 Amounts related to agreements not included in offsetting disclosure in Note 13. $ 1,826 2015 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30-90 Days Greater Than 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 13. $ 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 $16.8 million and $18.9 million at year-end 2016 and 2015. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | Note 11 - Subordinated Debentures During 2003, the Company formed a statutory business trust, which exists for the exclusive purpose of (i) issuing Trust Securities representing undivided beneficial interests in the assets of the Trust; (ii) investing the gross proceeds of the Trust securities in junior subordinated deferrable interest debentures (subordinated debentures) of the Company; and (iii) engaging in only those activities necessary or incidental thereto. On December 19, 2003, Center Bancorp Statutory Trust II, a statutory business trust and wholly-owned subsidiary of the Parent Corporation issued $5.0 million of, MMCapS capital securities to investors due on January 23, 2034. The capital securities presently qualify as Tier 1 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 December 31, 2016 was 3.74%. These subordinated debentures and the related income effects are not eliminated in the consolidated financial statements as the statutory business trust is not consolidated in accordance with FASB ASC 810-10. Distributions on the subordinated debentures owned by the subsidiary trust have been classified as interest expense in the Consolidated Statements of Income. The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II at December 31, 2016 and December 31, 2015. Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $ 5,000,000 $1,000 per Capital Security Floating 3-month LIBOR + 285 Basis Points 01/23/2034 01/23/2009 In June 2015, the Parent Corporation issued $50.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”). 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 December 31, 2016, unamortized costs related to the debt issuance were $621,000. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Note 12 - Income Taxes The current and deferred amounts of income tax expense for 2016, 2015 and 2014 are as follows (dollars in thousands): 2016 2015 2014 Current Federal $ 10,173 $ 22,512 $ 7,715 State (366) 907 946 Subtotal 9,807 23,419 8,661 Deferred Federal 2,682 (3,835) 223 State (713) 342 (39) Subtotal 1,969 (3,493) 184 Income tax expense $ 11,776 $ 19,926 $ 8,845 Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons (dollars in thousands): 2016 2015 2014 Income before income tax expense $ 42,858 $ 61,237 $ 27,410 Federal statutory rate 35 % 35 % 35 % Computed “expected” Federal income tax 15,000 21,433 9,593 State tax, net of Federal tax benefit (701) 812 589 Bank owned life insurance (896) (624) (456) Tax-exempt interest and dividends (1,714) (1,584) (1,511) Other, net 87 (111) 630 Income tax $ 11,776 $ 19,926 $ 8,845 The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2016 and 2015 are presented in the following table: 2016 2015 (dollars in thousands) Deferred tax assets Nonaccrual interest $ 470 $ 349 Allowance for loan and lease losses 10,374 10,798 Pension actuarial losses 2,439 2,605 Purchase accounting 4,881 7,195 Deferred compensation 2,277 1,479 Unrealized losses on securities and SWAPs - 445 Deferred loan costs, net of fees 613 460 Accrued rent 617 530 Other 14 25 New Jersey net operating loss 1,004 - Capital lease 139 427 Total deferred tax assets $ 22,828 $ 24,313 Deferred tax liabilities Employee benefit plans $ (2,275) $ (1,370) Depreciation (1,039) (1,001) Market discount accretion (235) (41) Prepaid expenses (345) (341) Unrealized gains on securities and SWAPs (449) - Other (33) (27) Total deferred tax liabilities (4,376) (2,780) Net deferred tax assets $ 18,452 $ 21,533 In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets for state purposes is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible, while for Federal purposes the deferred tax assets can also be realized through tax carrybacks. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income, and tax planning strategies in making this assessment. During 2016 and 2015, based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes the net deferred tax assets are more likely than not to be realized. The Company’s federal income tax returns are open and subject to examination from the 2013 tax return year and forward. The Company’s state income tax returns are generally open from the 2012 and later tax return years based on individual state statutes of limitations. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Offsetting [Abstract] | |
Offsetting Assets and Liabilities [Text Block] | Note 13 – 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 Note 21 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 December 31, 2016 and December 31, 2015: Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash or Net (in thousands) December 31, 2016 Assets: Interest rate swaps $ 88 $ - $ 88 $ - $ - $ 88 Liabilities: Repurchase agreements $ 15,000 $ - 15,000 - 15,000 - December 31, 2015 Liabilities: Interest rate swaps $ 131 $ - $ 131 $ - $ - $ - Repurchase agreements 15,000 - 15,000 - 15,000 131 Total $ 15,131 $ - $ 15,131 $ - $ 15,000 $ 131 For the year ended December 31, 2016 and 2015 there was no financial collateral pledged to our interest rate swaps. As these swap positions were not within the contractually agreed upon collateral requirement there was no collateral pledged to, or from, the respective counterparties. |
Commitments, Contingencies and
Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Note 14 - Commitments, Contingencies and Concentrations of Credit Risk In the normal course of business, the Company has outstanding commitments and contingent liabilities, such as standby and commercial letters of credit, unused portions of lines of credit and commitments to extend various types of credit. Commitments to extend credit and standby letters of credit generally do not exceed one year. These financial instruments involve, to varying degrees, elements of credit risk in excess of the amounts recognized in the consolidated financial statements. The commitment or contract amount of these financial instruments is an indicator of the Company’s level of involvement in each type of instrument as well as the exposure to credit loss in the event of nonperformance by the other party to the financial instrument. The Company controls the credit risk of these financial instruments through credit approvals, limits and monitoring procedures. To minimize potential credit risk, the Company generally requires collateral and other credit-related terms and conditions from the customer. In the opinion of management, the financial condition of the Company will not be materially affected by the final outcome of these commitments and contingent liabilities. A substantial portion of the Bank’s loans are secured by real estate located in New Jersey and New York. Accordingly, the collectability of a substantial portion of the loan portfolio of the Bank is susceptible to changes in the metropolitan New York real estate market. The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2016 and 2015: 2016 2015 (dollars in thousands) Commitments under commercial loans and lines of credit $ 267,865 $ 278,201 Home equity and other revolving lines of credit 52,788 52,191 Outstanding commercial mortgage loan commitments 263,395 273,552 Standby letters of credit 18,331 20,895 Overdraft protection lines 733 770 Total $ 603,112 $ 625,609 The Company is subject to claims and lawsuits that arise in the ordinary course of business. Based upon the information currently available in connection with such claims, it is the opinion of management that the disposition or ultimate determination of such claims will not have a material adverse impact on the consolidated financial position, results of operations, or liquidity of the Company. |
Transactions with Executive Off
Transactions with Executive Officers, Directors and Principal Stockholders | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Sale Leaseback Transaction Disclosure | Note 15 – Transactions with Executive Officers, Directors and Principal Stockholders Loans to principal officers, directors, and their affiliates during the years ended December 31, 2016 and 2015 were as follows: 2016 2015 (dollars in thousands) Beginning balance $ 39,232 $ 44,353 New loans 25,274 - Repayments (17,736) (5,121) Ending balance $ 46,770 $ 39,232 Deposits from principal officers, directors, and their affiliates at December 31, 2016 and 2015 were $47.7 million and $29.6 million respectively. The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties). The Company leases branch facilities from related party entities. In addition, the Company also utilizes an advertising and public relations agency at which one of the Company’s directors is President and CEO and a principal owner. For these transactions, the expenses are not significant to the operations of the Company. |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 16 - Stockholders’ Equity and Regulatory Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The final rules implementing the Basel Committee on Banking Supervisions’ capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi- year schedule, and fully phased in by January 1, 2019. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Capital amounts and ratios for December 31, 2014 are calculated using Basel I rules. Management believes as of December 31, 2016, the Bank and the Parent Corporation meet all capital adequacy requirements which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is growth and expansion, and capital restoration plans are required. As of December 31, 2016 and 2015, the most recent regulatory notifications categorized the Banks as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The following is a summary of the Bank’s and the Parent Corporation’s actual capital amounts and ratios as of December 31, 2016 and 2015, compared to the FRB and FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution. Minimum For Classification Amount Ratio Amount Ratio Amount Ratio The Bank (dollars in thousands) December 31, 2016 Leverage (Tier 1) capital $ 434,067 10.34% $ 167,996 4.00% $ 209,995 5.00% Risk-Based Capital: CET 1 $ 434,067 10.98% $ 177,944 4.50% $ 257,030 6.50% Tier 1 434,067 10.98% 237,258 6.00% 316,344 8.00% Total 459,811 11.63% 316,344 8.00% 395,430 10.00% December 31, 2015 Leverage (Tier 1) capital $ 372,979 9.96% $ 149,724 4.00% $ 187,154 5.00% Risk-Based Capital: $ 372,979 10.55% $ 159,028 4.50% $ 229,707 6.50% Tier 1 372,979 10.55% 212,037 6.00% 282,716 8.00% Total 399,551 11.31% 282,716 8.00% 353,395 10.00% Minimum Capital For Classification Amount Ratio Amount Ratio Amount Ratio The Company (dollars in thousands) December 31, 2016 Leverage (Tier 1) capital $ 390,205 9.29% $ 168,048 4.00% N/A N/A Risk-Based Capital: CET 1 $ 385,050 9.74% $ 177,967 4.50% N/A N/A Tier 1 390,205 9.87% 237,289 6.00% N/A N/A Total 465,949 11.78% 316,386 8.00% N/A N/A December 31, 2015 Leverage (Tier 1) capital $ 339,544 9.07% $ 149,776 4.00% N/A N/A Risk-Based Capital: $ 323,139 9.14% $ 159,078 4.50% N/A N/A Tier 1 339,544 9.61% 212,104 6.00% N/A N/A Total 416,116 11.77% 282,805 8.00% N/A N/A The new Basel III rules require a “capital conservation buffer,” for both the Company and the Bank. When fully phased in on January 1, 2019, each of the Company and the Bank will be required to maintain a 2.5% capital conservation buffer, above and beyond the capital levels otherwise required under applicable regulation. The implementation of this capital conservation buffer began on January 1, 2016 at a level of 0.625%, and will increase by 0.625% on each subsequent January 1 until it reaches 2.5% on January 1, 2019. Under this guidance banking institutions with a CET1, Tier 1 Capital Ratio and Total Risk Based Capital Ratio above the minimum regulatory adequate capital ratios but below the capital conservation buffer will face constraints on their ability to pay dividends, repurchase equity and pay discretionary bonuses to executive officers, based on the amount of the shortfall. As of December 31, 2016 both the Company and Bank satisfy the capital conservation buffer requirements applicable to them. The lowest ratio at the Company is the Tier 1 Capital Ratio which was 3.157% above the minimum buffer ratio and, at the Bank, the lowest ratio was the Total Risk Based Capital Ratio which was 3.003% above the minimum buffer ratio. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Note 17 - Comprehensive Income Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, net of taxes. Affected Line Item in the Details about Accumulated Other Amounts Reclassified from Accumulated Consolidated Statements Comprehensive Income Components Other Comprehensive Income of Income Twelve Months Ended December 31, (dollars in thousands) 2016 2015 2014 Sale of investment securities available-for-sale 4,234 3,931 2,818 Net gains on sale (1,682) (1,564) (986) Income tax 2,552 2,367 1,832 Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity (1,986) (220) (215) Interest income 813 90 91 Income tax (1,173) (130) (124) Amortization of pension plan net actuarial losses (407) (433) (204) Salaries and employee benefits 165 177 83 Income tax (242) (256) (121) Total reclassification $ 1,137 $ 1,981 $ 1,587 Accumulated other comprehensive loss at December 31, 2016 and 2015 consisted of the following: 2016 2015 (dollars in thousands) Investment securities available-for-sale, net of tax $ 933 $ 713 Cash flow hedge, net of tax 52 (77) Unamortized component of securities transferred from - (1,173) Defined benefit pension and post-retirement plans, net of tax (3,831) (4,072) Total $ (2,846) $ (4,609) |
Pension and Other Benefits
Pension and Other Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Benefits Disclosure [Text Block] | Note 18 - Pension and Other Benefits Defined Benefit Plans The Company maintains a frozen noncontributory pension plan covering employees of the Company prior to the Merger. The benefits are based on years of service and the employee’s compensation over the prior five-year period. The plan’s benefits are payable in the form of a ten year certain and life annuity. The plan is intended to be a tax-qualified defined benefit plan under Section 401(a) of the Internal Revenue Code. Payments may be made under the Pension Plan once attaining the normal retirement age of 65 and are generally equal to 44% of a participant’s highest average compensation over a 5-year period. The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans at December 31, 2016 and 2015. 2016 2015 (dollars in thousands) Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 13,068 $ 15,074 Interest cost 514 519 Actuarial (gain) loss 216 (466) Benefits paid - (717) Settlements (1,116) (1,342) Projected benefit obligation at end of year $ 12,682 $ 13,068 Change in Plan Assets: Fair value of plan assets at beginning year $ 10,287 $ 10,414 Actual return on plan assets 831 (296) Employer contributions 2,000 2,000 Benefits paid - (717) Settlements (1,116) (1,114) Fair value of plan assets at end of year $ 12,002 $ 10,287 Funded status $ (680) $ (2,781) The accumulated benefit obligation was $12.7 million and $13.1 million as of the year ended December 31, 2016 and 2015, respectively. Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for the plan are presented in the following table. The Company expects to recognize approximately $412,000 of the net actuarial loss reported in the following table as of December 31, 2016 as a component of net periodic pension expense during 2017. 2016 2015 Net actuarial loss recognized in accumulated other comprehensive income $ 6,272 $ 6,677 The net periodic pension expense and other comprehensive income (before tax) for 2016, 2015 and 2014 includes the following: 2016 2015 2014 (dollars in thousands) Interest cost $ 514 $ 519 $ 576 Expected return on plan assets (617) (562) (596) Net amortization 407 433 223 Recognized settlement loss - 650 1 Total net periodic pension expense $ 304 $ 1,040 $ 204 Total (gain) loss recognized in other comprehensive income (405) (918) 1,896 Total recognized in net periodic expense and other comprehensive income (before tax) $ (101) $ 122 $ 2,100 The following table presents the assumptions used to calculate the projected benefit obligation in each of the last three years. 2016 2015 2014 Discount rate 3.88 % 4.06 % 3.76 % Rate of compensation increase N/A N/A N/A Expected long-term rate of return on plan assets 5.50 % 5.50 % 5.50 % The following information is provided for the year ended December 31: 2016 2015 2014 (dollars in thousands) Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate 4.06 % 3.76 % 4.84 % Expected long-term return on plan assets 5.50 % 5.50 % 5.50 % Rate of compensation increase N/A N/A N/A The process of determining the overall expected long-term rate of return on plan assets begins with a review of appropriate investment data, including current yields on fixed income securities, historical investment data, historical plan performance and forecasts of inflation and future total returns for the various asset classes. This data forms the basis for the construction of a best-estimate range of real investment return for each asset class. An average, weighted real-return range is computed reflecting the plan’s expected asset mix, and that range, when combined with an expected inflation range, produces an overall best-estimate expected return range. Specific factors such as the plan’s investment policy, reinvestment risk and investment volatility are taken into consideration during the construction of the best estimate real return range, as well as in the selection of the final return assumption from within the range. Plan Assets The general investment policy of the Pension Trust is for the fund to experience growth in assets that will allow the market value to exceed the value of benefit obligations over time. The Company’s pension plan asset allocation as of December 31, 2016 and 2015, target allocation, and expected long-term rate of return by asset are as follows: Target % of Plan % of Plan Weighted Equity Securities Domestic 43% 44% 47% 3.4% International 7% 8% 15% 0.6% Debt and/or fixed income securities 49% 47% 36% 1.5% Cash and other alternative investments, including real estate funds, hedge funds and equity structured notes 1% 1% 2% 0% Total 100% $ 100% $ 100% $ 5.5% The fair values of the Company’s pension plan assets at December 31, 2016 and 2015, by asset class, are as follows: December 31, Fair Value Measurements at Reporting Date Using Asset Class Quoted Prices Significant Significant (dollars in thousands) Cash $ 19 $ 19 $ - $ - Equity securities: U.S. companies 5,221 5,221 - - International companies 1,005 1,005 - - Debt and/or fixed income securities 5,689 5,689 Real estate funds 68 68 - - Total $ 12,002 $ 12,002 $ - $ - December 31, Fair Value Measurements at Reporting Date Using Asset Class Quoted Prices Significant Significant (dollars in thousands) Cash $ 114 $ 114 $ - $ - Equity securities: U.S. companies 4,832 4,832 - - International companies 1,584 1,584 - - Debt and/or fixed income securities 3,684 3,684 Real estate funds 73 73 - - Total $ 10,287 $ 10,287 $ - $ - Fair Value of Plan Assets The Company used the following valuation methods and assumptions to estimate the fair value of assets held by the plan (for further information on fair value methods, see Note 22): Equity securities and real estate funds Debt and fixed income securities The investment manager is not authorized to purchase, acquire or otherwise hold certain types of market securities (subordinated bonds, real estate investment trusts, limited partnerships, naked puts, naked calls, stock index futures, oil, gas or mineral exploration ventures or unregistered securities) or to employ certain types of market techniques (margin purchases or short sales) or to mortgage, pledge, hypothecate, or in any manner transfer as security for indebtedness, any security owned or held by the Plan. Cash Flows Contributions The Bank does not expect to contribute to its Pension Trust in 2017. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (in thousands): 2017 $ 731 2018 720 2019 730 2020 736 2021 748 2022-2026 3,635 401(k) Benefit Plan The Company maintains a 401(k) employee savings plan to provide for defined contributions which covers substantially all employees of the Company. Beginning with the 2013 Plan Year, the Plan was amended to provide for a 3% non-elective safe harbor contribution for all participants. For 2016, 2015 and 2014, employer contributions amounted to $351,000, $338,000 and $291,000, respectively. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 19 - Stock Based Compensation The Company maintains two stock-based compensation plans from which new grants could be issued. The Company’s stock-based compensation plans permit Parent Corporation common stock to be issued to key employees and directors of the Company and its subsidiaries. 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 December 31, 2016 are 68,516 under the 2009 Equity Incentive Plan and 234,090 shares under the North Jersey Community Bancorp 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 three 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 2016, 2015 or 2014. 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 Company’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 January 1 of the year of issuance. Under the grant 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 agreements. At December 31, 2016, the specific number of shares related to performance unit awards that were expected to vest was 151,572, 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. At December 31, 2016 the maximum amount of performance unit awards that ultimately could vest if performance targets were exceeded is 181,526 shares. Option activity under the Company’s option plans as of and for the year ended December 31, 2016 were as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2015 535,906 $ 6.48 Granted - - Exercised (136,429) 5.71 Forfeited/cancelled/expired (45,010) 10.59 Outstanding at December 31, 2016 354,467 $ 6.26 2.67 $ 6,979,455 Exercisable at December 31, 2016 350,937 $ 6.18 2.62 $ 6,938,024 The aggregate intrinsic value of outstanding and exercisable options above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 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 December 31, 2016. This amount changes based on the fair market value of the Parent Corporation’s stock. Information related to stock option exercises 2016 Intrinsic value of options exercised $ 1,381,233 Cash received from options exercised 767,189 Tax benefit realized from options exercised 117,311 The aggregate intrinsic value of exercised options above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the date of exercise and the exercise price, multiplied by the number of in-the-money options) of all options that were exercised during the year ending December 31, 2016. The tax benefit is calculated on any non-qualified options exercised during the period using a 36% tax rate. The below table represents information regarding restricted shares currently outstanding at December 31, 2016: Nonvested Weighted- Nonvested at December 31, 2015 96,902 $ 16.81 Granted 72,920 15.88 Vested (55,648) 16.01 Forfeited/cancelled/expired (2,901) 19.58 Nonvested at December 31, 2016 111,273 $ 16.81 As of December 31, 2016, there was $973,745 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 20.1 months. A summary of the status of unearned performance unit awards and the change during the period is presented in the table below: Units Units Weighted- Average Grant Date Fair Value Unearned at December 31, 2015 94,585 113,502 $ 19.46 Awarded 64,434 77,3206 17.01 Forfeited (7,447) (9,296) 19.46 Expired - - - Unearned at December 31, 2016 151,572 181,526 $ 18.47 At December 31, 2016, compensation cost of $1,237,533 related to nonvested awards not yet recognized is expected to be recognized over a weighted-average period of 1.4 years. |
Dividends and Other Restriction
Dividends and Other Restrictions | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Restrictions on Dividends, Loans and Advances [Text Block] | Note 20 - Dividends and Other Restrictions Certain restrictions, including capital requirements, exist on the availability of undistributed net profits of the Bank for the future payment of dividends to the Parent Corporation. A dividend may not be paid if it would impair the capital of the Bank. At December 31, 2016, approximately $143.5 million was available for payment of dividends based on regulatory guidelines. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 21 – 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 a cash flow hedge 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. Therefore, the aggregate fair value of the swaps is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining term of the swaps. Summary information about the interest rate swap designated as a cash flow hedges as of year-end is as follows (dollars in thousands): December 31, 2016 December 31, 2015 Notional amount $ 75,000 $ 75,000 Weighted average pay rates 1.59 % 1.56 % Weighted average receive rates 0.69 % 0.44 % Weighted average maturity 2.8 years 3.8 years Fair value $ 88 $ (131) Interest expense recorded on these swaps transactions totaled approximately $668,300, $763,500, and $60,000 during 2016, 2015, and 2014 is reported as a component of interest expense on FHLB Advances. Cash Flow Hedge The following table presents the net gains (losses), recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the years ended December 31: 2016 (in thousands) Amount of gain Amount of gain Amount of gain (loss) Interest rate contracts $ 219 $ - $ - 2015 (in thousands) Amount of gain Amount of gain Amount of gain (loss) Interest rate contracts $ (179) $ - $ - The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015: 2016 2015 (in thousands) Notional Fair Value Notional Fair Value Included in other assets/(liabilities): Interest rate swaps related to FHLB Advances $ 75,000 $ 88 $ 75,000 $ (131) There were no net gains (losses) recorded in accumulated other comprehensive income or in the Consolidated Statement of Income relating to cash flow derivative instruments for the years ended December 31, 2016, December 31, 2015 and December 31, 2014. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 22 - 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 asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following methods and assumptions were used to estimate the fair values of the Companys assets measured at fair value on a recurring basis at December 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 Company’s evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class. Derivatives The fair value of derivatives are based on valuation models using observable market data as of the measurement date (level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rate, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2016 and December 31, 2015 are as follows December 31, 2016 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 52,837 $ - $ 52,837 $ Residential mortgage pass- through securities 72,497 - 72,497 Commercial mortgage pass- through securities 4,209 - 4,209 Obligations of U.S. states and political subdivision 150,605 - 132,387 18,218 Trust preferred securities 5,666 - 5,666 Corporate bonds and notes 36,928 - 36,928 Asset-backed securities 14,583 - 14,583 Certificates of deposit 983 - 983 Equity securities 568 568 - Other securities 14,414 14,414 - Total available-for-sale $ 353,290 $ 14,982 $ 320,090 $ 18,218 Derivatives 88 - 88 Total assets $ 353,378 $ 14,982 $ 320,178 $ 18,218 December 31, 2015 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (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 assets $ 195,770 $ 18,524 $ 177,246 $ - Liabilities Derivatives (131) - (131 ) - Total liabilities $ (131) $ - $ (131 ) $ - There were no transfers between Level 1 and Level 2 during the years ended December 31, 2016 and 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 non-recurring 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 following methods and assumptions were used to estimate the fair values of the Companys assets measured at fair value on a non-recurring basis at December 31, 2016 and December 31, 2015: Loans Held-for-Sale Residential mortgage loans, originated and intended for sale in the secondary market, are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For these loans originated and intended for sale, gains and losses on loan sales (sale proceeds minus carrying value) are recorded in other income and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. Management obtains quotes or bids on all or part of these loans directly from the purchasing financial institutions (Level 2). Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. A portion of these loans, taxi medallion loans, have no material observable trading in any market. The approach to determining fair value involved several steps, including a detailed collateral analysis of the underlying medallions, performance projections for individual loans, discounted cash flow modeling and consideration of indicative bids, which at December 31, 2016 did not necessarily contemplate whole loan sales (Level 3). Another portion of these loans are based upon contractual offers to purchase which were obtained by management (Level 2). Impaired Loans The Company may record adjustments to the carrying value of loans based on fair value measurements, generally as partial charge-offs of the uncollectible portions of these loans. These adjustments also include certain impairment amounts for collateral dependent loans calculated in accordance with GAAP. Impairment amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated impairment amount applicable to that loan does not necessarily represent the fair value of the loan. Real estate collateral is valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable by market participants. However, due to the substantial judgment applied and limited volume of activity as compared to other assets, fair value is based on Level 3 inputs. Estimates of fair value used for collateral supporting commercial loans generally are based on assumptions not observable in the market place and are also based on Level 3 inputs. For assets measured at fair value on a non-recurring basis, the fair value measurements at December 31, 2016 and December 31, 2015 are as follows: Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: (in thousands) Commercial real estate $ 1,099 $ - $ - $ 1,099 Loans held-for-sale: Commercial 70,105 - 4,509 65,596 Commercial real estate 7,712 - 7,712 - Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: (in thousands) Commercial $ 3,751 $ - $ - $ 3,751 Impaired loans Assets Measured With Significant Unobservable Level 3 Inputs Recurring basis The table below presents a reconciliation of all assets measured at fair value of a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31 (in thousands): Balance of recurring Level 3 assets at Municipal Securities January 1 2016 2015 Federal agency obligations $ - $ - Purchases - - Sales - - Transfer into Level 3 - - Transfers out of Level 3 - - Other (1) 18,335 - Principal paydowns (117) - Balance of recurring Level 3 assets At December 31 $ 18,218 $ - (1) Includes transfers from held-to-maturity to available-for-sale designation The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at December 31, 2016. The table below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy. December 31, 2016 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range Available-for-sale investments: Municipal securities $ 18,218 Discounted cash flows Discount rate 2.80% At December 31, 2015, there were no assets measured on a recurring basis that contained any significant unobservable Level 3 inputs. Non-recurring basis The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy. December 31, 2016 (dollars in thousands) Fair Value Valuation Techniques (Weightings) Unobservable Input Range (weighed average) Impaired loans Commercial real estate $ 1,099 Appraisals of collateral value Comparable sales 0% - 15% (6%) Loans held-for-sale Commercial taxi medallion loans $ 65,596 Market approach (70%) Indications under securitized transactions expressed as a price to unpaid principal balance 40 - 100 (59) Discounted cash flows (30%) Discount Rate 14% December 31, 2015 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighed average) Impaired loans Commercial real estate $ 3,751 Appraisals of collateral value Comparable sales 0% - 15% (6%) Fair Value of Financial Instruments FASB ASC 825-10 requires all entities to disclose the estimated fair value of their financial instrument assets and liabilities. For the Company, as for most financial institutions, the majority of its assets and liabilities are considered financial instruments as defined in FASB ASC 825-10. Many of the Company’s financial instruments, however, lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. It is also the Company’s general practice and intent to hold its financial instruments to maturity and not to engage in trading or sales activities except for loans held-for-sale and investment securities available-for-sale. Therefore, significant estimations and assumptions, as well as present value calculations, were used by the Company for the purposes of this disclosure. Cash and cash equivalents. FHLB stock. Investment Securities Held-to-Maturity. Loans. 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 Company’s financial instruments as of December 31, 2016 and December 31, 2015: Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) December 31, 2016 Financial assets: Cash and due from banks $ 200,399 $ 200,399 $ 200,399 $ - $ - Investment securities available-for-sale 353,290 353,290 14,982 320,090 18,218 Restricted investment in bank stocks 24,310 n/a n/a n/a n/a Loans held-for-sale 78,005 78,005 - 12,409 65,596 Net loans 3,450,088 3,462,138 - - 3,462,138 Derivatives 88 88 - 88 - Accrued interest receivable 12,965 12,965 - 2,026 10,939 Financial liabilities: Noninterest-bearing deposits 694,977 694,977 694,977 - - Interest-bearing deposits 2,649,294 2,649,717 1,681,044 968,673 - Borrowings 476,280 478,286 - 478,286 - Subordinated debentures 54,534 55,901 - 55,901 - Accrued interest payable 4,142 4,142 - 4,142 - 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 1,359,651 777,498 - Borrowings 671,587 674,131 - 674,131 - Subordinated debentures 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. The fair value of commitments to originate loans is immaterial and not included in the tables above. Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. The Company’s remaining assets and liabilities, which are not considered financial instruments, have not been valued differently than has been customary with historical cost accounting. No disclosure of the relationship value of the Company’s core deposit base is required by FASB ASC 825-10. Fair value estimates are based on existing balance sheet financial instruments, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, there are certain significant assets and liabilities that are not considered financial assets or liabilities, such as the brokerage network, deferred taxes, premises and equipment, and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Management believes that reasonable comparability between financial institutions may not be likely, due to the wide range of permitted valuation techniques and numerous estimates which must be made, given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values |
Parent Corporation Only Financi
Parent Corporation Only Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 23 - Parent Corporation Only Financial Statements The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 20 of the Notes to Consolidated Financial Statements). Condensed financial statements of the Parent Corporation only are as follows: Condensed Statements of Condition At December 31, 2016 2015 (dollars in thousands) ASSETS Cash and cash equivalents $ 7,008 $ 14,857 Investment in subsidiaries 580,048 515,934 Securities available-for-sale 730 533 Other assets 426 2,405 Total assets $ 588,212 $ 533,729 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 2,646 $ 1,895 Subordinated debentures 54,534 54,490 Stockholders’ equity 531,032 477,344 Total liabilities and stockholders’ equity $ 588,212 $ 533,729 Condensed Statements of Income For Years Ended December 31, 2016 2015 2014 (dollars in thousands) Income: Dividend income from subsidiaries $ 12,400 $ 10,537 $ 9,276 Other income 8 7 6 Management fees - - 100 Total Income 12,408 10,544 9,382 Expenses (3,252) (1,705) (707) Income before equity in undistributed earnings of subsidiaries 9,156 8,839 8,675 Equity in undistributed earnings of subsidiaries 21,926 32,472 9,890 Net Income $ 31,082 $ 41,311 $ 18,565 Condensed Statements of Cash Flows For Years Ended December 31 2016 2015 2014 (dollars in thousands) Cash flows from operating activities: Net income $ 31,082 $ 41,311 $ 18,565 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (21,926) (32,472) (9,890) Increase in other assets 2,023 (820) (1,979) Increase (decrease) 544 (1,840) (1,010) Net cash provided by operating activities 11,723 7,267 6,191 Cash flows from investing activities: Capital infusion to subsidiary (38,439) (35,000) - Net cash used in investing activities (38,439) (35,000) - Cash flows from financing activities: Proceeds from subordinated debt - 50,000 - Cash dividends on common stock (9,067) (8,996) (6,940) Cash dividends on preferred stock (22) (112) (140) Secondary offering and issuance of common stock 38,439 - - Redemption of preferred stock (11,250) - - Proceeds from exercise of stock options 767 1,424 878 Net cash used in financing activities 18,867 42,316 (6,202) Decrease in cash and cash equivalents (7,849) 14,583 (11) Cash and cash equivalents at beginning of year 14,857 274 285 Cash and cash equivalents at the end of year $ 7,008 $ 14,857 $ 274 |
Quarterly Financial Information
Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 24 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (unaudited) 2016 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 41,499 $ 41,178 $ 40,038 $ 38,526 Total interest expense 8,092 8,154 7,644 7,206 Net interest income 33,407 33,024 32,394 31,320 Provision for loan and lease losses 25,200 6,750 3,750 3,000 Total other income, net of securities gains 1,573 1,445 1,467 1,202 Net securities gains - 4,131 103 - Other expense 15,252 14,551 14,352 14,353 (Loss) income before income taxes (5,472) 17,299 15,862 15,169 Income tax (benefit) expense (3,448) 5,443 5,003 4,778 Net income (loss) (2,024) 11,856 10,859 10,391 Preferred dividends - - - 22 Net income available to common $ (2,024) $ 11,856 $ 10,859 $ 10,369 (Loss) earnings per share: Basic $ (0.07) $ 0.39 $ 0.36 $ 0.35 Diluted (0.07) 0.39 0.36 0.34 2015 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 37,230 $ 36,186 $ 34,181 $ 33,370 Total interest expense 6,774 6,459 5,503 5,078 Net interest income 30,456 29,727 28,678 28,292 Provision for loan and lease losses 5,055 4,175 1,550 1,825 Total other income, net of securities gains 1,225 1,752 3,215 1,049 Net securities (losses) gains 1,138 2,067 221 506 Other expense 13,579 13,301 14,974 12,631 Income before income taxes 14,185 16,070 15,590 15,391 Provision from income taxes 4,617 5,228 5,069 5,012 Net income 9,568 10,842 10,521 10,379 Preferred dividends 28 28 28 28 Net income available to common $ 9,540 $ 10,814 $ 10,493 $ 10,351 Earnings per share: Basic $ 0.32 $ 0.36 $ 0.35 $ 0.35 Diluted 0.31 0.36 0.35 0.34 Note: Due to rounding, quarterly earnings per share may not sum to reported annual earnings per share. The provision for loan and lease losses for the fourth quarter was a notable increase that was mainly attributable to the transfer of the Companys taxi medallion portfolio to loans held-for-sale. |
Presentation of Debt Issuance C
Presentation of Debt Issuance Costs | 12 Months Ended |
Dec. 31, 2016 | |
Presentation Of Debt Issuance Costs | |
Presentation of Debt Issuance Costs [Text Block] | Note 25 – 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: (dollars in thousands) December 31, 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 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Business Policy [Policy Text Block] | Business ConnectOne Bancorp, Inc. (the Parent Corporation) is incorporated under the laws of State of New Jersey and is a registered bank holding company. The Parent Corporations business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the Bank and, collectively with the Parent Corporation and the Parent Corporations subsidiaries, the Company). The Banks subsidiaries include Union Investment Company, Inc. (a New Jersey investment company), Twin Bridge Investments, LLC (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey real estate company), Volosin Holdings, LLC, (a New Jersey formed company), and NJCB Spec-1, LLC (a New Jersey real estate company). The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey, through its twenty other banking offices. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flow from business operations. There are no significant concentrations of loans to any one industry or customer. However, the customers’ ability to repay their loans is dependent on the cash flows, real estate and general economic conditions in the area. |
Basis of Financial Statement Presentation, Policy [Policy Text Block] | Basis of Financial Statement Presentation The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Company. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles. |
Segment Policy [Policy Text Block] | Segments FASB ASC 28, “Segment Reporting,” requires companies to report certain information about operating segments. The Company is managed as one segment; a community bank. All decisions including but not limited to loan growth, deposit funding, interest rate risk, credit risk and pricing are determined after assessing the effect on the totality of the organization. For example, loan growth is dependent on the ability of the organization to fund this growth through deposits or other borrowings. As a result, the Company is managed as one operating segment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the reported periods. These estimates and assumptions affect the amounts reported in the financial statements and the disclosure provided, and actual results could differ. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities of less than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest-bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. |
Investment Securities, Policy [Policy Text Block] | Investment Securities The Company accounts for its investment securities in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10-05. Investments are classified into the following categories: (1) held-to-maturity securities, for which the Company has both the positive intent and ability to hold until maturity, which are reported at amortized cost; (2) trading securities, which are purchased and held principally for the purpose of selling in the near term and are reported at fair value with unrealized gains and losses included in earnings; and (3) available-for-sale securities, which do not meet the criteria of the other two categories and which management believes may be sold prior to maturity due to changes in interest rates, prepayment, risk, liquidity or other factors, and are reported at fair value, with unrealized gains and losses, net of applicable income taxes, reported as a component of accumulated other comprehensive income, which is included in stockholders’ equity and excluded from earnings. Investment securities are adjusted for amortization of premiums and accretion of discounts as adjustments to interest income, which are recognized on a level yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Investment securities gains or losses are determined using the specific identification method. Securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. FASB ASC 320-10-65 clarifies the interaction of the factors that should be considered when determining whether a debt security is other-than-temporarily impaired. For debt securities, management must assess whether (a) it has the intent to sell the security and (b) it is more likely than not that it will be required to sell the security prior to its anticipated recovery. These steps are done before assessing whether the entity will recover the cost basis of the investment. In instances when a determination is made that an other-than-temporary impairment exists but the investor does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security prior to its anticipated recovery, FASB ASC 320-10-65 changed the presentation and amount of the other-than-temporary impairment recognized in the Consolidated Statement of Income |
Loan, Held-for-sale, Policy [Policy Text Block] | Loans Held-for-Sale Residential mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value as determined by outstanding commitments from investors. For these originated and intended for sale, Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. A portion of these loans loans Another portion of these loans are |
Loans Policy [Policy Text Block] | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan 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. Loans that are 90 days past due are automatically placed on nonaccrual and previously accrued interest is reversed and charged against interest income unless the loans is both well-secured and in the 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 90 days or greater past due and still accruing include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated for impairment. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The policy of the Company is to generally grant commercial, residential and consumer loans to residents and businesses within its New Jersey and New York market area. The borrowers’ abilities to repay their obligations are dependent upon various factors including the borrowers’ income and net worth, cash flows generated by the borrowers’ underlying collateral, value of the underlying collateral, and priority of the lender’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the control of the Company. The Company is therefore subject to risk of loss. The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or personal guarantees are required for a large majority of the Company’s loans. |
Allowance for Loan and Lease Loss Policy [Policy Text Block] | Allowance for Loan and Lease Loss The allowance for loan and lease losses is a valuation allowance for probable incurred credit losses. Loan and lease losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status and the probability of collecting scheduled principal and interest payments when due. Loans for which the terms have been modified as a concession to the borrower due to the borrower experiencing financial difficulties are considered troubled debt restructurings (“TDR”) and are classified as impaired. Loans considered to be TDRs can be categorized as nonaccrual or performing. The impairment of a loan can be measured at (1) the fair value of the collateral less costs to sell, if the loan is collateral dependent, (2) at the value of expected future cash flows using the loan’s effective interest rate, or (3) at the loan’s observable market price. Generally, the Bank measures impairment of such loans by reference to the fair value of the collateral less costs to sell. Loans that experience minor payment delays and payment shortfall generally are not classified as impaired. Loans $250,000 and over, as well as all TDRs of TDRs 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 segment and is based on the actual loss history experienced by the Bank over an actual three year rolling calculation. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. This actual loss experience is supplemented with the exogenous factor adjustments based on the risks present for each loan categories. These exogenous factors (nine total) include consideration of the following: concentrations of credit; delinquency & 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 , Policy [Policy Text Block] | Purchased Credit-Impaired Loans The Company acquires 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 their estimated fair value, 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 valued on an individual basis. 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. 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. |
Derivatives, Policy [Policy Text Block] | Derivatives The Company records cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. |
Restricted Stock [Policy Text Block] | Restricted Stock The Bank is a member of the Federal Home Loan Bank (“FHLB”) of New York. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash dividends on the stock are reported as income. |
Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Premises and Equipment | Premises and Equipment Land is carried at cost and premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 4 to 39 years. Furniture, fixtures and equipment are depreciated using the straight-line (or accelerated) method with useful lives ranging from 3 to 10 years. |
Other Real Estate Owned Policy [Policy Text Block] | Other Real Estate Owned Other real estate owned (“OREO”), representing property acquired through foreclosure and held-for-sale, is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequently, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to holding the assets are charged to expenses. |
Employee Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plans The Company has a noncontributory pension plan that covered all eligible employees up until September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of September 30, 2007 were preserved. The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. The costs associated with the plan are accrued based on actuarial assumptions and included in salaries and employee benefits expense. The Company accounts for its defined benefit pension plan in accordance with FASB ASC 715-30. FASB ASC 715-30 requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded status be reflected in other comprehensive income. FASB ASC 715-30 also requires companies to measure the funded status of the plan as of the date of its fiscal year-end. The Company maintains a 401(k) employee savings plan to provide for defined contributions which covers substantially all employees of the Company. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. |
Stock-Based Compensation Policy [Policy Text Block] | Stock-Based Compensation Stock compensation accounting guidance (FASB ASC 718, “Compensation-Stock Compensation”) requires that the compensation cost related to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. Stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. See Note 19 of the Notes to Consolidated Financial Statements for a further discussion. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards and certain restricted stock units granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. Earnings per common share have been computed based on the following: Years Ended December 31, 2016 2015 2014 (in thousands, except per share amounts) Net income available to common stockholders $ 31,060 $ 41,199 $ 18,565 Dividends paid on earnings allocated to participating securities (147) (157) (50) Income attributable to common stock $ 30,913 $ 41,042 $ 18,515 Weighted average common shares outstanding, including participating securities 30,453 29,989 23,050 Weighted average participating securities (54) (51) (20) Weighted average common shares outstanding 30,399 29,938 23,030 Incremental shares from assumed conversions of options, performance units and restricted shares 291 346 449 Weighted average common and equivalent shares outstanding 30,690 30,284 23,479 Earnings per common share: Basic $ 1.02 $ 1.37 $ 0.80 Diluted 1.01 1.36 0.79 There were no antidilutive share equivalents as of December 31, 2016, 2015 and 2014. |
Treasury Stock Policy [Policy Text Block] | Treasury Stock Subject to limitations applicable to the Parent Corporation, treasury stock purchases may be made from time to time as, in the opinion of management, market conditions warrant, in the open market or in privately negotiated transactions. Shares repurchased are added to the corporate treasury and will be used for future stock dividends and other issuances. The repurchased shares are recorded as treasury stock, which results in a decrease in stockholders’ equity. Treasury stock is recorded using the cost method and accordingly is presented as a reduction of stockholders’ equity. During the years ended December 31, 2016, 2015 and 2014, the Parent Corporation did not purchase any of its shares. |
Goodwill, Policy [Policy Text Block] | Goodwill The Company adopted the provisions of FASB ASC 350-20-35-4 (“ASC 350”), which requires that goodwill be tested for impairment annually, or more frequently if indicators arise for impairment. The Company has selected December 31 as the date to perform the annual impairment test. No impairment charge was deemed necessary for the years ended December 31, 2016, 2015 and 2014. In accordance with ASC 350, an impairment analysis is a two-step test. The first step is to identify potential impairment by comparing the value fair of a reporting unit with its carrying amount, including goodwill and the second step, if necessary, is to quantify the amount of impairment. Also considered as part of the analysis were: · Market value and control value compared to Company’s common equity. · Company’s market price as compared to previous period. · Overall financial performance. |
Other Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets Other intangible assets consist of core deposits arising from business combinations that are amortized over their estimated useful lives to their estimated residual value. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedge, net of taxes. |
Restrictions on Cash [Policy Text Block] | Restrictions on Cash Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements. |
Dividend Restriction, Policy [Policy Text Block] | Dividend Restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Parent Corporation or by the Parent Corporation to the stockholders. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Bank-Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance The Company invests in Bank Owned Life Insurance (“BOLI”) to help offset the cost of employee benefits. The change in the cash surrender value of the BOLI is recorded as a component of noninterest income. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs The Company recognizes its marketing and advertising cost as incurred. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made in the consolidated financial statements and footnotes for 2015 and 2014 to conform to the classifications presented in 2016. Such reclassifications had no impact on net income or stockholders’ equity. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per common share have been computed based on the following: Years Ended December 31, 2016 2015 2014 (in thousands, except per share amounts) Net income available to common stockholders $ 31,060 $ 41,199 $ 18,565 Dividends paid on earnings allocated to participating securities (147) (157) (50) Income attributable to common stock $ 30,913 $ 41,042 $ 18,515 Weighted average common shares outstanding, including participating securities 30,453 29,989 23,050 Weighted average participating securities (54) (51) (20) Weighted average common shares outstanding 30,399 29,938 23,030 Incremental shares from assumed conversions of options, performance units and restricted shares 291 346 449 Weighted average common and equivalent shares outstanding 30,690 30,284 23,479 Earnings per common share: Basic $ 1.02 $ 1.37 $ 0.80 Diluted 1.01 1.36 0.79 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business combinations: | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The table below summarizes the amounts recognized as of the Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Company’s financial statements at fair value at the Merger date (in thousands): Consideration paid through Company common stock issued to Legacy ConnectOne shareholders and fair value of stock options acceleration was: $ 264,231 Legacy Fair value As recorded Cash and cash equivalents $ 70,318 $ - $ 70,318 Investment securities 28,436 16 (a) 28,452 Restricted investments 13,646 - 13,646 Loans held-for-sale 190 - 190 Loans 1,304,600 (5,316) (b) 1,299,284 Bank owned life insurance 15,481 - 15,481 Premises and equipment, net 7,380 (905) (c) 6,475 Accrued interest receivable 4,470 - 4,470 Core deposit intangible - 5,308 (d) 5,308 Other real estate owned 2,455 - 2,455 Other assets 10,636 3,650 (e) 14,286 Deposits (1,049,666) (1,676) (f) (1,051,342) Borrowings (262,046) (1,324) (g) (263,370) Other liabilities (10,527) - (10,527) Total identifiable net assets $ 135,373 $ (247) $ 135,126 Goodwill recorded in the Merger $ 129,105 The following provides an explanation of certain fair value adjustments presented in the above table: a) Represents the fair value adjustment on investment securities held-to-maturity. b) Represents the elimination of Legacy ConnectOne’s allowance for loan and lease losses, deferred fees, deferred costs and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. c) Represent an adjustment to reflect the fair value of above-market rent on leased premises. The above-market rent adjustment will be amortized on a straight-line basis over the remaining term of the respective leases. d) Represents intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. e) Consist primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to acquired assets, liabilities assumed and identifiable intangibles recorded. f) Represents fair value adjustment on time deposits as the weighted average interest rates of time deposits assumed exceeded the costs of similar funding available in the market at the time of the Merger, as well as the elimination of fees paid on brokered time deposits. g) Represents the fair value adjustment on FHLB borrowings as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Merger. |
Schedule of Accountable Loans for Business Combinations in Accordance with FASB ASC 310-30 [Table Text Block] | The acquired loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of July 1, 2014 was comprised of collateral dependent loans with deteriorated credit quality as follows: ASC 310-30 Contractual principal and accrued interest at acquisition $ 23,284 Principal not expected to be collected (nonaccretable discount) (6,942) Expected cash flows at acquisition 16,342 Interest component of expected cash flows (accretable discount) (5,013) Fair value of acquired loans $ 11,329 |
Schedule of Operating Results Attributable to Business Combinations [Table Text Block] | The unaudited pro forma information set forth below reflects the adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion discounts. In the table below, merger-related expenses of $12.4 million were excluded from pro forma noninterest expenses for the year ended December 31, 2014. Income taxes were also adjusted to exclude income tax benefits of $5.6 million related to the merger expenses for the year ended December 31, 2014. 2014 Net interest income $ 107,988 Noninterest income 8,244 Noninterest expense (54,749) Net income 45,981 Pro forma earnings per share from continuing operations: Basic $ 1.55 Diluted 1.53 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following tables present information related to the Company’s portfolio of securities available-for-sale and held-to-maturity at December 31, 2016 and 2015. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) December 31, 2016 Investment securities available-for-sale Federal agency obligations $ 52,826 $ 282 $ (271) $ 52,837 Residential mortgage pass-through securities 72,922 519 (944) 72,497 Commercial mortgage pass-through securities 4,186 23 - 4,209 Obligations of U.S. states and political subdivisions 148,747 2,789 (931) 150,605 Trust preferred securities 5,575 242 (151) 5,666 Corporate bonds and notes 36,717 586 (375) 36,928 Asset-backed securities 14,867 2 (286) 14,583 Certificates of deposit 973 10 - 983 Equity securities 376 192 - 568 Other securities 14,739 - (325) 14,414 Total securities available-for-sale $ 351,928 $ 4,645 $ (3,283) $ 353,290 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 (dollars in thousands) 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 Amortized Cost Gross Gross Fair 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 subdivisions 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents information for investments in securities available-for-sale at December 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. Securities not due at a single maturity date are shown separately. December 31, 2016 Amortized Cost Fair Value (dollars in thousands) Investment Securities Available-for-Sale: Due in one year or less $ 5,003 $ 5,054 Due after one year through five years 32,045 32,406 Due after five years through ten years 50,718 51,473 Due after ten years 171,939 172,669 Residential mortgage pass-through securities 72,922 72,497 Commercial mortgage pass-through securities 4,186 4,209 Equity securities 376 568 Other securities 14,739 14,414 Total securities available-for-sale $ 351,928 $ 353,290 |
Schedule of Realized Gain (Loss) [Table Text Block] | Gross gains and losses from the sales, calls, and maturities of investment securities for the years ended December 31, 2016, 2015 and 2014 were as follows (dollars in thousands): Years Ended December 31, 2016 2015 2014 Proceeds $ 85,253 $ 65,231 $ 81,844 Gross gains on sales of investment securities $ 4,234 $ 3,931 $ 2,837 Gross losses on sales of investment securities - - 19 Net gains on sales of investment securities 4,234 3,931 2,818 Less: tax provision on net gains (1,682) (1,564) (986) Net gains on sales of investment securities , after tax $ 2,552 $ 2,367 $ 1,832 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at December 31, 2016 and 2015. There were no investments held-to-maturity as of December 31, 2016. December 31, 2016 Total Less than 12 Months 12 Months or Longer Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 22,672 $ (271) $ 21,416 $ (262) $ 1,256 $ (9) Residential mortgage pass-through securities 50,136 (944) 49,817 (937) 319 (7) Obligations of U.S. states and political subdivisions 52,307 (931) 52,307 (931) - - Trust preferred securities 1,427 (151) - - 1,427 (151) Corporate bonds and notes 15,930 (375) 7,671 (265) 8,259 (110) Asset-backed securities 13,404 (286) 3,743 (88) 9,661 (198) Other securities 11,467 (325) - - 11,467 (325) Total Temporarily Impaired Securities $ 167,343 $ (3,283) $ 134,954 $ (2,483) $ 32,389 $ (800) December 31, 2015 Total Less than 12 Months 12 Months or Longer Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 6,755 $ (50) $ 2,770 $ (9) $ 3,985 $ (41) Residential mortgage pass-through securities 5,694 (11) 5,694 (11) — — Trust preferred securities 1,307 (269) — — 1,307 (269) Corporate bonds and notes 1,961 (11) 1,961 (11) — — Asset-backed securities 9,773 (31) 9,773 (31) — — Certificates of deposit 369 (2) 369 (2) — — Equity securities 307 (69) — — 307 (69) Other securities 5,417 (82) 1,978 (21) 3,439 (61) Total $ 31,583 $ (525) $ 22,545 $ (85) $ 9,038 $ (440) Investment Securities Held-to-Maturity: Federal agency obligation 3,228 (28) 3,228 (28) — — Obligations of U.S. states and political subdivisions 8,341 (60) 1,401 (3) 6,940 (57) Corporate bonds and notes 993 (7) 993 (7) — — Total 12,562 (95) 5,622 (38) 6,940 (57) Total Temporarily Impaired Securities $ 44,145 $ (620) $ 28,167 $ (123) $ 15,978 $ (497) |
Loans and the Allowance for L38
Loans and the Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans held for sale [Table Text Block] | The following table presents loans held-for-sale by loan segment: 2016 2015 (in thousands) Commercial $ 70,105 $ - Commercial real estate 7,712 Residential mortgage loans 188 - Total carrying amount $ 78,005 $ - |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table sets forth the composition of the Company’s loan portfolio segments, including net deferred fees, at December 31, 2016 and 2015, respectively: 2016 2015 (in thousands) Commercial $ 553,576 $ 570,116 Commercial real estate 2,204,710 1,966,696 Commercial construction 486,228 328,838 Residential real estate 232,547 233,690 Consumer 2,380 2,454 Gross loans 3,479,441 3,101,794 Net deferred (fees) (3,609) (2,787) Total loans receivable $ 3,475,832 $ 3,099,007 |
Loans and Leases Receivable Purchase Credit Impaired Loans [Table Text Block] | The carrying amount of those loans is as follows at December 31, 2016 and December 31, 2015. 2016 2015 (in thousands) Commercial $ 7,098 $ 7,078 Commercial real estate 982 1,775 Commercial construction - - Residential real estate - 328 Consumer - - Total carrying amount $ 8,080 $ 9,181 |
Loans and Leases Receivable Purchased Loans [Table Text Block] | The accretable yield, or income expected to be collected, on the purchased credit impaired loans above is as follows at December 31, 2016 and December 31, 2015. 2016 2015 (in thousands) Balance at beginning of period $ 3,599 $ 4,805 New loans purchased - - Accretion of income (739) (1,206) Reclassifications from nonaccretable difference - - Disposals - - Balance at end of period $ 2,860 $ 3,599 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents nonaccrual loans included in loans receivable by loan segment as of the periods presented. 2016 2015 (in thousands) Commercial $ 1,460 $ 6,586 Commercial real estate 1,081 9,112 Commercial construction - 1,479 Residential real estate 3,193 3,559 Total loans receivable on nonaccrual status $ 5,734 $ 20,736 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Quality Indicators December 31, 2016 Pass Special Substandard Doubtful Total (in thousands) Commercial $ 539,961 $ 3,255 $ 10,360 $ - $ 553,576 Commercial real estate 2,154,343 31,173 19,194 - 2,204,710 Commercial construction 480,319 3,388 2,521 - 486,228 Residential real estate 228,990 - 3,557 - 232,547 Consumer 2,318 - 62 - 2,380 Total loans $ 3,405,931 $ 37,816 $ 35,694 $ - $ 3,479,441 December 31, 2015 Pass Special 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 segment at December 31, 2016, 2015 and 2014: December 31, 2016 (dollars in thousands) No Related Allowance Recorded Recorded Unpaid Related Average Interest Commercial $ 3,637 $ 4,063 $ $ 4,052 $ 64 Commercial real estate 18,288 18,288 18,532 250 Commercial construction 5,909 5,909 5,308 79 Residential real estate 1,851 2,055 1,908 19 Consumer 62 62 72 4 Total $ 29,747 $ 30,377 $ $ 29,872 $ 416 With An Allowance Recorded Commercial real estate $ 1,244 $ 1,244 $ 145 $ 1,274 $ - Total Commercial $ 3,637 $ 4,063 $ - $ 4,052 $ 64 Commercial real estate 19,532 19,532 145 19,806 250 Commercial construction 5,909 5,909 - 5,308 79 Residential real estate 1,851 2,055 - 1,908 19 Consumer 62 62 - 72 4 Total (including related $ 30,991 $ 31,621 $ 145 $ 31,146 $ 416 December 31, 2015 (dollars in thousands) No Related Allowance Recorded Recorded Unpaid Related Average Interest Commercial $ 610 $ 645 $ 686 $ - Commercial real estate 15,517 16,512 6,363 60 Commercial construction 2,149 2,141 1,535 - Residential real estate 3,954 4,329 3,322 10 Consumer 87 86 96 5 Total $ 22,317 $ 23,713 $ 12,002 $ 75 With An Allowance Recorded Commercial $ 84,787 $ 84,449 $ 6,725 $ 55,445 $ 1,895 Total Commercial $ 85,397 $ 85,094 $ 6,725 $ 56,131 $ 1,895 Commercial real estate 15,517 16,512 - 6,363 60 Commercial construction 2,149 2,141 - 1,535 Residential real estate 3,954 4,329 - 3,322 10 Consumer 87 86 - 96 5 Total $ 107,104 $ 108,162 $ 6,725 $ 67,447 $ 1,970 December 31, 2014 (dollars in thousands) No Related Allowance Recorded Recorded Unpaid Related Average Interest Commercial $ 481 $ 527 $ 494 $ - Commercial real estate 5,890 6,857 6,276 129 Residential real estate 3,072 3,406 3,170 41 Consumer 109 101 107 - Total $ 9,552 $ 10,891 $ 10,047 $ 170 With An Allowance Recorded Commercial $ 387 $ 389 $ 111 $ 389 $ - Commercial real estate 3,520 3,520 150 3,584 171 Total $ 3,907 $ 3,909 $ 261 $ 3,973 $ 171 Total Commercial $ 868 $ 917 $ 111 $ 883 $ - Commercial real estate 9,410 10,107 150 9,860 300 Residential real estate 3,072 3,406 - 3,170 41 Consumer 109 101 - 106 - Total $ 13,459 $ 14,531 $ 261 $ 14,019 $ 341 |
Past Due Financing Receivables [Table Text Block] | The following table provides an analysis of the aging of the loans by segment, excluding net deferred fees Aging Analysis: December 31, 2016 30-59 Days 60-89 Days 90 Days or Nonaccrual Total Past Current Total Loans Commercial $ 475 $ 18 $ 4,630 $ 1,460 $ 6,583 $ 546,993 $ 553,576 Commercial real estate 4,928 1,584 663 1,081 8,256 2,196,454 2,204,710 Commercial construction - - - - - 486,228 486,228 Residential real estate 2,131 388 - 3,193 5,712 226,835 232,547 Consumer - - - - - 2,380 2,380 Total $ 7,534 $ 1,990 $ 5,293 $ 5,734 $ 20,551 $ 3,458,890 3,479,441 December 31, 2015 30-59 Days 60-89 Days 90 Days or Nonaccrual Total Past Current Total Loans Commercial $ 6,178 $ 3,505 $ - $ 6,586 $ 16,269 $ 553,847 $ 570,116 Commercial real estate 1,998 988 - 9,112 12,098 1,954,598 1,966,696 Commercial construction - - - 1,479 1,479 327,359 328,838 Residential real estate - - - 3,559 3,559 230,131 233,690 Consumer 4 9 - - 13 2,441 2,454 Total $ 8,180 $ 4,502 $ - $ 20,736 $ 33,418 $ 3,068,376 3,101,794 |
Schedule of Recorded Investment in Financing Receivables [Table Text Block] | The following tables detail, at the period-end presented, the amount of gross loans (excluding loans held-for-sale) that are evaluated individually, and collectively, for impairment, 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: December 31, 2016 Commercial Commercial Commercial Residential Consumer Unallocated Total (in thousands) Allowance for loan and lease losses Individually evaluated for impairment $ - $ 145 $ - $ - $ - $ - $ 145 Collectively evaluated for impairment 6,632 12,438 4,789 958 3 779 25,599 Acquired portfolio - - - - - - - Acquired with deteriorated credit quality - - - - - - - Total $ 6,632 $ 12,583 $ 4,789 $ 958 $ 3 $ 779 $ 25,744 Gross loans Individually evaluated for impairment $ 3,637 $ 19,532 $ 5,909 $ 1,851 $ 62 $ 30,991 Collectively evaluated for impairment 517,869 1,621,745 478,865 163,686 1,757 2,783,922 Acquired portfolio 24,972 562,451 1,454 67,010 561 656,448 Acquired with deteriorated credit quality 7,098 982 - - - 8,080 Total $ 553,576 $ 2,204,710 $ 486,228 $ 232,547 $ 2,380 $ 3,479,441 December 31, 2015 Commercial Commercial Commercial Residential 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 portfolio - - - - - - - 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 395,424 1,269,140 315,785 136,633 1,649 2,118,631 Acquired portfolio 82,217 680,264 10,904 92,775 718 866,878 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: Year Ended December 31, 2016 (dollars in thousands) Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total Balance at January 1, 2016 $ 10,949 $ 10,926 $ 3,253 $ 976 $ 4 $ 464 $ 26,572 Loan charge-offs (39,343) (107) - (94) (29) - (39,573) Recoveries 4 35 - 3 3 - 45 Provision for loan and lease losses 35,022 1,729 1,536 73 25 315 38,700 Balance at December 31, 2016 $ 6,632 $ 12,583 $ 4,789 $ 958 $ 3 $ 779 $ 25,744 Year Ended December 31, 2015 (dollars in thousands) Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total Balance at January 1, 2015 $ 3,083 $ 7,799 $ 1,239 $ 1,113 $ 7 $ 919 $ 14,160 Loans charge-offs (101) (406) - - (31) - (538) Recoveries 13 327 - 2 3 - 345 Provision for loan and lease losses 7,954 3,206 2,014 (139) 25 (455) 12,605 Balance at December 31, 2015 $ 10,949 $ 10,926 $ 3,253 $ 976 $ 4 $ 464 $ 26,572 Year Ended December 31, 2014 (dollars in thousands) Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total Balance at January 1, 2014 $ 1,698 $ 5,746 $ 362 $ 990 $ 146 $ 1,391 $ 10,333 Loans charge-off (379) (398) - (159) - - (936) Recoveries 50 - - 19 11 - 80 Provision for loan and lease losses 1,714 2,451 877 263 (150) (472) 4,683 Balance at December 31, 2014 $ 3,083 $ 7,799 $ 1,239 $ 1,113 $ 7 $ 919 $ 14,160 |
Allowance for Loan and Lease Losses [Table Text Block] | December 31, 2016 December 31, 2015 Recorded Recorded Investment ALLL Investment ALLL Troubled debt restructurings Beginning balance $ 86,629 $ 4,500 $ 2,788 $ - Additions 26,325 8,250 84,290 4,500 Payoffs/paydowns (2,616) (449) Transfers (96,520) - - Other - (12,750) - - Ending balance $ 13,818 $ - $ 86,629 $ 4,500 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2016 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Troubled debt restructurings: Commercial 19 $ 22,420 $ 22,420 Commercial real estate 3 2,155 2,155 Commercial construction 1 1,750 1,750 Residential real estate - - - Consumer - - - Total 23 $ 26,325 $ 26,325 The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2015 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Troubled debt restructurings: Commercial 48 $ 78,466 $ 78,466 Commercial real estate 3 5,049 5,049 Commercial construction 1 661 661 Residential real estate 1 110 110 Consumer 1 4 4 Total 54 $ 84,290 $ 84,290 The following table presents loans by segment modified as troubled debt restructurings that occurred during the year ended December 31, 2014 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Troubled debt restructurings: Commercial 1 $ 672 $ 289 Commercial real estate - - - Commercial construction - - - Residential real estate 2 275 272 Total 3 $ 947 $ 561 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Premises and equipment are summarized as follows: Estimated Useful Life (Years) 2016 2015 (dollars in Thousands) Land - $ 2,403 $ 2,403 Buildings 20-40 16,027 16,490 Furniture, fixtures and equipment 3-7 29,039 27,235 Leasehold improvements 10-20 12,908 12,230 Subtotal 60,377 58,358 Less: accumulated depreciation and amortization 37,700 35,291 Subtotal 22,677 23,067 Less: fair value adjustment for acquired leases (602) (734) Total premises and equipment, net $ 22,075 $ 22,333 |
Schedule of Capital Lease in Premises and Equipment [Table Text Block] | The Company has included this lease in premises and equipment as follows (dollars in thousands): 2016 2015 Capital Lease $ 3,422 $ 3,422 Less: accumulated amortization 1,369 1,198 $ 2,053 $ 2,224 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments at December 31, 2016 (dollars in thousands): 2017 $ 292 2018 294 2019 321 2020 321 2021 321 Thereafter 2,376 Total minimum lease payments 3,925 Less amount representing interest 1,162 Present value of net minimum lease payments $ 2,763 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under these leases are as follows (dollars in thousands): 2017 $ 2,149 2018 2,131 2019 2,003 2020 1,851 2021 1,565 Thereafter 6,400 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The change in goodwill during the year is as follows (dollars in thousands): 2016 2015 Beginning of year $ 145,909 $ 145,909 Acquired goodwill - - Impairment - - End of year $ 145,909 $ 145,909 |
Intangible Assets Disclosure [Text Block] | The table below provides information regarding the carrying amounts and accumulated amortization of total amortized intangible assets as of the dates set forth below. Gross Carrying Amount Accumulated Amortization Net Carrying Amount (dollars in thousands) As of December 31, 2016 Core deposit intangibles $ 6,011 $ (2,923) $ 3,088 As of December 31, 2015 Core deposit intangibles $ 6,011 $ (2,103) $ 3,908 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Aggregate amortization expense was $820,000, $917,000 and $507,000 for 2016, 2015 and 2014, respectively. Estimated amortization expense for each of the next five years (in thousands): 2017 $ 724 2018 627 2019 531 2020 434 2021 338 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Schedule Of Time Deposits [Table Text Block] | As of December 31, 2016 and 2015, the Company's total time deposits were $968.1 million and $774.7 million, respectively. As of December 31, 2016, the contractual maturities of these time deposits were as follows: (dollars in thousands) Amount 2017 $ 518,913 2018 302,698 2019 119,925 2020 20,167 2021 6,433 Total $ 968,136 |
FHLB Borrowings (Tables)
FHLB Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s FHLB borrowings and weighted average interest rates are summarized below: December 31, 2016 December 31, 2015 Amount Rate Amount Rate (in thousands) Total FHLB borrowings $ 461,280 1.55 % $ 656,587 1.26% By remaining period to maturity: One year or less $ 231,280 1.02 % 270,587 0.64% One to two years 130,000 1.84 % 156,000 1.13% Two to three years 35,000 1.60 % 130,000 1.84% Three to four years 65,000 2.82 % 35,000 1.60% Four to five years - 65,000 2.82% Total borrowings $ 461,280 1.55 % $ 656,587 1.26% |
Securities Sold under Agreeme43
Securities Sold under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Schedule of information concerning repurchase agreements [Table Text Block] | Repurchase agreements are secured borrowings. The Company pledges investment securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows: 2016 2015 2014 Average daily balance during the year $ 15,000 $ 22,890 $ 31,000 Average interest rate during the year 5.95 % 5.92 % 5.90 % Maximum month-end balance during the year $ 15,000 $ 31,000 $ 31,000 Weighted average interest rate during the year 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: 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30-90 Days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions: U.S. Treasury and agency securities $ - $ - $ - $ - $ - Residential mortgage pass-through securities - - - 16,826 16,826 Total Borrowings $ - $ - $ - $ 16,826 $ 16,826 Amounts related to agreements not included in offsetting disclosure in Note 13. $ 1,826 2015 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30-90 Days Greater Than 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 13. $ 3,902 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Debentures [Table Text Block] | The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II at December 31, 2016 and December 31, 2015. Issuance Date Securities Issued Liquidation Value Coupon Rate Maturity Redeemable by Issuer Beginning 12/19/2003 $ 5,000,000 $1,000 per Capital Security Floating 3-month LIBOR + 285 Basis Points 01/23/2034 01/23/2009 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The current and deferred amounts of income tax expense for 2016, 2015 and 2014 are as follows (dollars in thousands): 2016 2015 2014 Current Federal $ 10,173 $ 22,512 $ 7,715 State (366) 907 946 Subtotal 9,807 23,419 8,661 Deferred Federal 2,682 (3,835) 223 State (713) 342 (39) Subtotal 1,969 (3,493) 184 Income tax expense $ 11,776 $ 19,926 $ 8,845 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons (dollars in thousands): 2016 2015 2014 Income before income tax expense $ 42,858 $ 61,237 $ 27,410 Federal statutory rate 35 % 35 % 35 % Computed “expected” Federal income tax 15,000 21,433 9,593 State tax, net of Federal tax benefit (701) 812 589 Bank owned life insurance (896) (624) (456) Tax-exempt interest and dividends (1,714) (1,584) (1,511) Other, net 87 (111) 630 Income tax $ 11,776 $ 19,926 $ 8,845 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2016 and 2015 are presented in the following table: 2016 2015 (dollars in thousands) Deferred tax assets Nonaccrual interest $ 470 $ 349 Allowance for loan and lease losses 10,374 10,798 Pension actuarial losses 2,439 2,605 Purchase accounting 4,881 7,195 Deferred compensation 2,277 1,479 Unrealized losses on securities and SWAPs - 445 Deferred loan costs, net of fees 613 460 Accrued rent 617 530 Other 14 25 New Jersey net operating loss 1,004 - Capital lease 139 427 Total deferred tax assets $ 22,828 $ 24,313 Deferred tax liabilities Employee benefit plans $ (2,275) $ (1,370) Depreciation (1,039) (1,001) Market discount accretion (235) (41) Prepaid expenses (345) (341) Unrealized gains on securities and SWAPs (449) - Other (33) (27) Total deferred tax liabilities (4,376) (2,780) Net deferred tax assets $ 18,452 $ 21,533 |
Offsetting Assets and Liabili46
Offsetting Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Offsetting [Abstract] | |
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 December 31, 2016 and December 31, 2015: Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash or Net (in thousands) December 31, 2016 Assets: Interest rate swaps $ 88 $ - $ 88 $ - $ - $ 88 Liabilities: Repurchase agreements $ 15,000 $ - 15,000 - 15,000 - December 31, 2015 Liabilities: Interest rate swaps $ 131 $ - $ 131 $ - $ - $ - Repurchase agreements 15,000 - 15,000 - 15,000 131 Total $ 15,131 $ - $ 15,131 $ - $ 15,000 $ 131 |
Commitments, Contingencies an47
Commitments, Contingencies and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Supply Commitment [Table Text Block] | The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2016 and 2015: 2016 2015 (dollars in thousands) Commitments under commercial loans and lines of credit $ 267,865 $ 278,201 Home equity and other revolving lines of credit 52,788 52,191 Outstanding commercial mortgage loan commitments 263,395 273,552 Standby letters of credit 18,331 20,895 Overdraft protection lines 733 770 Total $ 603,112 $ 625,609 |
Transactions with Executive O48
Transactions with Executive Officers, Directors and Principal Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Participating Mortgage Loans [Table Text Block] | Loans to principal officers, directors, and their affiliates during the years ended December 31, 2016 and 2015 were as follows: 2016 2015 (dollars in thousands) Beginning balance $ 39,232 $ 44,353 New loans 25,274 - Repayments (17,736) (5,121) Ending balance $ 46,770 $ 39,232 |
Stockholders' Equity and Regu49
Stockholders' Equity and Regulatory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following is a summary of the Bank’s and the Parent Corporation’s actual capital amounts and ratios as of December 31, 2016 and 2015, compared to the FRB and FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution. Minimum For Classification Amount Ratio Amount Ratio Amount Ratio The Bank (dollars in thousands) December 31, 2016 Leverage (Tier 1) capital $ 434,067 10.34% $ 167,996 4.00% $ 209,995 5.00% Risk-Based Capital: CET 1 $ 434,067 10.98% $ 177,944 4.50% $ 257,030 6.50% Tier 1 434,067 10.98% 237,258 6.00% 316,344 8.00% Total 459,811 11.63% 316,344 8.00% 395,430 10.00% December 31, 2015 Leverage (Tier 1) capital $ 372,979 9.96% $ 149,724 4.00% $ 187,154 5.00% Risk-Based Capital: $ 372,979 10.55% $ 159,028 4.50% $ 229,707 6.50% Tier 1 372,979 10.55% 212,037 6.00% 282,716 8.00% Total 399,551 11.31% 282,716 8.00% 353,395 10.00% Minimum Capital For Classification Amount Ratio Amount Ratio Amount Ratio The Company (dollars in thousands) December 31, 2016 Leverage (Tier 1) capital $ 390,205 9.29% $ 168,048 4.00% N/A N/A Risk-Based Capital: CET 1 $ 385,050 9.74% $ 177,967 4.50% N/A N/A Tier 1 390,205 9.87% 237,289 6.00% N/A N/A Total 465,949 11.78% 316,386 8.00% N/A N/A December 31, 2015 Leverage (Tier 1) capital $ 339,544 9.07% $ 149,776 4.00% N/A N/A Risk-Based Capital: $ 323,139 9.14% $ 159,078 4.50% N/A N/A Tier 1 339,544 9.61% 212,104 6.00% N/A N/A Total 416,116 11.77% 282,805 8.00% N/A N/A |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, net of taxes. Affected Line Item in the Details about Accumulated Other Amounts Reclassified from Accumulated Consolidated Statements Comprehensive Income Components Other Comprehensive Income of Income Twelve Months Ended December 31, (dollars in thousands) 2016 2015 2014 Sale of investment securities available-for-sale 4,234 3,931 2,818 Net gains on sale (1,682) (1,564) (986) Income tax 2,552 2,367 1,832 Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity (1,986) (220) (215) Interest income 813 90 91 Income tax (1,173) (130) (124) Amortization of pension plan net actuarial losses (407) (433) (204) Salaries and employee benefits 165 177 83 Income tax (242) (256) (121) Total reclassification $ 1,137 $ 1,981 $ 1,587 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss at December 31, 2016 and 2015 consisted of the following: 2016 2015 (dollars in thousands) Investment securities available-for-sale, net of tax $ 933 $ 713 Cash flow hedge, net of tax 52 (77) Unamortized component of securities transferred from - (1,173) Defined benefit pension and post-retirement plans, net of tax (3,831) (4,072) Total $ (2,846) $ (4,609) |
Pension and Other Benefits (Tab
Pension and Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans at December 31, 2016 and 2015. 2016 2015 (dollars in thousands) Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 13,068 $ 15,074 Interest cost 514 519 Actuarial (gain) loss 216 (466) Benefits paid - (717) Settlements (1,116) (1,342) Projected benefit obligation at end of year $ 12,682 $ 13,068 Change in Plan Assets: Fair value of plan assets at beginning year $ 10,287 $ 10,414 Actual return on plan assets 831 (296) Employer contributions 2,000 2,000 Benefits paid - (717) Settlements (1,116) (1,114) Fair value of plan assets at end of year $ 12,002 $ 10,287 Funded status $ (680) $ (2,781) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The Company expects to recognize approximately $412,000 of the net actuarial loss reported in the following table as of December 31, 2016 as a component of net periodic pension expense during 2017. 2016 2015 Net actuarial loss recognized in accumulated other comprehensive income $ 6,272 $ 6,677 |
Schedule of Net Benefit Costs [Table Text Block] | The net periodic pension expense and other comprehensive income (before tax) for 2016, 2015 and 2014 includes the following: 2016 2015 2014 (dollars in thousands) Interest cost $ 514 $ 519 $ 576 Expected return on plan assets (617) (562) (596) Net amortization 407 433 223 Recognized settlement loss - 650 1 Total net periodic pension expense $ 304 $ 1,040 $ 204 Total (gain) loss recognized in other comprehensive income (405) (918) 1,896 Total recognized in net periodic expense and other comprehensive income (before tax) $ (101) $ 122 $ 2,100 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table presents the assumptions used to calculate the projected benefit obligation in each of the last three years. 2016 2015 2014 Discount rate 3.88 % 4.06 % 3.76 % Rate of compensation increase N/A N/A N/A Expected long-term rate of return on plan assets 5.50 % 5.50 % 5.50 % The following information is provided for the year ended December 31: 2016 2015 2014 (dollars in thousands) Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate 4.06 % 3.76 % 4.84 % Expected long-term return on plan assets 5.50 % 5.50 % 5.50 % Rate of compensation increase N/A N/A N/A |
Schedule of Allocation of Plan Assets [Table Text Block] | The Company’s pension plan asset allocation as of December 31, 2016 and 2015, target allocation, and expected long-term rate of return by asset are as follows: Target % of Plan % of Plan Weighted Equity Securities Domestic 43% 44% 47% 3.4% International 7% 8% 15% 0.6% Debt and/or fixed income securities 49% 47% 36% 1.5% Cash and other alternative investments, including real estate funds, hedge funds and equity structured notes 1% 1% 2% 0% Total 100% $ 100% $ 100% $ 5.5% |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair values of the Company’s pension plan assets at December 31, 2016 and 2015, by asset class, are as follows: December 31, Fair Value Measurements at Reporting Date Using Asset Class Quoted Prices Significant Significant (dollars in thousands) Cash $ 19 $ 19 $ - $ - Equity securities: U.S. companies 5,221 5,221 - - International companies 1,005 1,005 - - Debt and/or fixed income securities 5,689 5,689 Real estate funds 68 68 - - Total $ 12,002 $ 12,002 $ - $ - December 31, Fair Value Measurements at Reporting Date Using Asset Class Quoted Prices Significant Significant (dollars in thousands) Cash $ 114 $ 114 $ - $ - Equity securities: U.S. companies 4,832 4,832 - - International companies 1,584 1,584 - - Debt and/or fixed income securities 3,684 3,684 Real estate funds 73 73 - - Total $ 10,287 $ 10,287 $ - $ - |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (in thousands): 2017 $ 731 2018 720 2019 730 2020 736 2021 748 2022-2026 3,635 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 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 Company’s option plans as of and for the year ended December 31, 2016 were as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2015 535,906 $ 6.48 Granted - - Exercised (136,429) 5.71 Forfeited/cancelled/expired (45,010) 10.59 Outstanding at December 31, 2016 354,467 $ 6.26 2.67 $ 6,979,455 Exercisable at December 31, 2016 350,937 $ 6.18 2.62 $ 6,938,024 |
Schedule of Share Based Compensation Stock Option Plan Table Text Block | This amount changes based on the fair market value of the Parent Corporation’s stock. Information related to stock option exercises 2016 Intrinsic value of options exercised $ 1,381,233 Cash received from options exercised 767,189 Tax benefit realized from options exercised 117,311 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The below table represents information regarding restricted shares currently outstanding at December 31, 2016: Nonvested Weighted- Nonvested at December 31, 2015 96,902 $ 16.81 Granted 72,920 15.88 Vested (55,648) 16.01 Forfeited/cancelled/expired (2,901) 19.58 Nonvested at December 31, 2016 111,273 $ 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: Units Units Weighted- Average Grant Date Fair Value Unearned at December 31, 2015 94,585 113,502 $ 19.46 Awarded 64,434 77,3206 17.01 Forfeited (7,447) (9,296) 19.46 Expired - - - Unearned at December 31, 2016 151,572 181,526 $ 18.47 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | Summary information about the interest rate swap designated as a cash flow hedges as of year-end is as follows (dollars in thousands): December 31, 2016 December 31, 2015 Notional amount $ 75,000 $ 75,000 Weighted average pay rates 1.59 % 1.56 % Weighted average receive rates 0.69 % 0.44 % Weighted average maturity 2.8 years 3.8 years Fair value $ 88 $ (131) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the net gains (losses), recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the years ended December 31: 2016 (in thousands) Amount of gain Amount of gain Amount of gain (loss) Interest rate contracts $ 219 $ - $ - 2015 (in thousands) Amount of gain Amount of gain Amount of gain (loss) Interest rate contracts $ (179) $ - $ - |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015: 2016 2015 (in thousands) Notional Fair Value Notional Fair Value Included in other assets/(liabilities): Interest rate swaps related to FHLB Advances $ 75,000 $ 88 $ 75,000 $ (131) |
Fair Value Measurements and F54
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 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 December 31, 2016 and December 31, 2015 are as follows: December 31, 2016 Fair Value Measurements at Reporting Date Using Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 52,837 $ - $ 52,837 $ - Residential mortgage pass- 72,497 - 72,497 - Commercial mortgage pass- 4,209 - 4,209 - Obligations of U.S. states and 150,605 - 132,387 18,218 Trust preferred securities 5,666 - 5,666 - Corporate bonds and notes 36,928 - 36,928 - Asset-backed securities 14,583 - 14,583 - Certificates of deposit 983 - 983 - Equity securities 568 568 - - Other securities 14,414 14,414 - - Total available-for-sale $ 353,290 $ 14,982 $ 320,090 $ 18,218 Derivatives 88 - 88 - Total assets $ 353,378 $ 14,982 $ 320,178 $ 18,218 December 31, 2015 Fair Value Measurements at Reporting Date Using Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Available-for-sale: Federal agency obligations $ 29,146 $ - $ 29,146 $ - Residential mortgage pass- 44,910 - 44,910 - Commercial mortgage pass- 2,972 - 2,972 - Obligations of U.S. states and 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 assets $ 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] | The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy. December 31, 2016 (dollars in thousands) Fair Value Valuation Unobservable Range (weighed average) Impaired loans : Commercial real estate $ 1,099 Appraisals of collateral value Comparable sales 0% - 15% (6%) Loans held-for-sale Commercial taxi medallion loans $ 65,596 Market approach Discounted cash flows Indications under securitized transactions Discount Rate Collateral value (1) $50 million to $70 million 14% $627,000 (1) Represents weighted average value per corporate medallion and individual medallion. December 31, 2015 (dollars in thousands) Fair Value Valuation Unobservable Range (weighed average) Impaired loans : Commercial real estate $ 3,751 Appraisals of collateral value Market capitalization rates between 8%. Market rental rates for similar properties. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2016 and December 31, 2015: Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) December 31, 2016 Financial assets: Cash and due from banks $ 200,399 $ 200,399 $ 200,399 $ - $ - Investment securities available-for-sale 353,290 353,290 14,982 320,090 18,218 Restricted investment in bank stocks 24,310 n/a n/a n/a n/a Loans held-for-sale 78,005 78,005 - 12,409 65,596 Net loans 3,450,088 3,462,138 - - 3,462,138 Derivatives 88 88 - 88 - Accrued interest receivable 12,965 12,965 - 2,026 10,939 Financial liabilities: Noninterest-bearing deposits 694,977 694,977 694,977 - - Interest-bearing deposits 2,649,294 2,649,717 1,681,044 968,673 - Borrowings 476,280 478,286 - 478,286 - Subordinated debentures 54,534 55,901 - 55,901 - Accrued interest payable 4,142 4,142 - 4,142 - 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 1,359,651 777,498 - Borrowings 671,587 674,131 - 674,131 - Subordinated debentures 54,343 55,209 - 55,209 - Derivatives 131 131 - 131 - Accrued interest payable 4,387 4,387 - 4,387 - |
Fair Value, Recurring basis [Table Text Block] | The table below presents a reconciliation of all assets measured at fair value of a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31 (in thousands): Balance of recurring Level 3 assets at Municipal Securities January 1 2016 2015 Federal agency obligations $ - $ - Purchases - - Sales - - Transfer into Level 3 - - Transfers out of Level 3 - - Other (1) 18,335 - Principal paydowns (117) - Balance of recurring Level 3 assets At December 31 $ 18,218 $ - (1) Includes transfers from held-to-maturity to available-for-sale designation |
Significant unobservable inputs used in fair value measurements [Table Text Block] | The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at December 31, 2016. The table below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy. December 31, 2016 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range Available-for-sale investments: Municipal securities $ 18,218 Discounted cash flows Discount rate 2.80% |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy. December 31, 2016 (dollars in thousands) Fair Value Valuation Techniques (Weightings) Unobservable Input Range (weighed average) Impaired loans Commercial real estate $ 1,099 Appraisals of collateral value Comparable sales 0% - 15% (6%) Loans held-for-sale Commercial taxi medallion loans $ 65,596 Market approach (70%) Indications under securitized transactions expressed as a price to unpaid principal balance 40 - 100 (59) Discounted cash flows (30%) Discount Rate 14% December 31, 2015 (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (weighed average) Impaired loans Commercial real estate $ 3,751 Appraisals of collateral value Comparable sales 0% - 15% (6%) |
Parent Corporation Only Finan55
Parent Corporation Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed financial statements of the Parent Corporation only are as follows: Condensed Statements of Condition At December 31, 2016 2015 (dollars in thousands) ASSETS Cash and cash equivalents $ 7,008 $ 14,857 Investment in subsidiaries 580,048 515,934 Securities available-for-sale 730 533 Other assets 426 2,405 Total assets $ 588,212 $ 533,729 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 2,646 $ 1,895 Subordinated debentures 54,534 54,490 Stockholders’ equity 531,032 477,344 Total liabilities and stockholders’ equity $ 588,212 $ 533,729 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income For Years Ended December 31, 2016 2015 2014 (dollars in thousands) Income: Dividend income from subsidiaries $ 12,400 $ 10,537 $ 9,276 Other income 8 7 6 Management fees - - 100 Total Income 12,408 10,544 9,382 Expenses (3,252) (1,705) (707) Income before equity in undistributed earnings of subsidiaries 9,156 8,839 8,675 Equity in undistributed earnings of subsidiaries 21,926 32,472 9,890 Net Income $ 31,082 $ 41,311 $ 18,565 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows For Years Ended December 31 2016 2015 2014 (dollars in thousands) Cash flows from operating activities: Net income $ 31,082 $ 41,311 $ 18,565 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (21,926) (32,472) (9,890) Increase in other assets 2,023 (820) (1,979) Increase (decrease) 544 (1,840) (1,010) Net cash provided by operating activities 11,723 7,267 6,191 Cash flows from investing activities: Capital infusion to subsidiary (38,439) (35,000) - Net cash used in investing activities (38,439) (35,000) - Cash flows from financing activities: Proceeds from subordinated debt - 50,000 - Cash dividends on common stock (9,067) (8,996) (6,940) Cash dividends on preferred stock (22) (112) (140) Secondary offering and issuance of common stock 38,439 - - Redemption of preferred stock (11,250) - - Proceeds from exercise of stock options 767 1,424 878 Net cash used in financing activities 18,867 42,316 (6,202) Decrease in cash and cash equivalents (7,849) 14,583 (11) Cash and cash equivalents at beginning of year 14,857 274 285 Cash and cash equivalents at the end of year $ 7,008 $ 14,857 $ 274 |
Quarterly Financial Informati56
Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2016 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 41,499 $ 41,178 $ 40,038 $ 38,526 Total interest expense 8,092 8,154 7,644 7,206 Net interest income 33,407 33,024 32,394 31,320 Provision for loan and lease losses 25,200 6,750 3,750 3,000 Total other income, net of securities gains 1,573 1,445 1,467 1,202 Net securities gains - 4,131 103 - Other expense 15,252 14,551 14,352 14,353 (Loss) income before income taxes (5,472) 17,299 15,862 15,169 Income tax (benefit) expense (3,448) 5,443 5,003 4,778 Net income (loss) (2,024) 11,856 10,859 10,391 Preferred dividends - - - 22 Net income available to common $ (2,024) $ 11,856 $ 10,859 $ 10,369 (Loss) earnings per share: Basic $ (0.07) $ 0.39 $ 0.36 $ 0.35 Diluted (0.07) 0.39 0.36 0.34 2015 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 37,230 $ 36,186 $ 34,181 $ 33,370 Total interest expense 6,774 6,459 5,503 5,078 Net interest income 30,456 29,727 28,678 28,292 Provision for loan and lease losses 5,055 4,175 1,550 1,825 Total other income, net of securities gains 1,225 1,752 3,215 1,049 Net securities (losses) gains 1,138 2,067 221 506 Other expense 13,579 13,301 14,974 12,631 Income before income taxes 14,185 16,070 15,590 15,391 Provision from income taxes 4,617 5,228 5,069 5,012 Net income 9,568 10,842 10,521 10,379 Preferred dividends 28 28 28 28 Net income available to common $ 9,540 $ 10,814 $ 10,493 $ 10,351 Earnings per share: Basic $ 0.32 $ 0.36 $ 0.35 $ 0.35 Diluted 0.31 0.36 0.35 0.34 |
Presentation of Debt Issuance57
Presentation of Debt Issuance Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Presentation Of Debt Issuance Costs | |
Presentation of Debt Issuance Costs [Table Text Block] | 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: (dollars in thousands) December 31, 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 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Number of Operating Segments | 1 |
Maximum Maturity of Cash and Cash Equivalents | 90 days |
Asset Impairment Charges | $ 0 |
Number of Segments of Loans and Leases | 5 |
Loans Delinquent Period | 90 days |
Non Accrual Contractual Due | 90 days |
Non Accrual Payment Status | 90 days |
Threshold Amount of Loan for Evaluation of Impairment | $ 250 |
Rolling Calculations Years | 3 years |
Effective Income Tax Rate Reconciliation, Deduction, Medicare Prescription Drug Benefit, Percent | 50.00% |
Land, Buildings and Improvements [Member] | Minimum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Land, Buildings and Improvements [Member] | Maximum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 39 years |
Furniture Fixtures And Equipment [Member] | Minimum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture Fixtures And Equipment [Member] | Maximum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (Details) - Schedule of earnings per common share basic and diluted - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of earnings per common share basic and diluted [Abstract] | |||||||||||
Net income available to common stockholders | $ (2,024) | $ 11,856 | $ 10,859 | $ 10,369 | $ 9,540 | $ 10,814 | $ 10,493 | $ 10,351 | $ 31,060 | $ 41,199 | $ 18,453 |
Dividends paid on earnings allocated to participating securities | (147) | (157) | (50) | ||||||||
Income attributable to common stock | $ 30,913 | $ 41,042 | $ 18,515 | ||||||||
Weighted average common shares outstanding, including participating securities | 30,453 | 29,989 | 23,050 | ||||||||
Weighted average participating securities | (54) | (51) | (20) | ||||||||
Weighted average common shares outstanding | 30,399 | 29,938 | 23,030 | ||||||||
Incremental shares from assumed conversions of options, performance units and restricted shares | 291 | 346 | 449 | ||||||||
Weighted average common and equivalent shares outstanding | 30,690 | 30,284 | 23,479 | ||||||||
Earnings per common share: | |||||||||||
Basic | $ (0.07) | $ 0.39 | $ 0.36 | $ 0.35 | $ 0.32 | $ 0.36 | $ 0.35 | $ 0.35 | $ 1.02 | $ 1.37 | $ 0.80 |
Diluted | $ (0.07) | $ 0.39 | $ 0.36 | $ 0.34 | $ 0.31 | $ 0.36 | $ 0.35 | $ 0.34 | $ 1.01 | $ 1.36 | $ 0.79 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jul. 01, 2014 | |
Business Combinations (Details) [Line Items] | ||
Common Stock Conversion Ratio Shares (in Shares) | 2.6 | |
Goodwill Recorded in Business Acquisition | $ 129,105 | $ 129,105 |
Finite Lived Intangible Asset Acquired | 5,308 | |
Business Combination, Consideration Transferred | $ 264,231 | |
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Business Combination, Acquisition Related Costs | $ 12,400 | |
Business Combination Expenses Excluded from Non Interest Expenses | 12,400 | |
Business Combination Income Tax Benefits Related To Merger Expenses | $ 5,600 | |
Legacy Connect One [Member] | ||
Business Combinations (Details) [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 1,500,000 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Non Current Loans | 1,200,000 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Non Current Deposits | $ 1,100,000 |
Business Combinations (Detail61
Business Combinations (Details) - Schedule of business combinations - USD ($) $ in Thousands | Dec. 31, 2016 | Jul. 01, 2014 | |
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 70,318 | ||
Investment securities | 28,452 | ||
Restricted investments | 13,646 | ||
Loans held-for-sale | 190 | ||
Loans | 1,299,284 | ||
Bank owned life insurance | 15,481 | ||
Premises and equipment, net | 6,475 | ||
Accrued interest receivable | 4,470 | ||
Core deposit intangible | 5,308 | ||
Other real estate owned | 2,455 | ||
Other assets | 14,286 | ||
Deposits | (1,051,342) | ||
Borrowings | (263,370) | ||
Other liabilities | (10,527) | ||
Total identifiable net assets | 135,126 | ||
Goodwill recorded in the Merger | 129,105 | $ 129,105 | |
Fair Value Adjustments [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | |||
Investment securities | [1] | 16 | |
Restricted investments | |||
Loans held-for-sale | |||
Loans | [2] | (5,316) | |
Bank owned life insurance | |||
Premises and equipment, net | [3] | (905) | |
Accrued interest receivable | |||
Core deposit intangible | [4] | 5,308 | |
Other real estate owned | |||
Other assets | [5] | 3,650 | |
Deposits | [6] | (1,676) | |
Borrowings | [7] | (1,324) | |
Other liabilities | |||
Total identifiable net assets | (247) | ||
Legacy Connect One [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 70,318 | ||
Investment securities | 28,436 | ||
Restricted investments | 13,646 | ||
Loans held-for-sale | 190 | ||
Loans | 1,304,600 | ||
Bank owned life insurance | 15,481 | ||
Premises and equipment, net | 7,380 | ||
Accrued interest receivable | 4,470 | ||
Core deposit intangible | |||
Other real estate owned | 2,455 | ||
Other assets | 10,636 | ||
Deposits | (1,049,666) | ||
Borrowings | (262,046) | ||
Other liabilities | (10,527) | ||
Total identifiable net assets | $ 135,373 | ||
[1] | Represents the fair value adjustment on investment securities held-to-maturity. | ||
[2] | Represents the elimination of Legacy ConnectOne's allowance for loan and lease losses, deferred fees, deferred costs and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. | ||
[3] | Represent an adjustment to reflect the fair value of above-market rent on leased premises. The above-market rent adjustment will be amortized on a straight-line basis over the remaining term of the respective leases. | ||
[4] | Represents intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. | ||
[5] | Consist primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to acquired assets, liabilities assumed and identifiable intangibles recorded. | ||
[6] | Represents fair value adjustment on time deposits as the weighted average interest rates of time deposits assumed exceeded the costs of similar funding available in the market at the time of the Merger, as well as the elimination of fees paid on brokered time deposits. | ||
[7] | Represents the fair value adjustment on FHLB borrowings as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Merger. |
Business Combinations (Detail62
Business Combinations (Details) - Loans accounted for in accordance with ASC 310-30 - Loans Accounted For In Accordance With Fasb Asc 31030 [Member] $ in Thousands | Jul. 01, 2014USD ($) |
Business Combinations (Details) - Loans accounted for in accordance with ASC 310-30 [Line Items] | |
Contractual principal and accrued interest at acquisition | $ 23,284 |
Principal not expected to be collected (nonaccretable discount) | (6,942) |
Expected cash flows at acquisition | 16,342 |
Interest component of expected cash flows (accretable discount) | (5,013) |
Fair value of acquired loans | $ 11,329 |
Business Combinations (Detail63
Business Combinations (Details) - Schedule of Operating Results Attributable to Business Combinations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
BUSINESS COMBINATIONS (Details) - Schedule of Operating Results Attributable to Business Combinations [Line Items] | |||||||||||
Net interest income | $ 33,407 | $ 33,024 | $ 32,394 | $ 31,320 | $ 30,456 | $ 29,727 | $ 28,678 | $ 28,292 | $ 130,145 | $ 117,153 | $ 79,399 |
Noninterest income | 9,920 | 11,173 | 7,498 | ||||||||
Net income | $ (2,024) | $ 11,856 | $ 10,859 | $ 10,391 | $ 9,568 | $ 10,842 | $ 10,521 | $ 10,379 | $ 31,082 | $ 41,311 | 18,565 |
Legacy Connect One [Member] | |||||||||||
BUSINESS COMBINATIONS (Details) - Schedule of Operating Results Attributable to Business Combinations [Line Items] | |||||||||||
Net interest income | 107,988 | ||||||||||
Noninterest income | 8,244 | ||||||||||
Noninterest expense | (54,749) | ||||||||||
Net income | $ 45,981 | ||||||||||
Pro forma earnings per share from continuing operations: | |||||||||||
Basic | $ 1.55 | ||||||||||
Diluted | $ 1.53 |
Investment Securities (Details)
Investment Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Integer | Dec. 31, 2015USD ($)Integer | |
Investments, Debt and Equity Securities [Abstract] | ||
Increase in amortized cost basis of available-for-sale securities $210,000 Net increase to accumulated | $ 210,000 | |
Net increase to accumulated other comprehensive income net of tax | $ 7,400 | |
Number of Investment Securities Sold | Integer | 84 | 74 |
Available-for-sale Securities Pledged as Collateral | $ 121,900 | $ 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. | 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 (Detail65
Investment Securities (Details) - Unrealized gains on investment securities - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | $ 351,928 | $ 194,619 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 4,645 | 2,271 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (3,283) | (1,120) |
Investment Securities Available-for-Sale, Fair Value | 353,290 | 195,770 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 224,056 | |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 6,793 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (291) | |
Investment Securities Held-to-Maturity, Fair Value | 231,445 | |
Federal Agency Obligations [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 52,826 | 29,062 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 282 | 142 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (271) | (58) |
Investment Securities Available-for-Sale, Fair Value | 52,837 | 29,146 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 33,616 | |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 280 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (119) | |
Investment Securities Held-to-Maturity, Fair Value | 33,777 | |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 72,922 | 44,155 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 519 | 803 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (944) | (48) |
Investment Securities Available-for-Sale, Fair Value | 72,497 | 44,910 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 3,805 | |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 11 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (6) | |
Investment Securities Held-to-Maturity, Fair Value | 3,810 | |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 4,186 | 2,981 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 23 | |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (9) | |
Investment Securities Available-for-Sale, Fair Value | 4,209 | 2,972 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 4,110 | |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 27 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (2) | |
Investment Securities Held-to-Maturity, Fair Value | 4,135 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 148,747 | 8,188 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 2,789 | 169 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (931) | |
Investment Securities Available-for-Sale, Fair Value | 150,605 | 8,357 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 118,015 | |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 5,001 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (3) | |
Investment Securities Held-to-Maturity, Fair Value | 123,013 | |
Trust Preferred Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 5,575 | 16,088 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 242 | 398 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (151) | (231) |
Investment Securities Available-for-Sale, Fair Value | 5,666 | 16,255 |
Corporate Bonds And Notes [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 36,717 | 53,566 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 586 | 702 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (375) | (292) |
Investment Securities Available-for-Sale, Fair Value | 36,928 | 53,976 |
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 36,039 | |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 719 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (161) | |
Investment Securities Held-to-Maturity, Fair Value | 36,597 | |
Asset-backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 14,867 | 20,005 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 2 | 18 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (286) | (298) |
Investment Securities Available-for-Sale, Fair Value | 14,583 | 19,725 |
Certificates of Deposit [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 973 | 1,895 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 10 | 18 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (8) | |
Investment Securities Available-for-Sale, Fair Value | 983 | 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 | 192 | 21 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (23) | |
Investment Securities Available-for-Sale, Fair Value | 568 | 374 |
Other Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 14,739 | 18,303 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | ||
Investment Securities Available-for-Sale, Gross Unrealized Losses | (325) | (153) |
Investment Securities Available-for-Sale, Fair Value | $ 14,414 | 18,150 |
US Treasury Securities [Member] | ||
Investment securities held-to-maturity | ||
Investment Securities Held-to-Maturity, Amortized Cost | 28,471 | |
Investment Securities Held-to-Maturity, Gross Unrealized Gains | 755 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | ||
Investment Securities Held-to-Maturity, Fair Value | $ 29,226 |
Investment Securities (Detail66
Investment Securities (Details) - Investments classified by maturity date - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available-for-sale: | ||
Due in one year or less, amortized cost | $ 5,003 | |
Due in one year or less, fair value | 5,054 | |
Due after one year through five years, amortized cost | 32,045 | |
Due after one year through five years, fair value | 32,406 | |
Due after five years through ten years, amortized cost | 50,718 | |
Due after five years through ten years, fair value | 51,473 | |
Due after ten years, amortized cost | 171,939 | |
Due after ten years, fair value | 172,497 | |
Total | 351,928 | $ 194,619 |
Total | 353,290 | |
Investment securities held-to-maturity: | ||
Total | 224,056 | |
Investment Securities Held-to-Maturity, Fair Value | 231,445 | |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 72,922 | |
Investment Securities Available-for-Sale: Fair Value | 72,497 | |
Total | 72,922 | 44,155 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Fair Value | 3,810 | |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 4,186 | |
Investment Securities Available-for-Sale: Fair Value | 4,209 | |
Total | 4,186 | 2,981 |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity, Fair Value | 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 | 568 | |
Total | 376 | 376 |
Other Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 14,739 | |
Investment Securities Available-for-Sale: Fair Value | 14,414 | |
Total | $ 14,739 | $ 18,303 |
Investment Securities (Detail67
Investment Securities (Details) - Schedule of realized gains and losses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of realized gains and losses [Abstract] | |||
Proceeds | $ 85,253 | $ 65,231 | $ 81,844 |
Gross gains on sales of investment securities | 4,234 | 3,931 | 2,837 |
Gross losses on sales of investment securities | 19 | ||
Net gains on sales of investment securities | 4,234 | 3,931 | 2,818 |
Less: tax provision on net gains | (1,682) | (1,564) | (986) |
Net gains on sales of investment securities, after tax | $ 2,552 | $ 2,367 | $ 1,832 |
Investment Securities (Detail68
Investment Securities (Details) - Schedule of unrealized losses not recognized in income - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | $ 167,343 | $ 31,583 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (3,283) | (525) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 134,954 | 22,545 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (2,483) | (85) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 32,389 | 9,038 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (800) | (440) |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 12,562 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (95) | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 5,622 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | (38) | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 6,940 | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | (57) | |
Fair Value, Total | 44,145 | |
Unrealized Losses, Total | (620) | |
Fair Value, Less than 12 Months | 28,167 | |
Unrealized Losses, Less than 12 Months | (123) | |
Fair Value, 12 Months or Longer | 15,978 | |
Unrealized Losses, 12 Months or Longer | (497) | |
Federal Agency Obligations [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 22,672 | 6,755 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (271) | (50) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 21,416 | 2,770 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (262) | (9) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 1,256 | 3,985 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (9) | (41) |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 3,228 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (28) | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 3,228 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | (28) | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | ||
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | ||
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 50,136 | 5,694 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (944) | (11) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 49,817 | 5,694 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (937) | (11) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 319 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (7) | |
Obligation Of U.S. States And Political Subdivisions [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 52,307 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (931) | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 52,307 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (931) | |
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 | 8,341 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (60) | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 1,401 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | (3) | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | 6,940 | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | (57) | |
Trust Preferred Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,427 | 1,307 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (151) | (269) |
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 | 1,427 | 1,307 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (151) | (269) |
Corporate Bonds And Notes [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 15,930 | 1,961 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (375) | (11) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 7,671 | 1,961 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (265) | (11) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 8,259 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (110) | |
Investment securities held-to-maturity: | ||
Investment Securities Held-to-Maturity: Total, Fair Value | 993 | |
Investment Securities Held-to-Maturity: Total, Unrealized Losses | (7) | |
Investment Securities Held-to-Maturity: Less than 12 Months, Fair Value | 993 | |
Investment Securities Held-to-Maturity: Less than 12 Months, Unrealized Losses | (7) | |
Investment Securities Held-to-Maturity: 12 Months or Longer, Fair Value | ||
Investment Securities Held-to-Maturity: 12 Months or Longer, Unrealized Losses | ||
Asset-backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 13,404 | 9,773 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (286) | (31) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 3,743 | 9,773 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (88) | (31) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 9,661 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (198) | |
Other Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 11,467 | 5,417 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (325) | (82) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 1,978 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (21) | |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 11,467 | 3,439 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | $ (325) | (61) |
Certificates of Deposit [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 369 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (2) | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 369 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (2) | |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | ||
Equity Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 307 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (69) | |
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 | 307 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | $ (69) |
Loans and the Allowance for L69
Loans and the Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Loans held-for-sale | $ 78,005 | ||
Non Accrual Contractual Due | 90 days | ||
Loans Pledged as Collateral | $ 1,700,000 | 1,600,000 | |
Charge offs | 39,573 | 538 | $ 936 |
Loans performing under the restructured terms | 73,800 | 86,600 | 1,800 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 500 | $ 700 | |
Troubled debt restructurings | 13,800 | ||
Current Troubled debt restructurings | $ 13,300 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range | 5.75% | 3.75% | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 333 | ||
Troubled debt restructurings medallions | $ 18,500 | ||
Number of loans | All 15 loans were accruing prior to modification, while 14 remained in accrual status post-modification. | ||
Commercial loans held-for-sale segment [Member] | |||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Loans held-for-sale | $ 65,600 | ||
Taxi medallion portfolio [Member] | |||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Loans held-for-sale | $ 63,000 | ||
Loans held-for-sale, percentage | 96.00% | ||
Charge offs | $ 36,700 | ||
Union Center operations building [Member] | |||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Charge offs | 1,100 | ||
Taxi medallion loans [Member] | |||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Loans performing under the restructured terms | 96,500 | ||
Troubled debt restructurings | 12,500 | ||
Performing Loans [Member] | |||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Loans performing under the restructured terms | $ 13,300 | $ 85,900 | |
Minimum [Member] | |||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Amortization Period For Interest | 25 years | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range | 3.00% | ||
Maximum [Member] | |||
LOANS AND THE ALLOWANCE FOR LOAN LOSSES (Details) [Line Items] | |||
Amortization Period For Interest | 30 years | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range | 3.25% |
Loans and the Allowance for L70
Loans and the Allowance for Loan and Lease Losses (Details) - Loans held-for-sale - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | $ 78,005 | |
Commercial Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | 70,105 | |
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 | 7,712 | |
Residential Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | $ 188 |
Loans and the Allowance for L71
Loans and the Allowance for Loan and Lease Losses (Details) - Composition of loan portfolio - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 3,479,441 | $ 3,101,794 |
Net deferred (fees) | (3,609) | (2,787) |
Total loans receivable | 3,475,832 | 3,099,007 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 553,576 | 570,116 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,204,710 | 1,966,696 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 486,228 | 328,838 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 232,547 | 233,690 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 2,380 | $ 2,454 |
Loans and the Allowance for L72
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | $ 8,080 | $ 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 | 7,098 | 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 | 982 | 1,775 |
Construction Loans [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | ||
Residential Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount | 328 | |
Consumer Portfolio Segment [Member] | ||
Loans and the Allowance for Loan and Lease Losses (Details) - Purchase credit impaired loans [Line Items] | ||
Total carrying amount |
Loans and the Allowance for L73
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of accretable yield, or income expected to be collected - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of accretable yield, or income expected to be collected [Abstract] | ||
Beginning balance | $ 3,599 | $ 4,805 |
New loans purchased | ||
Accretion of income | (739) | (1,206) |
Reclassifications from nonaccretable difference | ||
Disposals | ||
Ending balance | $ 2,860 | $ 3,599 |
Loans and the Allowance for L74
Loans and the Allowance for Loan and Lease Losses (Details) - Loans receivable on nonaccrual status - USD ($) $ in Thousands | Dec. 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 | $ 5,734 | $ 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 | 1,460 | 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 | 1,081 | 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 | 1,479 | |
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 | $ 3,193 | $ 3,559 |
Loans and the Allowance for L75
Loans and the Allowance for Loan and Lease Losses (Details) - Credit quality indicators - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 3,479,441 | $ 3,101,794 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,405,931 | 2,939,890 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 37,816 | 31,412 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 35,694 | 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 | 553,576 | 570,116 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 539,961 | 462,358 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,255 | 11,760 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 10,360 | 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 | 2,204,710 | 1,966,696 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,154,343 | 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 | 31,173 | 18,990 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 19,194 | 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 | 486,228 | 328,838 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 480,319 | 326,697 |
Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,388 | 662 |
Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,521 | 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 | 232,547 | 233,690 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 228,990 | 229,426 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | ||
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,557 | 4,264 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | ||
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,380 | 2,454 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,318 | 2,368 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 62 | 86 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount |
Loans and the Allowance for L76
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of analysis of impaired loans, by class - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | $ 29,747 | $ 22,317 | $ 9,552 |
No related allowance recorded, Unpaid Principal Balance | 30,377 | 23,713 | 10,891 |
No Related Allowance Average Recorded Investment | 29,872 | 12,002 | 10,047 |
No Related Allowance Interest Income Recognized | 416 | 75 | 170 |
With an allowance recorded, Recorded Investment | 1,200 | 6,000 | 3,907 |
With an allowance recorded, Unpaid Principal Balance | 3,909 | ||
With an allowance recorded, Related Allowance | 261 | ||
With An Allowance Recorded Average Recorded Investment | 3,973 | ||
With An Allowance Recorded Interest Income Recognized | 171 | ||
Total, Recorded Investment | 30,991 | 107,104 | 13,459 |
Total, Unpaid Principal Balance | 31,621 | 108,162 | 14,531 |
Total, Related Allowance | 415 | 6,725 | 261 |
Total Impaired Average Recorded Investment | 31,146 | 67,447 | 14,019 |
Total Impaired Interest Income Recognized | 416 | 1,970 | 341 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 3,637 | 610 | 481 |
No related allowance recorded, Unpaid Principal Balance | 4,063 | 645 | 527 |
No Related Allowance Average Recorded Investment | 4,052 | 686 | 494 |
No Related Allowance Interest Income Recognized | 64 | ||
With an allowance recorded, Recorded Investment | 1,244 | 84,787 | 387 |
With an allowance recorded, Unpaid Principal Balance | 1,244 | 84,449 | 389 |
With an allowance recorded, Related Allowance | 145 | 6,725 | 111 |
With An Allowance Recorded Average Recorded Investment | 1,274 | 55,445 | 389 |
With An Allowance Recorded Interest Income Recognized | 1,895 | ||
Total, Recorded Investment | 3,637 | 85,397 | 868 |
Total, Unpaid Principal Balance | 4,063 | 85,094 | 917 |
Total, Related Allowance | 6,725 | 111 | |
Total Impaired Average Recorded Investment | 4,052 | 56,131 | 883 |
Total Impaired Interest Income Recognized | 64 | 1,895 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 18,288 | 15,517 | 5,890 |
No related allowance recorded, Unpaid Principal Balance | 18,288 | 16,512 | 6,587 |
No Related Allowance Average Recorded Investment | 18,532 | 6,363 | 6,276 |
No Related Allowance Interest Income Recognized | 250 | 60 | 129 |
With an allowance recorded, Recorded Investment | 3,520 | ||
With an allowance recorded, Unpaid Principal Balance | 3,520 | ||
With an allowance recorded, Related Allowance | 150 | ||
With An Allowance Recorded Average Recorded Investment | 3,584 | ||
With An Allowance Recorded Interest Income Recognized | 171 | ||
Total, Recorded Investment | 19,532 | 15,517 | 9,410 |
Total, Unpaid Principal Balance | 19,532 | 16,512 | 10,107 |
Total, Related Allowance | 145 | 150 | |
Total Impaired Average Recorded Investment | 19,806 | 6,363 | 9,860 |
Total Impaired Interest Income Recognized | 250 | 60 | 300 |
Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 5,909 | 2,149 | |
No related allowance recorded, Unpaid Principal Balance | 5,909 | 2,141 | |
No Related Allowance Average Recorded Investment | 5,308 | 1,535 | |
No Related Allowance Interest Income Recognized | 79 | ||
Total, Recorded Investment | 5,909 | 2,149 | |
Total, Unpaid Principal Balance | 5,909 | 2,141 | |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | 5,308 | 1,535 | |
Total Impaired Interest Income Recognized | 79 | ||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 1,851 | 3,954 | 3,072 |
No related allowance recorded, Unpaid Principal Balance | 2,055 | 4,329 | 3,406 |
No Related Allowance Average Recorded Investment | 1,908 | 3,322 | 3,170 |
No Related Allowance Interest Income Recognized | 19 | 10 | 41 |
Total, Recorded Investment | 1,851 | 3,954 | 3,072 |
Total, Unpaid Principal Balance | 2,055 | 4,329 | 3,406 |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | 1,908 | 3,322 | 3,170 |
Total Impaired Interest Income Recognized | 19 | 10 | 41 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 62 | 87 | 109 |
No related allowance recorded, Unpaid Principal Balance | 62 | 86 | 101 |
No Related Allowance Average Recorded Investment | 72 | 96 | 107 |
No Related Allowance Interest Income Recognized | 4 | 5 | |
Total, Recorded Investment | 62 | 87 | 109 |
Total, Unpaid Principal Balance | 62 | 86 | 101 |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | 72 | 96 | 106 |
Total Impaired Interest Income Recognized | $ 4 | $ 5 |
Loans and the Allowance for L77
Loans and the Allowance for Loan and Lease Losses (Details) - Aging analysis - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 5,734 | $ 20,736 |
Total Past Due | 20,551 | 33,418 |
Current | 3,458,890 | 3,068,376 |
Loans | 3,479,441 | 3,101,794 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,534 | 8,180 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,990 | 4,502 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,293 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,460 | 6,586 |
Total Past Due | 6,583 | 16,269 |
Current | 546,993 | 553,847 |
Loans | 553,576 | 570,116 |
Commercial Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 475 | 6,178 |
Commercial Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18 | 3,505 |
Commercial Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,630 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,081 | 9,112 |
Total Past Due | 8,256 | 12,098 |
Current | 2,196,454 | 1,954,598 |
Loans | 2,204,710 | 1,966,696 |
Commercial Real Estate Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,928 | 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 | 1,584 | 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 | 663 | |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,479 | |
Total Past Due | 1,479 | |
Current | 486,228 | 327,359 |
Loans | 486,228 | 328,838 |
Construction Loans [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Construction Loans [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Construction Loans [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,193 | 3,559 |
Total Past Due | 5,712 | 3,559 |
Current | 226,835 | 230,131 |
Loans | 232,547 | 233,690 |
Residential Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Residential Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Residential Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | ||
Total Past Due | 13 | |
Current | 2,380 | 2,441 |
Loans | 2,380 | 2,454 |
Consumer Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 4 |
Consumer Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | 9 |
Consumer Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due |
Loans and the Allowance for L78
Loans and the Allowance for Loan and Lease Losses (Details) - Allowance for loan and lease losses - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | $ 145 | $ 6,725 | ||
Allowance for loan and lease losses, collectively evaluated for impairment | 25,599 | 19,847 | ||
Allowance for loan and lease losses, acquired portfolio | ||||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 25,744 | 26,572 | $ 14,160 | $ 10,333 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 30,991 | 107,104 | ||
Loans Receivable, collectively evaluated for impairment | 2,783,922 | 2,118,631 | ||
Loans Receivable, acquired portfolio | 656,448 | 866,878 | ||
Loans Receivables, acquired with deteriorated credit quality | 8,080 | 9,181 | ||
Loans Receivable, Total | 3,479,441 | 3,101,794 | ||
Commercial Portfolio Segment [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | 6,725 | |||
Allowance for loan and lease losses, collectively evaluated for impairment | 6,632 | 4,224 | ||
Allowance for loan and lease losses, acquired portfolio | ||||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 6,632 | 10,949 | 3,083 | 1,698 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 3,637 | 85,397 | ||
Loans Receivable, collectively evaluated for impairment | 517,869 | 395,424 | ||
Loans Receivable, acquired portfolio | 24,972 | 82,217 | ||
Loans Receivables, acquired with deteriorated credit quality | 7,098 | 7,078 | ||
Loans Receivable, Total | 553,576 | 570,116 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | 145 | |||
Allowance for loan and lease losses, collectively evaluated for impairment | 12,438 | 10,926 | ||
Allowance for loan and lease losses, acquired portfolio | ||||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 12,583 | 10,926 | 7,799 | 5,746 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 19,532 | 15,517 | ||
Loans Receivable, collectively evaluated for impairment | 1,621,745 | 1,269,140 | ||
Loans Receivable, acquired portfolio | 562,451 | 680,264 | ||
Loans Receivables, acquired with deteriorated credit quality | 982 | 1,775 | ||
Loans Receivable, Total | 2,204,710 | 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 | 4,789 | 3,253 | ||
Allowance for loan and lease losses, acquired portfolio | ||||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 4,789 | 3,253 | 1,239 | 362 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 5,909 | 2,149 | ||
Loans Receivable, collectively evaluated for impairment | 478,865 | 315,785 | ||
Loans Receivable, acquired portfolio | 1,454 | 10,904 | ||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total | 486,228 | 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 | 958 | 976 | ||
Allowance for loan and lease losses, acquired portfolio | ||||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 958 | 976 | 1,113 | 990 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 1,857 | 3,954 | ||
Loans Receivable, collectively evaluated for impairment | 163,686 | 136,633 | ||
Loans Receivable, acquired portfolio | 67,010 | 92,775 | ||
Loans Receivables, acquired with deteriorated credit quality | 328 | |||
Loans Receivable, Total | 232,547 | 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 | 3 | 4 | ||
Allowance for loan and lease losses, acquired portfolio | ||||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 3 | 4 | 7 | 146 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 62 | 87 | ||
Loans Receivable, collectively evaluated for impairment | 1,757 | 1,649 | ||
Loans Receivable, acquired portfolio | 561 | 718 | ||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total | 2,380 | 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 | 779 | 464 | ||
Allowance for loan and lease losses, acquired portfolio | ||||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | $ 799 | $ 464 | $ 919 | $ 1,391 |
Loans and the Allowance for L79
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of allowance for loan losses - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | $ 26,572 | $ 14,160 | $ 10,333 | ||||||||
Loans charged-off | (39,573) | (538) | (936) | ||||||||
Recoveries | 345 | 80 | |||||||||
Provision for loan and lease losses | $ 25,200 | $ 6,750 | $ 3,750 | $ 3,000 | $ 5,055 | $ 4,175 | $ 1,550 | $ 1,825 | 38,700 | 12,605 | 4,683 |
Balance | 25,744 | 26,572 | 25,744 | 26,572 | 14,160 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 10,949 | 3,083 | 1,698 | ||||||||
Loans charged-off | (39,343) | (101) | (379) | ||||||||
Recoveries | 4 | 13 | 50 | ||||||||
Provision for loan and lease losses | 35,022 | 7,954 | 1,714 | ||||||||
Balance | 6,632 | 10,949 | 6,632 | 10,949 | 3,083 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 10,926 | 7,799 | 5,746 | ||||||||
Loans charged-off | (107) | (406) | (398) | ||||||||
Recoveries | 35 | 327 | |||||||||
Provision for loan and lease losses | 1,729 | 3,206 | 2,451 | ||||||||
Balance | 12,583 | 10,926 | 12,583 | 10,926 | 7,799 | ||||||
Construction Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 3,253 | 1,239 | 362 | ||||||||
Loans charged-off | |||||||||||
Recoveries | |||||||||||
Provision for loan and lease losses | 1,536 | 2,014 | 877 | ||||||||
Balance | 4,789 | 3,253 | 4,789 | 3,253 | 1,239 | ||||||
Residential Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 976 | 1,113 | 990 | ||||||||
Loans charged-off | (94) | (159) | |||||||||
Recoveries | 3 | 2 | 19 | ||||||||
Provision for loan and lease losses | 73 | (139) | 263 | ||||||||
Balance | 958 | 976 | 958 | 976 | 1,113 | ||||||
Consumer Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 4 | 7 | 146 | ||||||||
Loans charged-off | (29) | (31) | |||||||||
Recoveries | 3 | 3 | 11 | ||||||||
Provision for loan and lease losses | 25 | 25 | (150) | ||||||||
Balance | 3 | 4 | 3 | 4 | 7 | ||||||
Unallocated Financing Receivables [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 464 | 919 | 1,391 | ||||||||
Loans charged-off | |||||||||||
Recoveries | |||||||||||
Provision for loan and lease losses | 315 | (455) | (472) | ||||||||
Balance | $ 799 | $ 464 | $ 799 | $ 464 | $ 919 |
Loans and the Allowance for L80
Loans and the Allowance for Loan and Lease Losses (Details) - Loans by segment modified as troubled debt restructurings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
ALLL [Member] | ||
Beginning balance | $ 4,500 | |
Additions | 8,250 | 4,500 |
Transfers | ||
Other | (12,750) | |
Ending balance | 4,500 | |
Recorded Investment [Member] | ||
Beginning balance | 86,629 | 2,788 |
Additions | 26,325 | 84,290 |
Payoffs/paydowns | (2,616) | (449) |
Transfers | (96,520) | |
Other | ||
Ending balance | $ 13,818 | $ 86,629 |
Loans and the Allowance for L81
Loans and the Allowance for Loan and Lease Losses (Details) - Schedule of Troubled Debt Restructuring by Class $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Integer | Dec. 31, 2015USD ($)Integer | Dec. 31, 2014USD ($)Integer | |
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | |||
Number of Loans | 23 | 54 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 26,325 | $ 84,290 | $ 947 |
Post-Modification Outstanding Recorded Investment | $ 26,325 | $ 84,290 | $ 561 |
Commercial Portfolio Segment [Member] | |||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | |||
Number of Loans | Integer | 19 | 48 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 22,420 | $ 78,466 | $ 672 |
Post-Modification Outstanding Recorded Investment | $ 22,420 | $ 78,466 | $ 289 |
Commercial Real Estate Portfolio Segment [Member] | |||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | |||
Number of Loans | Integer | 3 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 2,155 | $ 5,049 | |
Post-Modification Outstanding Recorded Investment | $ 2,155 | $ 5,049 | |
Construction Loans [Member] | |||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | |||
Number of Loans | Integer | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 1,750 | $ 661 | |
Post-Modification Outstanding Recorded Investment | $ 1,750 | $ 661 | |
Residential Portfolio Segment [Member] | |||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | |||
Number of Loans | Integer | 1 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 110 | $ 275 | |
Post-Modification Outstanding Recorded Investment | $ 110 | $ 272 | |
Consumer Portfolio Segment [Member] | |||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | |||
Number of Loans | Integer | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 4 | ||
Post-Modification Outstanding Recorded Investment | $ 4 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 2.7 | $ 2.3 | $ 1.5 |
Operating Leases, Rent Expense, Net | $ 2.5 | $ 2.1 | $ 1.6 |
Premises and Equipment (Detai83
Premises and Equipment (Details) - Schedule of Premises and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 60,377 | $ 58,358 |
Less: accumulated depreciation and amortization | 37,700 | 35,291 |
Subtotal | 22,677 | 23,067 |
Less: fair value adjustment for acquired leases | (602) | (734) |
Total premises and equipment, net | 22,075 | 22,333 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,403 | 2,403 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 16,027 | 16,490 |
Buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 20 years | |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 40 years | |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 29,039 | 27,235 |
Furniture Fixtures And Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 3 years | |
Furniture Fixtures And Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 10 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 12,908 | $ 12,230 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 10 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 20 years |
Premises and Equipment (Detai84
Premises and Equipment (Details) - Schedule of Capital Lease in Premises and Equipment - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Capital Lease in Premises and Equipment [Abstract] | ||
Capital Lease | $ 3,422 | $ 3,422 |
Less: accumulated amortization | 1,369 | 1,198 |
Lease in premises and equipment | $ 2,053 | $ 2,224 |
Premises and Equipment (Detai85
Premises and Equipment (Details) - Schedule of Future Minimum Lease Payments for Capitalization leases $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Future Minimum Lease Payments for Capitalization leases [Abstract] | |
2,017 | $ 292 |
2,018 | 294 |
2,019 | 321 |
2,020 | 321 |
2,021 | 321 |
Thereafter | 2,376 |
Total minimum lease payments | 3,925 |
Less amount representing interest | 1,162 |
Present value of net minimum lease payments | $ 2,763 |
Premises and Equipment (Detai86
Premises and Equipment (Details) - Schedule of Operating Leases Included Renewal Provisions $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Operating Leases Included Renewal Provisions [Abstract] | |
2,017 | $ 2,149 |
2,018 | 2,131 |
2,019 | 2,003 |
2,020 | 1,851 |
2,021 | 1,565 |
Thereafter | $ 6,400 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 820 | $ 917 | $ 506 |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets (Details) - Schedule of change in goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of change in goodwill [Abstract] | ||
Beginning of year | $ 145,909 | $ 145,909 |
Acquired goodwill | ||
Impairment | ||
End of year | $ 145,909 | $ 145,909 |
Goodwill and Other Intangible89
Goodwill and Other Intangible Assets (Details) - Intangible Assets Disclosure - Core Deposits [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Amount | $ 6,011 | $ 6,011 |
Accumulated Amortization | (2,923) | (2,103) |
Net Carrying Amount | $ 3,088 | $ 3,908 |
Goodwill and Other Intangible90
Goodwill and Other Intangible Assets (Details) - Estimated amortization expense $ in Thousands | Dec. 31, 2016USD ($) |
Estimated amortization expense [Abstract] | |
2,017 | $ 724 |
2,018 | 627 |
2,019 | 531 |
2,020 | 434 |
2,021 | $ 338 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Text Block [Abstract] | ||
Time Deposits Maturities, after Next Twelve Months | $ 968,100 | $ 774,700 |
Time Deposits 250000 or More | $ 106,500 | $ 142,800 |
Deposits (Details) - Schedule o
Deposits (Details) - Schedule of Time Deposits $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Time Deposits [Abstract] | |
2,017 | $ 518,913 |
2,018 | 302,698 |
2,019 | 119,925 |
2,020 | 20,167 |
2,021 | 6,433 |
Total | $ 968,136 |
FHLB Borrowings (Details)
FHLB Borrowings (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)Integer | |
Number of Federal Home Loan Bank Notes | Integer | 3 |
Long-term Line of Credit | $ 1,300 |
Line of Credit Facility, Remaining Borrowing Capacity | 744 |
Federal Home Loan Bank Note One [Member] | |
Extinguishment of Debt, Amount | $ 2.5 |
Debt Instrument, Maturity Date | Apr. 2, 2018 |
Federal Home Loan Bank Note Two [Member] | |
Extinguishment of Debt, Amount | $ 7.5 |
Debt Instrument, Maturity Date | Apr. 2, 2018 |
Federal Home Loan Bank Note Three [Member] | |
Extinguishment of Debt, Amount | $ 5 |
Debt Instrument, Maturity Date | Jul. 16, 2018 |
FHLB Borrowings (Details) - Sch
FHLB Borrowings (Details) - Schedule of components of FHLB and other borrowings and weighted average interest rates - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
By type of borrowing: | ||
FHLB borrowings and other borrowings (in Dollars) | $ 476,280 | $ 671,587 |
Weighted average interest rates | 1.55% | 1.26% |
By remaining period to maturity: | ||
One year or less (in Dollars) | $ 231,280 | $ 270,587 |
One year or less | 1.02% | 0.64% |
One to two years (in Dollars) | $ 130,000 | $ 156,000 |
One to two years | 1.84% | 1.13% |
Two to three years (in Dollars) | $ 35,000 | $ 130,000 |
Two to three years | 1.60% | 1.84% |
Three to four years (in Dollars) | $ 65,000 | $ 35,000 |
Three to four years | 2.82% | 1.60% |
Four to five years (in Dollars) | $ 65,000 | |
Four to five years | 2.82% | |
Federal Home Loan Bank Advances [Member] | ||
By type of borrowing: | ||
FHLB borrowings and other borrowings (in Dollars) | $ 461,280 | $ 656,587 |
Weighted average interest rates | 1.55% | 1.26% |
Securities Sold under Agreeme95
Securities Sold under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Pledge securities | 8.00% | |
Securities carrying amount | $ 16,800 | $ 18,900 |
Securities Sold under Agreeme96
Securities Sold under Agreements to Repurchase (Details) - Schedule of repurchase agreements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Average daily balance during the year | $ 15,000 | $ 22,890 | $ 31,000 |
Average interest rate during the year | 5.95% | 5.92% | 5.90% |
Maximum month-end balance during the year | $ 15,000 | $ 31,000 | $ 31,000 |
Weighted average interest rate during the year | 5.95% | 5.92% | 5.90% |
Securities Sold under Agreeme97
Securities Sold under Agreements to Repurchase (Details) - Schedule of remaining contractual maturity - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total Borrowings | $ 16,826 | $ 18,902 |
Amounts related to agreements not included in offsetting disclosure in Note 13 | 1,826 | 3,902 |
US Treasury Securities [Member] | ||
Total Borrowings | 6,313 | |
Residential Mortgage Backed Securities [Member] | ||
Total Borrowings | 16,826 | 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 | 16,826 | 18,902 |
Greater Than 90 Days[Member] | US Treasury Securities [Member] | ||
Total Borrowings | 6,313 | |
Greater Than 90 Days[Member] | Residential Mortgage Backed Securities [Member] | ||
Total Borrowings | $ 16,826 | $ 12,589 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subordinated Debentures (Details) [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 3.75% | |
Fixed-to-floating Rate Subordinated Notes [Member] | |||
Subordinated Debentures (Details) [Line Items] | |||
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 | ||
Subordinated Debt from Trust [Member] | |||
Subordinated Debentures (Details) [Line Items] | |||
Value of subordinated debentures received by Trust | $ 5,000 | ||
Percentage Rate Added to Libor | 2.85% | ||
Floating interest rate on subordinated debentures | 3.74% | ||
Proceeds from Issuance of Debt | $ 5,200 | ||
Debt Instrument, Maturity Date | Jan. 23, 2034 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.93% | ||
Unamortized Debt Issuance Cost | $ 621 |
Subordinated Debentures (Deta99
Subordinated Debentures (Details) - Schedule of Subordinated Borrowing - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 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 | $1,000 per Capital Security |
Coupon Rate | Floating 3-month LIBOR + 285 Basis Points | Floating 3-month LIBOR + 285 Basis Points |
Maturity | Jan. 23, 2034 | Jan. 23, 2034 |
Redeemable by Issuer Beginning | Jan. 23, 2009 | Jan. 23, 2009 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||||||
Federal | $ 10,173 | $ 22,512 | $ 7,715 | ||||||||
State | (366) | 907 | 946 | ||||||||
Subtotal | 9,807 | 23,419 | 8,661 | ||||||||
Deferred: | |||||||||||
Federal | 2,682 | (3,835) | 223 | ||||||||
State | (713) | 342 | (39) | ||||||||
Subtotal | 1,969 | (3,493) | 184 | ||||||||
Income tax expense | $ (3,448) | $ 5,443 | $ 5,003 | $ 4,778 | $ 4,617 | $ 5,228 | $ 5,069 | $ 5,012 | $ 11,776 | $ 19,926 | $ 8,845 |
Income Taxes (Details) - Sch101
Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||||||||||
Income before income tax expense | $ (5,472) | $ 17,299 | $ 15,862 | $ 15,169 | $ 14,185 | $ 16,070 | $ 15,590 | $ 15,391 | $ 42,858 | $ 61,237 | $ 27,410 |
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Computed "expected" Federal income tax expense | $ 15,000 | $ 21,433 | $ 9,593 | ||||||||
State tax, net of Federal tax benefit | (701) | 812 | 589 | ||||||||
Bank owned life insurance | (896) | (624) | (456) | ||||||||
Tax-exempt interest and dividends | (1,714) | (1,584) | (1,511) | ||||||||
Other, net | 87 | (111) | 630 | ||||||||
Income tax | $ (3,448) | $ 5,443 | $ 5,003 | $ 4,778 | $ 4,617 | $ 5,228 | $ 5,069 | $ 5,012 | $ 11,776 | $ 19,926 | $ 8,845 |
Income Taxes (Details) - Sch102
Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Nonaccrual interest | $ 470 | $ 349 |
Allowance for loan and lease losses | 10,374 | 10,798 |
Pension actuarial losses | 2,439 | 2,605 |
Purchase accounting | 4,881 | 7,195 |
Deferred compensation | 2,277 | 1,479 |
Unrealized losses on securities and swaps | 445 | |
Deferred loan costs, net of fees | 613 | 460 |
Accrued rent | 617 | 530 |
Other | 14 | 25 |
New Jersey net operating loss | 1,004 | |
Capital lease | 139 | 427 |
Total deferred tax assets | 22,828 | 24,313 |
Deferred tax liabilities: | ||
Employee benefit plans | (2,275) | (1,370) |
Depreciation | (1,039) | (1,001) |
Market discount accretion | (235) | (41) |
Prepaid expenses | (345) | (341) |
Unrealized gains on securities and swaps | (449) | |
Other | (33) | (27) |
Total deferred tax liabilities | (4,376) | (2,780) |
Net deferred tax asset | $ 18,452 | $ 21,533 |
Offsetting Assets and Liabil103
Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Gross Amounts Recognized, Total | $ 15,131 | |
Gross Amounts Offset in the Statement of Financial Position, Total | ||
Net Amounts of Assets Presented in the Statement of Financial Position, Total | 15,131 | |
Financial Instruments Recognized, Total | ||
Cash or Financial Instrument Collateral, Total | 15,000 | |
Net Amount, Total | 131 | |
Repurchase Agreements [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 | 131 | |
Interest Rate Swap [Member] | ||
Gross Amounts Recognized, Assets | 88 | |
Gross Amounts Offset in the Statement of Financial Position | ||
Net Amounts of Assets Presented in the Statement of Financial Position, Assets | 88 | |
Financial Instruments Recognized, Assets | ||
Cash or Financial Instrument Collateral, Assets | ||
Net Amount, Assets | $ 88 | |
Gross Amounts Recognized, Liabilities | 131 | |
Gross Amounts Offset in the Statement of Financial Position, Liabilities | ||
Net Amounts of Assets Presented in the Statement of Financial Position, Liabilities | 131 | |
Financial Instruments Recognized, Liabilities | ||
Cash or Financial Instrument Collateral, Liabilities | ||
Net Amount, Liabilities |
Commitments, Contingencies a104
Commitments, Contingencies and Concentrations of Credit Risk (Details) - Summary of Financial Instruments - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | $ 603,112 | $ 625,609 |
Commercial Portfolio Segment [Member] | Supply Commitment [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 267,865 | 278,201 |
Home Equity Line of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 52,788 | 52,191 |
Commercial Real Estate Portfolio Segment [Member] | Supply Commitment [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 263,395 | 273,552 |
Standby Letters of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 18,331 | 20,895 |
Overdraft Protection Lines [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | $ 733 | $ 770 |
Transactions with Executive 105
Transactions with Executive Officers, Directors and Principal Stockholders (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | ||
Proceeds from Other Deposits | $ 47,700 | $ 29,600 |
Transactions with Executive 106
Transactions with Executive Officers, Directors and Principal Stockholders (Details) - Loans - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans to principal officers, directors, and their affiliates [Abstract] | ||
Beginning balance | $ 39,232 | $ 44,353 |
New loans | 25,274 | |
Repayments | (17,736) | (5,121) |
Ending balance | $ 46,770 | $ 39,232 |
Stockholders' Equity and Reg107
Stockholders' Equity and Regulatory Requirements (Details) | Jan. 31, 2019 | Dec. 31, 2016 |
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS (Details) [Line Items] | ||
Capital conservation buffer percentage rate | 0.625% | |
Increase capital conservation buffer percentage rate on each subsequent year | 0.625% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 3.157% | |
Total Risk Based Capital Ratio | 3.003% | |
Subsequent Event [Member] | ||
STOCKHOLDERS' EQUITY AND REGULATORY REQUIREMENTS (Details) [Line Items] | ||
Capital conservation buffer percentage rate | 2.50% |
Stockholders' Equity and Reg108
Stockholders' Equity and Regulatory Requirements (Details) - Schedule of Compliance with Regulatory Capital Requirements - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 3.157% | |
Union Center National Bank [Member] | ||
Tier One Leverage Capital | $ 434,067 | $ 372,979 |
Tier One Leverage Capital to Average Assets | 10.34% | 9.96% |
Tier One Leverage Capital Required for Capital Adequacy | $ 167,996 | $ 149,724 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 209,995 | $ 187,154 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
CET One Risk Based Capital | $ 434,067 | $ 372,979 |
CET One Risk Based Capital to Risk Weighted Assets | 10.98% | 10.55% |
CET One Risk Based Capital Required for Capital Adequacy | $ 177,944 | $ 159,028 |
CET One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
CET One Risk Based Capital Required to be Well Capitalized | $ 257,030 | $ 229,707 |
CET One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Risk Based Capital | $ 434,067 | $ 372,979 |
Tier One Risk Based Capital to Risk Weighted Assets | 10.98% | 10.55% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 237,258 | $ 212,037 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 316,344 | $ 282,716 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital | $ 459,811 | $ 399,551 |
Capital to Risk Weighted Assets | 11.63% | 11.31% |
Capital Required for Capital Adequacy | $ 316,344 | $ 282,716 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 395,430 | $ 353,395 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Parent Company [Member] | ||
Tier One Leverage Capital | $ 390,205 | $ 339,544 |
Tier One Leverage Capital to Average Assets | 9.29% | 9.07% |
Tier One Leverage Capital Required for Capital Adequacy | $ 168,048 | $ 149,776 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | ||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | ||
CET One Risk Based Capital | $ 385,050 | $ 323,139 |
CET One Risk Based Capital to Risk Weighted Assets | 9.74% | 9.14% |
CET One Risk Based Capital Required for Capital Adequacy | $ 177,967 | $ 159,078 |
CET One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
CET One Risk Based Capital Required to be Well Capitalized | ||
CET One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | ||
Tier One Risk Based Capital | $ 390,205 | $ 339,544 |
Tier One Risk Based Capital to Risk Weighted Assets | 9.87% | 9.61% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 237,289 | $ 212,104 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | ||
Capital | $ 465,949 | $ 416,116 |
Capital to Risk Weighted Assets | 11.78% | 11.77% |
Capital Required for Capital Adequacy | $ 316,386 | $ 282,805 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | ||
Capital Required to be Well Capitalized to Risk Weighted Assets |
Comprehensive Income (Details)
Comprehensive Income (Details) - Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
COMPREHENSIVE INCOME (Details) - Comprehensive Income (Loss) [Line Items] | |||
Sale of investment securities available-for-sale Net gains on sale investment securities | $ (5,624) | $ (2,991) | $ 6,966 |
Sale of investment securities available-for-sale Income tax expense | (2,142) | (1,196) | 2,635 |
Total reclassification | 1,763 | (3,595) | 1,530 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
COMPREHENSIVE INCOME (Details) - Comprehensive Income (Loss) [Line Items] | |||
Sale of investment securities available-for-sale Net gains on sale investment securities | 4,234 | 3,931 | 2,818 |
Sale of investment securities available-for-sale Income tax expense | (1,682) | (1,564) | (986) |
Sale of investment securities available-for-sale | 2,552 | 2,367 | 1,832 |
Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity Interest income | (1,986) | (220) | (215) |
Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity Income tax benefit | 813 | 90 | 91 |
Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity | (1,173) | (130) | (124) |
Amortization of pension plan net actuarial losses Salaries and employee benefits | (407) | (443) | 204 |
Amortization of pension plan net actuarial losses Income tax benefit | 165 | 177 | (83) |
Amortization of pension plan net actuarial losses | (242) | (256) | 121 |
Total reclassification | $ 1,137 | $ 1,981 | $ 1,587 |
Comprehensive Income (Detail110
Comprehensive Income (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Investment securities available-for-sale, net of tax | $ 933 | $ 713 |
Cash flow hedge, net of tax | 52 | (77) |
Unamortized component of securities transferred from available-for-sale to held-to-maturity, net of tax | (1,173) | |
Defined benefit pension and post-retirement plans, net of tax | (3,831) | (4,072) |
Total accumulated other comprehensive loss | $ (2,846) | $ (4,609) |
Pension and Other Benefits (Det
Pension and Other Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
General Discussion of Pension and Other Postretirement Benefits | The Company maintains a frozen noncontributory pension plan covering employees of the Company prior to the Merger. The benefits are based on years of service and the employee's compensation over the prior five-year period. The plan's benefits are payable in the form of a ten year certain and life annuity. The plan is intended to be a tax-qualified defined benefit plan under Section 401(a) of the Internal Revenue Code. Payments may be made under the Pension Plan once attaining the normal retirement age of 65 and are generally equal to 44% of a participant's highest average compensation over a 5-year period. | ||
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | $ 12,700 | $ 13,100 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 412 | ||
Defined Benefit Plan, Contributions by Employer | $ 351 | $ 338 | $ 291 |
Defined Benefit Plan, Description of Plan Amendment | Beginning with the 2013 Plan Year, the Plan was amended to provide for a 3% non-elective safe harbor contribution for all participants. |
Pension and Other Benefits (112
Pension and Other Benefits (Details) - Schedule of Changes in Projected Benefit Obligations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 13,068 | $ 15,074 | |
Interest cost | 514 | 519 | $ 576 |
Actuarial (gain) loss | 216 | (466) | |
Benefits paid | (717) | ||
Settlements | (1,116) | (1,342) | |
Projected benefit obligation at end of year | 12,682 | 13,068 | 15,074 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning year | 10,287 | 10,414 | |
Actual return on plan assets | 831 | (296) | |
Employer contributions | 2,000 | 2,000 | |
Benefits paid | (717) | ||
Settlements | (1,116) | (1,114) | |
Fair value of plan assets at end of year | 12,002 | 10,287 | $ 10,414 |
Funded status | $ (680) | $ (2,781) |
Pension and Other Benefits (113
Pension and Other Benefits (Details) - Component of Accumulated Other Comprehensive Loss have not been Recognized - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Component of Accumulated Other Comprehensive Loss have not been Recognized as a Component of Net Periodic Pension Expense [Abstract] | ||
Net actuarial loss recognized in accumulated other comprehensive income | $ 6,272 | $ 6,677 |
Pension and Other Benefits (114
Pension and Other Benefits (Details) - Schedule of Net Periodic Pension Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Net Periodic Pension Expense [Abstract] | |||
Interest cost | $ 514 | $ 519 | $ 576 |
Expected return on plan assets | (617) | (562) | (596) |
Net amortization | 407 | 433 | 223 |
Recognized settlement loss | 650 | 1 | |
Total net periodic pension expense | 304 | 1,040 | 204 |
Total (gain) loss recognized in other comprehensive income | (405) | (918) | 1,896 |
Total recognized in net periodic expense and other comprehensive income (before tax) | $ (101) | $ 122 | $ 2,100 |
Pension and Other Benefits (115
Pension and Other Benefits (Details) - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Abstract] | |||
Discount rate | 3.88% | 4.06% | 3.76% |
Rate of compensation increase | |||
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 5.50% |
Discount rate | 4.06% | 3.76% | 4.84% |
Expected long-term return on plan assets | 5.50% | 5.50% | 5.50% |
Rate of compensation increase |
Pension and Other Benefits (116
Pension and Other Benefits (Details) - Schedule of Allocation of Plan Assets | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Securities | |||
% of Plan Assets | 100.00% | 100.00% | |
Weighted Average Expected Long-Term Rate of Return | 5.50% | 5.50% | 5.50% |
Domestic Equity Securities [Member] | |||
Equity Securities | |||
Target Allocation | 43.00% | ||
% of Plan Assets | 44.00% | 47.00% | |
Weighted Average Expected Long-Term Rate of Return | 3.40% | ||
International Equity Securities [Member] | |||
Equity Securities | |||
Target Allocation | 7.00% | ||
% of Plan Assets | 8.00% | 15.00% | |
Weighted Average Expected Long-Term Rate of Return | 0.60% | ||
Debt And Fixed Income Securities [Member] | |||
Equity Securities | |||
Target Allocation | 49.00% | ||
% of Plan Assets | 47.00% | 36.00% | |
Weighted Average Expected Long-Term Rate of Return | 1.50% | ||
Cash And Other Alternative Investments [Member] | |||
Equity Securities | |||
Target Allocation | 1.00% | ||
% of Plan Assets | 1.00% | 2.00% | |
Weighted Average Expected Long-Term Rate of Return | 0.00% |
Pension and Other Benefits (117
Pension and Other Benefits (Details) - Schedule of Changes in Fair Value of Plan Assets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | $ 12,002 | $ 10,287 |
Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 12,002 | 10,287 |
Fair Value, Inputs, Level 2 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Fair Value, Inputs, Level 3 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Cash [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 19 | 114 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 19 | 114 |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Us Companies [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 5,221 | 4,832 |
Us Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 5,221 | 4,832 |
Us Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Us Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
International Companies [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 1,005 | 1,584 |
International Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 1,005 | 1,584 |
International Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
International Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Debt And Fixed Income Securities [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 5,689 | 3,684 |
Debt And Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 5,689 | 3,684 |
Debt And Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Debt And Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Real Estate Fund [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 68 | 73 |
Real Estate Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | 68 | 73 |
Real Estate Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Real Estate Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
PENSION AND OTHER BENEFITS (Details) - Schedule of Changes in Fair Value of Plan Assets [Line Items] | ||
Fair Value of Pension Plan Assets |
Pension and Other Benefits (118
Pension and Other Benefits (Details) - Estimated Future Benefit Payments $ in Thousands | Dec. 31, 2016USD ($) |
Estimated Future Benefit Payments [Abstract] | |
2,017 | $ 731 |
2,018 | 720 |
2,019 | 730 |
2,020 | 736 |
2,021 | 748 |
2022-2026 | $ 3,635 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Integershares | Dec. 31, 2015shares | Dec. 31, 2014shares | |
Share Based Compensation Arrangement by Share Based Payment Award Number of Plans | Integer | 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | |||
Unrecognized compensation cost related to nonvested shares | $ | $ 1,237,533 | ||
Weighted average period related to compesation cost | 1 year 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 354,467 | 535,906 | |
Tax benefit rate | 36.00% | ||
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) | 234,090 | ||
Restricted Stock [Member] | |||
Unrecognized compensation cost related to nonvested shares | $ | $ 973,745 | ||
Weighted average period related to compesation cost | 20 years 1 month 6 days | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 151,572 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 181,526 |
Stock Based Compensation (De120
Stock Based Compensation (Details) - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding Beginning Balance | 535,906 | ||
Granted | |||
Exercised | (136,429) | (340,492) | (100,911) |
Outstanding Ending Balance | 354,467 | 535,906 | |
Exercisable Ending Balance | 350,937 | ||
Outstanding Beginning Balance, Weighted-Average Exercise Price | $ 6.48 | ||
Outstanding Ending Balance, Weighted-Average Exercise Price | 6.26 | $ 6.48 | |
Exercisable Ending Balance, Weighted-Average Exercise Price | $ 6.18 | ||
Outstanding Ending Balance - Aggregate intrinsic value | $ 6,979,455 | ||
Exercisable Ending Balance - Aggregate intrinsic value | $ 6,938,024 |
Stock Based Compensation (De121
Stock Based Compensation (Details) - Disclosure related to stock option plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Intrinsic value of options exercised | $ 1,381,233 | ||
Cash received from options exercised | 767 | $ 1,424 | $ 878 |
Tax benefit realized from options exercised | $ 117 | $ 341 | $ 282 |
Stock Based Compensation (De122
Stock Based Compensation (Details) - Schedule of Share-based Payment Award, Nonvested Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Granted | |||
Nonvested [Member] | |||
Nonvested at December 31, 2015 | 96,902 | ||
Granted | 72,920 | ||
Vested | (55,648) | ||
Forfeited/cancelled/expired | (2,901) | ||
Nonvested at December 31, 2016 | 111,273 | 96,902 | |
Outstanding, beginning balance | $ 16.81 | ||
Granted | 15.88 | ||
Vested | 16.01 | ||
Forfeited/cancelled/expired | 19.58 | ||
Outstanding, ending balance | $ 16.81 | $ 16.81 |
Stock Based Compensation (De123
Stock Based Compensation (Details) - Schedule of Share-based Payment Award, Unearned Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding Beginning Balance | 535,906 | ||
Awarded | |||
Outstanding Ending Balance | 354,467 | 535,906 | |
Maximum [Member] | |||
Outstanding Beginning Balance | 113,502 | ||
Awarded | 773,206 | ||
Forfeited | (9,296) | ||
Expired | |||
Outstanding Ending Balance | 181,526 | 113,502 | |
Unearned [Member] | |||
Outstanding Beginning Balance | 94,585 | ||
Awarded | 64,434 | ||
Forfeited | (7,447) | ||
Expired | |||
Outstanding Ending Balance | 151,572 | 94,585 | |
Outstanding, beginning balance | $ 19.46 | ||
Awarded | 17.01 | ||
Forfeited | 19.46 | ||
Expired | |||
Outstanding, ending balance | $ 18.47 | $ 19.46 |
Dividends and Other Restrict124
Dividends and Other Restrictions (Details) $ in Millions | Dec. 31, 2016USD ($) |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Available for payment of dividends | $ 143.5 |
Derivatives (Details)
Derivatives (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | 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 | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | |||
Interest expense on derivatives | $ 668,300 | $ 763,500 | $ 60,000 |
Derivatives (Details) - Summary
Derivatives (Details) - Summary of interest rate swap designated as a cash flow hedges - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of interest rate swap designated as a cash flow hedges [Abstract] | ||
Notional amount | $ 75,000 | $ 75,000 |
Weighted average pay rates | 1.59% | 1.56% |
Weighted average receive rates | 0.69% | 0.44% |
Weighted average maturity | 2 years 9 months 18 days | 3 years 9 months 18 days |
Fair value | $ 88 | $ (131) |
Derivatives (Details) - Summ127
Derivatives (Details) - Summary of net gains (losses) recorded in accumulated other comprehensive income - Interest Rate Contract [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 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 gain (loss) recognized in OCI (Effective Portion) | $ 219 | $ (179) |
Amount of gain (loss) reclassified from OCI to interest income | ||
Amount of gain (loss) recognized in other Noninterest income (Ineffective Portion) |
Derivatives (Details) - Summ128
Derivatives (Details) - Summary of cash flow hedges included in the consolidated balance sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Included in other asset/(liabilities): | ||
Interest rate swap related to FHLB Advances, Fair Value | $ 88 | |
Interest Rate Swap [Member] | ||
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 | $ 88 | $ (131) |
Fair Value Measurements and 129
Fair Value Measurements and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 1,200 | $ 6,000 | $ 3,907 |
Impaired Financing Receivable, Related Allowance | 145 | 6,725 | |
Impaired Loans [Member] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,200 | 6,000 | |
Impaired Financing Receivable, Related Allowance | $ 100 | $ 2,200 |
Fair Value Measurements and 130
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a recurring basis - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | $ 353,290 | $ 195,770 |
Derivatives | 88 | |
Loans held for sale | 78,005 | |
Assets: Available-for-sale, Fair Value | 353,290 | 195,770 |
Liabilities | ||
Derivatives | 131 | |
Total liabilities | 353,378 | (131) |
Federal Agency Obligations [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 52,837 | 29,146 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 72,497 | 44,910 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 4,209 | 2,972 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 150,605 | 8,357 |
Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 5,666 | 16,255 |
Corporate Bonds And Notes [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 36,928 | 53,976 |
Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 14,583 | 19,725 |
Certificates of Deposit [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 983 | 1,905 |
Equity Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 568 | 374 |
Other Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 14,414 | 18,150 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 14,982 | 18,524 |
Derivatives | ||
Loans held for sale | ||
Assets: Available-for-sale, Fair Value | 14,982 | 18,524 |
Liabilities | ||
Derivatives | ||
Total liabilities | 14,982 | |
Fair Value, Inputs, Level 1 [Member] | Federal Agency Obligations [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Bonds And Notes [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Certificate Of Deposit [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 568 | 374 |
Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 14,414 | 18,150 |
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 320,090 | 177,246 |
Derivatives | 88 | |
Loans held for sale | 12,409 | |
Assets: Available-for-sale, Fair Value | 320,090 | 177,246 |
Liabilities | ||
Derivatives | 131 | |
Total liabilities | 320,178 | (131) |
Fair Value, Inputs, Level 2 [Member] | Federal Agency Obligations [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 52,837 | 29,146 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 72,497 | 44,910 |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 4,209 | 2,972 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 132,387 | 8,357 |
Fair Value, Inputs, Level 2 [Member] | Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 5,666 | 16,255 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds And Notes [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 36,928 | 53,976 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 14,583 | 19,725 |
Fair Value, Inputs, Level 2 [Member] | Certificate Of Deposit [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 983 | 1,905 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 18,218 | |
Derivatives | ||
Loans held for sale | 65,596 | |
Assets: Available-for-sale, Fair Value | 18,218 | |
Liabilities | ||
Derivatives | ||
Total liabilities | 18,218 | |
Fair Value, Inputs, Level 3 [Member] | Federal Agency Obligations [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 18,218 | |
Fair Value, Inputs, Level 3 [Member] | Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Bonds And Notes [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Certificate Of Deposit [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value |
Fair Value Measurements and 131
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Fair Value | $ 1,099 | $ 3,751 |
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
Unobservable Inputs | Comparable sales | Comparable sales |
Impaired Loans [Member] | Commercial Real Estate [Member] | Appraisals of collateral value [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Capitalization rate | 6.00% | 6.00% |
Impaired Loans [Member] | Commercial Real Estate [Member] | Appraisals of collateral value [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] | ||
Capitalization rate | 0.00% | 0.00% |
Impaired Loans [Member] | Commercial Real Estate [Member] | Appraisals of collateral value [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] | ||
Capitalization rate | 15.00% | 15.00% |
Loans held-for-sale [Member] | Market approach [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 | Market approach (70%) | |
Unobservable Inputs | Indications under securitized transactions expressed as a price to unpaid principal balance | |
Loans held-for-sale [Member] | Commercial Real Estate [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Fair Value | $ 7,712 | |
Loans held-for-sale [Member] | Commercial taxi medallion loans [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Fair Value | $ 65,596 | |
Valuation Technique | Discounted cash flows (30%) | |
Purchase amount per medallion | $ 59 | |
Discounted Rate | 14.00% | |
Loans held-for-sale [Member] | Commercial taxi medallion loans [Member] | Minimum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Purchase amount per medallion | $ 40 | |
Loans held-for-sale [Member] | Commercial taxi medallion loans [Member] | Maximum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques [Line Items] | ||
Purchase amount per medallion | $ 100 |
Fair Value Measurements and 132
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | $ 1,099 | $ 3,751 |
Impaired Loans [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired Loans [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired Loans [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | 1,099 | |
Impaired Loans [Member] | Commercial [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | 3,751 | |
Impaired Loans [Member] | Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired Loans [Member] | Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired Loans [Member] | Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | $ 3,751 | |
Loans held-for-sale [Member] | Commercial Real Estate [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | 7,712 | |
Loans held-for-sale [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | ||
Loans held-for-sale [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | 7,712 | |
Loans held-for-sale [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | ||
Loans held-for-sale [Member] | Commercial [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | 70,105 | |
Loans held-for-sale [Member] | Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | ||
Loans held-for-sale [Member] | Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | 4,509 | |
Loans held-for-sale [Member] | Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | $ 65,596 |
Fair Value Measurements and 133
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value hierarchy - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial assets | ||||
Cash and cash equivalents, Carrying Amount | $ 200,399 | $ 200,895 | $ 126,847 | $ 82,692 |
Cash and cash equivalents, Fair Value | 200,399 | 200,895 | ||
Investment securities available-for-sale, Carrying Amount | 353,290 | 195,770 | ||
Investment Securities Available-for-Sale, Fair Value | 353,290 | 195,770 | ||
Investment securities held-to-maturity, Carrying Amount | 224,056 | |||
Investment securities held-to-maturity, Fair Value | 231,445 | |||
Restricted investment in bank stocks, Carrying Amount | 24,310 | 32,612 | ||
Loans held-for-sale, Carrying Amount | 78,005 | |||
Loans held-for-sale, Fair Value | 78,005 | |||
Net loans, Carrying Amount | 3,450,088 | 3,072,435 | ||
Net loans, Fair Value | 3,462,138 | 3,059,343 | ||
Derivatives, Carrying Amount | 88 | |||
Derivatives, Fair Value | 88 | |||
Accrued interest receivable, Carrying Amount | 12,965 | 12,545 | ||
Accrued interest receivable, Fair Value | 12,965 | 12,545 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Carrying Amount | 694,977 | 650,775 | ||
Noninterest-bearing deposits, Fair Value | 694,977 | 650,775 | ||
Interest-bearing deposits, Carrying Amount | 2,649,294 | 2,140,191 | ||
Interest-bearing deposits, Fair Value | 2,649,717 | 2,137,149 | ||
Borrowings, Carrying Amount | 476,280 | 671,587 | ||
Borrowings, Fair Value | 478,286 | 674,131 | ||
Subordinated debentures, Carrying Amount | 54,534 | 54,343 | ||
Subordinated debentures, Fair Value | 55,901 | 55,209 | ||
Derivatives, Carrying Amount | 131 | |||
Derivatives, Fair Value | 131 | |||
Accrued interest payable, Carrying Amount | 4,142 | 4,387 | ||
Accrued interest payable, Fair Value | 4,142 | 4,387 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | 200,399 | 200,895 | ||
Investment Securities Available-for-Sale, Fair Value | 14,982 | 18,524 | ||
Investment securities held-to-maturity, Fair Value | 29,226 | |||
Loans held-for-sale, Fair Value | ||||
Net loans, Fair Value | ||||
Derivatives, Carrying Amount | ||||
Derivatives, Fair Value | ||||
Accrued interest receivable, Fair Value | 68 | |||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair Value | 694,977 | 650,775 | ||
Interest-bearing deposits, Fair Value | 1,681,044 | |||
Borrowings, Fair Value | ||||
Subordinated debentures, Fair Value | ||||
Derivatives, Fair Value | ||||
Accrued interest payable, Fair Value | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | ||||
Investment Securities Available-for-Sale, Fair Value | 320,090 | 177,246 | ||
Investment securities held-to-maturity, Fair Value | 182,774 | |||
Loans held-for-sale, Fair Value | 12,409 | |||
Net loans, Fair Value | ||||
Derivatives, Carrying Amount | 88 | |||
Derivatives, Fair Value | 88 | |||
Accrued interest receivable, Fair Value | 2,026 | 2,699 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair Value | ||||
Interest-bearing deposits, Fair Value | 968,673 | 777,498 | ||
Borrowings, Fair Value | 478,286 | 674,131 | ||
Subordinated debentures, Fair Value | 55,901 | 55,209 | ||
Derivatives, Fair Value | 131 | |||
Accrued interest payable, Fair Value | 4,142 | 4,387 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair Value | ||||
Investment Securities Available-for-Sale, Fair Value | 18,218 | |||
Investment securities held-to-maturity, Fair Value | 18,558 | |||
Loans held-for-sale, Fair Value | 65,596 | |||
Net loans, Fair Value | 3,462,138 | 3,059,343 | ||
Derivatives, Carrying Amount | ||||
Derivatives, Fair Value | ||||
Accrued interest receivable, Fair Value | 10,939 | 9,778 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair Value | ||||
Interest-bearing deposits, Fair Value | ||||
Borrowings, Fair Value | ||||
Subordinated debentures, Fair Value | ||||
Derivatives, Fair Value | ||||
Accrued interest payable, Fair Value |
Fair Value Measurements and 134
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value recurring basis - Municipal Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Balance of recurring Level 3 assets at January 1 | |||
Federal agency obligations | |||
Purchases | |||
Sales | |||
Transfer into Level 3 | |||
Transfers out of Level 3 | |||
Other | [1] | 18,335 | |
Principal paydowns | (117) | ||
Balance of recurring Level 3 assets At December 31 | $ 18,218 | ||
[1] | Includes transfers from held-to-maturity to available-for-sale designation |
Fair Value Measurements and 135
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value no recurring item basis - Municipal Securities [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair value | $ 18,218 |
Valuation Techniques | Discounted Cash Flows |
Unobservable Input | Discount Rate |
Range | 2.80% |
Parent Corporation Only Fina136
Parent Corporation Only Financial Statements (Details) - Condensed Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 37,150 | $ 31,291 |
Securities available-for-sale | 353,290 | 195,770 |
Other assets | 37,234 | 24,096 |
Total assets | 4,426,348 | 4,015,909 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Subordinated debentures | 54,534 | 54,343 |
Stockholders' equity | 531,032 | 477,344 |
Total liabilities and stockholders' equity | 4,426,348 | 4,015,909 |
Parent Company [Member] | ||
ASSETS | ||
Cash and cash equivalents | 7,008 | 14,857 |
Investment in subsidiaries | 580,048 | 515,934 |
Securities available-for-sale | 730 | 533 |
Other assets | 426 | 2,405 |
Total assets | 588,212 | 533,729 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Other liabilities | 2,646 | 1,895 |
Subordinated debentures | 54,534 | 54,490 |
Stockholders' equity | 531,032 | 477,344 |
Total liabilities and stockholders' equity | $ 588,212 | $ 533,729 |
Parent Corporation Only Fina137
Parent Corporation Only Financial Statements (Details) - Condensed Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income: | |||||||||||
Dividend income from subsidiaries | $ 1,410 | $ 1,081 | $ 636 | ||||||||
Net Income | $ (2,024) | $ 11,856 | $ 10,859 | $ 10,391 | $ 9,568 | $ 10,842 | $ 10,521 | $ 10,379 | 31,082 | 41,311 | 18,565 |
Parent Company [Member] | |||||||||||
Income: | |||||||||||
Dividend income from subsidiaries | 12,400 | 10,537 | 9,276 | ||||||||
Other income | 8 | 7 | 6 | ||||||||
Management fees | 100 | ||||||||||
Total Income | 12,408 | 10,544 | 9,382 | ||||||||
Expenses | (3,252) | (1,705) | (707) | ||||||||
Income before equity in undistributed earnings of subsidiaries | 9,156 | 8,839 | 8,675 | ||||||||
Equity in undistributed earnings of subsidiaries | 21,926 | 32,472 | 9,890 | ||||||||
Net Income | $ 31,082 | $ 41,311 | $ 18,565 |
Parent Corporation Only Fina138
Parent Corporation Only Financial Statements (Details) - Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||||||||||
Net income | $ (2,024) | $ 11,856 | $ 10,859 | $ 10,391 | $ 9,568 | $ 10,842 | $ 10,521 | $ 10,379 | $ 31,082 | $ 41,311 | $ 18,565 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Increase in other assets | (14,815) | 1,190 | 2,200 | ||||||||
Increase (decrease) in other liabilities | (2,022) | (1,080) | 377 | ||||||||
Net cash provided by operating activities | 49,712 | 46,231 | 25,189 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash used in investing activities | (427,669) | (504,747) | (140,004) | ||||||||
Cash flows from financing activities: | |||||||||||
Cash dividends on common stock | (9,067) | (8,996) | (6,940) | ||||||||
Cash dividends on preferred stock | (22) | (112) | (140) | ||||||||
Redemption of preferred stock | (11,250) | ||||||||||
Proceeds from exercise of stock options | 767 | 1,424 | 878 | ||||||||
Net cash provided by financing activities | 377,461 | 532,564 | 158,970 | ||||||||
Decrease in cash and cash equivalents | (496) | 74,048 | 44,155 | ||||||||
Cash and cash equivalents at beginning of period | 200,895 | 126,847 | 82,692 | ||||||||
Cash and cash equivalents at end of period | 200,399 | 200,895 | 200,399 | 200,895 | 126,847 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 31,082 | 41,311 | 18,565 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiary | (21,926) | (32,472) | (9,890) | ||||||||
Increase in other assets | 2,023 | (820) | (1,979) | ||||||||
Increase (decrease) in other liabilities | 544 | (1,840) | (1,010) | ||||||||
Net cash provided by operating activities | 11,723 | 6,926 | 5,909 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital infusion to subsidiary | (38,439) | (35,000) | |||||||||
Net cash used in investing activities | (38,439) | (35,000) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from subordinated debt | 50,000 | ||||||||||
Cash dividends on common stock | (9,067) | (8,996) | (6,940) | ||||||||
Cash dividends on preferred stock | (22) | (112) | (140) | ||||||||
Secondary offering and issuance of common stock | 38,439 | ||||||||||
Redemption of preferred stock | (11,250) | ||||||||||
Proceeds from exercise of stock options | 767 | 1,424 | 878 | ||||||||
Net cash provided by financing activities | 18,867 | 42,316 | (6,202) | ||||||||
Decrease in cash and cash equivalents | (7,849) | 14,583 | (11) | ||||||||
Cash and cash equivalents at beginning of period | 14,857 | 274 | 285 | ||||||||
Cash and cash equivalents at end of period | $ 7,008 | $ 14,857 | $ 7,008 | $ 14,857 | $ 274 |
Quarterly Financial Informat139
Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) (Details) - Schedule of Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Quarterly Financial Information [Abstract] | |||||||||||
Total interest income | $ 41,499 | $ 41,178 | $ 40,038 | $ 38,526 | $ 37,230 | $ 36,186 | $ 34,181 | $ 33,370 | $ 161,241 | $ 140,967 | $ 94,207 |
Total interest expense | 8,092 | 8,154 | 7,644 | 7,206 | 6,774 | 6,459 | 5,503 | 5,078 | 31,096 | 23,814 | 14,808 |
Net interest income | 33,407 | 33,024 | 32,394 | 31,320 | 30,456 | 29,727 | 28,678 | 28,292 | 130,145 | 117,153 | 79,399 |
Provision for loan and lease losses | 25,200 | 6,750 | 3,750 | 3,000 | 5,055 | 4,175 | 1,550 | 1,825 | 38,700 | 12,605 | 4,683 |
Total other income, net of securities gains | 1,573 | 1,445 | 1,467 | 1,202 | 1,225 | 1,752 | 3,215 | 1,049 | |||
Net securities (losses) gains | 4,131 | 103 | 1,138 | 2,067 | 221 | 506 | |||||
Other expense | 15,252 | 14,551 | 14,352 | 14,353 | 13,579 | 13,301 | 14,974 | 12,631 | |||
Income before income taxes | (5,472) | 17,299 | 15,862 | 15,169 | 14,185 | 16,070 | 15,590 | 15,391 | 42,858 | 61,237 | 27,410 |
Income tax expense | (3,448) | 5,443 | 5,003 | 4,778 | 4,617 | 5,228 | 5,069 | 5,012 | 11,776 | 19,926 | 8,845 |
Net income | (2,024) | 11,856 | 10,859 | 10,391 | 9,568 | 10,842 | 10,521 | 10,379 | 31,082 | 41,311 | 18,565 |
Preferred dividends | 22 | 28 | 28 | 28 | 28 | 112 | 112 | ||||
Net income available to common stockholders | $ (2,024) | $ 11,856 | $ 10,859 | $ 10,369 | $ 9,540 | $ 10,814 | $ 10,493 | $ 10,351 | $ 31,060 | $ 41,199 | $ 18,453 |
Earnings per share: | |||||||||||
Basic (in Dollars per share) | $ (0.07) | $ 0.39 | $ 0.36 | $ 0.35 | $ 0.32 | $ 0.36 | $ 0.35 | $ 0.35 | $ 1.02 | $ 1.37 | $ 0.80 |
Diluted (in Dollars per share) | $ (0.07) | $ 0.39 | $ 0.36 | $ 0.34 | $ 0.31 | $ 0.36 | $ 0.35 | $ 0.34 | $ 1.01 | $ 1.36 | $ 0.79 |
Presentation of Debt Issuanc140
Presentation of Debt Issuance Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other assets | $ 37,234 | $ 24,096 |
Total assets | 4,426,348 | 4,015,909 |
Subordinated debentures | 54,534 | 54,343 |
Total liabilities | $ 3,895,316 | 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 |