Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 27, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ConnectOne Bancorp, Inc. | ||
Entity Central Index Key | 712,771 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,018 | ||
Amendment Flag | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 737.9 | ||
Entity Common Stock, Shares Outstanding | 35,425,481 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and due from banks | $ 39,161 | $ 52,565 | |
Interest-bearing deposits with banks | 133,205 | 97,017 | |
Cash and cash equivalents | 172,366 | 149,582 | |
Securities available-for-sale | 412,034 | 435,284 | |
Equity securities | 11,460 | ||
Loans held-for-sale | 24,845 | ||
Loans receivable | 4,541,092 | 4,171,456 | |
Less: Allowance for loan losses | 34,954 | 31,748 | |
Net loans receivable | 4,506,138 | [1] | 4,139,708 |
Investment in restricted stock, at cost | 31,136 | 33,497 | |
Bank premises and equipment, net | 19,062 | 21,659 | |
Accrued interest receivable | 18,214 | 15,470 | |
Bank owned life insurance | 113,820 | 111,311 | |
Other real estate owned | 538 | ||
Goodwill | 145,909 | 145,909 | |
Core deposit intangibles | 1,737 | 2,364 | |
Other assets | 30,216 | 28,275 | |
Total assets | 5,462,092 | 5,108,442 | |
Deposits: | |||
Noninterest-bearing | 768,584 | 776,843 | |
Interest-bearing | 3,323,508 | 3,018,285 | |
Total deposits | 4,092,092 | 3,795,128 | |
Borrowings | 600,001 | 670,077 | |
Subordinated debentures | 128,556 | 54,699 | |
Accounts payable and accrued liabilities | 27,516 | 23,101 | |
Total liabilities | 4,848,165 | 4,543,005 | |
STOCKHOLDERS' EQUITY | |||
Preferred Stock: Authorized 5,000,000 shares | |||
Common stock, no par value: Authorized 50,000,000 shares; issued 34,392,464 shares at December 31, 2018 and 34,135,782 shares at December 31, 2017; outstanding 32,328,542 shares at December 31, 2018 and 32,071,860 at December 31, 2017 | 412,546 | 412,546 | |
Additional paid-in capital | 15,542 | 13,602 | |
Retained earnings | 211,345 | 160,025 | |
Treasury stock, at cost (2,063,922 shares at December 31, 2018 and December 31, 2017) | (16,717) | (16,717) | |
Accumulated other comprehensive loss | (8,789) | (4,019) | |
Total stockholders' equity | 613,927 | 565,437 | |
Total liabilities and stockholders' equity | $ 5,462,092 | $ 5,108,442 | |
[1] | ASU 2016-01 requires the use of an exit price in fair value disclosures. Historically (prior to January 1, 2018) the Company used an entry price in the estimate of fair value loans. |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, fair value (in Dollars) | $ 11,460 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 34,392,464 | 34,135,782 |
Common stock, shares outstanding | 32,328,542 | 32,071,860 |
Treasury Stock, Shares | 2,063,922 | 2,063,922 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Interest income: | |||||
Interest and fees on loans | $ 201,524 | $ 168,824 | $ 147,982 | ||
Interest and dividends on investment securities: | |||||
Taxable | 8,482 | 6,799 | 7,266 | ||
Nontaxable | 3,276 | 3,569 | 3,827 | ||
Dividends | 2,012 | 1,421 | 1,410 | ||
Interest on federal funds sold and other short-term investments | 839 | 711 | 756 | ||
Total interest income | 216,133 | 181,324 | 161,241 | ||
Interest expense: | |||||
Deposits | 39,936 | 23,670 | 18,667 | ||
Borrowings | 18,982 | 12,585 | 12,429 | ||
Total interest expense | 58,918 | 36,255 | 31,096 | ||
Net interest income | 157,215 | 145,069 | 130,145 | ||
Provision for loan losses | 21,100 | 6,000 | 38,700 | ||
Net interest income after provision for loan losses | 136,115 | 139,069 | 91,445 | ||
Noninterest income: | |||||
Annuity and insurance commissions | [1] | 39 | [1],[2] | 191 | |
Income on bank owned life insurance | 3,094 | [1] | 3,181 | [1],[2] | 2,559 |
Net gains on sale of loans held-for-sale | 61 | [1] | 708 | [1],[2] | 232 |
Deposit, loan and other income | 2,584 | 2,680 | 2,704 | ||
Net gains on sale of investment securities | [1] | 1,596 | [1],[2] | 4,234 | |
Total noninterest income | 5,739 | 8,204 | [2] | 9,920 | |
Noninterest expense: | |||||
Salaries and employee benefits | 39,556 | 34,878 | 30,726 | ||
Occupancy and equipment | 8,312 | 8,163 | 8,571 | ||
FDIC insurance | 3,115 | 3,485 | 2,940 | ||
Professional and consulting | 3,568 | 2,863 | 2,979 | ||
Marketing and advertising | 980 | 996 | 1,040 | ||
Data processing | 4,421 | 4,543 | 4,141 | ||
Merger expenses | 1,335 | ||||
Amortization of core deposit intangible | 627 | 724 | 820 | ||
Other components of net periodic pension expense | 28 | 250 | 304 | ||
Increase in valuation allowance, loans held-for-sale | 15,592 | ||||
Other expenses | 8,778 | 7,265 | 6,986 | ||
Total noninterest expenses | 70,720 | 78,759 | 58,507 | ||
Income before income tax expense | 71,134 | 68,514 | 42,858 | ||
Income tax expense | 10,782 | 25,294 | 11,776 | ||
Net income | 60,352 | 43,220 | 31,082 | ||
Less: Preferred stock dividends | 22 | ||||
Net income available to common stockholders | $ 60,352 | $ 43,220 | $ 31,060 | ||
Earnings per common share: | |||||
Basic | $ 1.87 | $ 1.35 | $ 1.02 | ||
Diluted | 1.86 | 1.34 | 1.01 | ||
Dividends per common share | $ 0.30 | $ 0.30 | $ 0.30 | ||
[1] | Not within scope of ASC 606. | ||||
[2] | The Company elected the modified retrospective approach of adoption; therefore, prior period balances are presented under legacy GAAP and may not be comparable to current year presentation. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 60,352 | $ 43,220 | $ 31,082 |
Unrealized gains and losses: | |||
Unrealized holding losses on available-for-sale securities arising during the period | (6,444) | (1,350) | (5,624) |
Tax effect | 1,638 | 532 | 2,142 |
Net of tax | (4,806) | (818) | (3,482) |
Unrealized gains on securities transferred from held-to-maturity to available-for-sale during the period | 10,069 | ||
Tax effect | (3,815) | ||
Net of tax | 6,254 | ||
Reclassification adjustment for realized gains included in net income | (1,596) | (4,234) | |
Tax effect | 579 | 1,682 | |
Net of tax | (1,017) | (2,552) | |
Amortization of unrealized net losses on held-to-maturity securities transferred from available-for-sale securities | 1,986 | ||
Tax effect | (813) | ||
Net of tax | 1,173 | ||
Unrealized gains on cash flow hedges | 361 | 710 | 219 |
Tax effect | (98) | (290) | (90) |
Net of tax | 263 | 420 | 129 |
Unrealized pension plan (losses) gains: | |||
Unrealized pension plan gains (losses) before reclassifications | 236 | (2) | (2) |
Tax effect | (67) | 1 | 1 |
Net of tax | 169 | (1) | (1) |
Reclassification adjustment for realized losses included in net income | 359 | 412 | 407 |
Tax effect | (101) | (169) | (165) |
Net of tax | 258 | 243 | 242 |
Total other comprehensive income (loss) | (4,116) | (1,173) | 1,763 |
Total comprehensive income | $ 56,236 | $ 42,047 | $ 32,845 |
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, 2015 | $ 11,250 | $ 374,287 | $ 8,527 | $ 104,606 | $ (16,717) | $ (4,609) | $ 477,344 |
Net income | 31,082 | 31,082 | |||||
Other comprehensive loss, net of taxes | 1,763 | 1,763 | |||||
Dividends on series B preferred stock | (22) | (22) | |||||
Cash dividends declared on common stock ($0.30 per share) | (9,204) | (9,204) | |||||
Redemption of preferred stock | (11,250) | (11,250) | |||||
Exercise of stock options (136,429, 66,389 and 189,992) shares) | 767 | 767 | |||||
Secondary offering of common stock, net of costs of $1,811 (1,659,794 shares) | 38,439 | 38,439 | |||||
Restricted stock, net of forfeitures (70,019, 57,164 and 24,018 shares) | |||||||
Stock-based compensation expense | 2,113 | 2,113 | |||||
Balance at Dec. 31, 2016 | 412,726 | 11,407 | 126,462 | (16,717) | (2,846) | 531,032 | |
Net income | 43,220 | 43,220 | |||||
Other comprehensive loss, net of taxes | (1,173) | (1,173) | |||||
Cash dividends declared on common stock ($0.30 per share) | (9,657) | (9,657) | |||||
Issuance costs of common stock | (180) | (180) | |||||
Exercise of stock options (136,429, 66,389 and 189,992) shares) | 417 | 417 | |||||
Restricted stock, net of forfeitures (70,019, 57,164 and 24,018 shares) | |||||||
Stock-based compensation expense | 1,778 | 1,778 | |||||
Balance at Dec. 31, 2017 | 412,546 | 13,602 | 160,025 | (16,717) | (4,019) | 565,437 | |
Reclassification of stranded tax effects (ASU 2018-02) (see Note 17) | 709 | 709 | |||||
Cumulative effect of adopting ASU 2016-01 (see Note 17) | (55) | 55 | |||||
Net income | 60,352 | 60,352 | |||||
Other comprehensive loss, net of taxes | (4,116) | (4,116) | |||||
Cash dividends declared on common stock ($0.30 per share) | (9,686) | (9,686) | |||||
Exercise of stock options (136,429, 66,389 and 189,992) shares) | 875 | 875 | |||||
Restricted stock, net of forfeitures (70,019, 57,164 and 24,018 shares) | |||||||
Net shares issued in satisfaction of performance units earned, (42,672 shares) | (819) | (819) | |||||
Stock-based compensation expense | $ 1,884 | $ 1,884 | |||||
Balance at Dec. 31, 2018 | $ 412,546 | $ 15,542 | $ 211,345 | $ (16,717) | $ (8,789) | $ 613,927 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared on common stock (in Dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 |
Issuance of restricted stock awards, shares | 24,018 | 57,164 | 70,019 |
Exercise of stock options, shares | 189,992 | 66,389 | 136,429 |
Secondary offering of common stock, shares | 1,659,794 | ||
Offering costs for common shares | $ 1,811 | ||
Net performance units issued | 42,672 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Cash flows from operating activities | |||||
Net income | $ 60,352 | $ 43,220 | $ 31,082 | ||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||
Depreciation and amortization of premises and equipment | 3,062 | 3,151 | 2,704 | ||
Provision for loan losses | 21,100 | 6,000 | 38,700 | ||
Increase to valuation allowance, loans held-for-sale | 15,592 | ||||
Amortization of intangibles | 627 | 724 | 820 | ||
Net accretion of loans | (1,127) | (2,073) | (4,280) | ||
Accretion on bank premises | (67) | (74) | (132) | ||
Accretion on deposits | (57) | (31) | (172) | ||
Accretion on borrowings | (76) | (203) | (307) | ||
Net deferred income tax expense | 926 | 3,699 | 1,969 | ||
Stock-based compensation | 1,884 | 1,778 | 2,113 | ||
Gains on sales of investment securities, net | [1] | (1,596) | [1],[2] | (4,234) | |
Change in fair value of equity securities, net | 267 | ||||
Gains on sale of loans held-for-sale, net | (61) | (708) | (232) | ||
Loans originated for resale | (4,121) | (9,083) | (10,004) | ||
Proceeds from sale of loans held-for-sale | 4,552 | 63,731 | 10,048 | ||
Net loss (gain) on disposition of premises and equipment | 26 | (8) | (57) | ||
Net loss (gain) on sale of other real estate owned | 192 | 82 | (182) | ||
Increase in cash surrender value of bank owned life insurance | (3,094) | (2,952) | (2,559) | ||
Amortization of premiums and accretion of discounts on investments securities, net | 3,233 | 2,631 | 1,692 | ||
Amortization of subordinated debt issuance costs | 332 | 165 | 191 | ||
Increase in accrued interest receivable | (2,744) | (2,505) | (420) | ||
(Increase) Decrease in other assets | (1,134) | 5,706 | (15,006) | ||
Increase (Decrease) in other liabilities | 4,988 | 3,887 | (2,022) | ||
Net cash provided by operating activities | 89,060 | 131,133 | 49,712 | ||
Investment securities available-for-sale: | |||||
Purchases | (140,013) | (224,621) | (165,527) | ||
Sales | 29,543 | 85,253 | |||
Maturities, calls and principal repayments | 141,859 | 109,104 | 137,587 | ||
Investment securities held-to-maturity: | |||||
Purchases | (1,000) | ||||
Maturities and principal repayments | 14,757 | ||||
Net redemptions (purchases) of restricted investment in bank stocks | 2,361 | (9,187) | 8,302 | ||
Loans held-for-sale payments | 159 | 3,122 | |||
Net increase in loans | (362,625) | (714,159) | (490,777) | ||
Purchases of premises and equipment | (2,051) | (2,661) | (2,702) | ||
Purchases of bank owned life insurance | (10,000) | (16,999) | |||
Proceeds from sale of premises and equipment | 1,627 | 8 | 445 | ||
Proceeds from life insurance death benefits | 585 | ||||
Proceeds from sale of other real estate owned | 884 | 1,124 | 2,992 | ||
Net cash used in investing activities | (357,214) | (817,727) | (427,669) | ||
Cash flows from financing activities | |||||
Net increase in deposits | 297,021 | 450,888 | 553,477 | ||
Increase in subordinated debt | 73,525 | ||||
Advances of FHLB borrowings | 1,733,000 | 1,280,000 | 375,000 | ||
Repayments of FHLB borrowings | (1,803,000) | (1,071,000) | (570,000) | ||
Repayment of repurchase agreement | (15,000) | ||||
Cash dividends paid on common stock | (9,664) | (9,612) | (9,067) | ||
Cash dividends paid on preferred stock | (22) | ||||
Redemption of preferred stock | (11,250) | ||||
Issuance cost of common stock | (180) | ||||
Secondary offering of common stock | 38,439 | ||||
Tax benefit of options exercised | 264 | 117 | |||
Proceeds from exercise of stock options | 875 | 417 | 767 | ||
Net shares issued in satisfaction of performance units earned | (819) | ||||
Net cash provided by financing activities | 290,938 | 635,777 | 377,461 | ||
Net change in cash and cash equivalents | 22,784 | (50,817) | (496) | ||
Cash and cash equivalents at beginning of period | 149,582 | 200,399 | 200,895 | ||
Cash and cash equivalents at end of period | 172,366 | 149,582 | 200,399 | ||
Cash payments for: | |||||
Interest paid | 55,662 | 36,721 | 30,862 | ||
Income taxes paid | 9,092 | 16,205 | 22,945 | ||
Investing: | |||||
Transfer of loans to other real estate owned | 538 | 1,118 | 887 | ||
Transfer of loan held-for-sale to loans held-for-investment | 45,552 | 54,422 | |||
Transfer of loans held-for-investment to loans held-for-sale | 21,236 | 73,916 | 77,817 | ||
Transfer from investment securities held-to-maturity to investment securities available-for-sale | $ 209,855 | ||||
[1] | Not within scope of ASC 606. | ||||
[2] | The Company elected the modified retrospective approach of adoption; therefore, prior period balances are presented under legacy GAAP and may not be comparable to current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Business ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company. The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”). The Bank’s subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (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 limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), and NJCB Spec-1, LLC (a New Jersey limited liability 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 and through its twenty-nine other banking offices. Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay its loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages. 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 has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. 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. The other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized through earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized through other comprehensive income. Equity Securities The Company’s equity securities are recorded at fair value, with unrealized gains and losses included in earnings beginning January 1, 2018 after adoption of Accounting Standards Update No. 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. Prior to January 1, 2018, unrealized gains and losses on equity securities were excluded from earnings and reported in other comprehensive income (loss), net of tax. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. 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. Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value on these loans is determined based on the terms of the loan, such as interest rate, maturity date, reset term, as well as sales of similar assets. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Loan segments are defined as a group of loans, 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: commercial, commercial real estate, commercial construction, residential real estate (including home equity) and consumer. Loans that are 90 days past due are 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 loans individually evaluated for impairment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The policy of the Company is to generally grant commercial, residential and consumer loans to residents and businesses within its 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 Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is 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. 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. 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 of $250,000 and over are individually evaluated for impairment. If a loan that is identified as impaired and the individual test results in an impairment, a portion of the allowance is allocated so that the loan is reported, net, at the fair value of collateral less costs to sell if repayment is expected solely from the collateral or at the present value of estimated future cash flows using the loan’s existing rate if the loan is dependent on cash flow. Loans with balances less than $250,000 are collectively evaluated for impairment, and accordingly, are not separately identified for impairment disclosures. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience, the primary factor, is determined by loan 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 category. These exogenous factors (nine total) include consideration of the following: concentrations of credit; delinquency & nonaccrual trends; economic & business conditions including evaluation of the national and regional economies and industries with significant loan concentrations; external factors including legal, regulatory or competitive pressures that may impact the loan portfolio; changes in the experience, ability, or size of the lending staff, management, or board of directors that may impact the loan portfolio; changes in underwriting standards, collection procedures, charge-off practices, or other changes in lending policies and procedures that may impact the loan portfolio; loss and recovery trends; changes in portfolio size and mix; and trends in problem loans. Purchased Credit-Impaired Loans The Company 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 losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. Such purchased credit-impaired loans (“PCI”) are identified 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 30 years. Leasehold improvements are depreciated using the straight-line method over the terms of the respective leases, or the estimated useful lives of the improvements, whichever is shorter. Furniture, fixtures and equipment are depreciated using the straight-line 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. 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, 2018, 2017 and 2016, the Parent Corporation did not purchase any of its shares. Goodwill Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. 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, 2018, 2017 and 2016. Other Intangible Assets Other intangible assets consist of core deposit intangibles 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 (loss) 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 hedges, 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 2017 and 2016 to conform to the classifications presented in 2018. Such reclassifications had no impact on net income or stockholders’ equity. |
Authoritative Accounting Guidan
Authoritative Accounting Guidance | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Authoritative Accounting Guidance | Note 2 –Authoritative Accounting Guidance Adoption of New Accounting Standards Effective January 1, 2018, the Company implemented ASU 2016-01, “ Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities .” The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance also resulted in separate classification of equity securities previously included in available-for-sale securities on the consolidated statements of condition with changes in the fair value of the equity securities now being captured in the Consolidated Statement of Income. As a result, the Company recorded a cumulative-effect adjustment to the Consolidated Statement of Condition. See Note 17 - Comprehensive Income for further information. See Note 1 for the Company’s accounting policy on Equity Securities. Adoption of the standard also resulted in the use of an exit price rather than an entrance price to determine the fair value of loans not measured at fair value on a non-recurring basis in the Consolidated Statements of Condition. See Note 22 for further information regarding the valuation of these loans. Effective January 1, 2018, the Company implemented ASU 2018-02, “ Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income .” Under ASU 2018-02, the FASB amended existing guidance to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from The Tax Cuts and Jobs Act of 2017. Please see Note 17 for further information. Effective January 1, 2018, the Company implemented ASU 2017-07, “ Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost .” Under ASU 2017-07, the FASB requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. See Note 18 for further information. Effective January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively, "ASC 606”), which (i) creates a single framework for recognizing revenue from contracts with customers that fall within its scope and (ii) revises when it is appropriate to recognize a gain (loss) from the transfer of nonfinancial assets, such as OREO. Please see Note 25 for further information. Newly Issued, But Not Yet Effective Accounting Standards ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Assets Measured at Amortized Cost. ( by ASU 2018-19 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses). ASU 2016 ASU No. 2016-02, “Leases (Topic 842)” (modified by ASU 2018-01 – Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842) and ASU 2018-20 – Leases (Topic 842) Narrow – Scope Improvements for Lessors). ASU 206-02 requires the recognition of a right of use asset and related lease liability by lessees for leases classified as operating leases under current GAAP. Topic 842, which replaces the current guidance under Topic 840, retains a distinction between finance leases and operating leases. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee also will not significantly change from current GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize right of use assets and lease liabilities. Topic 842 will be effective for the Company for reporting periods beginning January 1, 2019, with early adoption permitted. The Company must apply a modified retrospective transition approach for the applicable leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. The Company has engaged a third-party vendor and is using their software to assist in calculating the impact of this ASU. The adoption of ASU 2016-02 will result in increases to both the Company's assets and liabilities. The increase is less than 1% of total assets as of December 31, 2018 and will not have a significant impact on the Company’s Consolidated Statement of Income or Consolidated Statement of Cash Flows. ASU No. 2017-12, “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities .” ASU No. 2017-12 refines and expands hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. ASU 2017-12 will be effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We adopted the standard on January 1, 2019 and the impact was not material to our consolidated financial statements. ASU No. 2017-08, “ Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities .” ASU No. 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 will be effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. We are currently evaluating this ASU to determine the impact on our consolidated financial statements. ASU 2018-15, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. These amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. ASU 2018-15 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. We believe the adoption of this standard will not have a significant impact on our consolidated financial statements. ASU 2018-14, “ Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ” These amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. We believe the adoption of this standard will not have a significant impact on our consolidated financial statements. ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement .” The amendments in this update modify disclosure requirements on fair value measurements by removing, modifying and adding certain disclosure requirements. The amendments primarily pertain to Level 3 fair value measurements and depending on the amendment are applied either prospectively or retrospectively. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We believe the adoption of this standard will not have a significant impact on our consolidated financial statements. ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350).” ASU 2017-04 aims to simplify the subsequent measurement of goodwill. Under these amendments, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The Board also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets and still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019. Although management continues to evaluate the potential impact of ASU 2017-04 on our consolidated financial statements, at this time, we believe the adoption of this standard will not have a significant impact on our consolidated financial statements. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 3. Earnings per Common 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 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, 2018 2017 2016 (in thousands, except per share amounts) Net income available to common stockholders $ 60,352 $ 43,220 $ 31,060 Earnings allocated to participating securities (139) (141) (147) Income attributable to common stock $ 60,213 $ 43,079 $ 30,913 Weighted average common shares outstanding, including participating securities 32,198 31,943 30,453 Weighted average participating securities (74) (41) (54) Weighted average common shares outstanding 32,124 31,902 30,399 Incremental shares from assumed conversions of options, performance units and restricted shares 233 335 291 Weighted average common and equivalent shares outstanding 32,357 32,237 30,690 Earnings per common share: Basic $ 1.87 $ 1.35 $ 1.02 Diluted 1.86 1.34 1.01 There were no antidilutive common share equivalents as of December 31, 2018, 2017 and 2016. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4 - Investment Securities The Company’s investment securities are classified as available-for-sale at December 31, 2018 and December 31, 2017. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in stockholders’ equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value as of December 31, 2018 and December 31, 2017. 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 from 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, a component of stockholders’ equity 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 tax. The following tables present information related to the Company’s portfolio of securities available-for-sale at December 31, 2018 and 2017. Amortized Gross Gross Fair (dollars in thousands) December 31, 2018 Investment securities available-for-sale Federal agency obligations $ 45,509 $ 51 $ (605) $ 44,955 Residential mortgage pass-through securities 189,721 85 (4,602) 185,204 Commercial mortgage pass-through securities 3,919 - (45) 3,874 Obligations of U.S. states and political subdivisions 141,496 1,091 (3,402) 139,185 Trust preferred securities - - - - Corporate bonds and notes 26,308 45 (540) 25,813 Asset-backed securities 9,685 22 (16) 9,691 Certificates of deposit 319 3 - 322 Other securities 2,990 - - 2,990 Total securities available-for-sale $ 419,947 $ 1,297 $ (9,210) $ 412,034 Amortized Gross Gross Fair December 31, 2017 (dollars in thousands) Investment securities available-for-sale Federal agency obligations $ 56,297 $ 141 $ (416) $ 56,022 Residential mortgage pass-through securities 183,509 330 (1,948) 181,891 Commercial mortgage pass-through securities 4,054 3 (3) 4,054 Obligations of U.S. states and political subdivisions 130,723 1,739 (1,334) 131,128 Trust preferred securities 4,577 205 (111) 4,671 Corporate bonds and notes 29,801 163 (271) 29,693 Asset-backed securities 12,021 66 (37) 12,050 Certificates of deposit 621 4 - 625 Equity securities 11,843 235 (350) 11,728 Other securities 3,422 - - 3,422 Total securities available-for-sale $ 436,868 $ 2,886 $ (4,470) $ 435,284 Investment securities having a carrying value of approximately $151.5 million and $157.8 million at December 31, 2018 and December 31, 2017, respectively, were pledged to secure public deposits, borrowings, repurchase agreements, Federal Reserve Discount Window borrowings and Federal Home Loan Bank advances and for other purposes required or permitted by law. The following table presents information for investments in securities available-for-sale at December 31, 2018, 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, 2018 Amortized Fair (dollars in thousands) Investment Securities Available-for-Sale: Due in one year or less $ 2,355 $ 2,358 Due after one year through five years 36,338 35,953 Due after five years through ten years 28,067 28,375 Due after ten years 156,557 153,280 Residential mortgage pass-through securities 189,721 185,204 Commercial mortgage pass-through securities 3,919 3,874 Other securities 2,990 2,990 Total securities available-for-sale $ 419,947 $ 412,034 Gross gains and losses from the sales, calls, and maturities of investment securities for the years ended December 31, 2018, 2017 and 2016 were as follows: Years Ended December 31, 2018 2017 2016 (dollars in thousands) Proceeds $ - $ 29,543 $ 85,253 Gross gains on sales of investment securities $ - $ 1,596 $ 4,234 Gross losses on sales of investment securities - - - Net gains on sales of investment securities - 1,596 4,234 Tax provision on net gains - (579) (1,682) Net gains on sales of investment securities, after tax $ - $ 1,017 $ 2,552 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 a 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 148 and 112 investment securities as of December 31, 2018 and December 31, 2017, 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, obligations of U.S. states and political subdivisions, and asset-backed 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, none of which have defaulted on interest payments. The decline in fair value is due in large part to changes in market credit spreads and movements in market interest rates. Management concluded that these securities were not other-than-temporarily impaired at December 31, 2018. 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, 2018 and 2017. There were no investments held-to-maturity as of December 31, 2018 and 2017. December 31, 2018 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 35,472 $ (605) $ 810 $ (1) $ 34,662 $ (604) Residential mortgage pass-through securities 178,365 (4,602) 42,040 (393) 136,325 (4,209) Commercial mortgage pass-through securities 3,874 (45) - - 3,874 (45) Obligations of U.S. states and political subdivisions 64,367 (3,402) 7,765 (21) 56,602 (3,381) Corporate bonds and notes 15,534 (540) 7,767 (133) 7,767 (407) Asset-backed securities 3,957 (16) 2,219 (11) 1,738 (5) Total Temporarily Impaired Securities $ 301,569 $ (9,210) $ 60,601 $ (559) $ 240,968 $ (8,651) December 31, 2017 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 39,813 $ (416) $ 28,407 $ (213) $ 11,406 $ (203) Residential mortgage pass-through securities 148,574 (1,948) 117,556 (1,146) 31,018 (802) Commercial mortgage pass-through securities 1,198 (3) 1,198 (3) - - Obligations of U.S. states and political subdivisions 57,685 (1,334) 17,909 (246) 39,776 (1,088) Trust preferred securities 1,469 (111) - - 1,469 (111) Corporate bonds and notes 11,074 (271) 1,965 (21) 9,109 (250) Asset-backed securities 7,428 (37) 993 (2) 6,435 (35) Equity securities 11,116 (350) - - 11,116 (350) Total Temporarily Impaired Securities $ 278,357 $ (4,470) $ 168,028 $ (1,631) $ 110,329 $ (2,839) |
Loans and the Allowance for Loa
Loans and the Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans and the Allowance for Loan Losses | Note 5 - Loans and the Allowance for Loan Losses Loans Receivable: 2018 2017 (dollars in thousands) Commercial $ 988,758 $ 824,082 Commercial real estate 2,778,167 2,592,909 Commercial construction 465,389 483,216 Residential real estate 309,991 271,795 Consumer 2,594 2,808 Gross loans 4,544,899 4,174,810 Net deferred fees (3,807) (3,354) Loans receivable $ 4,541,092 $ 4,171,456 At December 31, 2018 and 2017, loan balances of approximately $2.3 billion and $1.9 billion, respectively, were pledged to secure borrowings from the Federal Home Loan Bank. 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. · The Company considers loan classes and loan segments to be one and the same. Loans Held-For-Sale: 2018 2017 (dollars in thousands) Commercial real estate - 24,475 Residential mortgage loans - 370 Total carrying amount $ - $ 24,845 Purchased Credit-Impaired Loans: 2018 2017 (dollars in thousands) Commercial $ 2,509 $ 2,683 For those purchased loans disclosed above, the Company did not increase the allowance for loan losses for the year ended December 31, 2018 and 2017. No allowances for loan losses were reversed during 2018 and 2017. The accretable yield, or income expected to be collected, on the purchased credit-impaired loans above is as follows as of December 31, 2018 and December 31, 2017. 2018 2017 (dollars in thousands) Balance at January 1, $ 1,387 $ 2,860 Accretion of income (253) (1,473) Balance at December 31, $ 1,134 $ 1,387 Loans Receivable on Nonaccrual Status: 2018 2017 (dollars in thousands) Commercial $ 29,340 $ 47,363 Commercial real estate 15,135 12,757 Commercial construction 2,934 - Residential real estate 4,446 5,493 Total loans receivable on nonaccrual status $ 51,855 $ 65,613 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 loans individually evaluated for impairment. Credit Quality Indicators December 31, 2018 Pass Special Substandard Doubtful Total (dollars in thousands) Commercial $ 951,610 $ 3,371 $ 33,777 $ - $ 988,758 Commercial real estate 2,742,989 12,574 22,604 - 2,778,167 Commercial construction 453,598 5,515 6,276 - 465,389 Residential real estate 305,414 - 4,577 - 309,991 Consumer 2,576 - 18 - 2,594 Gross loans $ 4,456,187 $ 21,460 $ 67,252 $ - $ 4,544,899 December 31, 2017 Pass Special Substandard Doubtful Total (dollars in thousands) Commercial $ 767,020 $ 3,764 $ 53,298 $ - $ 824,082 Commercial real estate 2,534,973 34,335 23,601 - 2,592,909 Commercial construction 475,066 5,521 2,629 - 483,216 Residential real estate 266,163 - 5,632 - 271,795 Consumer 2,767 - 41 - 2,808 Gross loans $ 4,045,989 $ 43,620 $ 85,201 $ - $ 4,174,810 The following table provides an analysis of the impaired loans by class as of and for the years ended at December 31, 2018, 2017 and 2016. December 31, 2018 No Related Allowance Recorded Recorded Unpaid Related Average Interest (dollars in thousands) Commercial $ 29,896 $ 83,596 $ 31,721 $ 66 Commercial real estate 16,839 17,935 17,676 149 Commercial construction 9,240 9,240 11,215 493 Residential real estate 2,209 2,521 2,284 - Consumer - - - - Total $ 58,184 $ 113,292 $ 62,896 $ 708 With An Allowance Recorded Commercial real estate $ 1,488 1,488 7 1,511 46 Residential real estate 260 266 29 265 - Total $ 1,748 $ 1,754 36 $ 1,776 $ 46 Total Commercial $ 29,896 $ 83,596 $ - $ 31,721 $ 66 Commercial real estate 18,327 19,423 7 19,187 195 Commercial construction 9,240 9,240 - 11,215 493 Residential real estate 2,469 2,787 29 2,549 - Consumer - - - - - Total (including related allowance) $ 59,932 $ 115,046 $ 36 $ 64,672 $ 754 December 31, 2017 No Related Allowance Recorded Recorded Unpaid Related Average Interest (dollars in thousands) Commercial $ 49,761 $ 101,066 $ 10,552 $ 161 Commercial real estate 23,905 23,976 24,099 585 Commercial construction 6,662 6,662 5,509 322 Residential real estate 3,203 3,442 3,255 - Consumer - - - - Total $ 83,531 $ 135,146 $ 43,415 $ 1,068 With An Allowance Recorded Commercial real estate $ 1,133 $ 1,133 $ 39 $ 1,152 $ 51 Total Commercial $ 49,761 $ 101,066 $ - $ 10,765 $ 161 Commercial real estate 25,038 25,109 39 25,251 636 Commercial construction 6,662 6,662 - 5,509 322 Residential real estate 3,203 3,442 - 3,255 - Consumer - - - - - Total (including related allowance) $ 84,664 $ 136,279 $ 39 $ 44,567 $ 1,119 December 31, 2016 No Related Allowance Recorded Recorded Unpaid Related Average Interest (dollars in thousands) 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 allowance) $ 30,991 $ 31,621 $ 145 $ 31,146 $ 416 Included in the impaired loans table are $11.2 million, $14.9 million and $13.3 million of performing TDRs as of December 31, 2018, 2017 and 2016, respectively. Cash basis interest and interest income recognized on accrual basis approximate each other. Aging Analysis: December 31, 2018 30-59 Days 60-89 Days 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total Loans Receivable Commercial $ 1,673 $ - $ 1,647 $ 29,340 $ 32,660 $ 956,098 $ 988,758 Commercial real estate 6,162 1,840 - 15,135 23,137 2,755,030 2,778,167 Commercial construction 2,496 564 - 2,934 5,994 459,395 465,389 Residential real estate 3,455 119 - 4,446 8,020 301,971 309,991 Consumer - - - - - 2,594 2,594 Total $ 13,786 $ 2,523 $ 1,647 $ 51,855 $ 69,811 $ 4,475,088 $ 4,544,899 The amount reported 90 days or greater past due and still accruing as of December 31, 2018 are comprised of PCI loans, net of their fair value marks, which are accreting income per their valuation at date of acquisition. There were no non-PCI loans 90 days or greater past due and still accruing as of December 31, 2018. December 31, 2017 30-59 Days 60-89 Days 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total Loans Receivable Commercial $ 1,708 $ 183 $ 1,664 $ 47,363 $ 50,918 $ 773,164 $ 824,082 Commercial real estate 545 1,475 - 12,757 14,777 2,578,132 2,592,909 Commercial construction - - - - - 483,216 483,216 Residential real estate 1,578 - - 5,493 7,071 264,724 271,795 Consumer 18 - - - 18 2,790 2,808 Total $ 3,849 $ 1,658 $ 1,664 $ 65,613 $ 72,784 $ 4,102,026 $ 4,174,810 The amount reported 90 days or greater past due and still accruing as of December 31, 2017 are comprised of PCI loans, net of their fair value marks, which are accreting income per their valuation at date of acquisition. There were no non-PCI loans 90 days or greater past due and still accruing as of December 31, 2017. 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 losses that are allocated to each loan portfolio segment: December 31, 2018 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ - $ 7 $ - $ 29 $ - $ - $ 36 Collectively evaluated for impairment 9,675 17,840 4,519 1,237 2 445 33,718 Acquired portfolio 200 1,000 - - - - 1,200 Acquired with deteriorated credit quality - - - - - - - Total $ 9,875 $ 18,847 $ 4,519 $ 1,266 $ 2 $ 445 $ 34,954 Gross loans Individually evaluated for impairment $ 29,896 $ 18,327 $ 9,240 $ 2,469 $ - $ 59,932 Collectively evaluated for impairment 949,129 2,500,132 456,149 263,449 2,484 4,171,343 Acquired portfolio 7,224 259,708 - 44,073 110 311,115 Acquired with deteriorated credit quality 2,509 - - - - 2,509 Total $ 988,758 $ 2,778,167 $ 465,389 $ 309,991 $ 2,594 $ 4,544,899 December 31, 2017 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ - $ 39 $ - $ - $ - $ - $ 39 Collectively evaluated for impairment 8,032 15,472 4,747 1,051 2 605 29,909 Acquired portfolio 200 1,600 - - - - 1,800 Acquired with deteriorated credit quality - - - - - - - Total $ 8,232 $ 17,111 $ 4,747 $ 1,051 $ 2 $ 605 $ 31,748 Gross loans Individually evaluated for impairment $ 49,761 $ 25,038 $ 6,662 $ 3,203 $ - $ 84,664 Collectively evaluated for impairment 757,923 2,190,686 476,554 212,350 2,338 3,639,851 Acquired portfolio 13,715 377,185 - 56,242 470 447,612 Acquired with deteriorated credit quality 2,683 - - - - 2,683 Total $ 824,082 $ 2,592,909 $ 483,216 $ 271,795 $ 2,808 $ 4,174,810 The Company’s allowance for loan losses is analyzed quarterly. Many factors are considered, including growth in the portfolio, delinquencies, nonaccrual loan levels, and other factors inherent in the extension of credit. A summary of the activity in the allowance for loan losses by loan segment is as follows: Commercial Commercial Commercial Residential Consumer Unallocated Total (dollars in thousands) Balance at January 1, 2018 $ 8,233 $ 17,112 $ 4,747 $ 1,050 $ 1 $ 605 $ 31,748 Loan charge-offs (17,066) (915) - (23) (7) - (18,011) Recoveries 109 - - 2 6 - 117 Provision for loan losses 18,599 2,650 (228) 237 2 (160) 21,100 Balance at December 31, 2018 $ 9,875 $ 18,847 $ 4,519 $ 1,266 $ 2 $ 445 $ 34,954 Commercial Commercial Commercial Residential Consumer Unallocated Total (dollars in thousands) Balance at January 1, 2017 $ 6,632 $ 12,583 $ 4,789 $ 958 $ 3 $ 779 $ 25,744 Loan charge-offs (70) (155) - - (14) - (239) Recoveries 178 51 - 12 2 - 243 Provision for loan losses 1,493 4,633 (42) 80 10 (174) 6,000 Balance at December 31, 2017 $ 8,233 $ 17,112 $ 4,747 $ 1,050 $ 1 $ 605 $ 31,748 Commercial Commercial Commercial Residential Consumer Unallocated Total (dollars in thousands) 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 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 For the year ended December 31, 2018, the loan charge-offs within the commercial loan segment were primarily made up of $17.0 million in charge-offs related to the taxi medallion portfolio. For the year ended December 31, 2016, the loan charge-offs within the commercial loan segment were primarily made up of $36.7 million in charge-offs related to the taxi medallion portfolio. 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, 2018, 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. As of December 31, 2018 TDRs totaled $34.5 million, of which $23.3 million were on nonaccrual status and $11.2 million were performing under their restructured terms. As of December 31, 2017 TDRs totaled $20.5 million, of which $5.6 million were on nonaccrual status and $14.9 million were performing under their restructured terms. The Company has allocated $3 thousand and $39 thousand of specific allowance for those loans at December 31, 2018 and 2017, respectively. The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2018: Number of Pre-Modification Post-Modification (dollars in thousands) TDRs Commercial 32 $ 16,017 $ 16,017 Commercial real estate 3 1,422 1,422 Commercial construction 3 4,773 4,773 Residential real estate 2 454 454 Total 40 $ 22,666 $ 22,666 Included in the commercial loan segment of the troubled debt restructurings are 27 taxi medallion loans totaling $11.2 million. All 27 taxi medallion loans included above were on nonaccrual status prior to modification, and remain on nonaccrual status post-modification. All loan modifications during the year ended December 31, 2018 included interest rate reductions or maturity extensions. There were no charge-offs in connection with a loan modification at the time of modification during the year ended December 31, 2018. There were no TDRs for which there was a payment default within twelve months following the modification during the year ended December 31, 2018. The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2017: Number of Pre-Modification Post-Modification (dollars in thousands) TDRs Commercial 1 $ 692 $ 692 Commercial real estate 2 3,007 3,007 Commercial construction 2 6,662 6,662 Residential real estate 1 17 17 Consumer - - - Total 6 $ 10,378 $ 10,378 There were no charge-offs in connection with a loan modification at the time of modification during the year ended December 31, 2017. There were no TDRs for which there was a payment default within twelve months following the modification during the year ended December 31, 2017. The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2016: Number of Pre-Modification Post-Modification (dollars in thousands) TDRs 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. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 6 - Premises and Equipment Premises and equipment are summarized as follows: Estimated 2018 2017 (dollars in thousands) Land - $ 2,403 $ 2,403 Buildings 10-25 15,277 16,092 Furniture, fixtures and equipment 3-7 29,991 30,077 Leasehold improvements 10-20 14,076 13,775 Subtotal 61,747 62,347 Less: accumulated depreciation and amortization 42,218 40,154 Subtotal 19,529 22,193 Less: fair value adjustment for acquired leases 467 534 Total premises and equipment, net $ 19,062 $ 21,659 Depreciation and amortization expense of premises and equipment was $3.1 million, $3.2 million and $2.7 million for 2018, 2017 and 2016, respectively. Capital Leases The Company has included this lease in premises and equipment as follows: 2018 2017 (dollars in thousands) Capital Lease $ 3,408 $ 3,408 Less: accumulated amortization 1,696 1,526 $ 1,712 $ 1,882 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, 2018 (dollars in thousands): 2019 $ 321 2020 321 2021 321 2022 321 2023 323 Thereafter 1,734 Total minimum lease payments 3,341 Less amount representing interest 845 Present value of net minimum lease payments $ 2,496 Operating Leases Future minimum lease payments under these leases are as follows (dollars in thousand): 2019 $ 2,919 2020 2,605 2021 2,227 2022 1,853 2023 1,748 Thereafter 4,072 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 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, 2018. 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: 2018 2017 (dollars in thousands) Balance, January 1 $ 145,909 $ 145,909 Acquired goodwill - - Impairment - - Balance, December 31 $ 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 Accumulated Net (dollars in thousands) As of December 31, 2018 Core deposit intangibles $ 6,011 $ (4,274) $ 1,737 As of December 31, 2017 Core deposit intangibles $ 6,011 $ (3,647) $ 2,364 Aggregate amortization expense was approximately $627,000, $724,000 and $820,000 for 2018, 2017 and 2016, respectively. Estimated amortization expense for each of the next five years (dollars in thousands): 2019 $ 531 2020 434 2021 338 2022 241 2023 145 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Deposits | Note 8 – Deposits Time Deposits As of December 31, 2018 and 2017, the Company’s total time deposits were $1.4 billion and $1.2 billion, respectively. Included in time deposits were brokered time deposits of $405.6 million and $358.7 million as of December 31, 2018 and 2017, respectively. As of December 31, 2018, the contractual maturities of these time deposits were as follows (dollars in thousands): 2019 816,649 2020 360,259 2021 145,350 2022 32,532 2023 11,263 Total $ 1,366,053 The amount of time deposits with balances of $250,000 or more was $272.2 million and $198.3 million as of December 31, 2018 and 2017, respectively. Included in time deposits with balances of $250,000 or more were brokered time deposits with balances of $250,000 or more of $8.8 million and $-0- million as of December 31, 2018 and 2017, respectively. |
FHLB Borrowings
FHLB Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
FHLB Borrowings | Note 9 – FHLB Borrowings The Company’s FHLB borrowings and weighted average interest rates are summarized below: December 31, 2018 December 31, 2017 Amount Rate Amount Rate (dollars in thousands) Total FHLB borrowings $ 600,001 2.59 % $ 670,077 1.76 % By remaining period to maturity: Less than 1 year $ 405,001 2.57 % $ 505,077 1.59 % 1 year through less than 2 years 110,000 2.75 % 35,000 1.60 % 2 years through less than 3 years 60,000 2.27 % 85,000 2.65 % 3 years through less than 4 years - 45,000 2.15 % 4 years through 5 years 25,000 2.92 % - Total borrowings $ 600,001 2.59 % $ 670,077 1.76 % 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. Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances are fixed rates. The advances at December 31, 2018 were primarily collateralized by approximately $1.7 billion of commercial mortgage and residential loans, net of required over collateralization amounts, under a blanket lien arrangement. At December 31, 2018 the Company had remaining borrowing capacity of approximately $1.0 billion at FHLB. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2018 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold under Agreements to Repurchase | 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 (dollars in thousands): 2018 2017 2016 Average daily balance during the year $ - $ 6,781 $ 15,000 Average interest rate during the year 5.95 % 5.95 % Maximum month-end balance during the year $ - $ 15,000 $ 15,000 Weighted average interest rate during the year - 5.95 % 5.95 % |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 was 5.37%. 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, 2018 and December 31, 2017. Issuance Date Securities Liquidation Value Coupon Rate Maturity Redeemable by 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, 2018, unamortized costs related to the debt issuance were approximately $272,000. On January 11, 2018, the Parent Corporation issued $75 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”). The Notes bear interest at 5.20% annually from, and including, the date of initial issuance to, but excluding, February 1, 2023, payable semi-annually in arrears. From and including February 1, 2023 through maturity or earlier redemption, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month LIBOR rate plus 284 basis points (2.84%) payable quarterly in arrears. If three-month LIBOR is not available for any reason, then the rate for that interest period will be determined by such alternate method as provided in the Supplemental Indenture. Interest on the Notes will be paid on February 1, and August 1, commencing August 1, 2018 to but not including February 1, 2023, and from and including February 1, 2023, on February 1, May 1, August 1, and November 1, of each year to but excluding the stated maturity date, unless in any case previously redeemed. As of December 31, 2018, unamortized costs related to this debt issuance were approximately $1,327,500. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 - Income Taxes The current and deferred amounts of income tax expense for 2018, 2017 and 2016 are as follows (dollars in thousands): 2018 2017 2016 Current: Federal $ 8,902 $ 21,090 $ 10,173 State 954 505 (366) Subtotal 9,856 21,595 9,807 Deferred: Federal 2,455 3,876 2,682 State (1,529) (177) (713) Subtotal 926 3,699 1,969 Income tax expense $ 10,782 $ 25,294 $ 11,776 The Tax Cuts and Jobs Act of 2017 (“the Act”) was signed into law on December 22, 2017. As a result of the Act, the Company recorded a net tax charge of $4.8 million primarily due to a re-measurement of deferred tax assets and liabilities. On July 1, 2018 New Jersey Governor Phil Murphy signed Assembly Bill 4202 (“the Bill”) into law. The legislation imposes a temporary surtax on corporations earning New Jersey allocated income in excess of $1 million of 2.5% for tax years beginning on or after January 1, 2018 through December 31, 2019, and of 1.5% for tax years beginning on or after January 1, 2020 through December 31, 2021. The legislation also requires combined filing for members of an affiliated group for tax years beginning on or after January 1, 2019, changing New Jersey’s current status as a separate return state, and limits the deductibility of dividends received. These changes are not temporary. Although regulations implementing the legislative changes have not yet been issued, it is possible that the Company will lose the benefit of at least certain of its tax management strategies, and, if so, our total tax expense will likely increase. As a result of the Bill the Company recorded a net tax benefit of $0.6 million primarily due to a re-measurement of deferred tax assets and liabilities. 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): 2018 2017 2016 Income before income tax expense $ 71,134 $ 68,514 $ 42,858 Federal statutory rate 21 % 35 % 35 % Computed “expected” Federal income tax expense 14,938 23,980 15,000 State tax, net of federal tax benefit 1,104 213 (701) Impact of “the Act” (790) 5,623 - Impact of “the Bill” (618) - - Bank owned life insurance (650) (1,113) (896) Tax-exempt interest and dividends (1,521) (2,123) (1,714) Tax benefits from stock based compensation (1,100) (348) - Other, net (581) (938) 87 Income tax expense $ 10,782 $ 25,294 $ 11,776 The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2018 and 2017 are presented in the following table: 2018 2017 (dollars in thousands) Deferred tax assets Allowance for loan losses 10,358 8,848 Purchase accounting 307 2,310 Pension actuarial losses 2,203 1,647 New Jersey net operating loss 2,796 1,310 Deferred compensation 1,234 1,184 Unrealized losses on securities and swaps 1,620 483 Deferred loan costs, net of fees 19 474 Accrued rent 426 459 Capital lease 232 211 Nonaccrual interest 95 158 Other - 7 Total deferred tax assets $ 19,290 $ 17,091 Deferred tax liabilities Employee benefit plans $ (2,167) $ (1,501) Depreciation (512) (434) Prepaid expenses (185) (174) Market discount accretion (414) (60) Unrealized gains on securities and swaps (366) (224) Other (198) (28) Total deferred tax liabilities (3,842) (2,421) Net deferred tax assets $ 15,448 $ 14,670 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 2018 and 2017, 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. There are no unrecorded tax benefits and the Company does not expect the total amount of unrecognized income tax benefits to significantly increase in the next twelve months. The Company’s federal income tax returns are open and subject to examination from the 2015 tax return year and forward. The Company’s state income tax returns are generally open from the 2014 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, 2018 | |
Offsetting [Abstract] | |
Offsetting Assets and Liabilities | 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 following table presents information about financial instruments that are eligible for offset as of December 31, 2018 and December 31, 2017: Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash or Net (dollars in thousands) December 31, 2018 Assets: Interest rate swaps $ 1,159 $ - $ 1,159 $ - $ - $ 1,159 December 31, 2017 Assets: Interest rate swaps $ 798 $ - $ 798 $ - $ - $ 798 For the year ended December 31, 2018 and 2017 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, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Concentrations of Credit Risk | 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, 2018 and 2017: 2018 2017 (dollars in thousands) Commitments under commercial loans and lines of credit $ 425,189 $ 344,142 Home equity and other revolving lines of credit 39,965 44,483 Outstanding commercial mortgage loan commitments 355,914 254,710 Standby letters of credit 36,141 34,114 Overdraft protection lines 836 688 Total $ 858,045 $ 678,137 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, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Executive Officers, Directors and Principal Stockholders | Note 15 – Transactions with Executive Officers, Directors and Principal Stockholders Loans to principal officers, directors, and their affiliates during the years ended December 31, 2018 and 2017 were as follows: 2018 2017 (dollars in thousands) Balance, January 1 $ 56,300 $ 49,710 New loans 5,041 11,089 Repayments (4,438) (4,499) Balance, December 31 $ 56,903 $ 56,300 Deposits from principal officers, directors, and their affiliates at December 31, 2018 and 2017 were $39.7 million and $42.4 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 banking offices 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, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Regulatory Requirements | 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. Management believes as of December 31, 2018, the Bank and the Parent Corporation meet all capital adequacy requirements to 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, 2018 and 2017, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The following is a summary of the Bank’s and the Parent Corporation’s actual capital amounts and ratios as of December 31, 2018 and 2017, 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, 2018 Leverage (Tier 1) capital $ 552,311 10.78% $ 204,973 4.00% $ 256,217 5.00% Risk-Based Capital: CET 1 $ 552,311 11.37% $ 218,589 4.50% $ 315,740 6.50% Tier 1 552,311 11.37% 291,452 6.00% 388,603 8.00% Total 619,515 12.75% 388,603 8.00% 485,754 10.00% December 31, 2017 Leverage (Tier 1) capital $ 468,899 9.84% $ 190,665 4.00% $ 238,332 5.00% Risk-Based Capital: CET 1 $ 468,899 10.21% $ 206,721 4.50% $ 298,597 6.50% Tier 1 468,899 10.21% 275,628 6.00% 367,504 8.00% Total 500,647 10.90% 367,504 8.00% 459,379 10.00% Minimum Capital For Classification Amount Ratio Amount Ratio Amount Ratio The Company (dollars in thousands) December 31, 2018 Leverage (Tier 1) capital $ 478,876 9.34% $ 204,995 4.00% N/A N/A Risk-Based Capital: CET 1 $ 473,721 9.75% $ 218,585 4.50% N/A N/A Tier 1 478,876 9.86% 291,446 6.00% N/A N/A Total 638,830 13.15% 388,595 8.00% N/A N/A December 31, 2017 Leverage (Tier 1) capital $ 425,407 8.92% $ 190,728 4.00% N/A N/A Risk-Based Capital: CET 1 $ 420,252 9.15% $ 206,742 4.50% N/A N/A Tier 1 425,407 9.26% 275,656 6.00% N/A N/A Total 507,155 11.04% 367,542 8.00% N/A N/A The new Basel III rules require a “capital conservation buffer,” for both the Company and the Bank. On January 1, 2019, the Company and the Bank are required to maintain a 2.5% capital conservation buffer, above and beyond the capital levels otherwise required under applicable regulation. 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, 2018 both the Company and Bank satisfy the capital conservation buffer requirements applicable to them. The lowest ratio at the Company is the Tier 1 Ratio which was 1.99% above the minimum buffer ratio and, at the Bank, the lowest ratio was the Total Risk Based Capital Ratio which was 2.88% above the minimum buffer ratio. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income | 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. Details about Accumulated Other Amounts Reclassified from Accumulated Affected Line Item in the Consolidated Year ended (dollars in thousands) 2018 2017 2016 Sale of investment securities available-for-sale $ - $ 1,596 $ 4,234 Net gains on sale of investment securities - (579) (1,682) Income tax expense - 1,017 2,552 Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity - - (1,986) Interest income - - 813 Income tax benefit - - (1,173) Amortization of pension plan net actuarial losses (359) (412) (407) Salaries and employee benefits 101 169 165 Income tax benefit (258) (243) (242) Total reclassification $ (258) $ 774 $ 1,137 Accumulated other comprehensive loss at December 31, 2018 and 2017 consisted of the following: 2018 2017 (dollars in thousands) Investment securities available-for-sale, net of tax $ (5,841) $ (902) Cash flow hedge, net of tax 837 472 Defined benefit pension and post-retirement plans, net of tax (3,785) (3,589) Total $ (8,789) $ (4,019) Effective January 1, 2018, the Company implemented ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” Under ASU 2018-02, the FASB amended existing guidance to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from The Act. In order to comply with this new ASU, the Company recorded an adjustment to the Consolidated Statement of Condition on January 1, 2018 of approximately $709 thousand that increased retained earnings and increased accumulated other comprehensive loss. Effective January 1, 2018, the Company implemented ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” Under ASU 2016-01, equity securities, with certain exceptions, are to be measured at fair value with changes in fair value recognized in net income. In order to comply with this new ASU, the Company recorded a cumulative-effect adjustment to the Consolidated Statement of Condition of approximately $55 thousand. |
Pension and Other Benefits
Pension and Other Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Benefits | 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, 2018 and 2017. 2018 2017 (dollars in thousands) Change in Benefit Obligation: Projected benefit obligation at January 1, $ 13,129 $ 12,682 Interest cost 427 478 Actuarial (gain) loss (1,716) 879 Benefits paid (871) (910) Projected benefit obligation at December 31, $ 10,969 $ 13,129 Change in Plan Assets: Fair value of plan assets at January 1, $ 12,609 $ 12,002 Actual return on plan assets (715) 1,517 Employer contributions 2,000 - Benefits paid (871) (910) Fair value of plan assets at December 31, $ 13,023 $ 12,609 Funded status $ 2,054 $ (520) The accumulated benefit obligation was $11.0 million and $13.1 million as of the year ended December 31, 2018 and 2017, 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 $358,000 of the net actuarial loss reported in the following table as of December 31, 2018 as a component of net periodic pension expense during 2019. 2018 2017 (dollars in thousands) Net actuarial loss recognized in accumulated other comprehensive income $ 5,265 $ 5,860 The net periodic pension expense and other comprehensive income (before tax) for 2018, 2017 and 2016 includes the following: 2018 2017 2016 (dollars in thousands) Interest cost $ 427 $ 478 $ 514 Expected return on plan assets (765) (640) (617) Net amortization 366 412 407 Total net periodic pension expense $ 28 $ 250 $ 304 Total gain recognized in other comprehensive income (595) (410) (405) Total recognized in net periodic expense and other comprehensive income (before tax) $ (567) $ (160) $ (101) Effective January 1, 2018, the Company implemented ASU 2017-07, “ Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This ASU is also 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 period presented: 2017 2016 Other components of net periodic pension expense As previously reported $ - $ - As reported under the new guidance 250 304 Salaries and employee benefits As previously reported $ 35,128 $ 31,030 As reported under the new guidance 34,878 30,726 The following table presents the weighted average assumptions used to determine the pension benefit obligations at December 31, for the following three years. 2018 2017 2016 Discount rate 4.05 % 3.41 % 3.88 % Rate of compensation increase N/A N/A N/A The following table presents the weighted average assumptions used to determine net periodic pension cost for the following three years: 2018 2017 2016 (dollars in thousands) Discount rate 4.05 % 3.41 % 3.88 % 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, 2018 and 2017, target allocation, and expected long-term rate of return by asset are as follows: Target % of Plan % of Plan Weighted Equity Securities Domestic 50% 53% 41% 3.4% International 10% 7% 8% 0.7% Debt and/or fixed income securities 36% 36% 49% 1.2% Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes 4% 4% 2% 0.2% Total 100% $ 100% $ 100% $ 5.5% The fair values of the Company’s pension plan assets at December 31, 2018 and 2017, 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 $ 298 $ 298 $ - $ - Equity securities: U.S. companies 6,957 6,957 - - International companies 901 901 - - Debt and/or fixed income securities 4,651 4,651 Commodity funds 161 161 Real estate funds 55 55 - - Total $ 13,023 $ 13,023 $ - $ - December 31, Fair Value Measurements at Reporting Date Using Asset Class Quoted Prices Significant Significant (dollars in thousands) Cash $ 175 $ 175 $ - $ - Equity securities: U.S. companies 5,175 5,175 - - International companies 1,056 1,056 - - Debt and/or fixed income securities 6,139 6,139 Real estate funds 64 64 - - Total $ 12,609 $ 12,609 $ - $ - 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 make a contribution in 2019. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (dollars in thousands): 2019 $ 716 2020 712 2021 724 2022 709 2023 697 2024-2028 3,514 401(k) Plan The Company maintains a 401(k) plan to provide for defined contributions which covers substantially all employees of the Company. Beginning with the 2014 plan year, the 401(k) plan was amended to provide for a match of 50% of elective contributions, up to 6% of an employees contribution. In 2018, the 401 (k) plan was amended to provide for 100% matching of employee contributions up to 5% of employee contributions. For 2018, 2017 and 2016, employer contributions amounted to $862,000, $383,000 and $351,000, respectively. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Note 19 - Stock Based Compensation The Company’s stockholders approved the 2017 Equity Compensation Plan (“the Plan”) on May 23, 2017. The Plan eliminates all remaining issuable shares under previous plans and is the only outstanding plan as of December 31, 2018. The maximum number of shares of common stock or equivalents which may be issued under the Plan, is 750,000. Grants under the Plan can be in the form of stock options (qualified or non-qualified), restricted shares, restricted share units or performance units. Shares available for grant and issuance under the Plan as December 31, 2018 are approximately 668,000. The Company intends to issue all shares under the Plan in the form of newly issued shares. Restricted stock, options and restricted stock units 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 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 or upon a change of control. 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, performance units and restricted stock 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. Forfeiture rates are not estimated but are handled on a case-by-case basis. Stock-based compensation expense for the year ended December 31, 2018, December 31, 2017 and December 31, 2016 was $1.9 million, $1.8 million and $2.1 million, respectively. Activity under the Company’s options as of and for the year ended December 31, 2018 was as follows: Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2017 299,778 $ 6.18 Granted - Exercised (189,992) 4.89 Forfeited/cancelled/expired (1,323) 14.24 Outstanding at December 31, 2018 108,463 8.35 2.8 $ 1,097,806 Exercisable at December 31, 2018 108,463 $ 8.35 2.8 $ 1,097,806 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, 2018 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, 2018. This amount changes based on the fair market value of the Company’s stock. Activity under the Company’s restricted shares for the year ended December 31, 2018 was as follows: Nonvested Weighted- Nonvested at December 31, 2017 103,078 $ 20.41 Granted 24,684 27.86 Vested (58,668) 18.89 Forfeited/cancelled/expired (666) 24.25 Nonvested at December 31, 2018 68,428 23.04 As of December 31, 2018, there was approximately $687,000 of total unrecognized compensation cost related to nonvested restricted shares granted under the plans. The cost is expected to be recognized over a weighted average period of 0.8 years. A total of 24,684 restricted shares were granted during the year ended December 31, 2018. 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 Unearned at December 31, 2017 151,194 $ 19.19 Awarded 19,614 31.35 Change in Estimate (15,172) Vested (69,627) 19.46 Unearned at December 31, 2018 86,009 151,772 $ 22.06 At December 31, 2018, the specific number of shares related to performance units that were expected to vest was 86,009, 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, 2018 the maximum amount of performance units that ultimately could vest if performance targets were exceeded is 151,772. At December 31, 2018, compensation cost of approximately $653,000 related to non-vested performance units not yet recognized is expected to be recognized over a weighted-average period of 1.5 years. A total of 19,614 performance units were awarded during the year ended December 31, 2018, respectively. During the year ended December 31, 2018, 69,627 vested and 42,672 shares were issued in satisfaction of earned performance units. The shares issued were calculated based on a net down of 26,955 shares to satisfy tax obligations created by vesting. A summary of the status of unearned restricted stock units and the change during the period is presented in the table below: Units Weighted Unearned at December 31, 2017 - $ - Awarded 29,423 31.35 Forfeited - - Vested - - Unearned at December 31, 2018 29,423 $ 31.35 At December 31, 2018, the specific number of shares related to restricted stock units that were expected to vest was approximately 29,423. Any forfeitures would result in previously recognized expense being reversed. A portion of the shares that vest will be repurchased to satisfy the tax obligations of the recipient. At December 31, 2018, compensation cost of approximately $679,000 related to non-vested restricted stock units, not yet recognized, is expected to be recognized over a weighted-average period of 2.0 years. A total of 29,423 restricted stock units were awarded during the year ended December 31, 2018. Effective January 1, 2017, the Company implemented ASU 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment.” |
Dividends and Other Restriction
Dividends and Other Restrictions | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividends and Other Restrictions | 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, 2018, approximately $230.9 million was available for payment of dividends based on regulatory guidelines. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 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 April 13, 2017, August 24, 2015, 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: December 31, December 31, (dollars in thousands) Notional amount $ 75,000 $ 100,000 Weighted average pay rates 1.70 % 1.66% Weighted average receive rates 2.19 % 1.23% Weighted average maturity 2.0 years 2.4 years Fair value $ 1,159 $ 798 Interest expense recorded on these swap transactions totaled approximately $(463,600), $406,200, and $668,300 during 2018, 2017, and 2016 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: 2018 (dollars in thousands) Amount of gain Amount of (gain) Amount of gain (loss) Interest rate contracts $ 825 $ (464 ) $ - 2017 (dollars in thousands) Amount of gain Amount of (gain) Amount of gain (loss) Interest rate contracts $ 304 $ 406 $ - The following table reflects the cash flow hedges included in the Consolidated Statements of Condition as of December 31, 2018 and December 31, 2017: 2018 2017 (dollars in thousands) Notional Fair Value Notional Fair Value Included in other assets/(liabilities): Interest rate swaps related to FHLB Advances $ 75,000 $ 1,159 $ 100,000 $ 798 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, 2018, December 31, 2017 and December 31, 2016. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | 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. 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 Company’s assets measured at fair value on a recurring basis at December 31, 2018 and December 31, 2017: 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, 2018 and December 31, 2017 are as follows: December 31, 2018 Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities Available-for-sale Federal agency obligations $ 44,955 $ - $ 44,955 $ - Residential mortgage pass-through securities 185,204 - 185,204 - Commercial mortgage pass-through securities 3,874 - 3,874 - Obligations of U.S. states and political subdivision 139,185 - 129,808 9,377 Corporate bonds and notes 25,813 - 25,813 - Asset-backed securities 9,691 - 9,691 - Certificates of deposit 322 - 322 - Other securities 2,990 2,990 - - Total available-for-sale $ 412,034 $ 2,990 $ 399,667 $ 9,377 Equity securities 11,460 11,460 - - Derivatives 1,159 - 1,159 - Total assets $ 424,653 $ 14,450 $ 400,826 $ 9,377 December 31, 2017 Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities Available-for-sale Federal agency obligations $ 56,022 $ - $ 56,022 $ - Residential mortgage pass-through securities 181,891 - 181,891 - Commercial mortgage pass-through securities 4,054 - 4,054 - Obligations of U.S. states and political subdivision 131,128 - 121,496 9,632 Trust preferred securities 4,671 - 4,671 - Corporate bonds and notes 29,693 - 29,693 - Asset-backed securities 12,050 - 12,050 - Certificates of deposit 625 - 625 - Equity securities 11,728 11,728 - - Other securities 3,422 3,422 - - Total available-for-sale $ 435,284 $ 15,150 $ 410,502 $ 9,632 Derivatives 798 - 798 - Total assets $ 436,082 $ 15,150 $ 411,300 $ 9,632 There were no transfers between Level 1 and Level 2 during the years ended December 31, 2018 and 2017. 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 Company’s assets measured at fair value on a non-recurring basis at December 31, 2018 and December 31, 2017: 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). 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, 2018 and December 31, 2017 are as follows: Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, Quoted Significant Significant Impaired loans: (dollars in thousands) Commercial real estate $ 1,481 $ - $ - $ 1,481 Residential 231 - - 231 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, Quoted Significant Significant Impaired loans: (dollars in thousands) Commercial real estate $ 1,094 $ - $ - $ 1,094 Impaired Loans - Assets Measured With Significant Unobservable Level 3 Inputs Recurring basis The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2018 and year ended December 31, 2017: Municipal (dollars in thousands) Beginning balance, January 1, 2018 $ 9,632 Principal paydowns (255) Ending balance, December 31, 2018 $ 9,377 Municipal (dollars in thousands) Beginning balance, January 1, 2017 $ 18,218 Principal paydowns (8,586) Ending balance, December 31, 2017 $ 9,632 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, 2018 and December 31, 2017. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy. December 31, 2018 Fair Value Valuation Unobservable Range Securities available-for-sale: (dollars in thousands) Municipal securities $ 9,377 Discounted cash flows Discount rate 2.9% December 31, 2017 Fair Value Valuation Unobservable Range Securities available-for-sale: (dollars in thousands) Municipal securities $ 9,632 Discounted cash flows Discount rate 2.9% 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, 2018 (dollars in thousands) Fair Value Valuation Unobservable Range (weighed average) Impaired loans: Commercial real estate $ 1,481 Appraisals of collateral value Comparable sales 6% - 9% (8%) Residential $ 231 Appraisals of collateral value Comparable sales 0% - 10% (5%) December 31, 2017 (dollars in thousands) Fair Value Valuation Unobservable Range (weighed average) Impaired loans: Commercial real estate $ 1,094 Appraisals of collateral value Comparable sales 0% - 10% (5%) 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. Fair values for financial instruments must be estimated by management using techniques such as discounted cash flow analysis and comparison to similar instruments. These estimates are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that appropriately reflect market and credit risks. Changes in these judgments often have a material effect on the fair value estimates. Since these estimates are made as of a specific point in time, they are susceptible to material near-term changes. Fair values disclosed in accordance with ASC Topic 825 do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect possible tax ramifications or estimated transaction costs. Cash and cash equivalents. FHLB stock. Loans. Effective January 1, 2018, with the adoption of the New Fair Value Standard, the fair value of portfolio loans, net is determined using an exit price methodology. The exit price methodology continues to be based on a discounted cash flow analysis, in which projected cash flows are based on contractual cash flows adjusted for prepayments for certain loan types ( e.g. 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, 2018 and December 31, 2017: Fair Value Measurements Carrying Fair Quoted Significant Significant (dollars in thousands) December 31, 2018 Financial assets: Cash and due from banks $ 172,366 $ 172,366 $ 172,366 $ - $ - Investment securities available-for-sale 412,034 412,034 2,990 399,667 9,377 Restricted investment in bank stocks 31,136 n/a n/a n/a n/a Equity securities 11,460 11,460 11,460 - - Net loans (1) 4,506,138 4,402,878 - - 4,402,878 Derivatives 1,159 1,159 - 1,159 - Accrued interest receivable 18,214 18,214 - 2,064 16,150 Financial liabilities: Noninterest-bearing deposits 768,584 768,584 768,584 - - Interest-bearing deposits 3,323,508 3,320,640 1,957,503 1,363,137 - Borrowings 600,001 598,598 - 598,598 - Subordinated debentures 128,556 132,426 - 132,426 - Accrued interest payable 6,764 6,764 - 6,764 - December 31, 2017 Financial assets: Cash and due from banks $ 149,582 $ 149,582 $ 149,582 $ - $ - Investment securities available-for-sale 435,284 435,284 15,150 410,502 9,632 Restricted investment in bank stocks 33,497 n/a n/a n/a n/a Loans held-for-sale 24,845 24,845 - 370 24,475 Net loans 4,139,708 4,118,542 - - 4,118,542 Derivatives 798 798 - 798 - Accrued interest receivable 15,470 15,470 - 2,051 13,419 Financial liabilities: Noninterest-bearing deposits 776,843 776,843 776,843 - - Interest-bearing deposits 3,018,285 3,018,285 1,842,151 1,176,134 - Borrowings 670,077 669,680 - 669,680 - Subordinated debentures 54,699 57,340 - 57,340 - Accrued interest payable 3,707 3,707 - 3,707 - (1) ASU 2016-01 requires the use of an exit price in fair value disclosures. Historically (prior to January 1, 2018) the Company used an entry price in the estimate of fair value loans. 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, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Corporation Only Financial Statements | 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, 2018 2017 (dollars in thousands) ASSETS Cash and cash equivalents $ 22,071 $ 7,506 Investment in subsidiaries 692,516 614,083 Receivable due from subsidiaries 32,250 - Investments securities available-for-sale 176 779 Equity securities (1) 607 - Other assets 1,282 322 Total assets $ 748,902 $ 622,690 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 6,419 $ 2,554 Subordinated debentures 128,556 54,699 Stockholders’ equity 613,927 565,437 Total liabilities and stockholders’ equity $ 748,902 $ 622,690 (1) Beginning January 1, 2018, equity securities were reclassified out of investment securities available-for-sale in conjunction with ASU 2016-01. Condensed Statements of Income For Years Ended December 31, 2018 2017 2016 (dollars in thousands) Income: Dividend income from subsidiaries $ 16,700 $ 13,000 $ 12,400 Other income 1,618 13 8 Total Income 18,318 13,013 12,408 Expenses (7,201) (3,251) (3,252) Income before equity in undistributed earnings of subsidiaries 11,117 9,762 9,156 Equity in undistributed earnings of subsidiaries 49,235 33,458 21,926 Net Income $ 60,352 $ 43,220 $ 31,082 Condensed Statements of Cash Flows For Years Ended December 31 2018 2017 2016 (dollars in thousands) Cash flows from operating activities: Net income $ 60,352 $ 43,220 $ 31,082 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (49,235) (33,458) (21,926) Loss on equity securities, net 4 - - (Increase) decrease in other assets (627) 269 2,023 Increase (decrease) in other liabilities 3,843 (151) 544 Net cash provided by operating activities 14,337 9,880 11,723 Cash flows from investing activities: Purchase of available-for-sale securities (8) (7) - Capital infusion to subsidiary (64,500) - (38,439) Net cash used in investing activities (64,508) (7) (38,439) Cash flows from financing activities: Proceeds from subordinated debt 73,525 - - Cash dividends on common stock (9,664) (9,612) (9,067) Cash dividends on preferred stock - - (22) Secondary offering and issuance of common stock - (180) 38,439 Redemption of preferred stock - - (11,250) Proceeds from exercise of stock options 875 417 767 Net cash provided by (used in) financing activities 64,736 (9,375) 18,867 Increase (decrease) in cash and cash equivalents 14,565 498 (7,849) Cash and cash equivalents at January 1, 7,506 7,008 14,857 Cash and cash equivalents at December 31, $ 22,071 $ 7,506 $ 7,008 |
Quarterly Financial Information
Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information of ConnectOne Bancorp, Inc. (unaudited) | Note 24 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (unaudited) 2018 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 57,223 $ 55,351 $ 53,084 $ 50,475 Total interest expense 17,062 15,389 14,139 12,328 Net interest income 40,161 39,962 38,945 38,147 Provision for loan losses 1,100 1,100 1,100 17,800 Total other income, net of securities gains 1,515 1,429 1,388 1,407 Other expenses 18,266 18,287 17,108 17,059 Income before income taxes 22,310 22,004 22,125 4,695 Income tax expense 3,638 2,102 4,598 444 Net income 18,672 19,902 17,527 4,251 Earnings per share: Basic $ 0.58 $ 0.62 $ 0.54 $ 0.13 Diluted 0.58 0.61 0.54 0.13 2017 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 50,211 $ 46,338 $ 43,691 $ 41,084 Total interest expense 10,403 9,319 8,590 7,943 Net interest income 39,808 37,019 35,101 33,141 Provision for loan losses 2,000 1,450 1,450 1,100 Total other income, net of securities gains 2,024 1,756 1,422 1,406 Net securities gains - - - 1,596 Other expenses 16,566 18,641 25,303 18,249 Income before income taxes 23,266 18,684 9,770 16,794 Income tax expense 12,686 5,607 2,087 4,914 Net income 10,580 13,077 7,683 11,880 Earnings per share: Basic $ 0.33 $ 0.41 $ 0.24 $ 0.37 Diluted 0.33 0.41 0.24 0.37 Note: Due to rounding, quarterly earnings per share may not sum to reported annual earnings per share. The provision for loan losses for the first quarter 2018 was a notable increase that was mainly attributable to specific allocations to the taxi medallion loans and concurrent partial charge-off of $17.0 million. Other expenses for the second quarter of 2017 had a notable increase that was mainly attributable to an increase in valuation allowance for our loans held-for-sale. Income taxes for the fourth quarter of 2017 had a notable increase that was mainly attributable to a charge against the Company’s deferred tax assets of $5.6 million due to the impact of The Tax Cuts and Jobs Act of 2017. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 25. Revenue Recognition Effective January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers The Company, using a modified retrospective transition approach, determined that there will be no cumulative effect adjustment to retained earnings as a result of adopting the new standard, nor will the standard have a material impact on our consolidated financial statements including the timing or amounts of revenue recognized. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the year ended December 31, 2018 and 2017. Items outside of ASC 606 are noted as such. Year Ended Year Ended December 31, 2017 (2) (dollars in thousands) Noninterest income Service charges on deposits Overdraft fees $ 847 $ 809 Other 607 736 Interchange income 628 675 Net gains on sales of loans (1) 61 708 Wire transfer fees (1) 309 251 Loan servicing fees (1) 94 108 Bank owned life insurance (1) 3,094 3,181 Net gains on sales of securities (1) - 1,596 Annuity and insurance income (1) - 39 Other 99 101 Total noninterest income $ 5,739 $ 8,204 (1) Not within scope of ASC 606. (2) The Company elected the modified retrospective approach of adoption; therefore, prior period balances are presented under legacy GAAP and may not be comparable to current year presentation. A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts Interchange Income Gains/Losses on Sales of OREO |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 26 – Subsequent Event On January 2, 2019, Greater Hudson Bank merged with and into ConnectOne Bank, with ConnectOne Bank as the surviving bank. As a result of the merger, the Company acquired approximately $0.4 billion in loans, assumed approximately $0.4 billion in deposits and acquired seven branch offices located in Rockland, Orange and Westchester Counties, New York. The assets and liabilities acquired will be recorded at fair value as of the acquisition date. Each outstanding share of Greater Hudson Bank common stock was exchanged for 0.245 shares of ConnectOne common stock. Given the initial accounting for this business combination is incomplete, management is not yet able to disclose the preliminary fair value of the assets acquired and liabilities assumed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Business | Business ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company. The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”). The Bank’s subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (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 limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), and NJCB Spec-1, LLC (a New Jersey limited liability 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 and through its twenty-nine other banking offices. Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay its loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages. |
Basis of Financial Statement Presentation | 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 | 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 | Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | 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 | 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. The other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized through earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized through other comprehensive income. |
Equity Securities | Equity Securities The Company’s equity securities are recorded at fair value, with unrealized gains and losses included in earnings beginning January 1, 2018 after adoption of Accounting Standards Update No. 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. Prior to January 1, 2018, unrealized gains and losses on equity securities were excluded from earnings and reported in other comprehensive income (loss), net of tax. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. |
Loans Held-for-Sale | 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. Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value on these loans is determined based on the terms of the loan, such as interest rate, maturity date, reset term, as well as sales of similar assets. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Loan segments are defined as a group of loans, 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: commercial, commercial real estate, commercial construction, residential real estate (including home equity) and consumer. Loans that are 90 days past due are 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 loans individually evaluated for impairment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The policy of the Company is to generally grant commercial, residential and consumer loans to residents and businesses within its 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 Losses | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is 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. 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. 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 of $250,000 and over are individually evaluated for impairment. If a loan that is identified as impaired and the individual test results in an impairment, a portion of the allowance is allocated so that the loan is reported, net, at the fair value of collateral less costs to sell if repayment is expected solely from the collateral or at the present value of estimated future cash flows using the loan’s existing rate if the loan is dependent on cash flow. Loans with balances less than $250,000 are collectively evaluated for impairment, and accordingly, are not separately identified for impairment disclosures. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience, the primary factor, is determined by loan 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 category. These exogenous factors (nine total) include consideration of the following: concentrations of credit; delinquency & nonaccrual trends; economic & business conditions including evaluation of the national and regional economies and industries with significant loan concentrations; external factors including legal, regulatory or competitive pressures that may impact the loan portfolio; changes in the experience, ability, or size of the lending staff, management, or board of directors that may impact the loan portfolio; changes in underwriting standards, collection procedures, charge-off practices, or other changes in lending policies and procedures that may impact the loan portfolio; loss and recovery trends; changes in portfolio size and mix; and trends in problem loans. |
Purchased Credit-Impaired Loans | 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 losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. Such purchased credit-impaired loans (“PCI”) are identified 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 | 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 | 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 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 30 years. Leasehold improvements are depreciated using the straight-line method over the terms of the respective leases, or the estimated useful lives of the improvements, whichever is shorter. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 10 years. |
Other Real Estate Owned | 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 | 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-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. |
Treasury Stock | 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, 2018, 2017 and 2016, the Parent Corporation did not purchase any of its shares. |
Goodwill | Goodwill Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. 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, 2018, 2017 and 2016. |
Other Intangible Assets | Other Intangible Assets Other intangible assets consist of core deposit intangibles arising from business combinations that are amortized over their estimated useful lives to their estimated residual value. |
Comprehensive Income | 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, unrecognized actuarial gains and losses of the Company’s defined benefit pension plan and unrealized gains and losses on cash flow hedges, net of taxes. |
Restrictions on Cash | 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 | 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 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 | 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 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 | Advertising Costs The Company recognizes its marketing and advertising cost as incurred. |
Reclassifications | Reclassifications Certain reclassifications have been made in the consolidated financial statements and footnotes for 2017 and 2016 to conform to the classifications presented in 2018. Such reclassifications had no impact on net income or stockholders’ equity. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per common share have been computed based on the following: Years Ended December 31, 2018 2017 2016 (in thousands, except per share amounts) Net income available to common stockholders $ 60,352 $ 43,220 $ 31,060 Earnings allocated to participating securities (139) (141) (147) Income attributable to common stock $ 60,213 $ 43,079 $ 30,913 Weighted average common shares outstanding, including participating securities 32,198 31,943 30,453 Weighted average participating securities (74) (41) (54) Weighted average common shares outstanding 32,124 31,902 30,399 Incremental shares from assumed conversions of options, performance units and restricted shares 233 335 291 Weighted average common and equivalent shares outstanding 32,357 32,237 30,690 Earnings per common share: Basic $ 1.87 $ 1.35 $ 1.02 Diluted 1.86 1.34 1.01 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 at December 31, 2018 and 2017. Amortized Gross Gross Fair (dollars in thousands) December 31, 2018 Investment securities available-for-sale Federal agency obligations $ 45,509 $ 51 $ (605) $ 44,955 Residential mortgage pass-through securities 189,721 85 (4,602) 185,204 Commercial mortgage pass-through securities 3,919 - (45) 3,874 Obligations of U.S. states and political subdivisions 141,496 1,091 (3,402) 139,185 Trust preferred securities - - - - Corporate bonds and notes 26,308 45 (540) 25,813 Asset-backed securities 9,685 22 (16) 9,691 Certificates of deposit 319 3 - 322 Other securities 2,990 - - 2,990 Total securities available-for-sale $ 419,947 $ 1,297 $ (9,210) $ 412,034 Amortized Gross Gross Fair December 31, 2017 (dollars in thousands) Investment securities available-for-sale Federal agency obligations $ 56,297 $ 141 $ (416) $ 56,022 Residential mortgage pass-through securities 183,509 330 (1,948) 181,891 Commercial mortgage pass-through securities 4,054 3 (3) 4,054 Obligations of U.S. states and political subdivisions 130,723 1,739 (1,334) 131,128 Trust preferred securities 4,577 205 (111) 4,671 Corporate bonds and notes 29,801 163 (271) 29,693 Asset-backed securities 12,021 66 (37) 12,050 Certificates of deposit 621 4 - 625 Equity securities 11,843 235 (350) 11,728 Other securities 3,422 - - 3,422 Total securities available-for-sale $ 436,868 $ 2,886 $ (4,470) $ 435,284 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents information for investments in securities available-for-sale at December 31, 2018, 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, 2018 Amortized Fair (dollars in thousands) Investment Securities Available-for-Sale: Due in one year or less $ 2,355 $ 2,358 Due after one year through five years 36,338 35,953 Due after five years through ten years 28,067 28,375 Due after ten years 156,557 153,280 Residential mortgage pass-through securities 189,721 185,204 Commercial mortgage pass-through securities 3,919 3,874 Other securities 2,990 2,990 Total securities available-for-sale $ 419,947 $ 412,034 |
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, 2018, 2017 and 2016 were as follows: Years Ended December 31, 2018 2017 2016 (dollars in thousands) Proceeds $ - $ 29,543 $ 85,253 Gross gains on sales of investment securities $ - $ 1,596 $ 4,234 Gross losses on sales of investment securities - - - Net gains on sales of investment securities - 1,596 4,234 Tax provision on net gains - (579) (1,682) Net gains on sales of investment securities, after tax $ - $ 1,017 $ 2,552 |
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, 2018 and 2017. There were no investments held-to-maturity as of December 31, 2018 and 2017. December 31, 2018 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 35,472 $ (605) $ 810 $ (1) $ 34,662 $ (604) Residential mortgage pass-through securities 178,365 (4,602) 42,040 (393) 136,325 (4,209) Commercial mortgage pass-through securities 3,874 (45) - - 3,874 (45) Obligations of U.S. states and political subdivisions 64,367 (3,402) 7,765 (21) 56,602 (3,381) Corporate bonds and notes 15,534 (540) 7,767 (133) 7,767 (407) Asset-backed securities 3,957 (16) 2,219 (11) 1,738 (5) Total Temporarily Impaired Securities $ 301,569 $ (9,210) $ 60,601 $ (559) $ 240,968 $ (8,651) December 31, 2017 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligation $ 39,813 $ (416) $ 28,407 $ (213) $ 11,406 $ (203) Residential mortgage pass-through securities 148,574 (1,948) 117,556 (1,146) 31,018 (802) Commercial mortgage pass-through securities 1,198 (3) 1,198 (3) - - Obligations of U.S. states and political subdivisions 57,685 (1,334) 17,909 (246) 39,776 (1,088) Trust preferred securities 1,469 (111) - - 1,469 (111) Corporate bonds and notes 11,074 (271) 1,965 (21) 9,109 (250) Asset-backed securities 7,428 (37) 993 (2) 6,435 (35) Equity securities 11,116 (350) - - 11,116 (350) Total Temporarily Impaired Securities $ 278,357 $ (4,470) $ 168,028 $ (1,631) $ 110,329 $ (2,839) |
Loans and the Allowance for L_2
Loans and the Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table sets forth the composition of the Company’s loan portfolio segments, including net deferred fees, as of December 31, 2018 and December 31, 2017: 2018 2017 (dollars in thousands) Commercial $ 988,758 $ 824,082 Commercial real estate 2,778,167 2,592,909 Commercial construction 465,389 483,216 Residential real estate 309,991 271,795 Consumer 2,594 2,808 Gross loans 4,544,899 4,174,810 Net deferred fees (3,807) (3,354) Loans receivable $ 4,541,092 $ 4,171,456 |
Loans held for sale [Table Text Block] | The following table presents loans held-for-sale by loan segment as of December 31, 2018 and December 31, 2017: 2018 2017 (dollars in thousands) Commercial $ - $ - Commercial real estate - 24,475 Residential mortgage loans - 370 Total carrying amount $ - $ 24,845 |
Loans and Leases Receivable Purchase Credit Impaired Loans [Table Text Block] | The carrying amount of those loans is as follows as of December 31, 2018 and December 31, 2017. 2018 2017 (dollars in thousands) Commercial $ 2,509 $ 2,683 |
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 as of December 31, 2018 and December 31, 2017. 2018 2017 (dollars in thousands) Balance at January 1, $ 1,387 $ 2,860 Accretion of income (253) (1,473) Balance at December 31, $ 1,134 $ 1,387 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following tables present nonaccrual loans included in loans receivable by loan class as of December 31, 2018 and December 31, 2017: 2018 2017 (dollars in thousands) Commercial $ 29,340 $ 47,363 Commercial real estate 15,135 12,757 Commercial construction 2,934 - Residential real estate 4,446 5,493 Total loans receivable on nonaccrual status $ 51,855 $ 65,613 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents information about the loan credit quality by loan class of gross loans (which exclude net deferred fees) at December 31, 2018 and 2017: December 31, 2018 Pass Special Substandard Doubtful Total (dollars in thousands) Commercial $ 951,610 $ 3,371 $ 33,777 $ - $ 988,758 Commercial real estate 2,742,989 12,574 22,604 - 2,778,167 Commercial construction 453,598 5,515 6,276 - 465,389 Residential real estate 305,414 - 4,577 - 309,991 Consumer 2,576 - 18 - 2,594 Gross loans $ 4,456,187 $ 21,460 $ 67,252 $ - $ 4,544,899 December 31, 2017 Pass Special Substandard Doubtful Total (dollars in thousands) Commercial $ 767,020 $ 3,764 $ 53,298 $ - $ 824,082 Commercial real estate 2,534,973 34,335 23,601 - 2,592,909 Commercial construction 475,066 5,521 2,629 - 483,216 Residential real estate 266,163 - 5,632 - 271,795 Consumer 2,767 - 41 - 2,808 Gross loans $ 4,045,989 $ 43,620 $ 85,201 $ - $ 4,174,810 |
Impaired Financing Receivables [Table Text Block] | The following table provides an analysis of the impaired loans by class as of and for the years ended at December 31, 2018, 2017 and 2016. December 31, 2018 No Related Allowance Recorded Recorded Unpaid Related Average Interest (dollars in thousands) Commercial $ 29,896 $ 83,596 $ 31,721 $ 66 Commercial real estate 16,839 17,935 17,676 149 Commercial construction 9,240 9,240 11,215 493 Residential real estate 2,209 2,521 2,284 - Consumer - - - - Total $ 58,184 $ 113,292 $ 62,896 $ 708 With An Allowance Recorded Commercial real estate $ 1,488 1,488 7 1,511 46 Residential real estate 260 266 29 265 - Total $ 1,748 $ 1,754 36 $ 1,776 $ 46 Total Commercial $ 29,896 $ 83,596 $ - $ 31,721 $ 66 Commercial real estate 18,327 19,423 7 19,187 195 Commercial construction 9,240 9,240 - 11,215 493 Residential real estate 2,469 2,787 29 2,549 - Consumer - - - - - Total (including related allowance) $ 59,932 $ 115,046 $ 36 $ 64,672 $ 754 December 31, 2017 No Related Allowance Recorded Recorded Unpaid Related Average Interest (dollars in thousands) Commercial $ 49,761 $ 101,066 $ 10,552 $ 161 Commercial real estate 23,905 23,976 24,099 585 Commercial construction 6,662 6,662 5,509 322 Residential real estate 3,203 3,442 3,255 - Consumer - - - - Total $ 83,531 $ 135,146 $ 43,415 $ 1,068 With An Allowance Recorded Commercial real estate $ 1,133 $ 1,133 $ 39 $ 1,152 $ 51 Total Commercial $ 49,761 $ 101,066 $ - $ 10,765 $ 161 Commercial real estate 25,038 25,109 39 25,251 636 Commercial construction 6,662 6,662 - 5,509 322 Residential real estate 3,203 3,442 - 3,255 - Consumer - - - - - Total (including related allowance) $ 84,664 $ 136,279 $ 39 $ 44,567 $ 1,119 December 31, 2016 No Related Allowance Recorded Recorded Unpaid Related Average Interest (dollars in thousands) 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 allowance) $ 30,991 $ 31,621 $ 145 $ 31,146 $ 416 |
Past Due Financing Receivables [Table Text Block] | December 31, 2018 30-59 Days 60-89 Days 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total Loans Receivable Commercial $ 1,673 $ - $ 1,647 $ 29,340 $ 32,660 $ 956,098 $ 988,758 Commercial real estate 6,162 1,840 - 15,135 23,137 2,755,030 2,778,167 Commercial construction 2,496 564 - 2,934 5,994 459,395 465,389 Residential real estate 3,455 119 - 4,446 8,020 301,971 309,991 Consumer - - - - - 2,594 2,594 Total $ 13,786 $ 2,523 $ 1,647 $ 51,855 $ 69,811 $ 4,475,088 $ 4,544,899 The amount reported 90 days or greater past due and still accruing as of December 31, 2018 are comprised of PCI loans, net of their fair value marks, which are accreting income per their valuation at date of acquisition. There were no non-PCI loans 90 days or greater past due and still accruing as of December 31, 2018. December 31, 2017 30-59 Days 60-89 Days 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total Loans Receivable Commercial $ 1,708 $ 183 $ 1,664 $ 47,363 $ 50,918 $ 773,164 $ 824,082 Commercial real estate 545 1,475 - 12,757 14,777 2,578,132 2,592,909 Commercial construction - - - - - 483,216 483,216 Residential real estate 1,578 - - 5,493 7,071 264,724 271,795 Consumer 18 - - - 18 2,790 2,808 Total $ 3,849 $ 1,658 $ 1,664 $ 65,613 $ 72,784 $ 4,102,026 $ 4,174,810 |
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 losses that are allocated to each loan portfolio segment: December 31, 2018 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ - $ 7 $ - $ 29 $ - $ - $ 36 Collectively evaluated for impairment 9,675 17,840 4,519 1,237 2 445 33,718 Acquired portfolio 200 1,000 - - - - 1,200 Acquired with deteriorated credit quality - - - - - - - Total $ 9,875 $ 18,847 $ 4,519 $ 1,266 $ 2 $ 445 $ 34,954 Gross loans Individually evaluated for impairment $ 29,896 $ 18,327 $ 9,240 $ 2,469 $ - $ 59,932 Collectively evaluated for impairment 949,129 2,500,132 456,149 263,449 2,484 4,171,343 Acquired portfolio 7,224 259,708 - 44,073 110 311,115 Acquired with deteriorated credit quality 2,509 - - - - 2,509 Total $ 988,758 $ 2,778,167 $ 465,389 $ 309,991 $ 2,594 $ 4,544,899 December 31, 2017 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ - $ 39 $ - $ - $ - $ - $ 39 Collectively evaluated for impairment 8,032 15,472 4,747 1,051 2 605 29,909 Acquired portfolio 200 1,600 - - - - 1,800 Acquired with deteriorated credit quality - - - - - - - Total $ 8,232 $ 17,111 $ 4,747 $ 1,051 $ 2 $ 605 $ 31,748 Gross loans Individually evaluated for impairment $ 49,761 $ 25,038 $ 6,662 $ 3,203 $ - $ 84,664 Collectively evaluated for impairment 757,923 2,190,686 476,554 212,350 2,338 3,639,851 Acquired portfolio 13,715 377,185 - 56,242 470 447,612 Acquired with deteriorated credit quality 2,683 - - - - 2,683 Total $ 824,082 $ 2,592,909 $ 483,216 $ 271,795 $ 2,808 $ 4,174,810 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | A summary of the activity in the allowance for loan losses by loan segment is as follows: Commercial Commercial Commercial Residential Consumer Unallocated Total (dollars in thousands) Balance at January 1, 2018 $ 8,233 $ 17,112 $ 4,747 $ 1,050 $ 1 $ 605 $ 31,748 Loan charge-offs (17,066) (915) - (23) (7) - (18,011) Recoveries 109 - - 2 6 - 117 Provision for loan losses 18,599 2,650 (228) 237 2 (160) 21,100 Balance at December 31, 2018 $ 9,875 $ 18,847 $ 4,519 $ 1,266 $ 2 $ 445 $ 34,954 Commercial Commercial Commercial Residential Consumer Unallocated Total (dollars in thousands) Balance at January 1, 2017 $ 6,632 $ 12,583 $ 4,789 $ 958 $ 3 $ 779 $ 25,744 Loan charge-offs (70) (155) - - (14) - (239) Recoveries 178 51 - 12 2 - 243 Provision for loan losses 1,493 4,633 (42) 80 10 (174) 6,000 Balance at December 31, 2017 $ 8,233 $ 17,112 $ 4,747 $ 1,050 $ 1 $ 605 $ 31,748 Commercial Commercial Commercial Residential Consumer Unallocated Total (dollars in thousands) 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 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 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2018: Number of Pre-Modification Post-Modification (dollars in thousands) TDRs Commercial 32 $ 16,017 $ 16,017 Commercial real estate 3 1,422 1,422 Commercial construction 3 4,773 4,773 Residential real estate 2 454 454 Total 40 $ 22,666 $ 22,666 The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2017: Number of Pre-Modification Post-Modification (dollars in thousands) TDRs Commercial 1 $ 692 $ 692 Commercial real estate 2 3,007 3,007 Commercial construction 2 6,662 6,662 Residential real estate 1 17 17 Consumer - - - Total 6 $ 10,378 $ 10,378 The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2016: Number of Pre-Modification Post-Modification (dollars in thousands) TDRs 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Premises and equipment are summarized as follows: Estimated 2018 2017 (dollars in thousands) Land - $ 2,403 $ 2,403 Buildings 10-25 15,277 16,092 Furniture, fixtures and equipment 3-7 29,991 30,077 Leasehold improvements 10-20 14,076 13,775 Subtotal 61,747 62,347 Less: accumulated depreciation and amortization 42,218 40,154 Subtotal 19,529 22,193 Less: fair value adjustment for acquired leases 467 534 Total premises and equipment, net $ 19,062 $ 21,659 |
Schedule of Capital Lease in Premises and Equipment [Table Text Block] | The Company has included this lease in premises and equipment as follows: 2018 2017 (dollars in thousands) Capital Lease $ 3,408 $ 3,408 Less: accumulated amortization 1,696 1,526 $ 1,712 $ 1,882 |
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, 2018 (dollars in thousands): 2019 $ 321 2020 321 2021 321 2022 321 2023 323 Thereafter 1,734 Total minimum lease payments 3,341 Less amount representing interest 845 Present value of net minimum lease payments $ 2,496 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under these leases are as follows (dollars in thousand): 2019 $ 2,919 2020 2,605 2021 2,227 2022 1,853 2023 1,748 Thereafter 4,072 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The change in goodwill during the year is as follows: 2018 2017 (dollars in thousands) Balance, January 1 $ 145,909 $ 145,909 Acquired goodwill - - Impairment - - Balance, December 31 $ 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 Accumulated Net (dollars in thousands) As of December 31, 2018 Core deposit intangibles $ 6,011 $ (4,274) $ 1,737 As of December 31, 2017 Core deposit intangibles $ 6,011 $ (3,647) $ 2,364 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Aggregate amortization expense was approximately $627,000, $724,000 and $820,000 for 2018, 2017 and 2016, respectively. Estimated amortization expense for each of the next five years (dollars in thousands): 2019 $ 531 2020 434 2021 338 2022 241 2023 145 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Schedule Of Time Deposits [Table Text Block] | As of December 31, 2018, the contractual maturities of these time deposits were as follows (dollars in thousands): 2019 816,649 2020 360,259 2021 145,350 2022 32,532 2023 11,263 Total $ 1,366,053 |
FHLB Borrowings (Tables)
FHLB Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | The Company’s FHLB borrowings and weighted average interest rates are summarized below: December 31, 2018 December 31, 2017 Amount Rate Amount Rate (dollars in thousands) Total FHLB borrowings $ 600,001 2.59 % $ 670,077 1.76 % By remaining period to maturity: Less than 1 year $ 405,001 2.57 % $ 505,077 1.59 % 1 year through less than 2 years 110,000 2.75 % 35,000 1.60 % 2 years through less than 3 years 60,000 2.27 % 85,000 2.65 % 3 years through less than 4 years - 45,000 2.15 % 4 years through 5 years 25,000 2.92 % - Total borrowings $ 600,001 2.59 % $ 670,077 1.76 % |
Securities Sold under Agreeme_2
Securities Sold under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 (dollars in thousands): 2018 2017 2016 Average daily balance during the year $ - $ 6,781 $ 15,000 Average interest rate during the year 5.95 % 5.95 % Maximum month-end balance during the year $ - $ 15,000 $ 15,000 Weighted average interest rate during the year - 5.95 % 5.95 % |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017. Issuance Date Securities Liquidation Value Coupon Rate Maturity Redeemable by 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, 2018 | |
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 2018, 2017 and 2016 are as follows (dollars in thousands): 2018 2017 2016 Current: Federal $ 8,902 $ 21,090 $ 10,173 State 954 505 (366) Subtotal 9,856 21,595 9,807 Deferred: Federal 2,455 3,876 2,682 State (1,529) (177) (713) Subtotal 926 3,699 1,969 Income tax expense $ 10,782 $ 25,294 $ 11,776 |
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): 2018 2017 2016 Income before income tax expense $ 71,134 $ 68,514 $ 42,858 Federal statutory rate 21 % 35 % 35 % Computed “expected” Federal income tax expense 14,938 23,980 15,000 State tax, net of federal tax benefit 1,104 213 (701) Impact of “the Act” (790) 5,623 - Impact of “the Bill” (618) - - Bank owned life insurance (650) (1,113) (896) Tax-exempt interest and dividends (1,521) (2,123) (1,714) Tax benefits from stock based compensation (1,100) (348) - Other, net (581) (938) 87 Income tax expense $ 10,782 $ 25,294 $ 11,776 |
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, 2018 and 2017 are presented in the following table: 2018 2017 (dollars in thousands) Deferred tax assets Allowance for loan losses 10,358 8,848 Purchase accounting 307 2,310 Pension actuarial losses 2,203 1,647 New Jersey net operating loss 2,796 1,310 Deferred compensation 1,234 1,184 Unrealized losses on securities and swaps 1,620 483 Deferred loan costs, net of fees 19 474 Accrued rent 426 459 Capital lease 232 211 Nonaccrual interest 95 158 Other - 7 Total deferred tax assets $ 19,290 $ 17,091 Deferred tax liabilities Employee benefit plans $ (2,167) $ (1,501) Depreciation (512) (434) Prepaid expenses (185) (174) Market discount accretion (414) (60) Unrealized gains on securities and swaps (366) (224) Other (198) (28) Total deferred tax liabilities (3,842) (2,421) Net deferred tax assets $ 15,448 $ 14,670 |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017: Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash or Net (dollars in thousands) December 31, 2018 Assets: Interest rate swaps $ 1,159 $ - $ 1,159 $ - $ - $ 1,159 December 31, 2017 Assets: Interest rate swaps $ 798 $ - $ 798 $ - $ - $ 798 |
Commitments, Contingencies an_2
Commitments, Contingencies and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017: 2018 2017 (dollars in thousands) Commitments under commercial loans and lines of credit $ 425,189 $ 344,142 Home equity and other revolving lines of credit 39,965 44,483 Outstanding commercial mortgage loan commitments 355,914 254,710 Standby letters of credit 36,141 34,114 Overdraft protection lines 836 688 Total $ 858,045 $ 678,137 |
Transactions with Executive O_2
Transactions with Executive Officers, Directors and Principal Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Loans to principal officers, directors, and their affiliates during the years ended December 31, 2018 and 2017 were as follows: 2018 2017 (dollars in thousands) Balance, January 1 $ 56,300 $ 49,710 New loans 5,041 11,089 Repayments (4,438) (4,499) Balance, December 31 $ 56,903 $ 56,300 |
Stockholders' Equity and Regu_2
Stockholders' Equity and Regulatory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017, 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, 2018 Leverage (Tier 1) capital $ 552,311 10.78% $ 204,973 4.00% $ 256,217 5.00% Risk-Based Capital: CET 1 $ 552,311 11.37% $ 218,589 4.50% $ 315,740 6.50% Tier 1 552,311 11.37% 291,452 6.00% 388,603 8.00% Total 619,515 12.75% 388,603 8.00% 485,754 10.00% December 31, 2017 Leverage (Tier 1) capital $ 468,899 9.84% $ 190,665 4.00% $ 238,332 5.00% Risk-Based Capital: CET 1 $ 468,899 10.21% $ 206,721 4.50% $ 298,597 6.50% Tier 1 468,899 10.21% 275,628 6.00% 367,504 8.00% Total 500,647 10.90% 367,504 8.00% 459,379 10.00% Minimum Capital For Classification Amount Ratio Amount Ratio Amount Ratio The Company (dollars in thousands) December 31, 2018 Leverage (Tier 1) capital $ 478,876 9.34% $ 204,995 4.00% N/A N/A Risk-Based Capital: CET 1 $ 473,721 9.75% $ 218,585 4.50% N/A N/A Tier 1 478,876 9.86% 291,446 6.00% N/A N/A Total 638,830 13.15% 388,595 8.00% N/A N/A December 31, 2017 Leverage (Tier 1) capital $ 425,407 8.92% $ 190,728 4.00% N/A N/A Risk-Based Capital: CET 1 $ 420,252 9.15% $ 206,742 4.50% N/A N/A Tier 1 425,407 9.26% 275,656 6.00% N/A N/A Total 507,155 11.04% 367,542 8.00% N/A N/A |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, net of taxes. Details about Accumulated Other Amounts Reclassified from Accumulated Affected Line Item in the Consolidated Year ended (dollars in thousands) 2018 2017 2016 Sale of investment securities available-for-sale $ - $ 1,596 $ 4,234 Net gains on sale of investment securities - (579) (1,682) Income tax expense - 1,017 2,552 Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity - - (1,986) Interest income - - 813 Income tax benefit - - (1,173) Amortization of pension plan net actuarial losses (359) (412) (407) Salaries and employee benefits 101 169 165 Income tax benefit (258) (243) (242) Total reclassification $ (258) $ 774 $ 1,137 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss at December 31, 2018 and 2017 consisted of the following: 2018 2017 (dollars in thousands) Investment securities available-for-sale, net of tax $ (5,841) $ (902) Cash flow hedge, net of tax 837 472 Defined benefit pension and post-retirement plans, net of tax (3,785) (3,589) Total $ (8,789) $ (4,019) |
Pension and Other Benefits (Tab
Pension and Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [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, 2018 and 2017. 2018 2017 (dollars in thousands) Change in Benefit Obligation: Projected benefit obligation at January 1, $ 13,129 $ 12,682 Interest cost 427 478 Actuarial (gain) loss (1,716) 879 Benefits paid (871) (910) Projected benefit obligation at December 31, $ 10,969 $ 13,129 Change in Plan Assets: Fair value of plan assets at January 1, $ 12,609 $ 12,002 Actual return on plan assets (715) 1,517 Employer contributions 2,000 - Benefits paid (871) (910) Fair value of plan assets at December 31, $ 13,023 $ 12,609 Funded status $ 2,054 $ (520) |
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 $358,000 of the net actuarial loss reported in the following table as of December 31, 2018 as a component of net periodic pension expense during 2019. 2018 2017 (dollars in thousands) Net actuarial loss recognized in accumulated other comprehensive income $ 5,265 $ 5,860 |
Schedule of Net Benefit Costs [Table Text Block] | The net periodic pension expense and other comprehensive income (before tax) for 2018, 2017 and 2016 includes the following: 2018 2017 2016 (dollars in thousands) Interest cost $ 427 $ 478 $ 514 Expected return on plan assets (765) (640) (617) Net amortization 366 412 407 Total net periodic pension expense $ 28 $ 250 $ 304 Total gain recognized in other comprehensive income (595) (410) (405) Total recognized in net periodic expense and other comprehensive income (before tax) $ (567) $ (160) $ (101) |
Schedule of Retrospective Application to Consolidated Statement of Condition [Table Text Block] | This ASU is also 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 period presented: 2017 2016 Other components of net periodic pension expense As previously reported $ - $ - As reported under the new guidance 250 304 Salaries and employee benefits As previously reported $ 35,128 $ 31,030 As reported under the new guidance 34,878 30,726 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table presents the weighted average assumptions used to determine the pension benefit obligations at December 31, for the following three years. 2018 2017 2016 Discount rate 4.05 % 3.41 % 3.88 % Rate of compensation increase N/A N/A N/A The following table presents the weighted average assumptions used to determine net periodic pension cost for the following three years: 2018 2017 2016 (dollars in thousands) Discount rate 4.05 % 3.41 % 3.88 % 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, 2018 and 2017, target allocation, and expected long-term rate of return by asset are as follows: Target % of Plan % of Plan Weighted Equity Securities Domestic 50% 53% 41% 3.4% International 10% 7% 8% 0.7% Debt and/or fixed income securities 36% 36% 49% 1.2% Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes 4% 4% 2% 0.2% 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, 2018 and 2017, 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 $ 298 $ 298 $ - $ - Equity securities: U.S. companies 6,957 6,957 - - International companies 901 901 - - Debt and/or fixed income securities 4,651 4,651 Commodity funds 161 161 Real estate funds 55 55 - - Total $ 13,023 $ 13,023 $ - $ - December 31, Fair Value Measurements at Reporting Date Using Asset Class Quoted Prices Significant Significant (dollars in thousands) Cash $ 175 $ 175 $ - $ - Equity securities: U.S. companies 5,175 5,175 - - International companies 1,056 1,056 - - Debt and/or fixed income securities 6,139 6,139 Real estate funds 64 64 - - Total $ 12,609 $ 12,609 $ - $ - |
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 (dollars in thousands): 2019 $ 716 2020 712 2021 724 2022 709 2023 697 2024-2028 3,514 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Activity under the Company’s options as of and for the year ended December 31, 2018 was as follows: Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2017 299,778 $ 6.18 Granted - Exercised (189,992) 4.89 Forfeited/cancelled/expired (1,323) 14.24 Outstanding at December 31, 2018 108,463 8.35 2.8 $ 1,097,806 Exercisable at December 31, 2018 108,463 $ 8.35 2.8 $ 1,097,806 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Activity under the Company’s restricted shares for the year ended December 31, 2018 was as follows: Nonvested Weighted- Nonvested at December 31, 2017 103,078 $ 20.41 Granted 24,684 27.86 Vested (58,668) 18.89 Forfeited/cancelled/expired (666) 24.25 Nonvested at December 31, 2018 68,428 23.04 |
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 Unearned at December 31, 2017 151,194 $ 19.19 Awarded 19,614 31.35 Change in Estimate (15,172) Vested (69,627) 19.46 Unearned at December 31, 2018 86,009 151,772 $ 22.06 |
Schedule of Unearned Restricted Unit Awards [Table Text Block] | A summary of the status of unearned restricted stock units and the change during the period is presented in the table below: Units Weighted Unearned at December 31, 2017 - $ - Awarded 29,423 31.35 Forfeited - - Vested - - Unearned at December 31, 2018 29,423 $ 31.35 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: December 31, December 31, (dollars in thousands) Notional amount $ 75,000 $ 100,000 Weighted average pay rates 1.70 % 1.66% Weighted average receive rates 2.19 % 1.23% Weighted average maturity 2.0 years 2.4 years Fair value $ 1,159 $ 798 |
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: 2018 (dollars in thousands) Amount of gain Amount of (gain) Amount of gain (loss) Interest rate contracts $ 825 $ (464 ) $ - 2017 (dollars in thousands) Amount of gain Amount of (gain) Amount of gain (loss) Interest rate contracts $ 304 $ 406 $ - |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table reflects the cash flow hedges included in the Consolidated Statements of Condition as of December 31, 2018 and December 31, 2017: 2018 2017 (dollars in thousands) Notional Fair Value Notional Fair Value Included in other assets/(liabilities): Interest rate swaps related to FHLB Advances $ 75,000 $ 1,159 $ 100,000 $ 798 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017 are as follows: December 31, 2018 Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities Available-for-sale Federal agency obligations $ 44,955 $ - $ 44,955 $ - Residential mortgage pass-through securities 185,204 - 185,204 - Commercial mortgage pass-through securities 3,874 - 3,874 - Obligations of U.S. states and political subdivision 139,185 - 129,808 9,377 Corporate bonds and notes 25,813 - 25,813 - Asset-backed securities 9,691 - 9,691 - Certificates of deposit 322 - 322 - Other securities 2,990 2,990 - - Total available-for-sale $ 412,034 $ 2,990 $ 399,667 $ 9,377 Equity securities 11,460 11,460 - - Derivatives 1,159 - 1,159 - Total assets $ 424,653 $ 14,450 $ 400,826 $ 9,377 December 31, 2017 Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities Available-for-sale Federal agency obligations $ 56,022 $ - $ 56,022 $ - Residential mortgage pass-through securities 181,891 - 181,891 - Commercial mortgage pass-through securities 4,054 - 4,054 - Obligations of U.S. states and political subdivision 131,128 - 121,496 9,632 Trust preferred securities 4,671 - 4,671 - Corporate bonds and notes 29,693 - 29,693 - Asset-backed securities 12,050 - 12,050 - Certificates of deposit 625 - 625 - Equity securities 11,728 11,728 - - Other securities 3,422 3,422 - - Total available-for-sale $ 435,284 $ 15,150 $ 410,502 $ 9,632 Derivatives 798 - 798 - Total assets $ 436,082 $ 15,150 $ 411,300 $ 9,632 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | For assets measured at fair value on a non-recurring basis, the fair value measurements at December 31, 2018 and December 31, 2017 are as follows: Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, Quoted Significant Significant Impaired loans: (dollars in thousands) Commercial real estate $ 1,481 $ - $ - $ 1,481 Residential 231 - - 231 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, Quoted Significant Significant Impaired loans: (dollars in thousands) Commercial real estate $ 1,094 $ - $ - $ 1,094 |
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, 2018 and December 31, 2017: Fair Value Measurements Carrying Fair Quoted Significant Significant (dollars in thousands) December 31, 2018 Financial assets: Cash and due from banks $ 172,366 $ 172,366 $ 172,366 $ - $ - Investment securities available-for-sale 412,034 412,034 2,990 399,667 9,377 Restricted investment in bank stocks 31,136 n/a n/a n/a n/a Equity securities 11,460 11,460 11,460 - - Net loans (1) 4,506,138 4,402,878 - - 4,402,878 Derivatives 1,159 1,159 - 1,159 - Accrued interest receivable 18,214 18,214 - 2,064 16,150 Financial liabilities: Noninterest-bearing deposits 768,584 768,584 768,584 - - Interest-bearing deposits 3,323,508 3,320,640 1,957,503 1,363,137 - Borrowings 600,001 598,598 - 598,598 - Subordinated debentures 128,556 132,426 - 132,426 - Accrued interest payable 6,764 6,764 - 6,764 - December 31, 2017 Financial assets: Cash and due from banks $ 149,582 $ 149,582 $ 149,582 $ - $ - Investment securities available-for-sale 435,284 435,284 15,150 410,502 9,632 Restricted investment in bank stocks 33,497 n/a n/a n/a n/a Loans held-for-sale 24,845 24,845 - 370 24,475 Net loans 4,139,708 4,118,542 - - 4,118,542 Derivatives 798 798 - 798 - Accrued interest receivable 15,470 15,470 - 2,051 13,419 Financial liabilities: Noninterest-bearing deposits 776,843 776,843 776,843 - - Interest-bearing deposits 3,018,285 3,018,285 1,842,151 1,176,134 - Borrowings 670,077 669,680 - 669,680 - Subordinated debentures 54,699 57,340 - 57,340 - Accrued interest payable 3,707 3,707 - 3,707 - (1) ASU 2016-01 requires the use of an exit price in fair value disclosures. Historically (prior to January 1, 2018) the Company used an entry price in the estimate of fair value loans. |
Fair Value, Recurring basis [Table Text Block] | The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2018 and year ended December 31, 2017: Municipal (dollars in thousands) Beginning balance, January 1, 2018 $ 9,632 Principal paydowns (255) Ending balance, December 31, 2018 $ 9,377 Municipal (dollars in thousands) Beginning balance, January 1, 2017 $ 18,218 Principal paydowns (8,586) Ending balance, December 31, 2017 $ 9,632 |
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, 2018 and December 31, 2017. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy. December 31, 2018 Fair Value Valuation Unobservable Range Securities available-for-sale: (dollars in thousands) Municipal securities $ 9,377 Discounted cash flows Discount rate 2.9% December 31, 2017 Fair Value Valuation Unobservable Range Securities available-for-sale: (dollars in thousands) Municipal securities $ 9,632 Discounted cash flows Discount rate 2.9% |
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, 2018 (dollars in thousands) Fair Value Valuation Unobservable Range (weighed average) Impaired loans: Commercial real estate $ 1,481 Appraisals of collateral value Comparable sales 6% - 9% (8%) Residential $ 231 Appraisals of collateral value Comparable sales 0% - 10% (5%) December 31, 2017 (dollars in thousands) Fair Value Valuation Unobservable Range (weighed average) Impaired loans: Commercial real estate $ 1,094 Appraisals of collateral value Comparable sales 0% - 10% (5%) |
Parent Corporation Only Finan_2
Parent Corporation Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Statements of Condition At December 31, 2018 2017 (dollars in thousands) ASSETS Cash and cash equivalents $ 22,071 $ 7,506 Investment in subsidiaries 692,516 614,083 Receivable due from subsidiaries 32,250 - Investments securities available-for-sale 176 779 Equity securities (1) 607 - Other assets 1,282 322 Total assets $ 748,902 $ 622,690 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 6,419 $ 2,554 Subordinated debentures 128,556 54,699 Stockholders’ equity 613,927 565,437 Total liabilities and stockholders’ equity $ 748,902 $ 622,690 (1) Beginning January 1, 2018, equity securities were reclassified out of investment securities available-for-sale in conjunction with ASU 2016-01. |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income For Years Ended December 31, 2018 2017 2016 (dollars in thousands) Income: Dividend income from subsidiaries $ 16,700 $ 13,000 $ 12,400 Other income 1,618 13 8 Total Income 18,318 13,013 12,408 Expenses (7,201) (3,251) (3,252) Income before equity in undistributed earnings of subsidiaries 11,117 9,762 9,156 Equity in undistributed earnings of subsidiaries 49,235 33,458 21,926 Net Income $ 60,352 $ 43,220 $ 31,082 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows For Years Ended December 31 2018 2017 2016 (dollars in thousands) Cash flows from operating activities: Net income $ 60,352 $ 43,220 $ 31,082 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (49,235) (33,458) (21,926) Loss on equity securities, net 4 - - (Increase) decrease in other assets (627) 269 2,023 Increase (decrease) in other liabilities 3,843 (151) 544 Net cash provided by operating activities 14,337 9,880 11,723 Cash flows from investing activities: Purchase of available-for-sale securities (8) (7) - Capital infusion to subsidiary (64,500) - (38,439) Net cash used in investing activities (64,508) (7) (38,439) Cash flows from financing activities: Proceeds from subordinated debt 73,525 - - Cash dividends on common stock (9,664) (9,612) (9,067) Cash dividends on preferred stock - - (22) Secondary offering and issuance of common stock - (180) 38,439 Redemption of preferred stock - - (11,250) Proceeds from exercise of stock options 875 417 767 Net cash provided by (used in) financing activities 64,736 (9,375) 18,867 Increase (decrease) in cash and cash equivalents 14,565 498 (7,849) Cash and cash equivalents at January 1, 7,506 7,008 14,857 Cash and cash equivalents at December 31, $ 22,071 $ 7,506 $ 7,008 |
Quarterly Financial Informati_2
Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2018 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 57,223 $ 55,351 $ 53,084 $ 50,475 Total interest expense 17,062 15,389 14,139 12,328 Net interest income 40,161 39,962 38,945 38,147 Provision for loan losses 1,100 1,100 1,100 17,800 Total other income, net of securities gains 1,515 1,429 1,388 1,407 Other expenses 18,266 18,287 17,108 17,059 Income before income taxes 22,310 22,004 22,125 4,695 Income tax expense 3,638 2,102 4,598 444 Net income 18,672 19,902 17,527 4,251 Earnings per share: Basic $ 0.58 $ 0.62 $ 0.54 $ 0.13 Diluted 0.58 0.61 0.54 0.13 2017 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter (dollars in thousands, except per share data) Total interest income $ 50,211 $ 46,338 $ 43,691 $ 41,084 Total interest expense 10,403 9,319 8,590 7,943 Net interest income 39,808 37,019 35,101 33,141 Provision for loan losses 2,000 1,450 1,450 1,100 Total other income, net of securities gains 2,024 1,756 1,422 1,406 Net securities gains - - - 1,596 Other expenses 16,566 18,641 25,303 18,249 Income before income taxes 23,266 18,684 9,770 16,794 Income tax expense 12,686 5,607 2,087 4,914 Net income 10,580 13,077 7,683 11,880 Earnings per share: Basic $ 0.33 $ 0.41 $ 0.24 $ 0.37 Diluted 0.33 0.41 0.24 0.37 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition Tables Abstract | |
Schedule of Revenue from Contracts with Customers [Table Text Block] | The following table presents the Company’s sources of noninterest income for the year ended December 31, 2018 and 2017. Items outside of ASC 606 are noted as such. Year Ended Year Ended December 31, 2017 (2) (dollars in thousands) Noninterest income Service charges on deposits Overdraft fees $ 847 $ 809 Other 607 736 Interchange income 628 675 Net gains on sales of loans (1) 61 708 Wire transfer fees (1) 309 251 Loan servicing fees (1) 94 108 Bank owned life insurance (1) 3,094 3,181 Net gains on sales of securities (1) - 1,596 Annuity and insurance income (1) - 39 Other 99 101 Total noninterest income $ 5,739 $ 8,204 (1) Not within scope of ASC 606. (2) The Company elected the modified retrospective approach of adoption; therefore, prior period balances are presented under legacy GAAP and may not be comparable to current year presentation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)Integer | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Number of Operating Segments | Integer | 5 |
Maximum Maturity of Cash and Cash Equivalents | 90 days |
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% |
Minimum [Member] | Furniture Fixtures And Equipment [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Land, Buildings and Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Maximum [Member] | Furniture Fixtures And Equipment [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Maximum [Member] | Land, Buildings and Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - Schedule of earnings per common share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income available to common stockholders | $ 60,352 | $ 43,220 | $ 31,060 | ||||||||
Earnings allocated to participating securities | (139) | (141) | (147) | ||||||||
Income attributable to common stock | $ 60,213 | $ 43,079 | $ 30,913 | ||||||||
Weighted average common shares outstanding, including participating securities | 32,198 | 31,943 | 30,453 | ||||||||
Weighted average participating securities | (74) | (41) | (54) | ||||||||
Weighted average common shares outstanding | 32,124 | 31,902 | 30,399 | ||||||||
Incremental shares from assumed conversions of options, performance units and restricted shares | 233 | 335 | 291 | ||||||||
Weighted average common and equivalent shares outstanding | 32,357 | 32,237 | 30,690 | ||||||||
Earnings per common share: | |||||||||||
Basic | $ 0.58 | $ 0.62 | $ 0.54 | $ 0.13 | $ 0.33 | $ 0.41 | $ 0.24 | $ 0.37 | $ 1.87 | $ 1.35 | $ 1.02 |
Diluted | $ 0.58 | $ 0.61 | $ 0.54 | $ 0.13 | $ 0.33 | $ 0.41 | $ 0.24 | $ 0.37 | $ 1.86 | $ 1.34 | $ 1.01 |
Investment Securities (Details)
Investment Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Integer | Dec. 31, 2017USD ($)Integer | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of Investment Securities Sold | Integer | 148 | 112 |
Available-for-sale Securities Pledged as Collateral | $ | $ 151,500 | $ 157,800 |
Investment Securities (Detail_2
Investment Securities (Details) - Unrealized gains on investment securities - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | $ 419,947 | $ 436,868 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 1,297 | 2,886 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (9,210) | (4,470) |
Investment Securities Available-for-Sale, Fair Value | 412,034 | 435,284 |
Federal Agency Obligations [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 45,509 | 56,297 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 51 | 141 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (605) | (416) |
Investment Securities Available-for-Sale, Fair Value | 44,955 | 56,022 |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 189,721 | 183,509 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 85 | 330 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (4,602) | (1,948) |
Investment Securities Available-for-Sale, Fair Value | 185,204 | 181,891 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 3,919 | 4,054 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 3 | |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (45) | (3) |
Investment Securities Available-for-Sale, Fair Value | 3,874 | 4,054 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 141,496 | 130,723 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 1,091 | 1,739 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (3,402) | (1,334) |
Investment Securities Available-for-Sale, Fair Value | 139,185 | 131,128 |
Trust Preferred Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 4,577 | |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 205 | |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (111) | |
Investment Securities Available-for-Sale, Fair Value | 4,671 | |
Corporate Bonds And Notes [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 26,308 | 29,801 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 45 | 163 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (540) | (271) |
Investment Securities Available-for-Sale, Fair Value | 25,813 | 29,693 |
Asset-backed Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 9,685 | 12,021 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 22 | 66 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (16) | (37) |
Investment Securities Available-for-Sale, Fair Value | 9,691 | 12,050 |
Certificates of Deposit [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 319 | 621 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 3 | 4 |
Investment Securities Available-for-Sale, Gross Unrealized Losses | ||
Investment Securities Available-for-Sale, Fair Value | 322 | 625 |
Equity Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 11,843 | |
Investment Securities Available-for-Sale, Gross Unrealized Gains | 235 | |
Investment Securities Available-for-Sale, Gross Unrealized Losses | (350) | |
Investment Securities Available-for-Sale, Fair Value | 11,460 | 11,728 |
Other Securities [Member] | ||
Investment securities available-for-sale | ||
Investment Securities Available-for-Sale, Amortized Cost | 2,990 | 3,422 |
Investment Securities Available-for-Sale, Gross Unrealized Gains | ||
Investment Securities Available-for-Sale, Gross Unrealized Losses | ||
Investment Securities Available-for-Sale, Fair Value | $ 2,990 | $ 3,422 |
Investment Securities (Detail_3
Investment Securities (Details) - Investments classified by maturity date - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment securities available-for-sale: | ||
Due in one year or less, amortized cost | $ 2,355 | |
Due in one year or less, fair value | 2,358 | |
Due after one year through five years, amortized cost | 36,338 | |
Due after one year through five years, fair value | 35,953 | |
Due after five years through ten years, amortized cost | 28,067 | |
Due after five years through ten years, fair value | 28,375 | |
Due after ten years, amortized cost | 156,557 | |
Due after ten years, fair value | 153,280 | |
Total | 419,947 | $ 436,868 |
Total | 412,034 | |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 189,721 | |
Investment Securities Available-for-Sale: Fair Value | 185,204 | |
Total | 189,721 | 183,509 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 3,919 | |
Investment Securities Available-for-Sale: Fair Value | 3,874 | |
Total | 3,919 | 4,054 |
Other Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Amortized Cost | 2,990 | |
Investment Securities Available-for-Sale: Fair Value | 2,990 | |
Total | $ 2,990 | $ 3,422 |
Investment Securities (Detail_4
Investment Securities (Details) - Schedule of realized gains and losses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 29,543 | $ 85,253 | |
Gross gains on sales of investment securities | 1,596 | 4,234 | |
Gross losses on sales of investment securities | |||
Net gains on sales of investment securities | 1,596 | 4,234 | |
Tax provision on net gains | (579) | (1,682) | |
Net gains on sales of investment securities, after tax | $ 1,017 | $ 2,552 |
Investment Securities (Detail_5
Investment Securities (Details) - Schedule of unrealized losses not recognized in income - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | $ 301,569 | $ 278,357 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (9,210) | (4,470) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 60,601 | 168,028 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (559) | (1,631) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 240,968 | 110,329 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (8,651) | (2,839) |
Federal Agency Obligations [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 35,472 | 39,813 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (605) | (416) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 810 | 28,407 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (1) | (213) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 34,662 | 11,406 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (604) | (203) |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 178,365 | 148,574 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (4,602) | (1,948) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 42,040 | 117,556 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (393) | (1,146) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 136,325 | 31,018 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (4,209) | (802) |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 3,874 | 1,198 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (45) | (3) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 1,198 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (3) | |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 3,874 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (45) | |
Obligation Of U.S. States And Political Subdivisions [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 64,367 | 57,685 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (3,402) | (1,334) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 7,765 | 17,909 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (21) | (246) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 56,602 | 39,776 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (3,381) | (1,088) |
Corporate Bonds And Notes [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 15,534 | 11,074 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (540) | (271) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 7,767 | 1,965 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (133) | (21) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 7,767 | 9,109 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (407) | (250) |
Asset-backed Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 3,957 | 7,428 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (16) | (37) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 2,219 | 993 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (11) | (2) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 1,738 | 6,435 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | $ (5) | (35) |
Trust Preferred Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,469 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (111) | |
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 | 1,469 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (111) | |
Equity Securities [Member] | ||
Investment securities available-for-sale: | ||
Investment Securities Available-for-Sale: Total, Fair Value | 11,116 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (350) | |
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 | 11,116 | |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | $ (350) |
Loans and the Allowance for L_3
Loans and the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Loans held-for-sale | $ 24,845 | ||
Non Accrual Contractual Due | 90 days | ||
Loans Pledged as Collateral | $ 2,300 | 1,900 | |
Charge offs | 18,011 | 239 | $ 39,573 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 23,300 | 5,600 | |
Troubled debt restructurings | 34,500 | 20,500 | |
Current Troubled debt restructurings | 11,200 | 14,900 | 13,300 |
Specific allowance | 3 | $ 39 | |
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. | ||
Taxi medallion loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Charge offs | $ 1,700 | 36,700 | |
Troubled debt restructurings | $ 11,200 | ||
Number of loans | 27 taxi medallion loans | ||
Commercial loans held-for-sale segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held-for-sale | $ 65,600 |
Loans and the Allowance for L_4
Loans and the Allowance for Loan Losses (Details) - Composition of loan portfolio - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Gross loans | $ 4,544,899 | $ 4,174,810 |
Net deferred (fees) | (3,807) | (3,354) |
Total loans receivable | 4,541,092 | 4,171,456 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Gross loans | 988,758 | 824,082 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Gross loans | 2,778,167 | 2,592,909 |
Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Gross loans | 465,389 | 483,216 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Gross loans | 309,991 | 271,795 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Gross loans | $ 2,594 | $ 2,808 |
Loans and the Allowance for L_5
Loans and the Allowance for Loan Losses (Details) - Loans held-for-sale - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Total carrying amount | $ 24,845 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total carrying amount | 24,475 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total carrying amount | $ 370 |
Loans and the Allowance for L_6
Loans and the Allowance for Loan Losses (Details) - Purchase credit impaired loans - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Total carrying amount | $ 2,509 | $ 2,683 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total carrying amount | $ 2,509 | $ 2,683 |
Loans and the Allowance for L_7
Loans and the Allowance for Loan Losses (Details) - Schedule of accretable yield, or income expected to be collected - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||
Beginning balance | $ 1,387 | $ 2,860 |
Accretion of income | (253) | (1,473) |
Ending balance | $ 1,134 | $ 1,387 |
Loans and the Allowance for L_8
Loans and the Allowance for Loan Losses (Details) - Loans receivable on nonaccrual status - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 51,855 | $ 65,613 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 29,340 | 47,363 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15,135 | 12,757 |
Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,934 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 4,446 | $ 5,493 |
Loans and the Allowance for L_9
Loans and the Allowance for Loan Losses (Details) - Credit quality indicators - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,544,899 | $ 4,174,810 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,456,187 | 4,045,989 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 21,460 | 43,620 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 67,252 | 85,201 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | ||
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 988,758 | 824,082 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 951,610 | 767,020 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,371 | 3,764 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 33,777 | 53,298 |
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 | 2,778,167 | 2,592,909 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,742,989 | 2,534,973 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 12,574 | 34,335 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 22,604 | 23,601 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | ||
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 465,389 | 483,216 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 453,598 | 475,066 |
Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 5,515 | 5,521 |
Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 6,276 | 2,629 |
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 | 309,991 | 271,795 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 305,414 | 266,163 |
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 | 4,577 | 5,632 |
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 | 2,594 | 2,808 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,576 | 2,767 |
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 | 18 | 41 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount |
Loans and the Allowance for _10
Loans and the Allowance for Loan Losses (Details) - Schedule of analysis of impaired loans, by class - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | $ 58,184 | $ 83,531 | $ 29,747 |
No related allowance recorded, Unpaid Principal Balance | 113,292 | 135,146 | 30,377 |
No Related Allowance Average Recorded Investment | 62,896 | 43,415 | 29,872 |
No Related Allowance Interest Income Recognized | 708 | 1,068 | 416 |
With an allowance recorded, Recorded Investment | 1,748 | ||
With an allowance recorded, Unpaid Principal Balance | 1,754 | ||
With an allowance recorded, Related Allowance | 36 | ||
With An Allowance Recorded Average Recorded Investment | 1,776 | ||
With An Allowance Recorded Interest Income Recognized | 46 | ||
Total, Recorded Investment | 59,932 | 84,664 | 30,991 |
Total, Unpaid Principal Balance | 115,046 | 136,279 | 31,621 |
Total, Related Allowance | 36 | 39 | 145 |
Total Impaired Average Recorded Investment | 64,672 | 44,567 | 31,146 |
Total Impaired Interest Income Recognized | 754 | 1,119 | 416 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 29,896 | 49,761 | 3,637 |
No related allowance recorded, Unpaid Principal Balance | 83,596 | 101,066 | 4,063 |
No Related Allowance Average Recorded Investment | 31,721 | 10,552 | 4,052 |
No Related Allowance Interest Income Recognized | 66 | 161 | 64 |
With an allowance recorded, Recorded Investment | 1,488 | 1,133 | 1,244 |
With an allowance recorded, Unpaid Principal Balance | 1,488 | 1,133 | 1,244 |
With an allowance recorded, Related Allowance | 7 | 39 | 145 |
With An Allowance Recorded Average Recorded Investment | 1,511 | 1,152 | 1,274 |
With An Allowance Recorded Interest Income Recognized | 46 | 51 | |
Total, Recorded Investment | 29,896 | 49,761 | 3,637 |
Total, Unpaid Principal Balance | 83,596 | 101,066 | 4,063 |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | 31,721 | 10,765 | 4,052 |
Total Impaired Interest Income Recognized | 66 | 161 | 64 |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 16,839 | 23,905 | 18,288 |
No related allowance recorded, Unpaid Principal Balance | 17,935 | 23,976 | 18,288 |
No Related Allowance Average Recorded Investment | 17,676 | 24,099 | 18,532 |
No Related Allowance Interest Income Recognized | 149 | 585 | 250 |
Total, Recorded Investment | 18,327 | 25,038 | 19,532 |
Total, Unpaid Principal Balance | 19,423 | 25,109 | 19,532 |
Total, Related Allowance | 7 | 39 | 145 |
Total Impaired Average Recorded Investment | 19,187 | 25,251 | 19,806 |
Total Impaired Interest Income Recognized | 195 | 636 | 250 |
Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 9,240 | 6,662 | 5,909 |
No related allowance recorded, Unpaid Principal Balance | 9,240 | 6,662 | 5,909 |
No Related Allowance Average Recorded Investment | 11,215 | 5,509 | 5,308 |
No Related Allowance Interest Income Recognized | 493 | 322 | 79 |
Total, Recorded Investment | 9,240 | 6,662 | 5,909 |
Total, Unpaid Principal Balance | 9,240 | 6,662 | 5,909 |
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | 11,215 | 5,509 | 5,308 |
Total Impaired Interest Income Recognized | 493 | 322 | 79 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 2,209 | 3,203 | 1,851 |
No related allowance recorded, Unpaid Principal Balance | 2,521 | 3,442 | 2,055 |
No Related Allowance Average Recorded Investment | 2,284 | 3,255 | 1,908 |
No Related Allowance Interest Income Recognized | 19 | ||
With an allowance recorded, Recorded Investment | 260 | ||
With an allowance recorded, Unpaid Principal Balance | 266 | ||
With an allowance recorded, Related Allowance | 29 | ||
With An Allowance Recorded Average Recorded Investment | 265 | ||
With An Allowance Recorded Interest Income Recognized | |||
Total, Recorded Investment | 2,469 | 3,203 | 1,851 |
Total, Unpaid Principal Balance | 2,787 | 3,442 | 2,055 |
Total, Related Allowance | 29 | ||
Total Impaired Average Recorded Investment | 2,549 | 3,255 | 1,908 |
Total Impaired Interest Income Recognized | 19 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
No related allowance recorded, Recorded Investment | 62 | ||
No related allowance recorded, Unpaid Principal Balance | 62 | ||
No Related Allowance Average Recorded Investment | 72 | ||
No Related Allowance Interest Income Recognized | 4 | ||
With An Allowance Recorded Average Recorded Investment | |||
With An Allowance Recorded Interest Income Recognized | |||
Total, Recorded Investment | 62 | ||
Total, Unpaid Principal Balance | 62 | ||
Total, Related Allowance | |||
Total Impaired Average Recorded Investment | 72 | ||
Total Impaired Interest Income Recognized | $ 4 |
Loans and the Allowance for _11
Loans and the Allowance for Loan Losses (Details) - Aging analysis - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 51,855 | $ 65,613 |
Total Past Due | 69,811 | 72,784 |
Current | 4,475,088 | 4,102,026 |
Loans | 4,544,899 | 4,174,810 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,786 | 3,849 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,523 | 1,658 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,647 | 1,664 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 29,340 | 47,363 |
Total Past Due | 32,660 | 50,918 |
Current | 956,098 | 773,164 |
Loans | 988,758 | 824,082 |
Commercial Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,673 | 1,708 |
Commercial Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 183 | |
Commercial Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,647 | 1,664 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 15,135 | 12,757 |
Total Past Due | 23,137 | 14,777 |
Current | 2,755,030 | 2,578,132 |
Loans | 2,778,167 | 2,592,909 |
Loans Receivable > 90 Days Past Due and Accruing | 0 | |
Commercial Real Estate Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,162 | 545 |
Commercial Real Estate Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,840 | 1,475 |
Commercial Real Estate Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,934 | |
Total Past Due | 5,994 | |
Current | 459,395 | 483,216 |
Loans | 465,389 | 483,216 |
Construction Loans [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,496 | |
Construction Loans [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 564 | |
Construction Loans [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,446 | 5,493 |
Total Past Due | 8,020 | 7,071 |
Current | 301,971 | 264,724 |
Loans | 309,991 | 271,795 |
Residential Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,455 | 1,578 |
Residential Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 119 | |
Residential Portfolio Segment [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | ||
Total Past Due | 18 | |
Current | 2,594 | 2,790 |
Loans | 2,594 | 2,808 |
Consumer Portfolio Segment [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18 | |
Consumer Portfolio Segment [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
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 _12
Loans and the Allowance for Loan Losses (Details) - Allowance for loan losses - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | $ 36 | $ 39 | ||
Allowance for loan and lease losses, collectively evaluated for impairment | 33,718 | 29,909 | ||
Allowance for loan and lease losses, acquired portfolio | 1,200 | 1,800 | ||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 34,954 | 31,748 | $ 25,744 | $ 26,572 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 59,932 | 84,664 | ||
Loans Receivable, collectively evaluated for impairment | 4,171,343 | 3,639,851 | ||
Loans Receivable, acquired portfolio | 311,115 | 447,612 | ||
Loans Receivables, acquired with deteriorated credit quality | 2,509 | 2,683 | ||
Loans Receivable, Total | 4,544,899 | 4,174,810 | ||
Commercial 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 | 9,675 | 8,032 | ||
Allowance for loan and lease losses, acquired portfolio | 200 | 200 | ||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 9,875 | 8,233 | 6,632 | 10,949 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 29,896 | 49,761 | ||
Loans Receivable, collectively evaluated for impairment | 949,129 | 757,923 | ||
Loans Receivable, acquired portfolio | 7,224 | 13,715 | ||
Loans Receivables, acquired with deteriorated credit quality | 2,509 | 2,683 | ||
Loans Receivable, Total | 988,758 | 824,082 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | 7 | 39 | ||
Allowance for loan and lease losses, collectively evaluated for impairment | 17,840 | 15,472 | ||
Allowance for loan and lease losses, acquired portfolio | 1,000 | 1,600 | ||
Allowance for loan and lease losses, acquired with deteriorated credit quality | ||||
Allowance for loan and lease losses, total | 18,847 | 17,112 | 12,583 | 10,926 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 18,327 | 25,038 | ||
Loans Receivable, collectively evaluated for impairment | 2,500,132 | 2,190,686 | ||
Loans Receivable, acquired portfolio | 259,708 | 377,185 | ||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total | 2,778,167 | 2,592,909 | ||
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 | 4,519 | 4,747 | ||
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 | 4,519 | 4,747 | 4,789 | 3,253 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 9,240 | 6,662 | ||
Loans Receivable, collectively evaluated for impairment | 456,149 | 476,554 | ||
Loans Receivable, acquired portfolio | ||||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total | 465,389 | 483,216 | ||
Residential Portfolio Segment [Member] | ||||
Allowance for loan and lease losses | ||||
Allowance for loan and lease losses, individually evaluated for impairment | 29 | |||
Allowance for loan and lease losses, collectively evaluated for impairment | 1,237 | 1,051 | ||
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 | 1,266 | 1,050 | 958 | 976 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | 2,469 | 3,203 | ||
Loans Receivable, collectively evaluated for impairment | 263,449 | 212,350 | ||
Loans Receivable, acquired portfolio | 44,073 | 56,242 | ||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total | 309,991 | 271,795 | ||
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 | 2 | 2 | ||
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 | 2 | 1 | 3 | 4 |
Gross loans | ||||
Loans Receivable, individually evaluated for impairment | ||||
Loans Receivable, collectively evaluated for impairment | 2,484 | 2,338 | ||
Loans Receivable, acquired portfolio | 110 | 470 | ||
Loans Receivables, acquired with deteriorated credit quality | ||||
Loans Receivable, Total | 2,594 | 2,808 | ||
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 | 445 | 605 | ||
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 | $ 445 | $ 605 | $ 779 | $ 464 |
Loans and the Allowance for _13
Loans and the Allowance for Loan Losses (Details) - Schedule of allowance for loan losses - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | $ 31,748 | $ 31,748 | $ 25,744 | $ 26,572 | |||||||
Loans charged-off | (18,011) | (239) | (39,573) | ||||||||
Recoveries | 117 | 243 | 45 | ||||||||
Provision for loan losses | $ 1,100 | $ 1,100 | $ 1,100 | 17,800 | $ 2,000 | $ 1,450 | $ 1,450 | $ 1,100 | 21,100 | 6,000 | 38,700 |
Balance | 34,954 | 31,748 | 34,954 | 31,748 | 25,744 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 8,233 | 8,233 | 6,632 | 10,949 | |||||||
Loans charged-off | (17,066) | (70) | (39,343) | ||||||||
Recoveries | 109 | 178 | 4 | ||||||||
Provision for loan losses | 18,599 | 1,493 | 35,022 | ||||||||
Balance | 9,875 | 8,233 | 9,875 | 8,233 | 6,632 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 17,112 | 17,112 | 12,583 | 10,926 | |||||||
Loans charged-off | (915) | (155) | (107) | ||||||||
Recoveries | 51 | 35 | |||||||||
Provision for loan losses | 2,650 | 4,633 | 1,729 | ||||||||
Balance | 18,847 | 17,112 | 18,847 | 17,112 | 12,583 | ||||||
Construction Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 4,747 | 4,747 | 4,789 | 3,253 | |||||||
Loans charged-off | |||||||||||
Recoveries | |||||||||||
Provision for loan losses | (228) | (42) | 1,536 | ||||||||
Balance | 4,519 | 4,747 | 4,519 | 4,747 | 4,789 | ||||||
Residential Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 1,050 | 1,050 | 958 | 976 | |||||||
Loans charged-off | (23) | (94) | |||||||||
Recoveries | 2 | 12 | 3 | ||||||||
Provision for loan losses | 237 | 80 | 73 | ||||||||
Balance | 1,266 | 1,050 | 1,266 | 1,050 | 958 | ||||||
Consumer Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | 1 | 1 | 3 | 4 | |||||||
Loans charged-off | (7) | (14) | (29) | ||||||||
Recoveries | 6 | 2 | 3 | ||||||||
Provision for loan losses | 2 | 10 | 25 | ||||||||
Balance | 2 | 1 | 2 | 1 | 3 | ||||||
Unallocated Financing Receivables [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance | $ 605 | 605 | 779 | 464 | |||||||
Loans charged-off | |||||||||||
Recoveries | |||||||||||
Provision for loan losses | (160) | (174) | 315 | ||||||||
Balance | $ 445 | $ 605 | $ 445 | $ 605 | $ 779 |
Loans and the Allowance for _14
Loans and the Allowance for Loan Losses (Details) - Schedule of Troubled Debt Restructuring by Class $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Integer | Dec. 31, 2017USD ($)Integer | Dec. 31, 2016USD ($)Integer | |
Troubled debt restructurings: | |||
Number of Loans | Integer | 40 | 6 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 22,666 | $ 10,378 | $ 26,325 |
Post-Modification Outstanding Recorded Investment | $ 22,666 | $ 10,378 | $ 26,325 |
Commercial Portfolio Segment [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | Integer | 32 | 1 | 19 |
Pre-Modification Outstanding Recorded Investment | $ 16,017 | $ 692 | $ 22,420 |
Post-Modification Outstanding Recorded Investment | $ 16,017 | $ 692 | $ 22,420 |
Commercial Real Estate Portfolio Segment [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | Integer | 3 | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 1,422 | $ 3,007 | $ 2,155 |
Post-Modification Outstanding Recorded Investment | $ 1,422 | $ 3,007 | $ 2,155 |
Construction Loans [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | Integer | 3 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 4,773 | $ 6,662 | $ 1,750 |
Post-Modification Outstanding Recorded Investment | $ 4,773 | $ 6,662 | $ 1,750 |
Residential Portfolio Segment [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | Integer | 2 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 454 | $ 17 | |
Post-Modification Outstanding Recorded Investment | $ 454 | $ 17 | |
Consumer Portfolio Segment [Member] | |||
Troubled debt restructurings: | |||
Number of Loans | Integer | |||
Pre-Modification Outstanding Recorded Investment | |||
Post-Modification Outstanding Recorded Investment |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 3.1 | $ 3.2 | $ 2.7 |
Operating Leases, Rent Expense, Net | $ 2.3 | $ 2.3 | $ 2.5 |
Premises and Equipment (Detai_2
Premises and Equipment (Details) - Schedule of Premises and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 61,747 | $ 62,347 |
Less: accumulated depreciation and amortization | 42,218 | 40,154 |
Subtotal | 19,529 | 22,193 |
Less: fair value adjustment for acquired leases | 467 | 534 |
Total premises and equipment, net | 19,062 | 21,659 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 15,277 | 16,092 |
Buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 10 years | |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 25 years | |
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) | 7 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 14,076 | 13,775 |
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 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,403 | 2,403 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 29,991 | $ 30,077 |
Premises and Equipment (Detai_3
Premises and Equipment (Details) - Schedule of Capital Lease in Premises and Equipment - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Capital Lease | $ 3,408 | $ 3,408 |
Less: accumulated amortization | 1,696 | 1,526 |
Lease in premises and equipment | $ 1,712 | $ 1,882 |
Premises and Equipment (Detai_4
Premises and Equipment (Details) - Schedule of Future Minimum Lease Payments for Capitalization leases $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 321 |
2,020 | 321 |
2,021 | 321 |
2,022 | 321 |
2,023 | 323 |
Thereafter | 1,734 |
Total minimum lease payments | 3,341 |
Less amount representing interest | 845 |
Present value of net minimum lease payments | $ 2,496 |
Premises and Equipment (Detai_5
Premises and Equipment (Details) - Schedule of Operating Leases Included Renewal Provisions $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 2,919 |
2,020 | 2,605 |
2,021 | 2,227 |
2,022 | 1,853 |
2,023 | 1,748 |
Thereafter | $ 4,072 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 627 | $ 724 | $ 820 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details) - Schedule of change in goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning of year | $ 145,909 | $ 145,909 |
Acquired goodwill | ||
Impairment | ||
End of year | $ 145,909 | $ 145,909 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details) - Intangible Assets Disclosure - Core Deposits [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Gross Carrying Amount | $ 6,011 | $ 6,011 |
Accumulated Amortization | (4,274) | (3,647) |
Net Carrying Amount | $ 1,737 | $ 2,364 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Details) - Estimated amortization expense $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 531 |
2,020 | 434 |
2,021 | 338 |
2,022 | 241 |
2,023 | $ 145 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Text Block [Abstract] | ||
Time Deposits Maturities, after Next Twelve Months | $ 1,400,000 | $ 1,200,000 |
Brokered Time Deposits | 405,600 | 358,700 |
Time Deposits 250000 or More | 272,200 | 198,300 |
Brokered Time Deposits with Balances | $ 8,800 | $ 0 |
Deposits (Details) - Schedule o
Deposits (Details) - Schedule of Time Deposits $ in Thousands | Dec. 31, 2018USD ($) |
Disclosure Text Block [Abstract] | |
2,019 | $ 816,649 |
2,020 | 360,259 |
2,021 | 145,350 |
2,022 | 32,532 |
2,023 | 11,263 |
Total | $ 1,366,053 |
FHLB Borrowings (Details)
FHLB Borrowings (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
Long-term Line of Credit | $ 1,700 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000 |
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, 2018 | Dec. 31, 2017 |
By type of borrowing: | ||
FHLB borrowings and other borrowings (in Dollars) | $ 600,001 | $ 670,077 |
Weighted average interest rates | 2.59% | 1.76% |
By remaining period to maturity: | ||
Less than 1 year (in Dollars) | $ 405,001 | $ 505,077 |
Less than 1 year | 2.57% | 1.59% |
1 year through less than 2 years (in Dollars) | $ 110,000 | $ 35,000 |
1 year through less than 2 years | 2.75% | 1.60% |
2 years through less than 3 years (in Dollars) | $ 60,000 | $ 85,000 |
2 years through less than 3 years | 2.27% | 2.65% |
3 years through less than 4 years (in Dollars) | $ 45,000 | |
3 years through less than 4 years | 2.15% | |
4 years through 5 years (in Dollars) | $ 25,000 | |
4 years through 5 years | 2.92% | |
Federal Home Loan Bank Advances [Member] | ||
By type of borrowing: | ||
FHLB borrowings and other borrowings (in Dollars) | $ 600,001 | $ 670,077 |
Weighted average interest rates | 2.59% | 1.76% |
Securities Sold under Agreeme_3
Securities Sold under Agreements to Repurchase (Details) - Schedule of repurchase agreements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Average daily balance during the year | $ 6,781 | $ 15,000 | |
Average interest rate during the year | 0.00% | 5.95% | 5.95% |
Maximum month-end balance during the year | $ 15,000 | $ 15,000 | |
Weighted average interest rate during the year | 0.00% | 5.95% | 5.95% |
Subordinated Debentures (Detail
Subordinated Debentures (Details) - USD ($) | Jan. 11, 2018 | Jun. 30, 2015 | Dec. 31, 2018 |
Subordinated Debt from Trust [Member] | |||
Subordinated Debentures (Details) [Line Items] | |||
Value of subordinated debentures received by Trust | $ 5,000,000 | ||
Percentage Rate Added to Libor | 2.85% | ||
Floating interest rate on subordinated debentures | 5.37% | ||
Proceeds from Issuance of Debt | $ 5,200,000 | ||
Debt Instrument, Maturity Date | Jan. 23, 2034 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.93% | ||
Fixed-to-floating Rate Subordinated Notes [Member] | |||
Subordinated Debentures (Details) [Line Items] | |||
Percentage Rate Added to Libor | 2.84% | ||
Proceeds from Issuance of Debt | $ 75,000,000 | $ 50,000,000 | |
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Feb. 1, 2023 | Jul. 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | 5.75% | |
Debt Instrument, Description of Variable Rate Basis | three month LIBOR rate plus 284 basis points | three-month LIBOR rate plus 393 basis points | |
Debt Issuance Cost | $ 1,327,500 | $ 272,000 |
Subordinated Debentures (Deta_2
Subordinated Debentures (Details) - Schedule of Subordinated Borrowing - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Subordinated Borrowings [Abstract] | ||
Issuance Date | Dec. 19, 2003 | Dec. 19, 2003 |
Securities Issued | $ 5,000 | $ 5,000 |
Liquidation Value | $1,000 per Capital Security | $1,000 per Capital Security |
Coupon Rate | Floating 3-month LIBOR + 285 Basis Points | Floating 3-month LIBOR + 285 Basis Points |
Maturity | Jan. 23, 2034 | Jan. 23, 2034 |
Redeemable by Issuer Beginning | Jan. 23, 2009 | Jan. 23, 2009 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net tax Benefit Expense | $ 600 | $ 4,800 |
Temporary surtax on allocated income | $ 1,000 | |
January 1, 2018 through December 31, 2019 [Member] | ||
Percentage of surtax | 2.50% | |
January 1, 2020 through December 31, 2021 [Member] | ||
Percentage of surtax | 1.50% |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||||||||||
Federal | $ 8,902 | $ 21,090 | $ 10,173 | ||||||||
State | 954 | 505 | (366) | ||||||||
Subtotal | 9,856 | 21,595 | 9,807 | ||||||||
Deferred: | |||||||||||
Federal | 2,455 | 3,876 | 2,682 | ||||||||
State | (1,529) | (177) | (713) | ||||||||
Subtotal | 926 | 3,699 | 1,969 | ||||||||
Income tax expense | $ 3,638 | $ 2,102 | $ 4,598 | $ 444 | $ 12,686 | $ 5,607 | $ 2,087 | $ 4,914 | $ 10,782 | $ 25,294 | $ 11,776 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income before income tax expense | $ 22,310 | $ 22,004 | $ 22,125 | $ 4,695 | $ 23,266 | $ 18,684 | $ 9,770 | $ 16,794 | $ 71,134 | $ 68,514 | $ 42,858 |
Federal statutory rate | 21.00% | 35.00% | 35.00% | ||||||||
Computed "expected" Federal income tax expense | $ 14,938 | $ 23,980 | $ 15,000 | ||||||||
State tax, net of Federal tax benefit | 1,104 | 213 | (701) | ||||||||
Impact of the "Act" | (790) | 5,623 | |||||||||
Impact of "the Bill" | (618) | ||||||||||
Bank owned life insurance | (650) | (1,113) | (896) | ||||||||
Tax-exempt interest and dividends | (1,521) | (2,123) | (1,714) | ||||||||
Tax benefits from stock based compensation | 1,100 | (348) | |||||||||
Other, net | (581) | (938) | 87 | ||||||||
Income tax expense | $ 3,638 | $ 2,102 | $ 4,598 | $ 444 | $ 12,686 | $ 5,607 | $ 2,087 | $ 4,914 | $ 10,782 | $ 25,294 | $ 11,776 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Allowance for loan losses | $ 10,358 | $ 8,848 |
Purchase accounting | 307 | 2,310 |
Pension actuarial losses | 2,203 | 1,647 |
New Jersey net operating loss | 2,796 | 1,310 |
Deferred compensation | 1,234 | 1,184 |
Unrealized losses on securities and swaps | 1,620 | 483 |
Deferred loan costs, net of fees | 19 | 474 |
Accrued rent | 426 | 459 |
Capital lease | 232 | 211 |
Nonaccrual interest | 95 | 158 |
Other | 7 | |
Total deferred tax assets | 19,290 | 17,091 |
Deferred tax liabilities: | ||
Employee benefit plans | (2,167) | (1,501) |
Depreciation | (512) | (434) |
Prepaid expenses | (185) | (174) |
Market discount accretion | (414) | (60) |
Unrealized gains on securities and swaps | (366) | (224) |
Other | (198) | (28) |
Total deferred tax liabilities | (3,842) | (2,421) |
Net deferred tax assets | $ 15,448 | $ 14,670 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Gross Amounts Recognized, Assets | $ 1,159 | $ 798 |
Gross Amounts Offset in the Statement of Financial Position | ||
Net Amounts of Assets Presented in the Statement of Financial Position, Assets | 1,159 | 798 |
Financial Instruments Recognized, Assets | ||
Cash or Financial Instrument Collateral, Assets | ||
Net Amount, Assets | $ 1,159 | $ 798 |
Commitments, Contingencies an_3
Commitments, Contingencies and Concentrations of Credit Risk (Details) - Summary of Financial Instruments - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | $ 858,045 | $ 678,137 |
Commercial Portfolio Segment [Member] | Supply Commitment [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 425,189 | 344,142 |
Home Equity Line of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 39,965 | 44,483 |
Commercial Real Estate Portfolio Segment [Member] | Supply Commitment [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 355,914 | 254,710 |
Standby Letters of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | 36,141 | 34,114 |
Overdraft Protection Lines [Member] | ||
Supply Commitment [Line Items] | ||
Off-balance sheet commitements | $ 836 | $ 688 |
Transactions with Executive O_3
Transactions with Executive Officers, Directors and Principal Stockholders (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Proceeds from Other Deposits | $ 39,700 | $ 42,400 |
Transactions with Executive O_4
Transactions with Executive Officers, Directors and Principal Stockholders (Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 56,300 | $ 49,710 |
New loans | 5,041 | 11,089 |
Repayments | (4,438) | (4,499) |
Ending balance | $ 56,903 | $ 56,300 |
Stockholders' Equity and Regu_3
Stockholders' Equity and Regulatory Requirements (Details) | Jan. 31, 2019 | Dec. 31, 2018 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 1.99% | |
Total Risk Based Capital Ratio | 2.88% | |
Subsequent Event [Member] | ||
Capital conservation buffer percentage rate | 2.50% |
Stockholders' Equity and Regu_4
Stockholders' Equity and Regulatory Requirements (Details) - Schedule of Compliance with Regulatory Capital Requirements - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 1.99% | |
Parent Company [Member] | ||
Tier One Leverage Capital | $ 478,876 | $ 425,407 |
Tier One Leverage Capital to Average Assets | 9.34% | 8.92% |
Tier One Leverage Capital Required for Capital Adequacy | $ 204,995 | $ 190,728 |
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 | $ 473,721 | $ 420,252 |
CET One Risk Based Capital to Risk Weighted Assets | 9.75% | 9.15% |
CET One Risk Based Capital Required for Capital Adequacy | $ 218,585 | $ 206,742 |
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 | $ 478,876 | $ 425,407 |
Tier One Risk Based Capital to Risk Weighted Assets | 9.86% | 9.26% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 291,446 | $ 275,656 |
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 | $ 638,830 | $ 507,155 |
Capital to Risk Weighted Assets | 13.15% | 11.04% |
Capital Required for Capital Adequacy | $ 388,595 | $ 367,542 |
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 | ||
Union Center National Bank [Member] | ||
Tier One Leverage Capital | $ 552,311 | $ 468,899 |
Tier One Leverage Capital to Average Assets | 10.78% | 9.84% |
Tier One Leverage Capital Required for Capital Adequacy | $ 204,973 | $ 190,665 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 256,217 | $ 238,332 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
CET One Risk Based Capital | $ 552,311 | $ 468,899 |
CET One Risk Based Capital to Risk Weighted Assets | 11.37% | 10.21% |
CET One Risk Based Capital Required for Capital Adequacy | $ 218,589 | $ 206,721 |
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 | $ 315,740 | $ 298,597 |
CET One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Risk Based Capital | $ 552,311 | $ 468,899 |
Tier One Risk Based Capital to Risk Weighted Assets | 11.37% | 10.21% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 291,452 | $ 275,628 |
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 | $ 388,603 | $ 367,504 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital | $ 619,515 | $ 500,647 |
Capital to Risk Weighted Assets | 12.75% | 10.90% |
Capital Required for Capital Adequacy | $ 388,603 | $ 367,504 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 485,754 | $ 459,379 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Comprehensive Income (Details)
Comprehensive Income (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Comprehensive Income Loss Abstract | |
Increase in retained earnings | $ 709 |
Cumulative-effect adjustment to balance sheet | $ 55 |
Comprehensive Income (Details)
Comprehensive Income (Details) - Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Sale of investment securities available-for-sale Net gains on sale investment securities | $ (6,444) | $ (1,350) | $ (5,624) |
Sale of investment securities available-for-sale Income tax expense | (1,638) | (532) | (2,142) |
Total reclassification | (4,116) | (1,173) | 1,763 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Sale of investment securities available-for-sale Net gains on sale investment securities | 1,596 | 4,234 | |
Sale of investment securities available-for-sale Income tax expense | (579) | (1,682) | |
Sale of investment securities available-for-sale | 1,017 | 2,552 | |
Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity Interest income | (1,986) | ||
Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity Income tax benefit | 813 | ||
Amortization of unrealized holding (losses) gains on securities transferred from available-for-sale to held-to-maturity | (1,173) | ||
Amortization of pension plan net actuarial losses Salaries and employee benefits | (359) | (412) | (407) |
Amortization of pension plan net actuarial losses Income tax benefit | 101 | 169 | 165 |
Amortization of pension plan net actuarial losses | (258) | (243) | (242) |
Total reclassification | $ (258) | $ 774 | $ 1,137 |
Comprehensive Income (Details_2
Comprehensive Income (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Investment securities available-for-sale, net of tax | $ (5,841) | $ (902) |
Cash flow hedge, net of tax | 837 | 472 |
Defined benefit pension and post-retirement plans, net of tax | (3,785) | (3,589) |
Total accumulated other comprehensive loss | $ (8,789) | $ (4,019) |
Pension and Other Benefits (Det
Pension and Other Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [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 | $ 11,000 | $ 13,100 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 358 | ||
Defined Benefit Plan, Contributions by Employer | $ 862 | $ 383 | $ 351 |
Defined Benefit Plan, Description of Plan Amendment | Beginning with the 2014 Plan Year, the Plan was amended to provide for a match of 50% of elective contributions, up 6% of an employee’s contribution. In 2018, the plan was amended to provide for 100% matching of employee contributions up to 5% |
Pension and Other Benefits (D_2
Pension and Other Benefits (Details) - Schedule of Changes in Projected Benefit Obligations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 13,129 | $ 12,682 | |
Interest cost | 427 | 478 | $ 514 |
Actuarial (gain) loss | (1,716) | 879 | |
Benefits paid | (871) | (910) | |
Projected benefit obligation at end of year | 10,969 | 13,129 | 12,682 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning year | 12,609 | 12,002 | |
Actual return on plan assets | (715) | 1,517 | |
Employer contributions | 2,000 | ||
Benefits paid | (871) | (910) | |
Fair value of plan assets at end of year | 13,023 | 12,609 | $ 12,002 |
Funded status | $ 2,054 | $ (520) |
Pension and Other Benefits (D_3
Pension and Other Benefits (Details) - Component of Accumulated Other Comprehensive Loss have not been Recognized - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Net actuarial loss recognized in accumulated other comprehensive income | $ 5,265 | $ 5,860 |
Pension and Other Benefits (D_4
Pension and Other Benefits (Details) - Schedule of Net Periodic Pension Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Interest cost | $ 427 | $ 478 | $ 514 |
Expected return on plan assets | (765) | (640) | (617) |
Net amortization | 366 | 412 | 407 |
Total net periodic pension expense | 28 | 250 | 304 |
Total gain recognized in other comprehensive income | (595) | (410) | (405) |
Total recognized in net periodic expense and other comprehensive income (before tax) | $ (567) | $ (160) | $ (101) |
Pension and Other Benefits (D_5
Pension and Other Benefits (Details) - Schedule of Retrospective Application to Consolidated Statement of Condition - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
As previously reported [Member] | ||
Other components of net periodic pension expense | ||
Salaries and employee benefits | 35,128 | 31,030 |
As reported under the new guidance [Member] | ||
Other components of net periodic pension expense | 250 | 304 |
Salaries and employee benefits | $ 34,878 | $ 30,726 |
Pension and Other Benefits (D_6
Pension and Other Benefits (Details) - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Discount rate | 4.05% | 3.41% | 3.88% |
Discount rate | 4.05% | 3.41% | 3.88% |
Expected long-term return on plan assets | 5.50% | 5.50% | 5.50% |
Rate of compensation increase |
Pension and Other Benefits (D_7
Pension and Other Benefits (Details) - Schedule of Allocation of Plan Assets | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Securities | ||
Target Allocation | 100.00% | 100.00% |
% of Plan Assets | 100.00% | 100.00% |
Weighted Average Expected Long-Term Rate of Return | 5.50% | 5.50% |
Domestic Equity Securities [Member] | ||
Equity Securities | ||
Target Allocation | 50.00% | 50.00% |
% of Plan Assets | 53.00% | 41.00% |
Weighted Average Expected Long-Term Rate of Return | 3.40% | 3.40% |
International Equity Securities [Member] | ||
Equity Securities | ||
Target Allocation | 10.00% | 10.00% |
% of Plan Assets | 7.00% | 8.00% |
Weighted Average Expected Long-Term Rate of Return | 0.70% | 0.70% |
Debt And Fixed Income Securities [Member] | ||
Equity Securities | ||
Target Allocation | 36.00% | 36.00% |
% of Plan Assets | 36.00% | 49.00% |
Weighted Average Expected Long-Term Rate of Return | 1.20% | 1.20% |
Cash And Other Alternative Investments [Member] | ||
Equity Securities | ||
Target Allocation | 4.00% | 4.00% |
% of Plan Assets | 4.00% | 2.00% |
Weighted Average Expected Long-Term Rate of Return | 0.20% | 2.00% |
Pension and Other Benefits (D_8
Pension and Other Benefits (Details) - Schedule of Changes in Fair Value of Plan Assets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | $ 13,023 | $ 12,609 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 13,023 | 12,609 |
Real Estate Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 55 | 64 |
Real Estate Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Real Estate Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Real Estate Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 55 | 64 |
Debt And Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 4,651 | 6,139 |
Debt And Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Debt And Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Debt And Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 4,651 | 6,139 |
International Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 901 | 1,056 |
International Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
International Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
International Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 901 | 1,056 |
Us Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 6,957 | 5,175 |
Us Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Us Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Us Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 6,957 | 5,175 |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 298 | 175 |
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 298 | $ 175 |
Commodity funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | 161 | |
Commodity funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Commodity funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | ||
Commodity funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Pension Plan Assets | $ 161 |
Pension and Other Benefits (D_9
Pension and Other Benefits (Details) - Estimated Future Benefit Payments $ in Thousands | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
2,019 | $ 716 |
2,020 | 712 |
2,021 | 724 |
2,022 | 709 |
2,023 | 697 |
2024-2028 | $ 3,514 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 108,463 | 299,778 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost (in Dollars) | $ 1,100 | $ 500 | |
Stock-based compensation expense | $ 1,884 | $ 1,778 | $ 2,113 |
Number of shares to tax obligations | 42,672 | ||
Compensation income tax expense | $ 69,627 | ||
Equity Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 750,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 668 | ||
Restricted Stock [Member] | |||
Unrecognized compensation cost related to nonvested shares | $ 687 | ||
Weighted average period related to compesation cost | 9 months 18 days | ||
Performance Shares [Member] | |||
Unrecognized compensation cost related to nonvested shares | $ 653 | ||
Weighted average period related to compesation cost | 1 year 6 months | ||
Performance unit shares to satisfy tax obligation created from vesting | 26,955 | ||
Non-vested restricted stock units [Member] | |||
Unrecognized compensation cost related to nonvested shares | $ 679 | ||
Weighted-average period | 2 years |
Stock Based Compensation (Det_2
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding Beginning Balance | 299,778 | ||
Granted | |||
Exercised | (189,992) | (66,389) | (136,429) |
Forfeited/cancelled/expired | (1,323) | ||
Outstanding Ending Balance | 108,463 | 299,778 | |
Exercisable Ending Balance | 108,463 | ||
Outstanding Beginning Balance, Weighted-Average Exercise Price | $ 6.18 | ||
Exercised, Weighted-Average Exercise Price | 4.89 | ||
Forfeited/cancelled/expired, Weighted-Average Exercise Price | 14.24 | ||
Outstanding Ending Balance, Weighted-Average Exercise Price | 8.35 | $ 6.18 | |
Exercisable Ending Balance, Weighted-Average Exercise Price | $ 8.35 | ||
Outstanding Ending Balance - Weighted average remaining contractual term (years) | 2 years 9 months 18 days | ||
Exercisable Ending Balance - Weighted average remaining contractual term (years) | 2 years 9 months 18 days | ||
Outstanding Ending Balance - Aggregate intrinsic value | $ 1,097,806 | ||
Exercisable Ending Balance - Aggregate intrinsic value | $ 1,097,806 |
Stock Based Compensation (Det_3
Stock Based Compensation (Details) - Schedule of Share-based Payment Award, Nonvested Shares | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Granted | |
Nonvested [Member] | |
Nonvested at December 31, 2017 | 103,078 |
Granted | 24,684 |
Vested | (58,668) |
Forfeited/cancelled/expired | (666) |
Nonvested at December 31, 2018 | 68,428 |
Outstanding, beginning balance | $ / shares | $ 20.41 |
Granted | $ / shares | 27.86 |
Vested | $ / shares | 18.89 |
Forfeited/cancelled/expired | $ / shares | 24.25 |
Outstanding, ending balance | $ / shares | $ 23.04 |
Stock Based Compensation (Det_4
Stock Based Compensation (Details) - Schedule of Share-based Payment Award, Unearned Shares | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Outstanding Beginning Balance | 299,778 |
Awarded | |
Outstanding Ending Balance | 108,463 |
Performance Unit Awards [Member] | |
Outstanding Beginning Balance | 151,194 |
Awarded | 19,614 |
Change in Estimate | (15,172) |
Vested | (69,627) |
Outstanding Ending Balance | 86,009 |
Outstanding, beginning balance | $ / shares | $ 19.19 |
Awarded | $ / shares | 31.35 |
Vested | $ / shares | 19.46 |
Outstanding, ending balance | $ / shares | $ 22.06 |
Performance Unit Awards [Member] | Maximum [Member] | |
Awarded | |
Outstanding Ending Balance | 151,772 |
Outstanding, beginning balance | $ / shares | |
Unearned Restricted Stock Units [Member] | |
Outstanding Beginning Balance | |
Awarded | 29,423 |
Forfeited | |
Vested | |
Outstanding Ending Balance | 29,423 |
Outstanding, beginning balance | $ / shares | |
Awarded | $ / shares | 31.35 |
Vested | $ / shares | |
Forfeited | $ / shares | |
Outstanding, ending balance | $ / shares | $ 31.35 |
Dividends and Other Restricti_2
Dividends and Other Restrictions (Details) $ in Millions | Dec. 31, 2018USD ($) |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Available for payment of dividends | $ 230,900 |
Derivatives (Details)
Derivatives (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 13, 2017 | Aug. 24, 2015 | Dec. 30, 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 | $ (463,600) | $ 406,200 | $ 668,300 |
Derivatives (Details) - Summary
Derivatives (Details) - Summary of interest rate swap designated as a cash flow hedges - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of interest rate swap designated as a cash flow hedges [Abstract] | ||
Notional amount | $ 75,000 | $ 100,000 |
Weighted average pay rates | 1.70% | 1.66% |
Weighted average receive rates | 2.19% | 1.23% |
Weighted average maturity | 2 years | 2 years 4 months 24 days |
Fair value | $ 1,159 | $ 798 |
Derivatives (Details) - Summa_2
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, 2018 | Dec. 31, 2017 | |
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) | $ 825 | $ 304 |
Amount of gain (loss) reclassified from OCI to interest income | (464) | 406 |
Amount of gain (loss) recognized in other Noninterest income (Ineffective Portion) |
Derivatives (Details) - Summa_3
Derivatives (Details) - Summary of cash flow hedges included in the consolidated balance sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Included in other asset/(liabilities): | ||
Interest rate swap related to FHLB Advances, Fair Value | $ 1,159 | $ 798 |
Interest Rate Swap [Member] | ||
Included in other asset/(liabilities): | ||
Interest rate swap related to FHLB Advances, Notional Amount | 75,000 | 100,000 |
Interest rate swap related to FHLB Advances, Fair Value | $ 1,159 | $ 798 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 1,748 | |
Impaired Financing Receivable, Related Allowance | 36 | $ 39 |
Impaired Loans [Member] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,700 | 1,100 |
Impaired Financing Receivable, Related Allowance | $ 36 | $ 39 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a recurring basis - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | $ 412,034 | $ 435,284 |
Derivatives | 1,159 | 798 |
Assets: Available-for-sale, Fair Value | 424,653 | 436,082 |
Federal Agency Obligations [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 44,955 | 56,022 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 185,204 | 181,891 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 3,874 | 4,054 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 139,185 | 131,128 |
Corporate Bonds And Notes [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 25,813 | 29,693 |
Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 9,691 | 12,050 |
Certificates of Deposit [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 322 | 625 |
Equity Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 11,460 | 11,728 |
Other Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 2,990 | 3,422 |
Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 4,671 | |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 2,990 | 15,150 |
Derivatives | ||
Assets: Available-for-sale, Fair Value | 14,450 | 15,150 |
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] | 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 | 11,460 | 11,728 |
Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 2,990 | 3,422 |
Fair Value, Inputs, Level 1 [Member] | Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 399,667 | 410,502 |
Derivatives | 1,159 | 798 |
Assets: Available-for-sale, Fair Value | 400,826 | 411,300 |
Fair Value, Inputs, Level 2 [Member] | Federal Agency Obligations [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 44,955 | 56,022 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 185,204 | 181,891 |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 3,874 | 4,054 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 129,808 | 121,496 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds And Notes [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 25,813 | 29,693 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 9,691 | 12,050 |
Fair Value, Inputs, Level 2 [Member] | Certificate Of Deposit [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 322 | 625 |
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 2 [Member] | Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 4,671 | |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value | 9,377 | 9,632 |
Derivatives | ||
Assets: Available-for-sale, Fair Value | 9,377 | 9,632 |
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 | 9,377 | 9,632 |
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, Inputs, Level 3 [Member] | Trust Preferred Securities [Member] | ||
Available-for-sale: | ||
Investment securities: Available-for-sale, Fair Value |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring - Impaired Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commercial Real Estate [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | $ 1,481 | $ 1,094 |
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 | ||
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 | ||
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 | 1,481 | $ 1,094 |
Residential [Member] | ||
Assets Measured at Fair Value on a Non-Recurring Basis: | ||
Assets measured at fair value on a nonrecurring basis | 231 | |
Residential [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 | ||
Residential [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 | ||
Residential [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 | $ 231 |
Fair Value Measurements and F_6
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, 2018 | Dec. 31, 2017 | |
Balance of recurring Level 3 assets at January 1 | $ 9,632 | $ 18,218 |
Principal paydowns | (255) | (8,586) |
Balance of recurring Level 3 assets At December 31 | $ 9,377 | $ 9,632 |
Fair Value Measurements and F_7
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value no recurring item basis - Municipal Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair value | $ 9,377 | $ 9,632 |
Valuation Techniques | Discounted Cash Flows | Discounted Cash Flows |
Unobservable Input | Discount Rate | Discount Rate |
Range | 2.90% | 2.90% |
Fair Value Measurements and F_8
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis - Impaired Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Residential [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 | $ 231 | |
Valuation Technique | Appraisals of collateral value | |
Unobservable Inputs | Comparable sales | |
Residential [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 | (5.00%) | |
Residential [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% | |
Residential [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 | 10.00% | |
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 | $ 1,481 | $ 1,094 |
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
Unobservable Inputs | Comparable sales | Comparable sales |
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 | (8.00%) | 5.00% |
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 | 6.00% | 0.00% |
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 | 9.00% | 10.00% |
Fair Value Measurements and F_9
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value hierarchy - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial assets | |||||
Cash and due from banks, Carrying Amount | $ 172,366 | $ 149,582 | $ 200,399 | $ 200,895 | |
Cash and due from banks, Fair Value | 172,366 | 149,582 | |||
Investment securities available-for-sale, Carrying Amount | 412,034 | 435,284 | |||
Investment Securities Available-for-Sale, Fair Value | 412,034 | 435,284 | |||
Restricted investment in bank stocks, Carrying Amount | 31,136 | 33,497 | |||
Restricted investment in bank stocks, Fair Value | |||||
Equity securities, Carrying Amount | 11,460 | ||||
Equity securities, Fair Value | 11,460 | ||||
Loans held-for-sale, Carrying Amount | 24,845 | ||||
Loans held-for-sale, Fair Value | 24,845 | ||||
Net loans, Carrying Amount | 4,506,138 | [1] | 4,139,708 | ||
Net loans, Fair Value | 4,402,878 | [1] | 4,118,542 | ||
Derivatives, Carrying Amount | 1,159 | 798 | |||
Derivatives, Fair Value | 1,159 | 798 | |||
Accrued interest receivable, Carrying Amount | 18,214 | 15,470 | |||
Accrued interest receivable, Fair Value | 18,214 | 15,470 | |||
Financial liabilities | |||||
Noninterest-bearing deposits, Carrying Amount | 768,584 | 776,843 | |||
Noninterest-bearing deposits, Fair Value | 768,584 | 776,843 | |||
Interest-bearing deposits, Carrying Amount | 3,323,508 | 3,018,285 | |||
Interest-bearing deposits, Fair Value | 3,320,640 | 3,018,285 | |||
Borrowings, Carrying Amount | 600,001 | 670,077 | |||
Borrowings, Fair Value | 598,598 | 669,680 | |||
Subordinated debentures, Carrying Amount | 128,556 | 54,699 | |||
Subordinated debentures, Fair Value | 132,426 | 57,340 | |||
Accrued interest payable, Carrying Amount | 6,764 | 3,707 | |||
Accrued interest payable, Fair Value | 6,764 | 3,707 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Financial assets | |||||
Cash and due from banks, Fair Value | 172,366 | 149,582 | |||
Investment Securities Available-for-Sale, Fair Value | 2,990 | 15,150 | |||
Restricted investment in bank stocks, Fair Value | |||||
Equity securities, Fair Value | 11,460 | ||||
Loans held-for-sale, Fair Value | |||||
Net loans, Fair Value | [1] | ||||
Derivatives, Carrying Amount | |||||
Derivatives, Fair Value | |||||
Accrued interest receivable, Fair Value | |||||
Financial liabilities | |||||
Noninterest-bearing deposits, Fair Value | 768,584 | 776,843 | |||
Interest-bearing deposits, Fair Value | 1,957,503 | 1,842,151 | |||
Borrowings, Fair Value | |||||
Subordinated debentures, Fair Value | |||||
Accrued interest payable, Fair Value | |||||
Fair Value, Inputs, Level 2 [Member] | |||||
Financial assets | |||||
Cash and due from banks, Fair Value | |||||
Investment Securities Available-for-Sale, Fair Value | 399,667 | 410,502 | |||
Restricted investment in bank stocks, Fair Value | |||||
Equity securities, Fair Value | |||||
Loans held-for-sale, Fair Value | 370 | ||||
Net loans, Fair Value | [1] | ||||
Derivatives, Carrying Amount | 1,159 | 798 | |||
Derivatives, Fair Value | 1,159 | 798 | |||
Accrued interest receivable, Fair Value | 2,064 | 2,051 | |||
Financial liabilities | |||||
Noninterest-bearing deposits, Fair Value | |||||
Interest-bearing deposits, Fair Value | 1,363,137 | 1,176,134 | |||
Borrowings, Fair Value | 598,598 | 669,680 | |||
Subordinated debentures, Fair Value | 132,426 | 57,340 | |||
Accrued interest payable, Fair Value | 6,764 | 3,707 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Financial assets | |||||
Cash and due from banks, Fair Value | |||||
Investment Securities Available-for-Sale, Fair Value | 9,377 | 9,632 | |||
Restricted investment in bank stocks, Fair Value | |||||
Equity securities, Fair Value | |||||
Loans held-for-sale, Fair Value | 24,475 | ||||
Net loans, Fair Value | 4,402,878 | [1] | 4,118,542 | ||
Derivatives, Carrying Amount | |||||
Derivatives, Fair Value | |||||
Accrued interest receivable, Fair Value | 16,150 | 13,419 | |||
Financial liabilities | |||||
Noninterest-bearing deposits, Fair Value | |||||
Interest-bearing deposits, Fair Value | |||||
Borrowings, Fair Value | |||||
Subordinated debentures, Fair Value | |||||
Accrued interest payable, Fair Value | |||||
[1] | ASU 2016-01 requires the use of an exit price in fair value disclosures. Historically (prior to January 1, 2018) the Company used an entry price in the estimate of fair value loans. |
Parent Corporation Only Finan_3
Parent Corporation Only Financial Statements (Details) - Condensed Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and cash equivalents | $ 39,161 | $ 52,565 | |
Securities available-for-sale | 412,034 | 435,284 | |
Equity securities | 11,460 | ||
Other assets | 30,216 | 28,275 | |
Total assets | 5,462,092 | 5,108,442 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Subordinated debentures | 128,556 | 54,699 | |
Stockholders' equity | 613,927 | 565,437 | |
Total liabilities and stockholders' equity | 5,462,092 | 5,108,442 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and cash equivalents | 22,071 | 7,506 | |
Investment in subsidiaries | 692,516 | 614,083 | |
Receivable due from subsidiaries | 32,250 | ||
Securities available-for-sale | 176 | 779 | |
Equity securities | [1] | 607 | |
Other assets | 1,282 | 322 | |
Total assets | 748,902 | 622,690 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Other liabilities | 6,419 | 2,554 | |
Subordinated debentures | 128,556 | 54,699 | |
Stockholders' equity | 613,927 | 565,437 | |
Total liabilities and stockholders' equity | $ 748,902 | $ 622,690 | |
[1] | Beginning January 1, 2018, equity securities were reclassified out of investment securities available-for-sale in conjunction with ASU 2016-01. |
Parent Corporation Only Finan_4
Parent Corporation Only Financial Statements (Details) - Condensed Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income: | ||||||||||||
Dividend income from subsidiaries | $ 2,012 | $ 1,421 | $ 1,410 | |||||||||
Other income | 607 | 736 | [1] | |||||||||
Net Income | $ 18,672 | $ 19,902 | $ 17,527 | $ 4,251 | $ 10,580 | $ 13,077 | $ 7,683 | $ 11,880 | 60,352 | 43,220 | 31,082 | |
Parent Company [Member] | ||||||||||||
Income: | ||||||||||||
Dividend income from subsidiaries | 16,700 | 13,000 | 12,400 | |||||||||
Other income | 1,618 | 13 | 8 | |||||||||
Total Income | 18,318 | 13,013 | 12,408 | |||||||||
Expenses | (7,201) | (3,251) | (3,252) | |||||||||
Income before equity in undistributed earnings of subsidiaries | 11,117 | 9,762 | 9,156 | |||||||||
Equity in undistributed earnings of subsidiaries | 49,235 | 33,458 | 21,926 | |||||||||
Net Income | $ 60,352 | $ 43,220 | $ 31,082 | |||||||||
[1] | The Company elected the modified retrospective approach of adoption; therefore, prior period balances are presented under legacy GAAP and may not be comparable to current year presentation. |
Parent Corporation Only Finan_5
Parent Corporation Only Financial Statements (Details) - Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 18,672 | $ 19,902 | $ 17,527 | $ 4,251 | $ 10,580 | $ 13,077 | $ 7,683 | $ 11,880 | $ 60,352 | $ 43,220 | $ 31,082 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Loss on equity securities, net | 267 | ||||||||||
(Increase) decrease in other assets | (1,134) | 5,706 | (15,006) | ||||||||
Increase (decrease) in other liabilities | 4,988 | 3,887 | (2,022) | ||||||||
Net cash provided by operating activities | 89,060 | 131,133 | 49,712 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash used in investing activities | (357,214) | (817,727) | (427,669) | ||||||||
Cash flows from financing activities: | |||||||||||
Cash dividends on common stock | (9,664) | (9,612) | (9,067) | ||||||||
Cash dividends on preferred stock | (22) | ||||||||||
Issuance cost of common stock | (180) | ||||||||||
Redemption of preferred stock | (11,250) | ||||||||||
Proceeds from exercise of stock options | 875 | 417 | 767 | ||||||||
Net cash provided by financing activities | 290,938 | 635,777 | 377,461 | ||||||||
Increase (decrease) in cash and cash equivalents | 22,784 | (50,817) | (496) | ||||||||
Cash and cash equivalents at beginning of period | 149,582 | 149,582 | 200,399 | 200,895 | |||||||
Cash and cash equivalents at end of period | 172,366 | 149,582 | 172,366 | 149,582 | 200,399 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 60,352 | 43,220 | 31,082 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiary | (49,235) | (33,458) | (21,926) | ||||||||
Loss on equity securities, net | 4 | ||||||||||
(Increase) decrease in other assets | (627) | 269 | 2,023 | ||||||||
Increase (decrease) in other liabilities | 3,843 | (151) | 544 | ||||||||
Net cash provided by operating activities | 14,337 | 9,880 | 11,723 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of available-for-sale securities | (8) | (7) | |||||||||
Capital infusion to subsidiary | (64,500) | (38,439) | |||||||||
Net cash used in investing activities | (64,508) | (7) | (38,439) | ||||||||
Cash flows from financing activities: | |||||||||||
Cash dividends on common stock | 73,525 | (9,612) | (9,067) | ||||||||
Cash dividends on preferred stock | (9,664) | (22) | |||||||||
Issuance cost of common stock | (180) | ||||||||||
Secondary offering of common stock | 38,439 | ||||||||||
Redemption of preferred stock | (11,250) | ||||||||||
Proceeds from exercise of stock options | 875 | 417 | 767 | ||||||||
Net cash provided by financing activities | 64,736 | (9,375) | 18,867 | ||||||||
Increase (decrease) in cash and cash equivalents | 14,565 | 498 | (7,849) | ||||||||
Cash and cash equivalents at beginning of period | $ 7,506 | 7,506 | 7,008 | 14,857 | |||||||
Cash and cash equivalents at end of period | $ 22,071 | $ 7,506 | $ 22,071 | $ 7,506 | $ 7,008 |
Quarterly Financial Informati_3
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total interest income | $ 57,223 | $ 55,351 | $ 53,084 | $ 50,475 | $ 50,211 | $ 46,338 | $ 43,691 | $ 41,084 | $ 216,133 | $ 181,324 | $ 161,241 |
Total interest expense | 17,062 | 15,389 | 14,139 | 12,328 | 10,403 | 9,319 | 8,590 | 7,943 | 58,918 | 36,255 | 31,096 |
Net interest income | 40,161 | 39,962 | 38,945 | 38,147 | 39,808 | 37,019 | 35,101 | 33,141 | 157,215 | 145,069 | 130,145 |
Provision for loan losses | 1,100 | 1,100 | 1,100 | 17,800 | 2,000 | 1,450 | 1,450 | 1,100 | 21,100 | 6,000 | 38,700 |
Total other income, net of securities gains | 1,515 | 1,429 | 1,388 | 1,407 | 2,024 | 1,756 | 1,422 | 1,406 | |||
Net securities gains | 1,596 | ||||||||||
Other expense | 18,266 | 18,287 | 17,108 | 17,059 | 16,566 | 18,641 | 25,303 | 18,249 | |||
Income before income taxes | 22,310 | 22,004 | 22,125 | 4,695 | 23,266 | 18,684 | 9,770 | 16,794 | 71,134 | 68,514 | 42,858 |
Income tax expense | 3,638 | 2,102 | 4,598 | 444 | 12,686 | 5,607 | 2,087 | 4,914 | 10,782 | 25,294 | 11,776 |
Net income | $ 18,672 | $ 19,902 | $ 17,527 | $ 4,251 | $ 10,580 | $ 13,077 | $ 7,683 | $ 11,880 | $ 60,352 | $ 43,220 | $ 31,082 |
Earnings per share: | |||||||||||
Basic (in Dollars per share) | $ 0.58 | $ 0.62 | $ 0.54 | $ 0.13 | $ 0.33 | $ 0.41 | $ 0.24 | $ 0.37 | $ 1.87 | $ 1.35 | $ 1.02 |
Diluted (in Dollars per share) | $ 0.58 | $ 0.61 | $ 0.54 | $ 0.13 | $ 0.33 | $ 0.41 | $ 0.24 | $ 0.37 | $ 1.86 | $ 1.34 | $ 1.01 |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |||
Service charges on deposits | ||||||
Overdraft fees | $ 847 | $ 809 | ||||
Other | 607 | 736 | ||||
Interchange income | 628 | 675 | ||||
Net gains on sales of loans | 61 | [2] | 708 | [2] | $ 232 | |
Wire transfer fees | [2] | 309 | 251 | |||
Loan servicing fees | [2] | 94 | 108 | |||
Bank owned life insurance | 3,094 | [2] | 3,181 | [2] | 2,559 | |
Net gains on sales of securities | [2] | 1,596 | [2] | 4,234 | ||
Annuity and insurance income | [2] | 39 | [2] | 191 | ||
Other | 99 | 101 | ||||
Total noninterest income | $ 5,739 | $ 8,204 | $ 9,920 | |||
[1] | The Company elected the modified retrospective approach of adoption; therefore, prior period balances are presented under legacy GAAP and may not be comparable to current year presentation. | |||||
[2] | Not within scope of ASC 606. |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - ConnectOne Bank [Member] $ / shares in Units, $ in Thousands | Jan. 02, 2019USD ($)$ / shares |
Loans acquired | $ 400,000 |
Deposits assumed | $ 400,000 |
Common stock exchanged price | $ / shares | $ 0.245 |