Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Arrow Financial Corporation | ||
Entity Central Index Key | 717,538 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 13,946,146 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 426,448,104 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and Due From Banks | $ 42,562 | $ 43,024 |
Interest-Bearing Deposits at Banks | 30,276 | 14,331 |
Investment Securities: | ||
Available-for-Sale | 300,200 | 346,996 |
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 335,907 | 345,427 |
Other Investments | 9,949 | 10,912 |
Loans | 1,950,770 | 1,753,268 |
Allowance for Loan Losses | (18,586) | (17,012) |
Net Loans | 1,932,184 | 1,736,256 |
Premises and Equipment, Net | 27,619 | 26,938 |
Goodwill | 21,873 | 21,873 |
Other Intangible Assets, Net | 2,289 | 2,696 |
Other Assets | 57,606 | 56,789 |
Total Assets | 2,760,465 | 2,605,242 |
LIABILITIES | ||
Noninterest-Bearing Deposits | 441,945 | 387,280 |
Interest-Bearing Checking Accounts | 907,315 | 877,988 |
Savings Deposits | 694,573 | 651,965 |
Time Deposits over $250,000 | 38,147 | 32,878 |
Other Time Deposits | 163,136 | 166,435 |
Total Deposits | 2,245,116 | 2,116,546 |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 64,966 | 35,836 |
Federal Home Loan Bank Overnight Advances | 105,000 | 123,000 |
Federal Home Loan Bank Term Advances | 55,000 | 55,000 |
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 |
Other Liabilities | 20,780 | 22,008 |
Total Liabilities | 2,510,862 | 2,372,390 |
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, $5 Par Value; 1,000,000 Shares Authorized | 0 | 0 |
Common Stock, $1 Par Value; 20,000,000 Shares Authorized (18,481,301 Shares Issued at December 31, 2017, and 17,943,201 Shares Issued at December 31, 2016) | 18,481 | 17,943 |
Additional Paid-in Capital | 290,219 | 270,880 |
Retained Earnings | 28,818 | 28,644 |
Unallocated ESOP Shares (9,643 Shares at December 31, 2017, and 19,466 Shares at December 31, 2016) | (200) | (400) |
Accumulated Other Comprehensive Loss | (8,514) | (6,834) |
Treasury Stock, at Cost (4,541,524 Shares at December 31, 2017, and 4,441,093 Shares at December 31, 2016) | (79,201) | (77,381) |
Total Stockholders’ Equity | 249,603 | 232,852 |
Total Liabilities and Stockholders’ Equity | $ 2,760,465 | $ 2,605,242 |
Balance Sheet Parenthetical (Pa
Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Held-To-Maturity Securities, at Fair Value | $ 335,901 | $ 343,751 |
Preferred Stock, Par Value | $ 5 | $ 5 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Common Stock, Par Value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued | 18,481,301 | 17,943,201 |
Unallocated ESOP Shares - Shares | 9,643 | 19,466 |
Treasury Stock, Shares | 4,541,524 | 4,441,093 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
INTEREST AND DIVIDEND INCOME | |||
Interest and Fees on Loans | $ 70,202 | $ 62,823 | $ 56,856 |
Interest on Deposits at Banks | 348 | 152 | 94 |
Interest and Dividends on Investment Securities: | |||
Fully Taxable | 7,884 | 7,934 | 8,043 |
Exempt from Federal Taxes | 6,223 | 6,006 | 5,745 |
Total Interest and Dividend Income | 84,657 | 76,915 | 70,738 |
INTEREST EXPENSE | |||
Interest-Bearing Checking Accounts | 1,510 | 1,280 | 1,276 |
Savings Deposits | 1,371 | 932 | 741 |
Time Deposits over $250,000 | 282 | 187 | 76 |
Other Time Deposits | 950 | 924 | 1,022 |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 44 | 33 | 20 |
Federal Home Loan Bank Advances | 2,083 | 1,340 | 1,097 |
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 766 | 660 | 581 |
Total Interest Expense | 7,006 | 5,356 | 4,813 |
NET INTEREST INCOME | 77,651 | 71,559 | 65,925 |
Provision for Loan Losses | 2,736 | 2,033 | 1,347 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 74,915 | 69,526 | 64,578 |
NONINTEREST INCOME | |||
Income From Fiduciary Activities | 8,417 | 7,783 | 7,762 |
Fees for Other Services to Customers | 9,591 | 9,469 | 9,220 |
Net (Loss) Gain on Securities Transactions | (448) | (22) | 129 |
Insurance Commissions | 8,612 | 8,668 | 8,967 |
Net Gain on Sales of Loans | 546 | 821 | 692 |
Other Operating Income | 927 | 1,113 | 1,354 |
Total Noninterest Income | 27,645 | 27,832 | 28,124 |
NONINTEREST EXPENSE | |||
Salaries and Employee Benefits | 37,166 | 34,330 | 33,064 |
Occupancy Expenses, Net | 9,560 | 9,402 | 9,267 |
FDIC Assessments | 891 | 1,076 | 1,186 |
Other Operating Expense | 15,088 | 14,801 | 13,913 |
Total Noninterest Expense | 62,705 | 59,609 | 57,430 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 39,855 | 37,749 | 35,272 |
Provision for Income Taxes | 10,529 | 11,215 | 10,610 |
NET INCOME | $ 29,326 | $ 26,534 | $ 24,662 |
Average Shares Outstanding: | |||
Basic Shares, in Shares | 13,893 | 13,792 | 13,680 |
Diluted Shares, in Shares | 13,986 | 13,880 | 13,730 |
Per Common Share: | |||
Basic Earnings, in USD Per Share | $ 2.11 | $ 1.92 | $ 1.80 |
Diluted Earnings, In USD Per Share | $ 2.10 | $ 1.91 | $ 1.80 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 29,326 | $ 26,534 | $ 24,662 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Unrealized Net Securities Holding Losses Arising During the Year | (940) | (1,024) | (1,832) |
Reclassification Adjustment for Net Securities Losses (Gains) Included in Net Income | 337 | 13 | (78) |
Net Retirement Plan Gain | 214 | 1,721 | 848 |
Net Retirement Plan Prior Service (Cost) Credit | 0 | 0 | (224) |
Amortization of Net Retirement Plan Actuarial Loss | 362 | 435 | 514 |
Accretion of Net Retirement Plan Prior Service Credit | (8) | (7) | (34) |
Other Comprehensive Income (Loss) | (35) | 1,138 | (806) |
Comprehensive Income | $ 29,291 | $ 27,672 | $ 23,856 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Unallocated ESOP Shares | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |||
Stockholder's Equity Beginning Balance at Dec. 31, 2014 | $ 200,926 | $ 17,079 | $ 239,721 | $ 29,458 | $ (1,450) | $ (7,166) | $ (76,716) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 24,662 | 24,662 | ||||||||
Other Comprehensive Loss | (806) | (806) | ||||||||
Stock Dividend | 342 | 8,939 | (9,281) | |||||||
Cash Dividends Paid | (12,700) | [1] | (12,700) | |||||||
Stock Options Exercised | 918 | 489 | 429 | |||||||
Shares Issued Under the Directors' Stock Plan | 227 | 143 | 84 | |||||||
Shares Issued Under the Employee Stock Purchase Plan | 494 | 306 | 188 | |||||||
Shares Issued for Dividend Reinvestment Plans | 886 | 570 | 316 | |||||||
Stock-Based Compensation Expense | 308 | 308 | ||||||||
Tax Benefit for Exercises of Stock Options | 59 | 59 | ||||||||
Purchases of Treasury Stock | (1,498) | (1,498) | ||||||||
Allocation of ESOP Stock | 495 | 145 | 350 | |||||||
Stockholder's Equity Ending Balance at Dec. 31, 2015 | 213,971 | 17,421 | 250,680 | 32,139 | (1,100) | (7,972) | (77,197) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 26,534 | 26,534 | ||||||||
Other Comprehensive Loss | 1,138 | 1,138 | ||||||||
Stock Dividend | 522 | 16,415 | (16,937) | |||||||
Cash Dividends Paid | [1] | (13,092) | (13,092) | |||||||
Stock Options Exercised | 2,404 | 1,265 | 1,139 | |||||||
Shares Issued Under the Directors' Stock Plan | 205 | 138 | 67 | |||||||
Shares Issued Under the Employee Stock Purchase Plan | 493 | 318 | 175 | |||||||
Shares Issued for Dividend Reinvestment Plans | 1,743 | 1,167 | 576 | |||||||
Stock-Based Compensation Expense | 287 | 287 | ||||||||
Tax Benefit for Exercises of Stock Options | 188 | 188 | ||||||||
Purchases of Treasury Stock | (2,141) | (2,141) | ||||||||
Allocation of ESOP Stock | 1,122 | 422 | 700 | |||||||
Stockholder's Equity Ending Balance at Dec. 31, 2016 | 232,852 | 17,943 | 270,880 | 28,644 | (400) | (6,834) | (77,381) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 29,326 | 29,326 | ||||||||
Other Comprehensive Loss | (35) | (35) | ||||||||
Reclassification due to the adoption of ASU No. 2018-02 | (1,645) | 1,645 | (1,645) | |||||||
Stock Dividend | 538 | [2] | 16,660 | (17,198) | ||||||
Cash Dividends Paid | [1] | (13,599) | (13,599) | |||||||
Stock Options Exercised | 1,190 | 544 | 646 | |||||||
Shares Issued Under the Directors' Stock Plan | 233 | 160 | 73 | |||||||
Shares Issued Under the Employee Stock Purchase Plan | 496 | 331 | 165 | |||||||
Shares Issued for Dividend Reinvestment Plans | 1,684 | 1,140 | 544 | |||||||
Stock-Based Compensation Expense | 351 | 351 | ||||||||
Tax Benefit for Exercises of Stock Options | 168 | |||||||||
Purchases of Treasury Stock | (3,248) | (3,248) | ||||||||
Allocation of ESOP Stock | 353 | 153 | 200 | |||||||
Stockholder's Equity Ending Balance at Dec. 31, 2017 | $ 249,603 | $ 18,481 | $ 290,219 | $ 28,818 | $ (200) | $ (8,514) | $ (79,201) | |||
[1] | Cash dividends paid per share have been adjusted for the September 28, 2017 3% stock dividend. | |||||||||
[2] | Included in the shares issued for the 3% stock dividend in 2017 were treasury shares of 133,152 and unallocated ESOP shares of 584. |
Stockholder's Equity Parentheti
Stockholder's Equity Parenthetical (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash Dividends Paid, per Share | $ 0.98 | $ 0.95 | $ 0.93 |
Stock Dividends - Shares | 538,100 | 522,425 | 341,400 |
Stock Options Exercised - Shares | 57,756 | 109,651 | 43,096 |
Shares Issued Under Directors Stock Plan - Shares | 6,828 | 6,005 | 8,480 |
Shares Issued Under the Employee Stock Purchase Plan - Shares | 15,025 | 17,113 | 19,036 |
Shares Issued for Dividend Reinvestment Plans - Shares | 49,605 | 55,432 | 32,171 |
Purchase of Treasury Stock - Shares | 96,496 | 72,723 | 55,368 |
Allocation of ESOP Stock - Shares | 10,407 | 36,927 | 17,645 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 29,326 | $ 26,534 | $ 24,662 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Provision for Loan Losses | 2,736 | 2,033 | 1,347 |
Depreciation and Amortization | 5,398 | 5,940 | 6,293 |
Allocation of ESOP Stock | 353 | 1,122 | 495 |
Gains on the Sale of Securities Available-for-Sale | (134) | (317) | (172) |
Losses on the Sale of Securities Available-for-Sale | 582 | 339 | 43 |
Loans Originated and Held-for-Sale | (17,468) | (23,787) | (20,731) |
Proceeds from the Sale of Loans Held-for-Sale | 18,171 | 24,422 | 21,524 |
Net Gains on the Sale of Loans | (546) | (821) | (692) |
Net Losses on the Sale or Write-down of Premises and Equipment, Other Real Estate Owned and Repossessed Assets | 210 | 232 | 297 |
Net Gain on the Sale of a Subsidiary | 0 | 0 | (204) |
Contributions to Pension & Postretirement Plans | (792) | (690) | (3,858) |
Deferred Income Tax (Benefit) Expense | (1,530) | (283) | 1,036 |
Shares Issued Under the Directors’ Stock Plan | 233 | 205 | 227 |
Stock-Based Compensation Expense | 351 | 287 | 308 |
Tax Benefit from Exercise of Stock Options | 112 | 0 | 0 |
Net (Increase) in Other Assets | (157) | (1,598) | (1,147) |
Net Increase (Decrease) in Other Liabilities | 982 | 1,077 | (502) |
Net Cash Provided By Operating Activities | 37,827 | 34,695 | 28,926 |
Cash Flows from Investing Activities: | |||
Proceeds from the Sale of Securities Available-for-Sale | 107,175 | 97,930 | 66,551 |
Proceeds from the Maturities and Calls of Securities Available-for-Sale | 53,863 | 88,719 | 93,817 |
Purchases of Securities Available-for-Sale | (117,262) | (134,950) | (201,820) |
Proceeds from the Maturities and Calls of Securities Held-to-Maturity | 49,244 | 56,461 | 48,409 |
Purchases of Securities Held-to-Maturity | (40,851) | (82,433) | (68,210) |
Net Increase in Loans | (200,600) | (182,065) | (164,710) |
Proceeds from the Sales or Write-down of Premises and Equipment, Other Real Estate Owned and Repossessed Assets | 1,408 | 1,991 | 1,901 |
Purchase of Premises and Equipment | (2,602) | (1,441) | (1,621) |
Proceeds from the Sale of a Subsidiary, Net | 96 | 72 | 132 |
Net (Increase) Decrease in Federal Home Loan Bank Stock | 963 | (2,073) | (3,988) |
Purchase of Bank Owned Life Insurance | 0 | 0 | 0 |
Net Cash Used In Investing Activities | (148,566) | (157,789) | (229,539) |
Cash Flows from Financing Activities: | |||
Net Increase in Deposits | 128,569 | 86,123 | 127,475 |
Net Increase (Decrease) in Short-Term Federal Home Loan Bank Borrowings | (18,000) | 41,000 | 41,000 |
Net Increase in Short-Term Borrowings | 29,130 | 12,663 | 3,752 |
Federal Home Loan Bank Advances | 0 | 0 | 55,000 |
Repayments of Federal Home Loan Bank Advances | 0 | 0 | (10,000) |
Purchase of Treasury Stock | (3,248) | (2,141) | (1,498) |
Shares Issued for Stock Option Exercises, net | 1,190 | 2,404 | 918 |
Shares Issued Under the Employee Stock Purchase Plan | 496 | 493 | 494 |
Tax Benefit for Exercises of Stock Options | 0 | 188 | 59 |
Shares Issued for Dividend Reinvestment Plans | 1,684 | 1,743 | 886 |
Cash Dividends Paid | (13,599) | (13,092) | (12,700) |
Net Cash Provided By Financing Activities | 126,222 | 129,381 | 205,386 |
Net Increase (Decrease) in Cash and Cash Equivalents | 15,483 | 6,287 | 4,773 |
Cash and Cash Equivalents at Beginning of Year | 57,355 | 51,068 | 46,295 |
Cash and Cash Equivalents at End of Year | 72,838 | 57,355 | 51,068 |
Supplemental Disclosures to Statements of Cash Flow Information: | |||
Interest on Deposits and Borrowings | 6,957 | 5,341 | 4,856 |
Income Taxes | 11,454 | 11,961 | 9,357 |
Non-cash Investing and Financing Activity: | |||
Transfer of Loans to Other Real Estate Owned and Repossessed Assets | $ 1,779 | $ 1,876 | $ 3,046 |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | RISKS AND UNCERTAINTIES Nature of Operations - Arrow Financial Corporation, a New York corporation, was incorporated on March 21, 1983 and is registered as a bank holding company within the meaning of the Bank Holding Company Act of 1956. Our banking subsidiaries are Glens Falls National Bank and Trust Company (Glens Falls National/GFNB) whose main office is located in Glens Falls, New York, and Saratoga National Bank and Trust Company (Saratoga National/SNB) whose main office is located in Saratoga Springs, New York. The two banks provide a full range of services to individuals and small to mid-size businesses in northeastern New York State from Albany, the State's capitol, to the Canadian border. Both banks have trust departments which provide investment management and administrative services. The insurance agencies specialize in property and casualty insurance, group health insurance and individual life insurance. Active subsidiaries of Glens Falls National include Capital Financial Group, Inc. (an insurance agency specializing in selling and servicing group health care policies and life insurance), Upstate Agency, LLC (a property and casualty insurance agency), North Country Investment Advisers, Inc. (a registered investment adviser that provides investment advice to our proprietary mutual funds) and Arrow Properties, Inc. (a real estate investment trust, or REIT). Arrow also owns directly two subsidiary business trusts, organized in 2003 and 2004 to issue trust preferred securities (TRUPs), which are still outstanding. Concentrations of Credit - Virtually all of Arrow's loans are with borrowers in upstate New York. Although the loan portfolios of the subsidiary banks are well diversified, tourism has a substantial impact on the northeastern New York economy. The commitments to extend credit are fairly consistent with the distribution of loans presented in Note 5, generally have the same credit risk and are subject to normal credit policies. Generally, the loans are secured by assets and are expected to be repaid from cash flow or the sale of selected assets of the borrowers. Arrow evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by Arrow upon extension of credit, is based upon management's credit evaluation of the counterparty. The nature of the collateral varies with the type of loan and may include: residential real estate, cash and securities, inventory, accounts receivable, property, plant and equipment, income producing commercial properties and automobiles. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation - The financial statements of Arrow and its wholly owned subsidiaries are consolidated and all material inter-company transactions have been eliminated. In the “ Parent Company Only ” financial statements in Note 20, the investment in wholly owned subsidiaries is carried under the equity method of accounting. When necessary, prior years ’ consolidated financial statements have been reclassified to conform to the current-year financial statement presentation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (VIE) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when the Company has both the power and ability to direct the activities of the VIE that most significantly impact the VIE's economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company’s wholly owned subsidiaries Arrow Capital Statutory Trust II and Arrow Capital Statutory Trust III are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. Segment Reporting - Arrow operations are primarily in the community banking industry, which constitutes Arrow ’ s only segment for financial reporting purposes. Arrow provides other services, such as trust administration, retirement plan administration, advice to our proprietary mutual funds and insurance products, but these services do not rise to the quantitative thresholds for separate disclosure. Arrow operates primarily in the northeastern region of New York State in Warren, Washington, Saratoga, Essex, Clinton, Rensselaer, Albany, and Schenectady counties and surrounding areas. Cash and Cash Equivalents - Cash and cash equivalents include the following items: cash at branches, due from bank balances, cash items in the process of collection, interest-bearing bank balances and federal funds sold. Securities - Management determines the appropriate classification of securities at the time of purchase. Securities reported as held-to-maturity are those debt securities which Arrow has both the positive intent and ability to hold to maturity and are stated at amortized cost. Securities available-for-sale are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income or loss, net of taxes. Realized gains and losses are based upon the amortized cost of the specific security sold. A decline in the fair value of any available-for-sale or held-to-maturity security below cost that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other-than-temporary, we consider all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts when developing an estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. When an other-than-temporary impairment has occurred on a debt security, the amount of the other-than-temporary impairment recognized in earnings depends on whether we intend to sell the debt security or more likely than not will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss. If we intend to sell the debt security or it is more likely than not that we will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is recognized in earnings equal to the entire difference between the investment ’ s amortized cost basis and its fair value at the balance sheet date. If we do not intend to sell the debt security and it is not more likely than not that we will be required to sell the debt security before recovery of its amortized cost basis, the other-than-temporary impairment is separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income, net of applicable income taxes. Loans and Allowance for Loan Losses - Interest income on loans is accrued and credited to income based upon the principal amount outstanding. Loan fees and costs directly associated with loan originations are deferred and amortized/accreted as an adjustment to yield over the lives of the loans originated. From time-to-time, Arrow has sold (most with servicing retained) residential real estate loans at or shortly after origination. Any gain or loss on the sale of loans, along with the value of the servicing right, is recognized at the time of sale as the difference between the recorded basis in the loan and net proceeds from the sale. Loans held for sale are recorded at the lower of cost or fair value on an aggregate basis. Loans are placed on nonaccrual status either due to the delinquency status of principal and/or interest or a judgment by management that the full repayment of principal and interest is unlikely. Unless already placed on nonaccrual status, loans secured by home equity lines of credit are put on nonaccrual status when 120 days past due; residential real estate loans when 150 days past due; commercial and commercial real estate loans are evaluated on a loan-by-loan basis and are placed on nonaccrual status when 90 days past due if the full collection of principal and interest is uncertain; all other loans are to be moved to non-accrual status upon the earliest occurrence of repossession, bankruptcy, delinquency of 90 days or more unless the loan is secured and in the process of collection with no loss anticipated or when full collection of principal and interest is in doubt. The balance of any accrued interest deemed uncollectible at the date the loan is placed on nonaccrual status is reversed, generally against interest income. A loan is returned to accrual status at the later of the date when the past due status of the loan falls below the threshold for nonaccrual status or management deems that it is likely that the borrower will repay all interest and principal. For payments received while the loan is on nonaccrual status, we may recognize interest income on a cash basis if the repayment of the remaining principal and accrued interest is deemed likely. The allowance for loan losses is maintained by charges to operations based upon our best estimate of the probable amount of loans that we will be unable to collect based on current information and events. Provisions to the allowance for loan losses are offset by actual loan charge-offs (net of any recoveries). We evaluate the loan portfolio for potential charge-offs on a monthly basis. In general, automobile and other consumer loans are charged-off when 120 days delinquent. Residential real estate loans are charged-off when a loss becomes known or based on a new appraisal at the earlier of 180 days past due or repossession. Commercial and commercial real estate loans are evaluated early in their delinquency status and are charged-off when management concludes that not all principal will be repaid from on-going cash flows or liquidation of collateral. An evaluation of estimated proceeds from the liquidation of the loan ’ s collateral is compared to the loan carrying amount and a charge to the allowance for loan losses is taken for any deficiency. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions in Arrow's market area. In addition, various Federal regulatory agencies, as an integral part of their examination process, review Arrow's allowance for loan losses. Such agencies may require Arrow to recognize additions to the allowance in future periods, based on their judgments about information available to them at the time of their examination, which may not be currently available to management. We consider nonaccrual loans over $250 thousand and all troubled debt restructured loans to be impaired loans and we evaluate these loans individually to determine the amount of impairment, if any. The amount of impairment, if any, related to individual impaired loans is measured based on either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. Arrow determines impairment for collateral dependent loans based on the fair value of the collateral less estimated costs to sell. Any excess of the recorded investment in the collateral dependent impaired loan over the estimated collateral value, less costs to sell, is typically charged off. For impaired loans which are not collateral dependent, impairment is measured by comparing the recorded investment in the loan to the present value of the expected cash flows, discounted at the loan ’ s effective interest rate. If this amount is less than the recorded investment in the loan, an impairment reserve is recognized as part of the allowance for loan losses, or based upon the judgment of management all or a portion of the excess of the recorded investment in the loan over the present value of the estimated future cash flow may be charged off. The allowance for loan losses on the remaining loans is primarily determined based upon consideration of the historical loss factor incorporating a rolling twelve quarter look-back period of the respective segment that have occurred within each pool of loans over the loss emergence period (LEP), adjusted as necessary based upon consideration of qualitative considerations impacting the inherent risk of loss in the respective loan portfolios. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is recognized in the financial statements. Since the LEP may change under various economic environments, we update the LEP calculation on an annual basis. We also consider and adjust historical net loss factors for qualitative factors that impact the inherent risk of loss associated with our loan categories within our total loan portfolio. These include: • Changes in the volume and severity of past due, nonaccrual and adversely classified loans • Changes in the nature and volume of the portfolio and in the terms of loans • Changes in the value of the underlying collateral for collateral dependent loans • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • Changes in the quality of the loan review system • Changes in the experience, ability, and depth of lending management and other relevant staff • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio • The existence and effect of any concentrations of credit, and changes in the level of such concentrations • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio or pool In management ’ s opinion, the balance of the allowance for loan losses, at each balance sheet date, is sufficient to provide for probable loan losses inherent in the corresponding loan portfolio. Other Real Estate Owned and Repossessed Assets - Real estate acquired by foreclosure and assets acquired by repossession are recorded at the fair value of the property less estimated costs to sell at the time of repossession. Subsequent declines in fair value, after transfer to other real estate owned and repossessed assets are recognized through a valuation allowance. Such declines in fair value along with related operating expenses to administer such properties or assets are charged directly to operating expense. Premises and Equipment - Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization included in operating expenses are computed largely on the straight-line method. Depreciation is based on the estimated useful lives of the assets (buildings and improvements 20 - 40 years; furniture and equipment 7 - 10 years; data processing equipment 5 - 7 years) and, in the case of leasehold improvements, amortization is computed over the terms of the respective leases or their estimated useful lives, whichever is shorter. Gains or losses on disposition are reflected in earnings. Investments in Real Estate Limited Partnerships - These limited partnerships acquire, develop and operate low and moderate-income housing. As a limited partner in these projects, we receive low income housing tax credits and tax deductions for losses incurred by the underlying properties. We apply the proportional amortization method allowed in Accounting Standards Update 2014-01 "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects." The proportional amortization method permits an entity to amortize the initial cost of the investment in proportion to the amount of the tax credits and other tax benefits received and to recognize the net investment performance in the income statement as a component of income tax expense. Income Taxes - T he Tax Act was enacted on December 22, 2017 and requires the Company to reflect the changes associated with the law’s provisions in its 2017 fourth quarter. The law is complex and has extensive implications for the Company’s federal and state current and deferred taxes and income tax expense. The Company has recorded and reported the effects of the law’s impacts in its financial statements for the period ended December 31, 2017. See Note 15, Income Taxes , to the notes to our Consolidated Financial Statements for more information. Arrow accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Arrow ’ s policy is that deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Goodwill and Other Intangible Assets - Identifiable intangible assets acquired in a business combination are capitalized and amortized. Any remaining unidentifiable intangible asset is classified as goodwill, for which amortization is not required but which must be evaluated for impairment. Arrow tests for impairment of goodwill on an annual basis, or when events and circumstances indicate potential impairment. In evaluating goodwill for impairment, Arrow first assesses certain qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. If it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The carrying amounts of other recognized intangible assets that meet recognition criteria and for which separate accounting records have been maintained (depositor intangibles, mortgage servicing rights and customer intangibles), have been included in the consolidated balance sheet as “ Other Intangible Assets, Net. ” Depositor intangibles are being amortized on a straight-line basis over a period of ten to fifteen years. Arrow has sold residential real estate loans, primarily to Freddie Mac, with servicing retained. Mortgage servicing rights are recognized as an asset when loans are sold with servicing retained, by allocating the cost of an originated mortgage loan between the loan and servicing right based on estimated relative fair values. The cost allocated to the servicing right is capitalized as a separate asset and amortized in proportion to, and over the period of, estimated net servicing income. Capitalized mortgage servicing rights are evaluated for impairment by comparing the asset ’ s carrying value to its current estimated fair value. Fair values are estimated using a discounted cash flow approach, which considers future servicing income and costs, current market interest rates, and anticipated prepayment, and default rates. Impairment losses are recognized through a valuation allowance for servicing rights having a current fair value that is less than amortized cost on an aggregate basis. Adjustments to increase or decrease the valuation allowance are charged or credited to income as a component of other operating income. Pension and Postretirement Benefits - Arrow maintains a non-contributory, defined benefit pension plan covering substantially all employees, a supplemental pension plan covering certain executive officers selected by the Board of Directors, and certain post-retirement medical, dental and life insurance benefits for employees and retirees. The costs of these plans, based on actuarial computations of current and future benefits for employees, are charged to current operating expenses. The cost of post-retirement benefits other than pensions is recognized on an accrual basis as employees perform services to earn the benefits. Arrow recognizes the overfunded or underfunded status of our single employer defined benefit pension plan as an asset or liability on its consolidated balance sheet and recognizes changes in the funded status in comprehensive income in the year in which the change occurred. Prior service costs or credits are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the fair value of assets are amortized over the average remaining service period of active participants. The discount rate assumption is determined by preparing an analysis of the respective plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. Stock-Based Compensation Plans - Arrow has two stock option plans, which are described more fully in Note 12. The Company expenses the grant date fair value of options granted. The expense is recognized over the vesting period of the grant, typically four years, on a straight-line basis. Shares are generally issued from treasury for the exercise of stock options. Arrow sponsors an Employee Stock Purchase Plan ("ESPP") under which employees may purchase Arrow ’ s common stock at a 5% discount below market price at the time of purchase. This stock purchase plan is not considered a compensatory plan. Arrow maintains an employee stock ownership plan ( “ ESOP ” ). Substantially all employees of Arrow and its subsidiaries are eligible to participate upon satisfaction of applicable service requirements. The ESOP borrowed funds from one of Arrow ’ s subsidiary banks to purchase outstanding shares of Arrow ’ s common stock. The notes require annual payments of principal and interest through 2018. As the debt is repaid, shares are released from collateral based on the proportion of debt paid to total debt outstanding for the year and allocated to active employees. In addition, the Company makes additional cash contributions to the Plan each year. Securities Sold Under Agreements to Repurchase - In securities repurchase agreements, Arrow receives cash from a counterparty in exchange for the transfer of securities to a third party custodian ’ s account that explicitly recognizes Arrow ’ s interest in the securities. These agreements are accounted for by Arrow as secured financing transactions, since it maintains effective control over the transferred securities, and meets other criteria for such accounting. Accordingly, the cash proceeds are recorded as borrowed funds, and the underlying securities continue to be carried in Arrow ’ s securities available-for-sale portfolio. Earnings Per Share ( “ EPS ” ) - Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as Arrow ’ s stock options), computed using the treasury stock method. Unallocated common shares held by Arrow ’ s Employee Stock Ownership Plan are not included in the weighted average number of common shares outstanding for either the basic or diluted EPS calculation. Financial Instruments - Arrow is a party to certain financial instruments with off-balance sheet risk, such as: commercial lines of credit, construction lines of credit, overdraft protection, home equity lines of credit and standby letters of credit. Arrow's policy is to record such instruments when funded. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time Arrow's entire holdings of a particular financial instrument. Because no market exists for a significant portion of Arrow's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-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, Arrow has a trust department that contributes net fee income annually. The value of trust department customer relationships is not considered a financial instrument of the Company, and therefore this value has not been incorporated into the fair value estimates. Other significant assets and liabilities that are not considered financial assets or liabilities include deferred taxes, premises and equipment, the value of low-cost, long-term core deposits 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 any of the estimates. The carrying amount of the following short-term assets and liabilities is a reasonable estimate of fair value: cash and due from banks, federal funds sold and purchased, securities sold under agreements to repurchase, demand deposits, savings, N.O.W. and money market deposits, other short-term borrowings, accrued interest receivable and accrued interest payable. The fair value estimates of other on- and off-balance sheet financial instruments, as well as the method of arriving at fair value estimates, are included in the related footnotes and summarized in Note 17. Fair Value Measures - We determine the fair value of financial instruments under the following hierarchy: • Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument ’ s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Management ’ s Use of Estimates -The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Our most significant estimates are the allowance for loan losses, the evaluation of other-than-temporary impairment of investment securities, goodwill impairment, pension and other postretirement liabilities and an analysis of a need for a valuation allowance for deferred tax assets. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term is the allowance for loan losses. In connection with the determination of the allowance for loan losses, management obtains appraisals for properties. The allowance for loan losses is management ’ s best estimate of probable loan losses incurred as of the balance sheet date. While management uses available information to recognize losses on loans, future adjustments to the allowance for loan losses may be necessary based on changes in economic conditions. Recently Adopted and Recently Issued Accounting Standards The following accounting standard has been adopted in 2017: Effective January 1, 2017, Arrow adopted FASB accounting standard ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting," which makes several revisions to equity compensation accounting. Under the new guidance all excess tax benefits and deficiencies that occur when an award is exercised or expires are recognized in income tax expense as discrete period items. Previously, these transactions were typically recorded directly within equity. Excess tax benefits are also recognized at the time an award is exercised compared to the previous requirement to delay recognition until the deduction reduces taxes payable. All tax related cash flows recognized on stock-based compensation expense are classified as an operating activity in our Consolidated Statements of Cash Flows on a prospective basis. Accordingly, prior periods have not been adjusted. ASU 2016-09 also provides an accounting policy election to recognize forfeitures of awards as they occur when estimating stock-based compensation expense rather than the previous requirement to estimate forfeitures from inception. Further, ASU 2016-09 permits employers to use a net-settlement feature to withhold taxes on equity compensation awards up to the maximum statutory tax rate without affecting the equity classification of the award. Under previous guidance, withholding of equity awards in excess of the minimum statutory requirement resulted in liability classification for the entire award. The related cash remittance by the employer for employee taxes is treated as a financing activity in the statement of cash flows. Income tax benefits from stock options exercised in the period reduced our effective tax rate for the year ended December 31, 2017 , which resulted in an increase in earnings of approximately $148 thousand , representing earnings per share of approximately $0.01 . In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220)." This ASU allows for the option to reclassify from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for public businesses for reporting periods for which financial statements have not yet been issued. Arrow adopted the guidance as of December 31, 2017. The adoption of this ASU was accounted for as a cumulative-effect adjustment to the balance sheet resulting in a $1.6 million increase to retained earnings and a corresponding decrease to AOCI on December 31, 2017. The following accounting standards have been issued and become effective for the Company at a future date: ASU 2014-09 - Revenue from Contracts with Customers clarifies the principles for recognizing revenue and supersedes most current revenue recognition guidance. The core principle of the revenue standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU is intended to clarify and converge the revenue recognition principles under GAAP to streamline revenue recognition requirements in addition to expanding required revenue recognition disclosures. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective Date, which provides a one year deferral to the effective date, therefore, ASU 2014-09 is effective for public companies for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017. As such, we adopted ASU 2014-09 as of January 1, 2018 and will be using the modified retrospective approach. A significant amount of our revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. We have identified the recognition of revenue related to specific types of Fiduciary activities to be in the scope of this amended guidance. The cumulative effect of the January 1, 2018 adoption was a decrease to retained earnings of $330 thousand . ASU 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities" will significantly change the income statement impact of equity investments. For Arrow, the standard became effective for the first quarter of 2018, and will require that equity investments be measured a |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS (Dollars In Thousands) ( at December 31, 2017 and 2016 ) 2017 2016 Cash and Due From Banks $ 42,562 $ 43,024 Interest-Bearing Deposits at Banks 30,276 14,331 Total Cash and Cash Equivalents $ 72,838 $ 57,355 Supplemental Information: Total required reserves, including vault cash and Federal Reserve Bank deposits $ 30,771 $ 28,610 The Company is required to maintain reserve balances with the Federal Reserve Bank of New York. The required reserve is calculated on a fourteen day average and the amounts presented in the table above represent the average for the period that includes December 31. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES (Dollars In Thousands) The following table is the schedule of Available-For-Sale Securities at December 31, 2017 and 2016 : Available-For-Sale Securities U.S. Government & Agency Obligations State and Municipal Obligations Mortgage- Backed Securities Corporate and Other Debt Securities Mutual Funds and Equity Securities Total Available- For-Sale Securities December 31, 2017 Available-For-Sale Securities, at Amortized Cost $ 60,328 $ 10,351 $ 229,077 $ 1,000 $ 1,120 $ 301,876 Available-For-Sale Securities, at Fair Value 59,894 10,349 227,596 800 1,561 300,200 Gross Unrealized Gains — 9 485 — 441 935 Gross Unrealized Losses 434 11 1,966 200 — 2,611 Available-For-Sale Securities, Pledged as Collateral, at Fair Value 183,052 Maturities of Debt Securities, at Amortized Cost: Within One Year 13,025 8,902 2,619 — 24,546 From 1 - 5 Years 47,303 679 103,078 — 151,060 From 5 - 10 Years — 250 75,570 — 75,820 Over 10 Years — 520 47,810 1,000 49,330 Maturities of Debt Securities, at Fair Value: Within One Year 12,956 8,896 2,642 — 24,494 From 1 - 5 Years 46,938 683 102,126 — 149,747 From 5 - 10 Years — 250 75,044 — 75,294 Over 10 Years — 520 47,784 800 49,104 Securities in a Continuous Loss Position, at Fair Value: Less than 12 Months $ 20,348 $ 8,498 $ 70,930 $ — $ — $ 99,776 12 Months or Longer 39,546 — 80,759 800 — 121,105 Total $ 59,894 $ 8,498 $ 151,689 $ 800 $ — $ 220,881 Number of Securities in a Continuous Loss Position 14 36 55 1 — 106 Unrealized Losses on Securities in a Continuous Loss Position: Less than 12 Months $ 172 $ 11 $ 363 $ — $ — $ 546 12 Months or Longer 262 — 1,603 200 — 2,065 Total $ 434 $ 11 $ 1,966 $ 200 $ — $ 2,611 Disaggregated Details: US Treasury Obligations, at Amortized Cost $ — US Treasury Obligations, — US Agency Obligations, 60,328 US Agency Obligations, 59,894 US Government Agency Securities, at Amortized Cost $ 40,832 US Government Agency Securities, at Fair Value 40,832 Government Sponsored Entity Securities, at Amortized Cost 188,245 Government Sponsored Entity 186,764 Available-For-Sale Securities U.S. Government & Agency Obligations State and Municipal Obligations Mortgage- Backed Securities Corporate and Other Debt Securities Mutual Funds and Equity Securities Total Available- For-Sale Securities December 31, 2016 Available-For-Sale Securities, at Amortized Cost $ 147,110 $ 27,684 $ 168,189 $ 3,512 $ 1,120 $ 347,615 Available-For-Sale Securities, at Fair Value 147,377 27,690 167,239 3,308 1,382 346,996 Gross Unrealized Gains 304 24 986 — 262 1,576 Gross Unrealized Losses 37 18 1,936 204 — 2,195 Available-For-Sale Securities, Pledged as Collateral, at Fair Value 262,852 Securities in a Continuous Loss Position, at Fair Value: Less than 12 Months $ 70,605 $ 12,165 $ 126,825 $ 500 $ — $ 210,095 12 Months or Longer — 7,377 — 2,809 — 10,186 Total $ 70,605 $ 19,542 $ 126,825 $ 3,309 $ — $ 220,281 Number of Securities in a Continuous Loss Position 19 84 40 4 — 147 Unrealized Losses on Securities in a Continuous Loss Position: Less than 12 Months $ 37 $ 13 $ 1,936 $ 1 $ — $ 1,987 12 Months or Longer — 5 — 203 — 208 Total $ 37 $ 18 $ 1,936 $ 204 $ — $ 2,195 Disaggregated Details: US Treasury Obligations, $ 54,701 US Treasury Obligations, 54,706 US Agency Obligations, 92,409 US Agency Obligations, 92,671 US Government Agency $ 3,694 US Government Agency 3,724 Government Sponsored Entity 164,495 Government Sponsored Entity 163,515 The following table is the schedule of Held-To-Maturity Securities at December 31, 2017 and 2016 : Held-To-Maturity Securities State and Municipal Obligations Mortgage- Backed Securities Corporate and Other Debt Securities Total Held-To Maturity Securities December 31, 2017 Held-To-Maturity Securities, at Amortized Cost $ 275,530 $ 60,377 $ — $ 335,907 Held-To-Maturity Securities, at Fair Value 275,353 60,548 — 335,901 Gross Unrealized Gains 1,691 269 — 1,960 Gross Unrealized Losses 1,868 98 — 1,966 Held-To-Maturity Securities, Pledged as Collateral, at Fair Value 318,622 Maturities of Debt Securities, at Amortized Cost: Within One Year 38,422 — — 38,422 From 1 - 5 Years 80,789 54,212 — 135,001 From 5 - 10 Years 152,918 6,165 — 159,083 Over 10 Years 3,401 — — 3,401 Maturities of Debt Securities, at Fair Value: Within One Year 38,506 — — 38,506 From 1 - 5 Years 81,499 54,370 — 135,869 From 5 - 10 Years 151,904 6,178 — 158,082 Over 10 Years 3,444 — — 3,444 Securities in a Continuous Loss Position, at Fair Value: Less than 12 Months $ 55,648 $ 13,764 $ — $ 69,412 12 Months or Longer 65,152 3,257 — 68,409 Total $ 120,800 $ 17,021 $ — $ 137,821 Number of Securities in a Continuous Loss Position 352 14 — 366 Unrealized Losses on Securities in a Continuous Loss Position: Less than 12 Months $ 442 $ 56 $ — $ 498 12 Months or Longer 1,425 43 — 1,468 Total $ 1,867 $ 99 $ — $ 1,966 Disaggregated Details: US Government Agency $ 2,680 US Government Agency 2,661 Government Sponsored Entity 57,697 Government Sponsored Entity 57,887 Held-To-Maturity Securities State and Municipal Obligations Mortgage- Backed Securities Corporate and Other Debt Securities Total Held-To Maturity Securities December 31, 2016 Held-To-Maturity Securities, at Amortized Cost $ 268,892 $ 75,535 $ 1,000 $ 345,427 Held-To-Maturity Securities, at Fair Value 267,127 75,624 1,000 343,751 Gross Unrealized Gains 2,058 258 — 2,316 Gross Unrealized Losses 3,823 169 — 3,992 Held-To-Maturity Securities, Pledged as Collateral, at Fair Value 321,202 Securities in a Continuous Loss Position, at Fair Value: Less than 12 Months $ 107,255 $ 13,306 $ — $ 120,561 12 Months or Longer 12,363 — — 12,363 Total $ 119,618 $ 13,306 $ — $ 132,924 Number of Securities in a Continuous Loss Position 347 13 — 360 Unrealized Losses on Securities in a Continuous Loss Position: Less than 12 Months $ 3,129 $ 169 $ — $ 3,298 12 Months or Longer 694 — — 694 Total $ 3,823 $ 169 $ — $ 3,992 Disaggregated Details: US Government Agency $ 3,206 US Government Agency 3,222 Government Sponsored Entity 72,329 Government Sponsored Entity 72,402 In the tables above, maturities of mortgage-backed-securities are included based on their expected average lives. Actual maturities will differ from the table below because issuers may have the right to call or prepay obligations with or without prepayment penalties. Securities in a continuous loss position, in the tables above for December 31, 2017 and December 31, 2016 do not reflect any deterioration of the credit worthiness of the issuing entities. U.S. agency issues, including mortgage-backed securities, are all rated AAA by Moody's and AA+ by Standard and Poor's. The state and municipal obligations are general obligations supported by the general taxing authority of the issuer, and in some cases are insured. Obligations issued by school districts are supported by state aid. For any non-rated municipal securities, credit analysis is performed in-house based upon data that has been submitted by the issuers to the NY State Comptroller. That analysis shows no deterioration in the credit worthiness of the municipalities. Subsequent to December 31, 2017 , there were no securities downgraded below investment grade. The unrealized losses on these temporarily impaired securities are primarily the result of changes in interest rates for fixed rate securities where the interest rate received is less than the current rate available for new offerings of similar securities, changes in market spreads as a result of shifts in supply and demand, and/or changes in the level of prepayments for mortgage related securities. Because we do not currently intend to sell any of our temporarily impaired securities, and because it is not more likely-than-not we would be required to sell the securities prior to recovery, the impairment is considered temporary. Pledged securities, in the tables above, are primarily used to collateralize state and municipal deposits, as required under New York State law. A small portion of the pledged securities are used to collateralize repurchase agreements and pooled deposits of our trust customers. Schedule of Federal Reserve Bank and Federal Home Loan Bank Stock (at cost) December 31, 2017 2016 Federal Reserve Bank Stock $ 1,120 $ 1,071 Federal Home Loan Bank Stock 8,829 9,841 Total Federal Reserve Bank and Federal Home Loan Bank Stock $ 9,949 $ 10,912 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | LOANS (Dollars In Thousands) Loan Categories and Past Due Loans The following table presents loan balances outstanding as of December 31, 2017 and December 31, 2016 and an analysis of the recorded investment in loans that are past due at these dates. Generally, Arrow considers a loan past due 30 or more days if the borrower is two or more payments past due. Schedule of Past Due Loans by Loan Category Commercial Commercial Real Estate Consumer Residential Total December 31, 2017 Loans Past Due 30-59 Days $ 139 $ — $ 5,891 $ 2,094 $ 8,124 Loans Past Due 60-89 Days 19 — 1,215 509 1,743 Loans Past Due 90 or More Days 99 807 513 1,422 2,841 Total Loans Past Due 257 807 7,619 4,025 12,708 Current Loans 128,992 443,441 595,208 770,421 1,938,062 Total Loans $ 129,249 $ 444,248 $ 602,827 $ 774,446 $ 1,950,770 Loans 90 or More Days Past Due and Still Accruing Interest $ — $ — $ 6 $ 313 $ 319 Nonaccrual Loans 588 1,530 653 2,755 5,526 December 31, 2016 Loans Past Due 30-59 Days $ 112 $ 121 $ 5,593 $ 2,368 $ 8,194 Loans Past Due 60-89 Days 29 — 898 142 1,069 Loans Past Due 90 or more Days 148 — 513 1,975 2,636 Total Loans Past Due 289 121 7,004 4,485 11,899 Current Loans 104,866 431,525 530,357 674,621 1,741,369 Total Loans $ 105,155 $ 431,646 $ 537,361 $ 679,106 $ 1,753,268 Loans 90 or More Days Past Due and Still Accruing Interest $ — $ — $ 158 $ 1,043 $ 1,201 Nonaccrual Loans $ 155 $ 875 $ 589 $ 2,574 $ 4,193 The Company disaggregates its loan portfolio into the following four categories: Commercial - The Company offers a variety of loan options to meet the specific needs of our commercial customers including term loans, time notes and lines of credit. Such loans are made available to businesses for working capital needs such as inventory and receivables, business expansion and equipment purchases. Generally, a collateral lien is placed on equipment or other assets owned by the borrower. These loans carry a higher risk than commercial real estate loans due to the nature of the underlying collateral, which can be business assets such as equipment and accounts receivable and generally have a lower liquidation value than real estate. In the event of default by the borrower, the Company may be required to liquidate collateral at deeply discounted values. To reduce the risk, management usually obtains personal guarantees of the borrowers. Commercial Real Estate - The Company offers commercial real estate loans to finance real estate purchases, refinancings, expansions and improvements to commercial properties. Commercial real estate loans are made to finance the purchases of real property which generally consists of real estate with completed structures. These commercial real estate loans are secured by first liens on the real estate, which may include apartments, commercial structures, housing businesses, healthcare facilities, and both owner and non owner-occupied facilities. These loans are typically less risky than commercial loans, since they are secured by real estate and buildings, and are generally originated in amounts of no more than 80% of the appraised value of the property. However, the Company also offers commercial construction and land development loans to finance projects, primarily within the communities that we serve. Many projects will ultimately be used by the borrowers' businesses, while others are developed for resale. These real estate loans are also secured by first liens on the real estate, which may include apartments, commercial structures, housing business, healthcare facilities and both owner-occupied and non-owner-occupied facilities. There is enhanced risk during the construction period, since the loan is secured by an incomplete project. Consumer Loans - The Company offers a variety of consumer installment loans to finance personal expenditures. Most of these loans carry a fixed rate of interest with principal repayment terms typically ranging from one to five years, based upon the nature of the collateral and the size of the loan. In addition to installment loans, the Company also offers personal lines of credit and overdraft protection. Several loans are unsecured, which carry a higher risk of loss. Also included in this category are automobile loans. The Company primarily finances the purchases of automobiles indirectly through dealer relationships located throughout upstate New York and Vermont. Most of these loans carry a fixed rate of interest with principal repayment terms typically ranging from three to seven years. Indirect consumer loans are underwritten on a secured basis using the underlying collateral being financed. Residential - Residential real estate loans consist primarily of loans secured by first or second mortgages on primary residences. We originate adjustable-rate and fixed-rate one-to-four-family residential real estate loans for the construction, purchase or refinancing of an existing mortgage. These loans are collateralized primarily by owner-occupied properties generally located in the Company’s market area. Loans on one-to-four-family residential real estate are generally originated in amounts of no more than 80% of the purchase price or appraised value (whichever is lower), or have private mortgage insurance. The Company’s underwriting analysis for residential mortgage loans typically includes credit verification, independent appraisals, and a review of the borrower’s financial condition. Mortgage title insurance and hazard insurance are normally required. It is our general practice to underwrite our residential real estate loans to secondary market standards. Construction loans have a unique risk, because they are secured by an incomplete dwelling. This risk is reduced through periodic site inspections, including one at each loan draw period. In addition, the Company offers fixed home equity loans as well as home equity lines of credit to consumers to finance home improvements, debt consolidation, education and other uses. Our policy allows for a maximum loan to value ratio of 80%, although periodically higher advances are allowed. The Company originates home equity lines of credit and second mortgage loans (loans secured by a second junior lien position on one-to-four-family residential real estate). Risk is generally reduced through underwriting criteria, which include credit verification, appraisals, a review of the borrower's financial condition, and personal cash flows. A security interest, with title insurance when necessary, is taken in the underlying real estate. Schedule of Supplemental Loan Information 2017 2016 Supplemental Information : Unamortized deferred loan origination costs, net of deferred loan origination fees, included in the above balances $ 4,055 $ 3,717 Overdrawn deposit accounts, included in the above balances 473 1,009 Pledged loans secured by one-to-four family residential mortgages under a blanket collateral agreement to secure borrowings from the Federal Home Loan Bank of New York 511,301 445,805 Residential real estate loans serviced for Freddie Mac, not included in the balances above 149,377 153,617 Loans held for sale at period-end, included in the above balances 327 483 Allowance for Loan Losses The following table presents a roll forward of the allowance for loan losses and other information pertaining to the allowance for loan losses: Allowance for Loan Losses Commercial Commercial Real Estate Consumer Residential Unallocated Total Rollfoward of the Allowance for Loan Losses for the Year Ended: December 31, 2016 $ 1,017 $ 5,677 $ 6,120 $ 4,198 $ — $ 17,012 Charge-offs (2 ) (380 ) (1,101 ) (76 ) — (1,559 ) Recoveries 9 — 388 — — 397 Provision 849 (793 ) 2,197 483 — 2,736 December 31, 2017 $ 1,873 $ 4,504 $ 7,604 $ 4,605 $ — $ 18,586 December 31, 2015 $ 1,827 $ 4,520 $ 5,554 $ 3,790 $ 347 $ 16,038 Charge-offs (97 ) (195 ) (871 ) (107 ) — (1,270 ) Recoveries 23 — 182 6 — 211 Provision (736 ) 1,352 1,255 509 (347 ) 2,033 December 31, 2016 $ 1,017 $ 5,677 $ 6,120 $ 4,198 $ — $ 17,012 Allowance for Loan Losses Commercial Commercial Real Estate Consumer Residential Unallocated Total December 31, 2014 $ 2,100 $ 4,128 $ 5,210 $ 3,369 $ 763 $ 15,570 Charge-offs (62 ) (7 ) (711 ) (326 ) — (1,106 ) Recoveries 34 — 193 — — 227 Provision (245 ) 399 862 747 (416 ) 1,347 December 31, 2015 $ 1,827 $ 4,520 $ 5,554 $ 3,790 $ 347 $ 16,038 December 31, 2017 Allowance for loan losses - Loans Individually Evaluated for Impairment $ 94 $ 2 $ — $ 10 $ — $ 106 Allowance for loan losses - Loans Collectively Evaluated for Impairment $ 1,779 $ 4,502 $ 7,604 $ 4,595 $ — $ 18,480 Ending Loan Balance - Individually Evaluated for Impairment $ 489 $ 1,537 $ 95 $ 1,562 $ — $ 3,683 Ending Loan Balance - Collectively Evaluated for Impairment $ 128,760 $ 442,711 $ 602,732 $ 772,884 $ — $ 1,947,087 December 31, 2016 Allowance for loan losses - Loans Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Allowance for loan losses - Loans Collectively Evaluated for Impairment $ 1,017 $ 5,677 $ 6,120 $ 4,198 $ — $ 17,012 Ending Loan Balance - Individually Evaluated for Impairment $ — $ 890 $ 91 $ 1,098 $ — $ 2,079 Ending Loan Balance - Collectively Evaluated for Impairment $ 105,155 $ 430,756 $ 537,270 $ 678,008 $ — $ 1,751,189 Through the provision for loan losses, an allowance for loan losses is maintained that reflects our best estimate of the inherent risk of loss in the Company’s loan portfolio as of the balance sheet date. Additions are made to the allowance for loan losses through a periodic provision for loan losses. Actual loan losses are charged against the allowance for loan losses when loans are deemed uncollectible and recoveries of amounts previously charged off are recorded as credits to the allowance for loan losses. Our loan officers and risk managers meet at least quarterly to discuss and review the conditions and risks associated with certain criticized and classified commercial-related relationships. In addition, our independent internal loan review department performs periodic reviews of the credit quality indicators on individual loans in our commercial loan portfolio. We use a two-step process to determine the provision for loan losses and the amount of the allowance for loan losses. We measure impairment on our impaired loans on a quarterly basis. Our impaired loans are generally nonaccrual loans over $250 thousand and all troubled debt restructured loans. Our impaired loans are generally considered to be collateral dependent with the specific reserve, if any, determined based on the value of the collateral less estimated costs to sell. The remainder of the portfolio is evaluated on a pooled basis, as described below. For each homogeneous loan pool, we estimate a total loss factor based on the historical net loss rates adjusted for applicable qualitative factors. We update the total loss factors assigned to each loan category on a quarterly basis. For the commercial, commercial construction, and commercial real estate categories, we further segregate the loan categories by credit risk profile (pools of loans graded pass, special mention and accruing substandard). Additional description of the credit risk classifications is detailed in the Credit Quality Indicators section of this note. We determine the historical net loss rate for each loan category using a trailing three-year net charge-off average. While historical net loss experience provides a reasonable starting point for our analysis, historical net losses, or even recent trends in net losses, do not by themselves form a sufficient basis to determine the appropriate level of the allowance for loan losses. Therefore, we also consider and adjust historical net loss factors for qualitative factors that impact the inherent risk of loss associated with our loan categories within our total loan portfolio. These include: • Changes in the volume and severity of past due, nonaccrual and adversely classified loans • Changes in the nature and volume of the portfolio and in the terms of loans • Changes in the value of the underlying collateral for collateral dependent loans • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • Changes in the quality of the loan review system • Changes in the experience, ability, and depth of lending management and other relevant staff • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio • The existence and effect of any concentrations of credit, and changes in the level of such concentrations • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio or pool While not a significant part of the allowance for loan losses methodology, we also maintain an unallocated portion of the total allowance for loan losses related to the overall level of imprecision inherent in the estimation of the appropriate level of allowance for loan losses. Loan Credit Quality Indicators The following table presents the credit quality indicators by loan category at December 31, 2017 and December 31, 2016 : Loan Credit Quality Indicators Commercial Commercial Real Estate Consumer Residential Total December 31, 2017 Credit Risk Profile by Creditworthiness Category: Satisfactory $ 124,961 $ 417,362 $ 542,323 Special Mention 1,341 177 1,518 Substandard 2,947 25,902 28,849 Doubtful — 807 807 Credit Risk Profile Based on Payment Activity: Performing $ 602,168 $ 771,584 1,373,752 Nonperforming 659 3,068 3,727 December 31, 2016 Credit Risk Profile by Creditworthiness Category: Satisfactory $ 95,722 $ 396,907 $ 492,629 Special Mention 1,359 7,008 8,367 Substandard 8,074 27,731 35,805 Doubtful — — — Credit Risk Profile Based on Payment Activity: Performing $ 536,614 $ 675,489 1,212,103 Nonperforming 747 3,617 4,364 For the purposes of the table above, nonperforming automobile, residential and other consumer loans are those loans on nonaccrual status or are 90 days or more past due and still accruing interest. For the allowance calculation, we use an internally developed system of five credit quality indicators to rate the credit worthiness of each commercial loan defined as follows: 1) Satisfactory - "Satisfactory" borrowers have acceptable financial condition with satisfactory record of earnings and sufficient historical and projected cash flow to service the debt. Borrowers have satisfactory repayment histories and primary and secondary sources of repayment can be clearly identified; 2) Special Mention - Loans in this category have potential weaknesses that deserve management ’ s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution ’ s credit position at some future date. "Special mention" assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Loans which might be assigned this credit quality indicator include loans to borrowers with deteriorating financial strength and/or earnings record and loans with potential for problems due to weakening economic or market conditions; 3) Substandard - Loans classified as “ substandard ” are inadequately protected by the current sound net worth or paying capacity of the borrower or the collateral pledged, if any. Loans in this category have well defined weaknesses that jeopardize the repayment. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. “ Substandard ” loans may include loans which are likely to require liquidation of collateral to effect repayment, and other loans where character or ability to repay has become suspect. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard; 4) Doubtful - Loans classified as “ doubtful ” have all of the weaknesses inherent in those classified as “ substandard ” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values highly questionable and improbable. Although possibility of loss is extremely high, classification of these loans as “ loss ” has been deferred due to specific pending factors or events which may strengthen the value (i.e. possibility of additional collateral, injection of capital, collateral liquidation, debt restructure, economic recovery, etc). Loans classified as “ doubtful ” need to be placed on non-accrual; and 5) Loss - Loans classified as “ loss ” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. As of the date of the balance sheet, all loans in this category have been charged-off to the allowance for loan losses. Commercial loans are generally evaluated on an annual basis depending on the size and complexity of the loan relationship, unless the credit related quality indicator falls to a level of "special mention" or below, when the loan is evaluated quarterly. The credit quality indicator is one of the factors used in assessing the level of inherent risk of loss in our commercial related loan portfolios. Impaired Loans The following table presents information on impaired loans based on whether the impaired loan has a recorded allowance or no recorded allowance: Impaired Loans Commercial Commercial Real Estate Consumer Residential Total December 31, 2017 Recorded Investment: With No Related Allowance $ — $ 781 $ 94 $ 1,269 $ 2,144 With a Related Allowance 485 725 — 333 1,543 Unpaid Principal Balance: With No Related Allowance $ — $ 816 $ 95 $ 1,274 $ 2,185 With a Related Allowance 489 721 — 288 1,498 December 31, 2016 Recorded Investment: With No Related Allowance $ — $ 890 $ 91 $ 1,098 $ 2,079 With a Related Allowance — — — — — Unpaid Principal Balance: With No Related Allowance $ — $ 890 $ 91 $ 1,098 $ 2,079 With a Related Allowance — — — — — For the Year-To-Date Period Ended: December 31, 2017 Average Recorded Balance: With No Related Allowance $ — $ 836 $ 93 $ 1,184 $ 2,113 With a Related Allowance 243 363 — 167 773 Interest Income Recognized: With No Related Allowance $ — $ 34 $ — $ 23 $ 57 With a Related Allowance 1 2 — 23 26 Cash Basis Income: With No Related Allowance $ — $ — $ — $ — $ — With a Related Allowance — — — — — December 31, 2016 Average Recorded Balance: With No Related Allowance $ 78 $ 1,631 $ 103 $ 872 $ 2,684 With a Related Allowance — — — — $ — Interest Income Recognized: With No Related Allowance $ — $ 29 $ 6 $ 1 $ 36 With a Related Allowance — — — — — Cash Basis Income: With No Related Allowance $ — $ — $ — $ — $ — With a Related Allowance — — — — — — — — — December 31, 2015 Average Recorded Balance: With No Related Allowance $ 325 $ 1,932 $ 116 $ 1,162 $ 3,535 With a Related Allowance — — — 280 $ 280 Interest Income Recognized: With No Related Allowance $ — $ 9 $ 14 $ — $ 23 With a Related Allowance — — — — — Cash Basis Income: With No Related Allowance $ — $ — $ — $ — $ — With a Related Allowance — — — — — At December 31, 2017 and December 31, 2016 , all impaired loans were considered to be collateral dependent and were therefore evaluated for impairment based on the fair value of collateral less estimated cost to sell. Interest income recognized in the table above, represents income earned after the loans became impaired and includes restructured loans in compliance with their modified terms and nonaccrual loans where we have recognized interest income on a cash basis. Loans Modified in Trouble Debt Restructurings The following table presents information on loans modified in trouble debt restructurings during the periods indicated: Loans Modified in Trouble Debt Restructurings During the Period Commercial Commercial Real Estate Consumer Residential Total For the Year Ended: December 31, 2017 Number of Loans 1 1 6 — 8 Pre-Modification Outstanding Recorded Investment $ 503 $ 725 $ 51 $ — $ 1,279 Post-Modification Outstanding Recorded Investment $ 503 $ 725 $ 51 $ — $ 1,279 Subsequent Default, Number of Contracts — — — — — Subsequent Default, Recorded Investment — — — — — Commitments to lend additional funds to modified loans — — — — — December 31, 2016 Number of Loans — — 4 — 4 Pre-Modification Outstanding Recorded Investment $ — $ — $ 39 $ — $ 39 Post-Modification Outstanding Recorded Investment $ — $ — $ 39 $ — $ 39 Subsequent Default, Number of Contracts — — — — — Subsequent Default, Recorded Investment — — — — — Commitments to lend additional funds to modified loans — — — — — December 31, 2015 Number of Loans — 1 4 — 5 Pre-Modification Outstanding Recorded Investment $ — $ 883 $ 51 $ — $ 934 Post-Modification Outstanding Recorded Investment $ — $ 883 $ 51 $ — $ 934 Subsequent Default, Number of Contracts — — — — — Subsequent Default, Recorded Investment — — — — — Commitments to lend additional funds to modified loans — — — — — In general, loans requiring modification are restructured to accommodate the projected cash-flows of the borrower. Such modifications may involve a reduction of the interest rate, a significant deferral of payments or forgiveness of a portion of the outstanding principal balance. As indicated in the table above, no loans modified during the preceding twelve months subsequently defaulted as of December 31, 2017 or December 31, 2016 . |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT (Dollars In Thousands) A summary of premises and equipment at December 31, 2017 and 2016 is presented below: 2017 2016 Land and Bank Premises $ 35,254 $ 35,017 Equipment, Furniture and Fixtures 25,662 23,604 Leasehold Improvements 1,901 1,604 Total Cost 62,817 60,225 Accumulated Depreciation and Amortization (35,198 ) (33,287 ) Net Premises and Equipment $ 27,619 $ 26,938 Amounts charged to expense for depreciation totaled $ 1,921 , $ 1,928 and $ 1,892 in 2017 , 2016 and 2015 , respectively. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | OTHER INTANGIBLE ASSETS (Dollars In Thousands) The following table presents information on Arrow ’ s other intangible assets (other than goodwill) as of December 31, 2017 , 2016 and 2015 : Depositor Intangibles 1 Mortgage Servicing Rights 2 Customer Intangibles 1 Total Gross Carrying Amount, December 31, 2017 $ 2,247 $ 2,061 $ 4,382 $ 8,690 Accumulated Amortization (2,247 ) (1,624 ) (2,530 ) (6,401 ) Net Carrying Amount, December 31, 2017 $ — $ 437 $ 1,852 $ 2,289 Gross Carrying Amount, December 31, 2016 $ 2,247 $ 1,968 $ 4,382 $ 8,597 Accumulated Amortization (2,247 ) (1,403 ) (2,251 ) (5,901 ) Net Carrying Amount, December 31, 2016 $ — $ 565 $ 2,131 $ 2,696 Rollforward of Intangible Assets: Balance, December 31, 2014 $ 10 $ 832 $ 2,783 $ 3,625 Intangible Assets Acquired — 107 — 107 Intangible Assets Disposed — — (38 ) (38 ) Amortization of Intangible Assets (10 ) (260 ) (317 ) (587 ) Balance, December 31, 2015 — 679 2,428 3,107 Intangible Assets Acquired — 146 — 146 Intangible Assets Disposed — — — — Amortization of Intangible Assets — (260 ) (297 ) (557 ) Balance, December 31, 2016 — 565 2,131 2,696 Intangible Assets Acquired — 93 — 93 Intangible Assets Disposed — — — — Amortization of Intangible Assets — (221 ) (279 ) (500 ) Balance, December 31, 2017 $ — $ 437 $ 1,852 $ 2,289 1 Amortization of depositor intangibles and customer intangibles are reported in the Consolidated Statements of Income as a component of other operating expense. 2 Amortization of mortgage servicing rights is reported in the Consolidated Statements of Income as a reduction of mortgage servicing fee income, which is included with fees for other services to customers. The following table presents the remaining estimated annual amortization expense for Arrow's intangible assets as of December 31, 2017 : Mortgage Servicing Rights Customer Intangibles Total Estimated Annual Amortization Expense: 2018 $ 176 $ 262 $ 438 2019 102 245 347 2020 71 227 298 2021 50 210 260 2022 29 193 222 2023 and beyond 9 715 724 Total $ 437 $ 1,852 $ 2,289 |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Guarantees | GUARANTEES (Dollars In Thousands) The following table presents the notional amount and fair value of Arrow's off-balance sheet commitments to extend credit and commitments under standby letters of credit as of December 31, 2017 and 2016 : Balance at December 31, 2017 2016 Notional Amount: Commitments to Extend Credit $ 315,256 $ 296,442 Standby Letters of Credit 3,526 3,445 Fair Value: Commitments to Extend Credit $ — $ — Standby Letters of Credit 23 30 Arrow is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit include home equity lines of credit, commitments for residential and commercial construction loans and other personal and commercial lines of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of the involvement Arrow has in particular classes of financial instruments. Arrow's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. Arrow uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Arrow evaluates each customer's creditworthiness on a case-by-case basis. Home equity lines of credit are secured by residential real estate. Construction lines of credit are secured by underlying real estate. For other lines of credit, the amount of collateral obtained, if deemed necessary by Arrow upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Most of the commitments are variable rate instruments. Arrow does not issue any guarantees that would require liability-recognition or disclosure, other than its standby letters of credit. Arrow has issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit at December 31, 2017 and 2016 represent the maximum potential future payments Arrow could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Company policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan-to-value ratios will generally range from 50% for movable assets, such as inventory, to 100% for liquid assets, such as bank CD's. Fees for standby letters of credit range from 1% to 3% of the notional amount. Fees are collected upfront and amortized over the life of the commitment. The carrying amount and fair value of Arrow's standby letters of credit at December 31, 2017 and 2016 were insignificant. The fair value of standby letters of credit is based on the fees currently charged for similar agreements or the cost to terminate the arrangement with the counterparties. The fair value of commitments to extend credit is determined by estimating the fees to enter into similar agreements, taking into account the remaining terms and present creditworthiness of the counterparties, and for fixed rate loan commitments, the difference between the current and committed interest rates. Arrow provides several types of commercial lines of credit and standby letters of credit to its commercial customers. The pricing of these services is not isolated as Arrow considers the customer's complete deposit and borrowing relationship in pricing individual products and services. The commitments to extend credit also include commitments under home equity lines of credit, for which Arrow charges no fee. The carrying value and fair value of commitments to extend credit are not material and Arrow does not expect to incur any material loss as a result of these commitments. In the normal course of business, Arrow and its subsidiary banks become involved in a variety of routine legal proceedings. At present, there are no legal proceedings pending or threatened, which in the opinion of management and counsel, would result in a material loss to Arrow. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Maturities of Time Deposits [Abstract] | |
Time Deposits | TIME DEPOSITS (Dollars In Thousands) The following summarizes the contractual maturities of time deposits during years subsequent to December 31, 2017 : Year of Maturity Total Time Deposits 2018 $ 120,733 2019 29,821 2020 16,063 2021 11,533 2022 10,123 2023 and beyond 13,010 Total $ 201,283 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | DEBT (Dollars in Thousands) Schedule of Short-Term Borrowings: 2017 2016 Balances at December 31: Overnight Advances from the Federal Home Loan Bank of New York $ 105,000 $ 123,000 Securities Sold Under Agreements to Repurchase 64,966 35,836 Total Short-Term Borrowings $ 169,966 $ 158,836 Maximum Borrowing Capacity at December 31: Federal Funds Purchased $ 35,000 $ 35,000 Federal Home Loan Bank of New York 511,301 445,805 Federal Reserve Bank of New York 424,724 370,136 The securities sold under agreements to repurchase ("repo accounts") shown above represent collateralized borrowings with certain commercial customers located primarily within the Company's service area. All repos at December 31, 2017 and 2016 have overnight maturities. Repo accounts are not covered by federal deposit insurance and are secured by our own qualified investment securities. The Company retains the right to substitute similar type securities and has the right to withdraw all excess collateral applicable to repo accounts whenever the collateral values are in excess of the related repurchase liabilities. However, as a means of mitigating market risk, the Company maintains excess collateral to cover normal changes in the repurchase liability by monitoring daily usage. At December 31, 2017 , there were no material amounts of securities at risk with any one customer. The Company maintains control of these securities through the use of third-party safekeeping arrangements. Investment securities with a fair value of $66.6 million and $42.3 million were pledged as collateral for the securities sold under agreements to repurchase at December 31, 2017 and 2016 , respectively. Arrow's subsidiary banks have in place unsecured federal funds lines of credit with two correspondent banks. As a member of the FHLBNY, we participate in the advance program which allows for overnight and term advances up to the limit of pledged collateral, including FHLBNY stock, residential real estate and home equity loans (see Note 4. "Investment Securities" and Note 5. "Loans"). Our investment in FHLBNY stock is proportional to the total of our overnight and term advances (see the Schedule of Federal Reserve Bank and Federal Home Loan Bank Stock in Note 4, Investment Securities , to the notes to our Consolidated Financial Statements). Our bank subsidiaries have also established borrowing facilities with the Federal Reserve Bank of New York for potential “discount window” advances, pledging certain consumer loans as collateral (see Note 5, Loans , to the notes to our Consolidated Financial Statements). Long Term Debt - FHLBNY Term Advances In addition to overnight advances, Arrow also borrows longer-term funds from the FHLBNY. Maturity Schedule of FHBLNY Term Advances : Balances Weighted Average Rate Final Maturity 2017 2016 2017 2016 First Year $ 10,000 $ — 1.50 % — % Second Year 20,000 10,000 1.70 % 1.50 % Third Year 25,000 20,000 2.02 % 1.70 % Fourth Year — 25,000 — % 2.02 % Fifth Year — — — % — % Total $ 55,000 $ 55,000 1.81 % 1.81 % Long Term Debt - Guaranteed Preferred Beneficial Interests in Corporation's Junior Subordinated Debentures During 2017 , there were outstanding two classes of financial instruments issued by two separate subsidiary business trusts of Arrow, identified as “Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts” on the Consolidated Balance Sheets and the Consolidated Statements of Income. The first of the two classes of trust-issued instruments outstanding at year-end was issued by Arrow Capital Statutory Trust II ("ACST II"), a Delaware business trust established on July 16, 2003, upon the filing of a certificate of trust with the Delaware Secretary of State. In July 2003, ACST II issued all of its voting (common) stock to Arrow and issued and sold to an unaffiliated purchaser 30-year guaranteed preferred beneficial interests in the trust's assets ("ACST II trust preferred securities"). The rate on the securities is variable, adjusting quarterly to the 3-month LIBOR plus 3.15%. ACST II used the proceeds of the sale of its trust preferred securities to purchase an identical amount of junior subordinated debentures issued by Arrow that bear an interest rate identical at all times to the rate payable on the ACST II trust preferred securities. The ACST II trust preferred securities became redeemable after July 23, 2008 and mature on July 23, 2033. The second of the two classes of trust-issued instruments outstanding at year-end was issued by Arrow Capital Statutory Trust III ("ACST III"), a Delaware business trust established on December 23, 2004, upon the filing of a certificate of trust with the Delaware Secretary of State. On December 28, 2004, the ACST III issued all of its voting (common) stock to Arrow and issued and sold to an unaffiliated purchaser 30-year guaranteed preferred beneficial interests in the trust's assets ("ACST III"). The rate on the ACST III trust preferred securities is a variable rate, adjusted quarterly, equal to the 3-month LIBOR plus 2.00%. ACST III used the proceeds of the sale of its trust preferred securities to purchase an identical amount of junior subordinated debentures issued by Arrow that bear an interest rate identical at all times to the rate payable on the ACST III trust preferred securities. The ACST III trust preferred securities became redeemable on or after March 31, 2010 and mature on December 28, 2034. The primary assets of the two subsidiary trusts having trust preferred securities outstanding at year-end, ACST II and ACST III (the “Trusts”), are Arrow's junior subordinated debentures discussed above, and the sole revenues of the Trusts are payments received by them from Arrow with respect to the junior subordinated debentures. The trust preferred securities issued by the Trusts are non-voting. All common voting securities of the Trusts are owned by Arrow. Arrow used the net proceeds from its sale of junior subordinated debentures to the Trusts, facilitated by the Trust’s sale of their trust preferred securities to the purchasers thereof, for general corporate purposes. The trust preferred securities and underlying junior subordinated debentures, with associated expense that is tax deductible, qualify as Tier I capital under regulatory definitions. Arrow's primary source of funds to pay interest on the debentures that are held by the Trusts are current dividends received by Arrow from its subsidiary banks. Accordingly, Arrow's ability to make payments on the debentures, and the ability of the Trusts to make payments on their trust preferred securities, are dependent upon the continuing ability of Arrow's subsidiary banks to pay dividends to Arrow. Since the trust preferred securities issued by the subsidiary trusts and the underlying junior subordinated debentures issued by Arrow at December 31, 2017 , 2016 and 2015 are classified as debt for financial statement purposes, the expense associated with these securities is recorded as interest expense in the Consolidated Statements of Income for the three years. Schedule of Guaranteed Preferred Beneficial Interests in Corporation's Junior Subordinated Debentures 2017 2016 ACST II Balance at December 31, $ 10,000 $ 10,000 Period-End Interest Rate 4.49 % 3.99 % ACST III Balance at December 31, $ 10,000 $ 10,000 Period-End Interest Rate 3.34 % 2.84 % |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income | COMPREHENSIVE INCOME (Dollars In Thousands) The following table presents the components of other comprehensive income for the years ended December 31, 2017 , 2016 and 2015 : Schedule of Comprehensive Income Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount 2017 Net Unrealized Securities Holding Losses Arising During the Period $ (1,505 ) $ 565 $ (940 ) Reclassification Adjustment for Securities Losses Included in Net Income 448 (111 ) 337 Net Retirement Plan Loss 287 (73 ) 214 Amortization of Net Retirement Plan Actuarial Loss 411 (49 ) 362 Accretion of Net Retirement Plan Prior Service Credit (11 ) 3 (8 ) Other Comprehensive Income (Loss) $ (370 ) $ 335 $ (35 ) 2016 Net Unrealized Securities Holding Losses Arising During the Period $ (1,672 ) $ 648 $ (1,024 ) Reclassification Adjustment for Securities Losses Included in Net Income 22 (9 ) 13 Net Retirement Plan Loss 3,017 (1,296 ) 1,721 Amortization of Net Retirement Plan Actuarial Loss 716 (281 ) 435 Accretion of Net Retirement Plan Prior Service Credit (12 ) 5 (7 ) Other Comprehensive Income $ 2,071 $ (933 ) $ 1,138 2015 Net Unrealized Securities Holding Losses Arising During the Period $ (3,017 ) $ 1,185 $ (1,832 ) Reclassification Adjustment for Securities Gains Included in Net Income (129 ) 51 (78 ) Net Retirement Plan Losses 1,395 (547 ) 848 Net Retirement Plan Prior Service Credit (368 ) 144 (224 ) Amortization of Net Retirement Plan Actuarial Loss 846 (332 ) 514 Accretion of Net Retirement Plan Prior Service Credit (56 ) 22 (34 ) Other Comprehensive Loss $ (1,329 ) $ 523 $ (806 ) The following table presents the changes in accumulated other comprehensive income by component: Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) Unrealized Defined Benefit Plan Items Gains and Losses on Net Prior Available-for- Net Gain Service Sale Securities (Loss) (Cost ) Credit Total For the Year-To-Date periods ended: December 31, 2016 $ (382 ) $ (5,737 ) $ (715 ) $ (6,834 ) Other comprehensive income (loss) before reclassifications (940 ) 214 — (726 ) Amounts reclassified from accumulated other comprehensive income (loss) 337 362 (8 ) 691 Net current-period other comprehensive loss (603 ) 576 (8 ) (35 ) Reclassification due to the adoption of ASU No. 2018-02 (265 ) (1,219 ) (161 ) (1,645 ) December 31, 2017 $ (1,250 ) $ (6,380 ) $ (884 ) $ (8,514 ) December 31, 2015 $ 629 $ (7,893 ) $ (708 ) $ (7,972 ) Other comprehensive income (loss) before reclassifications (1,024 ) 1,721 — 697 Amounts reclassified from accumulated other comprehensive income (loss) 13 435 (7 ) 441 Net current-period other comprehensive income (1,011 ) 2,156 (7 ) 1,138 December 31, 2016 $ (382 ) $ (5,737 ) $ (715 ) $ (6,834 ) December 31, 2014 $ 2,539 $ (9,255 ) $ (450 ) $ (7,166 ) Other comprehensive income (loss) before reclassifications (1,832 ) 848 (224 ) (1,208 ) Amounts reclassified from accumulated other comprehensive income (loss) (78 ) 514 (34 ) 402 Net current-period other comprehensive income (loss) (1,910 ) 1,362 (258 ) (806 ) December 31, 2015 $ 629 $ (7,893 ) $ (708 ) $ (7,972 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents the reclassifications out of accumulated other comprehensive income: Reclassifications Out of Accumulated Other Comprehensive Income (1) Amounts Reclassified Details about Accumulated Other from Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income Is Presented For the Year-to-date periods ended: December 31, 2017 Unrealized gains and losses on available-for-sale securities $ (448 ) Loss on Securities Transactions, Net (448 ) Total before tax 111 Provision for Income Taxes $ (337 ) Net of tax Amortization of defined benefit pension items Prior-service costs $ 11 (2) Salaries and Employee Benefits Actuarial gains/(losses) (411 ) (2) Salaries and Employee Benefits (400 ) Total before tax 46 Provision for Income Taxes $ (354 ) Net of tax Total reclassifications for the period $ (691 ) Net of tax December 31, 2016 Unrealized gains and losses on available-for-sale securities $ (22 ) Loss on Securities Transactions, Net (22 ) Total before tax 9 Provision for Income Taxes $ (13 ) Net of tax Amortization of defined benefit pension items Prior-service costs 12 (2) Salaries and Employee Benefits Actuarial gains/(losses) $ (716 ) (2) Salaries and Employee Benefits (704 ) Total before tax 276 Provision for Income Taxes $ (428 ) Net of tax Total reclassifications for the period $ (441 ) Net of tax Reclassifications Out of Accumulated Other Comprehensive Income (1) Amounts Reclassified Details about Accumulated Other from Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income Is Presented December 31, 2015 Unrealized gains and losses on available-for-sale securities $ 129 Gain on Securities Transactions, Net 129 Total before tax (51 ) Provision for Income Taxes $ 78 Net of tax Amortization of defined benefit pension items Prior-service costs 56 (2) Salaries and Employee Benefits Actuarial gains/(losses) $ (846 ) (2) Salaries and Employee Benefits (790 ) Total before tax 310 Provision for Income Taxes $ (480 ) Net of tax Total reclassifications for the period $ (402 ) Net of tax (1) Amounts in parentheses indicate debits to profit/loss. (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see pension footnote for additional details). |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | STOCK BASED COMPENSATION (Dollars In Thousands, Except Share and Per Share Amounts) Arrow has established two stock based compensation plans: an Incentive and Non-qualified Stock Option Plan (Long Term Incentive Plan) and an Employee Stock Ownership Plan (ESOP). All share and per share data have been adjusted for the September 28, 2017 3 % stock dividend. Long Term Incentive Plan Options may be granted at a price no less than the greater of the par value or fair market value of such shares on the date on which such option is granted, and generally expire ten years from the date of grant. The options usually vest over a four -year period. Roll Forward Schedule of Long Term Incentive Plan by Shares and Weighted Average Exercise Prices Long Term Incentive Plan Roll Forward of Shares Outstanding: Outstanding at January 1, 2017 366,329 Granted 55,621 Exercised (58,804 ) Forfeited (16,991 ) Outstanding at December 31, 2017 346,155 Exercisable at Period-End 225,694 Vested and Expected to Vest 120,461 Roll Forward of Shares Outstanding - Weighted Average Exercise Price: Outstanding at January 1, 2017 $ 21.86 Granted 36.12 Exercised 20.25 Forfeited 28.27 Outstanding at December 31, 2017 24.12 Exercisable at Period-End 21.61 Vested and Expected to Vest 28.80 Weighted Average Remaining Contractual Life (in years): Outstanding at December 31, 2017 5.11 Exercisable at December 31, 2017 3.54 Vested and Expected to Vest 8.05 Aggregate Intrinsic Value: Outstanding at December 31, 2017 $ 3,403 Exercisable at December 31, 2017 2,785 Vested and Expected to Vest 618 Shares Available for Grant at Period-End 340,178 Schedule of Shares Authorized Under the Long Term Incentive Plan by Exercise Price Range Exercise Price Ranges $18.00 $20.17 to $21.56 $22.14 to $22.65 $23.89 to $24.37 $36.12 Total Outstanding at December 31, 2017 Number of Shares Outstanding 27,999 85,068 94,111 89,536 49,441 346,155 Weighted-Average Remaining Contractual Life (in years) 1.06 2.58 4.49 7.27 9.07 5.11 Weighted-Average Exercise Price $ 18.00 $ 20.98 $ 22.43 $ 24.15 $ 36.12 $ 24.12 Exercisable at December 31, 2017 Number of Shares Outstanding 27,999 85,068 79,797 31,800 1,030 225,694 Weighted-Average Remaining Contractual Life (in years) 1.06 2.58 4.20 6.49 9.07 3.54 Weighted-Average Exercise Price $ 18.00 $ 20.98 $ 22.39 $ 24.08 $ 36.12 $ 21.61 Schedule of Other Long Term Incentive Plan Information 2017 2016 2015 Shares Granted 55,621 58,350 58,975 Weighted Average Grant Date Information: Fair Value of Options Granted $ 6.25 $ 5.44 $ 5.34 Fair Value Assumptions: Dividend Yield 2.72 % 3.88 % 3.90 % Expected Volatility 21.40 % 32.95 % 33.55 % Risk Free Interest Rate 2.25 % 1.80 % 1.57 % Expected Lives (in years) 6.88 7.56 7.66 Amount Expensed During the Year $ 351 $ 287 $ 308 Compensation Costs for Non-vested Awards Not Yet Recognized 528 521 500 Weighted Average Expected Vesting Period, In Years 2.59 2.71 2.12 Proceeds From Stock Options Exercised $ 1,190 $ 2,404 $ 918 Tax Benefits Related to Stock Options Exercised 168 188 59 Intrinsic Value of Stock Options Exercised 825 1,010 250 Employee Stock Ownership Plan Arrow maintains an employee stock ownership plan ( “ ESOP ” ). Substantially all employees of Arrow and its subsidiaries are eligible to participate upon satisfaction of applicable service requirements. The ESOP borrowed funds from one of Arrow ’ s subsidiary banks to purchase outstanding shares of Arrow ’ s common stock. The notes require annual payments of principal and interest through 2018. As the debt is repaid, shares are released from collateral based on the proportion of debt paid to total debt outstanding for the year and allocated to active employees. In addition, the Company makes additional cash contributions to the Plan each year. Schedule of ESOP Compensation Expense 2017 2016 2015 ESOP Compensation Expense $ 1,400 $ 1,200 $ 900 Shares pledged as collateral are reported as unallocated ESOP shares in stockholders ’ equity. As shares are released from collateral, Arrow reports compensation expense equal to the current average market price of the shares, and the shares become outstanding for earnings per share computations. The ESOP shares as of December 31, 2017 were as follows: Schedule of Shares in ESOP Plan ESOP Plan Shares: 2017 Allocated Shares 759,081 Shares Released for Allocation During 2017 10,407 Unallocated Shares 9,643 Total ESOP Shares 779,131 Market Value of Unallocated Shares $ 327 |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefit Plans | RETIREMENT BENEFIT PLANS (Dollars in Thousands) Arrow sponsors qualified and nonqualified defined benefit pension plans and other postretirement benefit plans for its employees. Arrow maintains a non-contributory pension plan, which covers substantially all employees. Effective December 1, 2002, all active participants in the qualified defined benefit pension plan were given a one-time irrevocable election to continue participating in the traditional plan design, for which benefits were based on years of service and the participant ’ s final compensation (as defined), or to begin participating in the new cash balance plan design. All employees who participate in the plan after December 1, 2002 automatically participate in the cash balance plan design. The interest credits under the cash balance plan are based on the 30-year U.S. Treasury rate in effect for November of the prior year. The service credits under the cash balance plan are equal to 6.0% of eligible salaries for employees who become participants on or after January 1, 2003. For employees in the plan prior to January 1, 2003, the service credits are scaled based on the age of the participant, and range from 6.0% to 12.0% . The funding policy is to contribute up to the maximum amount that can be deducted for federal income tax purposes and to make all payments required under ERISA. Arrow also maintains a supplemental non-qualified unfunded retirement plan to provide eligible employees of Arrow and its subsidiaries with benefits in excess of qualified plan limits imposed by federal tax law. Arrow has multiple non-pension postretirement benefit plans. The health care, dental and life insurance plans are contributory, with participants ’ contributions adjusted annually. Arrow ’ s policy is to fund the cost of postretirement benefits based on the current cost of the underlying policies. However, the health care plan provision for automatic increases of Company contributions each year is based on the increase in inflation and is limited to a maximum of 5% . As of December 31, 2016, Arrow updated its mortality assumption to the RP-2014 Mortality Table for annuitants and non-annuitants with projected generational mortality improvements using Scale MP-2016. The revised assumption resulted in a decrease in postretirement liabilities. The following tables set forth changes in the plans ’ benefit obligations (projected benefit obligation for pension benefits and accumulated benefit obligation for postretirement benefits) and changes in the plans ’ assets and the funded status of the pension plans and other postretirement benefit plan at December 31: Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans Defined Benefit Plan Funded Status December 31, 2017 Fair Value of Plan Assets $ 53,571 $ — $ — Benefit Obligation 38,921 4,586 7,727 Funded Status of Plan $ 14,650 $ (4,586 ) $ (7,727 ) December 31, 2016 Fair Value of Plan Assets $ 50,220 $ — $ — Benefit Obligation 36,154 4,547 7,623 Funded Status of Plan $ 14,066 $ (4,547 ) $ (7,623 ) Change in Benefit Obligation Benefit Obligation, at January 1, 2017 $ 36,154 $ 4,547 $ 7,623 Service Cost 1,392 45 130 Interest Cost 1,682 209 339 Plan Participants' Contributions — — 492 Amendments — — — Actuarial (Gain) Loss 2,440 245 (14 ) Benefits Paid (2,747 ) (460 ) (843 ) Benefit Obligation, at December 31, 2017 $ 38,921 $ 4,586 $ 7,727 Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans Benefit Obligation, at January 1, 2016 $ 35,982 $ 4,784 $ 7,701 Service Cost 1,400 40 147 Interest Cost 1,641 206 340 Plan Participants' Contributions — — 402 Amendments — — — Actuarial Gain (738 ) (31 ) (327 ) Benefits Paid (2,131 ) (452 ) (640 ) Benefit Obligation, at December 31, 2016 $ 36,154 $ 4,547 $ 7,623 Change in Fair Value of Plan Assets Fair Value of Plan Assets, at January 1, 2017 $ 50,220 $ — $ — Actual Return on Plan Assets 6,098 — — Employer Contributions — 460 351 Plan Participants' Contributions — — 492 Benefits Paid (2,747 ) (460 ) (843 ) Fair Value of Plan Assets, at December 31, 2017 $ 53,571 $ — $ — Fair Value of Plan Assets, at January 1, 2016 $ 47,234 $ — $ — Actual Return on Plan Assets 5,117 — — Employer Contributions — 452 238 Plan Participants' Contributions — — 402 Benefits Paid (2,131 ) (452 ) (640 ) Fair Value of Plan Assets, at December 31, 2016 $ 50,220 $ — $ — Accumulated Benefit Obligation at December 31, 2017 $ 38,557 $ 4,586 $ 7,727 Amounts Recognized in the Consolidated Balance Sheets December 31, 2017 Prepaid Pension Asset $ 14,650 $ — — Accrued Benefit Liability — (4,586 ) (7,727 ) Net Benefit Recognized $ 14,650 $ (4,586 ) $ (7,727 ) December 31, 2016 Prepaid Pension Asset $ 14,066 $ — — Accrued Benefit Liability — (4,547 ) (7,623 ) Net Benefit Recognized $ 14,066 $ (4,547 ) $ (7,623 ) Amounts Recognized in Other Comprehensive Income (Loss) For the Year Ended December 31, 2017 Net Unamortized Gain Arising During the Period $ (517 ) $ 244 $ (14 ) Net Prior Service Cost Arising During the Period — — — Amortization of Net Loss (306 ) (129 ) 24 Amortization of Prior Service Credit (Cost) 57 (57 ) 11 Total Other Comprehensive (Loss) for Pension and Other Postretirement Benefit Plans $ (766 ) $ 58 $ 21 For the Year Ended December 31, 2016 Net Unamortized Loss Arising During the Period $ (2,657 ) $ (32 ) $ (328 ) Net Prior Service Cost Arising During the Period — — — Amortization of Net Loss (591 ) (125 ) — Amortization of Prior Service Credit (Cost) 57 (57 ) 12 Total Other Comprehensive Income (Loss) for Pension and Other Postretirement Benefit Plans $ (3,191 ) $ (214 ) $ (316 ) Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans For the Year Ended December 31, 2015 Net Unamortized Loss Arising During the Period $ 472 $ (152 ) $ (1,715 ) Net Prior Service Cost Arising During the Period 277 91 — Amortization of Net Loss (601 ) (131 ) (114 ) Amortization of Prior Service (Cost) Credit 83 (58 ) 31 Total Other Comprehensive (Loss) Income for Pension and Other Postretirement Benefit Plans $ 231 $ (250 ) $ (1,798 ) Accumulated Other Comprehensive Income December 31, 2017 Net Actuarial Loss $ 6,656 $ 2,127 $ (228 ) Prior Service (Credit) Cost 264 489 433 Total Accumulated Other Comprehensive Income, Before Tax $ 6,920 $ 2,616 $ 205 December 31, 2016 Net Actuarial Loss $ 7,479 $ 2,012 $ (238 ) Prior Service (Credit) Cost 207 546 422 Total Accumulated Other Comprehensive Income, Before Tax $ 7,686 $ 2,558 $ 184 Amounts that will be Amortized from Accumulated Other Comprehensive Income the Next Year Net Actuarial Loss $ 131 $ 133 $ (2 ) Prior Service (Credit) Cost $ (49 ) $ 57 $ 48 Net Periodic Benefit Cost For the Year Ended December 31, 2017 Service Cost $ 1,392 $ 45 $ 130 Interest Cost 1,682 209 339 Expected Return on Plan Assets (3,141 ) — — Amortization of Prior Service (Credit) Cost (57 ) 57 (11 ) Amortization of Net Loss 306 129 (24 ) Net Periodic Benefit Cost $ 182 $ 440 $ 434 For the Year Ended December 31, 2016 Service Cost $ 1,400 $ 40 $ 147 Interest Cost 1,641 206 340 Expected Return on Plan Assets (3,198 ) — — Amortization of Prior Service (Credit) Cost (57 ) 57 (12 ) Amortization of Net Loss 591 125 — Net Periodic Benefit Cost $ 377 $ 428 $ 475 For the Year Ended December 31, 2015 Service Cost $ 1,503 $ 32 $ 250 Interest Cost 1,545 211 394 Expected Return on Plan Assets (3,311 ) — — Amortization of Prior Service (Credit) Cost (83 ) 58 (31 ) Amortization of Net Loss 601 131 114 Net Periodic Benefit Cost $ 255 $ 432 $ 727 Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans Weighted-Average Assumptions Used in Calculating Benefit Obligation December 31, 2017 Discount Rate 4.24 % 4.18 % 4.22 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.00 % 3.00 % Interest Rate to Annuitize Cash Balance Account 4.25 % 4.25 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 4.25 % 4.25 % December 31, 2016 Discount Rate 4.83 % 4.73 % 4.80 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.00 % 3.00 % Interest Rate to Annuitize Cash Balance Account 4.50 % 4.50 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 4.50 % 4.50 % Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost December 31, 2017 Discount Rate 4.83 % 4.73 % 4.80 % Expected Long-Term Return on Plan Assets 6.50 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.00 % 3.00 % Interest Rate to Annuitize Cash Balance Account 4.50 % 4.50 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 4.50 % 4.50 % December 31, 2016 Discount Rate 4.73 % 4.61 % 4.69 % Expected Long-Term Return on Plan Assets 7.00 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.03 % 3.03 % Interest Rate to Annuitize Cash Balance Account 5.00 % 5.00 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 5.00 % 5.00 % December 31, 2015 Discount Rate 4.31 % 4.26 % 4.31 % Expected Long-Term Return on Plan Assets 7.50 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.04 % Interest Rate to Annuitize Cash Balance Account 4.75 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 4.75 % 4.75 % Schedule of Defined Benefit Plan Disclosures Information about Defined Benefit Plan Assets - Employees' Pension Plan Fair Value Measurements Using: Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Percent of Total Target Allocation Minimum Target Allocation Maximum December 31, 2017 Cash $ 22 $ — $ — $ 22 — % — % 15.0 % Interest-Bearing Money Market Fund 2,682 — — 2,682 5.0 % — % 15.0 % Arrow Common Stock 1 5,657 — — 5,657 10.6 % — % 10.0 % North Country Funds - Equity 2 19,680 — — 19,680 36.7 % Other Mutual Funds - Equity 15,168 — — 15,168 28.3 % Total Equity Funds 34,848 — — 34,848 65.0 % 55.0 % 85.0 % North Country Funds - Fixed income 2 8,388 — — 8,388 15.7 % Other Mutual Funds - Fixed Income 1,974 — — 1,974 3.7 % Total Fixed Income Funds 10,362 — — 10,362 19.4 % 10.0 % 30.0 % Total $ 53,571 $ — $ — $ 53,571 100.0 % December 31, 2016 Cash $ 40 $ — $ — $ 40 0.1 % — % 15.0 % Interest-Bearing Money Market Fund 3,080 — — 3,080 6.1 % — % 15.0 % Arrow Common Stock 1 6,592 — — 6,592 13.1 % — % 10.0 % North Country Funds - Equity 2 18,640 — — 18,640 37.2 % Other Mutual Funds - Equity 13,560 — — 13,560 27.0 % Total Equity Funds 32,200 — — 32,200 64.2 % 55.0 % 85.0 % North Country Funds - Fixed income 2 7,332 — — 7,332 14.6 % Other Mutual Funds - Fixed Income 976 — — 976 1.9 % Total Fixed Income Funds 8,308 — — 8,308 16.5 % 10.0 % 30.0 % Total $ 50,220 $ — $ — $ 50,220 100.0 % 1 Acquisition of Arrow Financial Corporation common stock was under 10% of the total fair value of the employee's pension plan assets at the time of acquisition. 2 The North Country Funds - Equity and the North Country Funds - Fixed Income are publicly traded mutual funds advised by Arrow's subsidiary, North Country Investment Advisers, Inc. Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans Expected Future Benefit Payments 2018 $ 3,434 $ 439 $ 524 2019 2,345 426 543 2020 2,885 411 540 2021 2,456 396 581 2022 2,589 380 574 2022 - 2026 14,107 1,752 2,917 Estimated Contributions During 2018 $ — $ 439 $ 524 Assumed Health Care Cost Trend Rates December 31, 2017 Health Care Cost Trend Rate Assumed for Next Year 7.25 % Rate to which the Cost Trend Rate is Assumed to Decline (the Ultimate Trend Rate) 3.89 % Year that the Rate Reaches the Ultimate Trend Rate 2075 December 31, 2016 Health Care Cost Trend Rate Assumed for Next Year 7.50 % Rate to which the Cost Trend Rate is Assumed to Decline (the Ultimate Trend Rate) 3.89 % Year that the Rate Reaches the Ultimate Trend Rate 2075 Effect of a One-Percentage Point Change in Assumed Health Care Cost Trend Rates Effect of a One Percentage Point Increase on Service and Interest Cost Components $ 44 Effect of a One Percentage Point Decrease on Service and Interest Cost Components (37 ) Effect of a One Percentage Point Increase on Accumulated Postretirement Benefit Obligation 516 Effect of a One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation (445 ) Fair Value of Plan Assets (Defined Benefit Plan): For information on fair value measurements, including descriptions of level 1, 2 and 3 of the fair value hierarchy and the valuation methods employed by Arrow, see Note 2, Summary of Significant Accounting Policies, and Note 17, Fair Values . The fair value of level 1 financial instruments in the table above are based on unadjusted, quoted market prices from exchanges in active markets. In accordance with ERISA guidelines, the Board authorized the purchase of Arrow common stock up to 10% of the fair market value of the plan's assets at the time of acquisition. Pension Plan Investment Policies and Strategies : The Company maintains a non-contributory pension benefit plan covering substantially all employees for the purpose of rewarding long and loyal service to the Company. The pension assets are held in trust and are invested in a prudent manner for the exclusive purpose of providing benefits to participants. The investment objective is to achieve an inflation-protected rate of return that meets the actuarial assumption which is used for funding purposes. The investment strategy attempts to maximize the investment return on assets at a level of risk deemed appropriate by the Company while complying with ERISA and any applicable regulations and laws. The investment strategy utilizes asset allocation as a principal determinant for establishing the risk/reward profile of the assets. Asset allocation ranges are established, periodically reviewed, and adjusted as funding levels, and participant benefit characteristics change. Active and passive investment management is employed to help enhance the risk/return profile of the assets. The plan ’ s assets are invested in a diversified portfolio of equity securities comprised of companies with small, mid, and large capitalizations. Both domestic and international equities are allowed to provide further diversification and opportunity for return in potentially higher growth economies with lower correlation of returns. Growth and value styles of investment are employed to increase the diversification and offer varying opportunities for appreciation. The fixed income portion of the plan may be invested in U.S. dollar denominated debt securities that shall be rated within the top four ratings categories by nationally recognized ratings agencies. The fixed income portion will be invested without regard to industry or sector based on analysis of each target security ’ s structural and repayment features, current pricing and trading opportunities as well as credit quality of the issuer. Individual bonds with ratings that fall below the Plan ’ s rating requirements will be sold only when it is in the best interests of the Plan. Hybrid investments, such as convertible bonds, may be used to provide growth characteristics while offering some protection to declining equity markets by having a fixed income component. Alternative investments such as Treasury Inflation Protected Securities, commodities, and REITs may be used to further enhance diversification while offering opportunities for return. In accordance with ERISA guidelines, common stock of the Company may be purchased up to 10% of the fair market value of the Plan ’ s assets at the time of acquisition. Derivative investments are prohibited in the plan. The return on assets assumption was developed through review of historical market returns, historical asset class volatility and correlations, current market conditions, the Plan ’ s past experience, and expectations on potential future market returns. The assumption represents a long-term average view of the performance of the assets in the Plan, a return that may or may not be achieved during any one calendar year. The assumption is based on the return of the Plan using the historical 15 year return adjusted for the potential for lower than historical returns due to low interest rates. Cash Flows - We were not required to and we did not make any contribution to our qualified pension plan in 2017 . Arrow makes contributions for its postretirement benefits in an amount equal to actual expenses for the year. |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Expenses | Other operating expenses included in the Consolidated Statements of Income are as follows: 2017 2016 2015 Information Technology Services $ 5,028 $ 4,706 $ 3,909 Legal and Other Professional Fees 2,194 2,119 2,188 Postage and Courier 947 1,087 1,050 Advertising and Promotion 1,035 1,084 965 Stationery and Printing 841 892 796 Telephone and Communications 797 840 832 Intangible Asset Amortization 279 297 327 All Other 3,967 3,776 3,846 Total Other Operating Expense $ 15,088 $ 14,801 $ 13,913 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES (Dollars In Thousands) The provision for income taxes is summarized below: Current Tax Expense: 2017 2016 2015 Federal $ 11,142 $ 10,496 $ 8,570 State 917 1,002 1,004 Total Current Tax Expense 12,059 11,498 9,574 Deferred Tax Expense (Benefit): Federal (1,453 ) (69 ) 860 State (77 ) (214 ) 176 Total Deferred Tax Expense (Benefit) (1,530 ) (283 ) 1,036 Total Provision for Income Taxes $ 10,529 $ 11,215 $ 10,610 The provisions for income taxes differed from the amounts computed by applying the U.S. Federal Income Tax Rate of 35% for 2017 , 2016 and 2015 to pre-tax income as a result of the following: 2017 2016 2015 Computed Tax Expense at Statutory Rate $ 13,949 $ 13,212 $ 12,345 Increase (Decrease) in Income Taxes Resulting From: Tax Cuts and Jobs Act impact on deferred remeasurement (1,116 ) — — Tax-Exempt Income (2,537 ) (2,437 ) (2,292 ) Nondeductible Interest Expense 52 40 36 State Taxes, Net of Federal Income Tax Benefit 698 554 805 Tax benefit from stock based compensation (134 ) — — Other Items, Net (383 ) (154 ) (284 ) Total Provision for Income Taxes $ 10,529 $ 11,215 $ 10,610 The Tax Act was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21%, among other changes. Accordingly, we have remeasured our deferred taxes as of December 22, 2017 to reflect the reduced rate that will apply in future periods when these deferred taxes are settled or realized, which resulted in a deferred tax benefit of $1.1 million to reflect the reduced U.S. tax rate. Interest and penalties are recorded as a component of the provision for income taxes, if any. There are no current examinations of our Federal or state income tax returns, nor have we been notified of any up-coming examinations. Tax years 2014 through 2017 are subject to Federal and New York State examination. Management annually conducts an analysis of its tax positions and has concluded that it has no uncertain tax positions as of December 31, 2017 . The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are calculated using the U.S. Federal Income Tax Rate of 21% and 35% at December 31, 2017 and 2016 , respectively and are presented below: 2017 2016 Deferred Tax Assets: Allowance for Loan Losses $ 4,730 $ 6,609 Pension and Deferred Compensation Plans 2,595 3,961 Pension Liability Included in Accumulated Other Comprehensive Income 2,475 4,023 Other 357 502 Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income 426 239 Total Gross Deferred Tax Assets 10,583 15,334 Valuation Allowance for Deferred Tax Assets — — Total Gross Deferred Tax Assets, Net of Valuation Allowance $ 10,583 $ 15,334 Deferred Tax Liabilities: Pension Plans $ 5,487 $ 8,399 Depreciation 955 1,430 Deferred Income 2,779 4,199 Goodwill 3,566 5,324 Total Gross Deferred Tax Liabilities $ 12,787 $ 19,352 Management believes that the realization of the recognized gross deferred tax assets at December 31, 2017 and 2016 is more likely than not, based on historic earnings and expectations as to future taxable income. Interest and penalties are recorded as a component of the provision for income taxes, if any. There are no current examinations of our Federal or state income tax returns, nor have we been notified of any up-coming examinations. Tax years 2014 through 2017 are subject to Federal and New York State examination. Management annually conducts an analysis of its tax positions and has concluded that it has no uncertain tax positions as of December 31, 2017 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE (Dollars In Thousands, Except Per Share Amounts) The following table presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per common share ("EPS") for each of the years in the three-year period ended December 31, 2017 . All share and per share amounts have been adjusted for the September 28, 2017 3 % stock dividend. Earnings Per Share Year-to-Date Period Ended: 12/31/2017 12/31/2016 12/31/2015 Earnings Per Share - Basic: Net Income $ 29,326 $ 26,534 $ 24,662 Weighted Average Shares - Basic 13,893 13,792 13,680 Earnings Per Share - Basic $ 2.11 $ 1.92 $ 1.80 Earnings Per Share - Diluted: Net Income $ 29,326 $ 26,534 $ 24,662 Weighted Average Shares - Basic 13,893 13,792 13,680 Dilutive Average Shares Attributable to Stock Options 93 88 50 Weighted Average Shares - Diluted 13,986 13,880 13,730 Earnings Per Share - Diluted $ 2.10 $ 1.91 $ 1.80 |
Fair Values
Fair Values | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Values | FAIR VALUES (Dollars In Thousands) FASB ASC Subtopic 820-10 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP) and requires certain disclosures about fair value measurements. We do not have any nonfinancial assets or liabilities measured at fair value on a recurring basis. The only assets or liabilities that Arrow measured at fair value on a recurring basis at December 31, 2017 and 2016 were securities available-for-sale. Arrow held no securities or liabilities for trading on such date. For information on fair value measurements, including descriptions of level 1, 2 and 3 of the fair value hierarchy and the valuation methods employed by Arrow, see Note 2, Summary of Significant Accounting Policies . The table below presents the financial instrument's fair value and the amounts within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement: Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis Fair Value Measurements at Reporting Date Using: Fair Value of Assets and Liabilities Measured on a Recurring Basis: Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) December 31, 2017 Securities Available-for Sale: U.S. Government & Agency Obligations $ 59,894 $ 59,894 $ — $ — State and Municipal Obligations 10,349 — 10,349 — Mortgage-Backed Securities 227,596 — 227,596 — Corporate and Other Debt Securities 800 — 800 — Mutual Funds and Equity Securities 1,561 — 1,561 — Total Securities Available-for-Sale $ 300,200 $ 59,894 $ 240,306 $ — December 31, 2016 Securities Available-for Sale: U.S. Government & Agency Obligations $ 147,377 $ 54,706 $ 92,671 $ — State and Municipal Obligations 27,690 — 27,690 — Mortgage-Backed Securities 167,239 — 167,239 — Corporate and Other Debt Securities 3,308 — 3,308 — Mutual Funds and Equity Securities 1,382 — 1,382 — Total Securities Available-for Sale $ 346,996 $ 54,706 $ 292,290 $ — Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis: December 31, 2017 Collateral Dependent Impaired Loans $ — $ — $ — $ — $ — Other Real Estate Owned and Repossessed Assets, Net $ 1,847 $ — $ — $ 1,847 $ (569 ) December 31, 2016 Collateral Dependent Impaired Loans $ — $ — $ — $ — $ — Other Real Estate Owned and Repossessed Assets, Net $ 1,686 $ — $ — $ 1,686 $ (587 ) We determine the fair value of financial instruments under the following hierarchy: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Fair Value Methodology for Assets and Liabilities Measured on a Recurring Basis The fair value of level 1 securities available-for-sale are based on unadjusted, quoted market prices from exchanges in active markets. The fair value of level 2 securities available-for-sale are based on an independent bond and equity pricing service for identical assets or significantly similar securities and an independent equity pricing service for equity securities not actively traded. The pricing services use a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. Fair Value Methodology for Assets and Liabilities Measured on a Nonrecurring Basis The fair value of collateral dependent impaired loans and other real estate owned was based on third-party appraisals less estimated cost to sell. The appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. Other assets which might have been included in this table include mortgage servicing rights, goodwill and other intangible assets. Arrow evaluates each of these assets for impairment on an annual basis, with no impairment recognized for these assets at December 31, 2017 and 2016 . Fair Value Methodology for Financial Instruments Not Measured on a Recurring or Nonrecurring Basis Securities held-to-maturity are fair valued utilizing an independent bond pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. Fair values for loans are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, commercial real estate, residential mortgage, indirect and other consumer loans. Each loan category is further segmented into fixed and adjustable interest rate terms and by performing and nonperforming categories. The fair value methodology does not use an exit price methodology. The fair value of performing loans is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. The estimate of maturity is based on historical experience with repayments for each loan classification, modified, as required, by an estimate of the effect of current economic and lending conditions. Fair value for nonperforming loans is generally based on recent external appraisals. If appraisals are not available, estimated cash flows are discounted using a rate commensurate with the risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. The fair value of time deposits is based on the discounted value of contractual cash flows, except that the fair value is limited to the extent that the customer could redeem the certificate after imposition of a premature withdrawal penalty. The discount rates are estimated using the FHLBNY yield curve, which is considered representative of Arrow ’ s time deposit rates. The fair value of all other deposits is equal to the carrying value. The fair value of FHLBNY advances is estimated based on the discounted value of contractual cash flows. The discount rate is estimated using current rates on FHLBNY advances with similar maturities and call features. Based on Arrow ’ s capital adequacy, the book value of the outstanding trust preferred securities (Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts) are considered to approximate fair value since the interest rates are variable (indexed to LIBOR) and Arrow is well-capitalized. In addition, these instruments do not trade in the open markets since Dodd-Frank deemed new issuances ineligible for treatment as Tier-1 capital. Fair Value by Balance Sheet Grouping The following table presents a summary of the carrying amount, the fair value or an amount approximating fair value and the fair value hierarchy of Arrow ’ s financial instruments: Schedule of Fair Values by Balance Sheet Grouping Fair Value Hierarchy Carrying Amount Fair Value Level 1 Level 2 Level 3 December 31, 2017 Cash and Cash Equivalents $ 72,838 $ 72,838 $ 72,838 $ — $ — Securities Available-for-Sale 300,200 300,200 59,894 240,306 — Securities Held-to-Maturity 335,907 335,901 — 335,901 — Federal Home Loan Bank and Federal Reserve Bank Stock 9,949 9,949 — 9,949 — Net Loans 1,932,184 1,901,046 — — 1,901,046 Accrued Interest Receivable 6,753 6,753 — 6,753 — Deposits 2,245,116 2,236,548 — 2,236,548 — Federal Funds Purchased and Securities Sold Under Agreements to Repurchase 64,966 64,966 — 64,966 — Federal Home Loan Bank Overnight Advances 105,000 105,000 — 105,000 — Federal Home Loan Bank Term Advances 55,000 54,781 — 54,781 — Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts 20,000 20,000 — 20,000 — Accrued Interest Payable 410 410 — 410 — December 31, 2016 Cash and Cash Equivalents $ 57,355 $ 57,355 $ 57,355 $ — $ — Securities Available-for-Sale 346,996 346,996 54,706 292,290 — Securities Held-to-Maturity 345,427 343,751 — 343,751 — Federal Home Loan Bank and Federal Reserve Bank Stock 10,912 10,912 — 10,912 — Net Loans 1,736,256 1,720,078 — — 1,720,078 Accrued Interest Receivable 6,684 6,684 — 6,684 — Deposits 2,116,546 2,109,557 — 2,109,557 — Federal Funds Purchased and Securities Sold Under Agreements to Repurchase 35,836 35,836 — 35,836 — Federal Home Loan Bank Overnight Advances 123,000 123,000 — 123,000 — Federal Home Loan Bank Term Advances 55,000 55,118 — 55,118 — Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts 20,000 20,000 — 20,000 — Accrued Interest Payable 247 247 — 247 — |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Leases | LEASES (Dollars In Thousands) At December 31, 2017 , Arrow was obligated under a number of noncancellable operating leases for buildings and equipment. Certain of these leases provide for escalation clauses and contain renewal options calling for increased rentals if the lease is renewed. Net rental expense for the years ended December 31, 2017 , 2016 and 2015 was as follows: 2017 2016 2015 Net Rental Expense $ 746 $ 822 $ 862 Future minimum lease payments on operating leases at December 31, 2017 were as follows: Operating Leases 2018 $ 690 2019 504 2020 373 2021 290 2022 169 2023 and beyond 184 Total Minimum Lease Payments $ 2,210 Arrow leases five of its branch offices, at market rates, from Stewart ’ s Shops Corp. Mr. Gary C. Dake, President of Stewart ’ s Shops Corp., serves on both the boards of Arrow and Saratoga National Bank and Trust Company. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | REGULATORY MATTERS (Dollars in Thousands) In the normal course of business, Arrow and its subsidiaries operate under certain regulatory restrictions, such as the extent and structure of covered inter-company borrowings and maintenance of reserve requirement balances. The principal source of the funds for the payment of stockholder dividends by Arrow has been from dividends declared and paid to Arrow by its bank subsidiaries. As of December 31, 2017 , the maximum amount that could have been paid by subsidiary banks to Arrow, without prior regulatory approval, was approximately $44.1 million . Under current Federal Reserve regulations, Arrow is prohibited from borrowing from the subsidiary banks unless such borrowings are secured by specific obligations. Additionally, the maximum of any such borrowings from any one subsidiary bank(aggregated with all other "covered transactions between the bank and Arrow) is limited to 10% of that bank ’ s capital and surplus. Loans and other covered transactions between any one subsidiary bank and all of its affiliates cannot exceed 20% of that bank's capital and surplus. Arrow and its subsidiary banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory--and possibly additional discretionary--actions by regulators that, if undertaken, could have a direct material effect on an institution ’ s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Arrow and its subsidiary banks must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require Arrow and its subsidiary banks to maintain minimum capital amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of December 31, 2017 and 2016 , that Arrow and both subsidiary banks meet all capital adequacy requirements to which they are subject. As of December 31, 2017 , Arrow and both subsidiary banks qualified as well-capitalized under the regulatory framework for prompt corrective action. To be categorized as “ well-capitalized, ” Arrow and its subsidiary banks must maintain minimum total risk-based, Tier I risk-based, Tier I leverage, and CET1 risk-based ratios as set forth in the table below. There are no conditions or events that management believes have changed Arrow ’ s or its subsidiary banks ’ categories. The actual capital amounts and ratios for Arrow and its subsidiary banks, Glens Falls National Bank and Trust Company ( “ Glens Falls National ” ) and Saratoga National Bank and Trust Company ( “ Saratoga National ” ), are presented in the table below as of December 31, 2017 and 2016 : Actual Minimum Amounts For Capital Adequacy Purposes Minimum Amounts To Be Well-Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017 Total Capital (to Risk Weighted Assets): Arrow $ 278,163 15.0 % $ 172,461 9.3 % $ 185,442 10.0 % Glens Falls National 220,275 14.6 % 140,312 9.3 % 150,873 10.0 % Saratoga National 48,822 14.0 % 32,432 9.3 % 34,873 10.0 % Tier I Capital (to Risk Weighted Assets): Arrow 259,378 14.0 % 135,247 7.3 % 148,216 8.0 % Glens Falls National 205,200 13.6 % 110,144 7.3 % 120,706 8.0 % Saratoga National 45,311 13.0 % 25,444 7.3 % 27,884 8.0 % Tier I Capital (to Average Assets): Arrow 259,378 9.5 % 109,212 4.0 % 136,515 5.0 % Glens Falls National 205,200 9.1 % 90,198 4.0 % 112,747 5.0 % Saratoga National 45,311 9.4 % 19,281 4.0 % 24,102 5.0 % Common Equity Tier 1 Capital (to Risk Weighted Assets): Arrow 239,326 12.9 % 107,604 5.8 % 120,591 6.5 % Glens Falls National 205,148 13.6 % 87,490 5.8 % 98,049 6.5 % Saratoga National 45,311 13.0 % 20,216 5.8 % 22,656 6.5 % As of December 31, 2016 Total Capital (to Risk Weighted Assets): Arrow 258,653 15.2 % 146,343 8.6 % 170,166 10.0 % Glens Falls National 205,573 15.0 % 117,862 8.6 % 137,049 10.0 % Saratoga National 42,168 12.8 % 28,332 8.6 % 32,944 10.0 % Tier I Capital (to Risk Weighted Assets): Arrow 241,523 14.1 % 113,053 6.6 % 137,034 8.0 % Glens Falls National 191,679 14.0 % 90,363 6.6 % 109,531 8.0 % Saratoga National 39,050 11.9 % 21,658 6.6 % 26,252 8.0 % Tier I Capital (to Average Assets): Arrow 241,523 9.5 % 101,694 4.0 % 127,117 5.0 % Glens Falls National 191,679 9.1 % 84,255 4.0 % 105,318 5.0 % Saratoga National 39,050 8.9 % 17,551 4.0 % 21,938 5.0 % Common Equity Tier 1 Capital (to Risk Weighted Assets): Arrow 221,472 13.0 % 86,885 5.1 % 110,736 6.5 % Glens Falls National 191,628 13.9 % 70,310 5.1 % 89,610 6.5 % Saratoga National 39,050 11.9 % 16,736 5.1 % 21,330 6.5 % |
Parent Only Financial Informati
Parent Only Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Only Financial Information | PARENT ONLY FINANCIAL INFORMATION (Dollars In Thousands) Condensed financial information for Arrow Financial Corporation is as follows: BALANCE SHEETS December 31, ASSETS 2017 2016 Interest-Bearing Deposits with Subsidiary Banks $ 2,186 $ 3,593 Available-for-Sale Securities 1,562 1,382 Held-to-Maturity Securities — 1,000 Investment in Subsidiaries at Equity 261,622 243,031 Other Assets 7,987 7,951 Total Assets $ 273,357 $ 256,957 LIABILITIES Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts $ 20,000 $ 20,000 Other Liabilities 3,754 4,105 Total Liabilities 23,754 24,105 STOCKHOLDERS’ EQUITY Total Stockholders’ Equity 249,603 232,852 Total Liabilities and Stockholders’ Equity $ 273,357 $ 256,957 STATEMENTS OF INCOME Years Ended December 31, Income: 2017 2016 2015 Dividends from Bank Subsidiaries $ 12,800 $ 11,650 $ 13,400 Interest and Dividends on Investments 53 117 118 Other Income (Including Management Fees) 677 635 847 Total Income 13,530 12,402 14,365 Expense: Interest Expense 781 691 619 Salaries and Employee Benefits 76 77 80 Other Expense 882 865 885 Total Expense 1,739 1,633 1,584 Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries 11,791 10,769 12,781 Income Tax Benefit 225 482 372 Equity in Undistributed Net Income of Subsidiaries 17,310 15,283 11,509 Net Income $ 29,326 $ 26,534 $ 24,662 The Statement of Changes in Stockholders ’ Equity is not reported because it is identical to the Consolidated Statement of Changes in Stockholders ’ Equity. STATEMENTS OF CASH FLOWS Years Ended December 31, 2017 2016 2015 Cash Flows from Operating Activities: Net Income $ 29,326 $ 26,534 $ 24,662 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Undistributed Net Income of Subsidiaries (17,310 ) (15,283 ) (11,509 ) Shares Issued Under the Directors’ Stock Plan 233 196 227 Stock-Based Compensation Expense 351 287 308 Changes in Other Assets and Other Liabilities (1,530 ) (1,177 ) (1,419 ) Net Cash Provided by Operating Activities 11,070 10,557 12,269 Cash Flows from Investing Activities: Proceeds from the Sale of Securities Available-for-Sale — — 47 Purchases of Securities Available-for-Sale — — (47 ) Proceeds of Securities Held-to-Maturity 1,000 — — Net Cash Provided by Investing Activities 1,000 — — Cash Flows from Financing Activities: Stock Options Exercised 1,190 2,404 918 Shares Issued Under the Employee Stock Purchase Plan 496 493 494 Shares Issued for Dividend Reinvestment Plans 1,684 1,743 886 Tax Benefit for Exercises of Stock Options — 188 59 Purchase of Treasury Stock (3,248 ) (2,141 ) (1,498 ) Cash Dividends Paid (13,599 ) (13,092 ) (12,700 ) Net Cash Used in Financing Activities (13,477 ) (10,405 ) (11,841 ) Net Increase (Decrease) in Cash and Cash Equivalents (1,407 ) 152 428 Cash and Cash Equivalents at Beginning of the Year 3,593 3,441 3,013 Cash and Cash Equivalents at End of the Year $ 2,186 $ 3,593 $ 3,441 Supplemental Disclosures to Statements of Cash Flow Information: Interest Paid $ 781 $ 691 $ 619 |
Significant Accounting (Policie
Significant Accounting (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation - The financial statements of Arrow and its wholly owned subsidiaries are consolidated and all material inter-company transactions have been eliminated. In the “ Parent Company Only ” financial statements in Note 20, the investment in wholly owned subsidiaries is carried under the equity method of accounting. When necessary, prior years ’ consolidated financial statements have been reclassified to conform to the current-year financial statement presentation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (VIE) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when the Company has both the power and ability to direct the activities of the VIE that most significantly impact the VIE's economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company’s wholly owned subsidiaries Arrow Capital Statutory Trust II and Arrow Capital Statutory Trust III are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. |
Segment Reporting | Segment Reporting - Arrow operations are primarily in the community banking industry, which constitutes Arrow ’ s only segment for financial reporting purposes. Arrow provides other services, such as trust administration, retirement plan administration, advice to our proprietary mutual funds and insurance products, but these services do not rise to the quantitative thresholds for separate disclosure. Arrow operates primarily in the northeastern region of New York State in Warren, Washington, Saratoga, Essex, Clinton, Rensselaer, Albany, and Schenectady counties and surrounding areas. |
Cash and Cash Equivalents | Cash and Cash Equivalents - Cash and cash equivalents include the following items: cash at branches, due from bank balances, cash items in the process of collection, interest-bearing bank balances and federal funds sold. |
Securities | Securities - Management determines the appropriate classification of securities at the time of purchase. Securities reported as held-to-maturity are those debt securities which Arrow has both the positive intent and ability to hold to maturity and are stated at amortized cost. Securities available-for-sale are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income or loss, net of taxes. Realized gains and losses are based upon the amortized cost of the specific security sold. A decline in the fair value of any available-for-sale or held-to-maturity security below cost that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other-than-temporary, we consider all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts when developing an estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. When an other-than-temporary impairment has occurred on a debt security, the amount of the other-than-temporary impairment recognized in earnings depends on whether we intend to sell the debt security or more likely than not will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss. If we intend to sell the debt security or it is more likely than not that we will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is recognized in earnings equal to the entire difference between the investment ’ s amortized cost basis and its fair value at the balance sheet date. If we do not intend to sell the debt security and it is not more likely than not that we will be required to sell the debt security before recovery of its amortized cost basis, the other-than-temporary impairment is separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income, net of applicable income taxes. |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses - Interest income on loans is accrued and credited to income based upon the principal amount outstanding. Loan fees and costs directly associated with loan originations are deferred and amortized/accreted as an adjustment to yield over the lives of the loans originated. From time-to-time, Arrow has sold (most with servicing retained) residential real estate loans at or shortly after origination. Any gain or loss on the sale of loans, along with the value of the servicing right, is recognized at the time of sale as the difference between the recorded basis in the loan and net proceeds from the sale. Loans held for sale are recorded at the lower of cost or fair value on an aggregate basis. Loans are placed on nonaccrual status either due to the delinquency status of principal and/or interest or a judgment by management that the full repayment of principal and interest is unlikely. Unless already placed on nonaccrual status, loans secured by home equity lines of credit are put on nonaccrual status when 120 days past due; residential real estate loans when 150 days past due; commercial and commercial real estate loans are evaluated on a loan-by-loan basis and are placed on nonaccrual status when 90 days past due if the full collection of principal and interest is uncertain; all other loans are to be moved to non-accrual status upon the earliest occurrence of repossession, bankruptcy, delinquency of 90 days or more unless the loan is secured and in the process of collection with no loss anticipated or when full collection of principal and interest is in doubt. The balance of any accrued interest deemed uncollectible at the date the loan is placed on nonaccrual status is reversed, generally against interest income. A loan is returned to accrual status at the later of the date when the past due status of the loan falls below the threshold for nonaccrual status or management deems that it is likely that the borrower will repay all interest and principal. For payments received while the loan is on nonaccrual status, we may recognize interest income on a cash basis if the repayment of the remaining principal and accrued interest is deemed likely. The allowance for loan losses is maintained by charges to operations based upon our best estimate of the probable amount of loans that we will be unable to collect based on current information and events. Provisions to the allowance for loan losses are offset by actual loan charge-offs (net of any recoveries). We evaluate the loan portfolio for potential charge-offs on a monthly basis. In general, automobile and other consumer loans are charged-off when 120 days delinquent. Residential real estate loans are charged-off when a loss becomes known or based on a new appraisal at the earlier of 180 days past due or repossession. Commercial and commercial real estate loans are evaluated early in their delinquency status and are charged-off when management concludes that not all principal will be repaid from on-going cash flows or liquidation of collateral. An evaluation of estimated proceeds from the liquidation of the loan ’ s collateral is compared to the loan carrying amount and a charge to the allowance for loan losses is taken for any deficiency. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions in Arrow's market area. In addition, various Federal regulatory agencies, as an integral part of their examination process, review Arrow's allowance for loan losses. Such agencies may require Arrow to recognize additions to the allowance in future periods, based on their judgments about information available to them at the time of their examination, which may not be currently available to management. We consider nonaccrual loans over $250 thousand and all troubled debt restructured loans to be impaired loans and we evaluate these loans individually to determine the amount of impairment, if any. The amount of impairment, if any, related to individual impaired loans is measured based on either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. Arrow determines impairment for collateral dependent loans based on the fair value of the collateral less estimated costs to sell. Any excess of the recorded investment in the collateral dependent impaired loan over the estimated collateral value, less costs to sell, is typically charged off. For impaired loans which are not collateral dependent, impairment is measured by comparing the recorded investment in the loan to the present value of the expected cash flows, discounted at the loan ’ s effective interest rate. If this amount is less than the recorded investment in the loan, an impairment reserve is recognized as part of the allowance for loan losses, or based upon the judgment of management all or a portion of the excess of the recorded investment in the loan over the present value of the estimated future cash flow may be charged off. The allowance for loan losses on the remaining loans is primarily determined based upon consideration of the historical loss factor incorporating a rolling twelve quarter look-back period of the respective segment that have occurred within each pool of loans over the loss emergence period (LEP), adjusted as necessary based upon consideration of qualitative considerations impacting the inherent risk of loss in the respective loan portfolios. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is recognized in the financial statements. Since the LEP may change under various economic environments, we update the LEP calculation on an annual basis. We also consider and adjust historical net loss factors for qualitative factors that impact the inherent risk of loss associated with our loan categories within our total loan portfolio. These include: • Changes in the volume and severity of past due, nonaccrual and adversely classified loans • Changes in the nature and volume of the portfolio and in the terms of loans • Changes in the value of the underlying collateral for collateral dependent loans • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • Changes in the quality of the loan review system • Changes in the experience, ability, and depth of lending management and other relevant staff • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio • The existence and effect of any concentrations of credit, and changes in the level of such concentrations • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio or pool In management ’ s opinion, the balance of the allowance for loan losses, at each balance sheet date, is sufficient to provide for probable loan losses inherent in the corresponding loan portfolio. |
Other Real Estate Owned and Repossessed Assets | Other Real Estate Owned and Repossessed Assets - Real estate acquired by foreclosure and assets acquired by repossession are recorded at the fair value of the property less estimated costs to sell at the time of repossession. Subsequent declines in fair value, after transfer to other real estate owned and repossessed assets are recognized through a valuation allowance. Such declines in fair value along with related operating expenses to administer such properties or assets are charged directly to operating expense. |
Premises and Equipment | Premises and Equipment - Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization included in operating expenses are computed largely on the straight-line method. Depreciation is based on the estimated useful lives of the assets (buildings and improvements 20 - 40 years; furniture and equipment 7 - 10 years; data processing equipment 5 - 7 years) and, in the case of leasehold improvements, amortization is computed over the terms of the respective leases or their estimated useful lives, whichever is shorter. Gains or losses on disposition are reflected in earnings. |
Investments in Real Estate Limited Partnerships | Investments in Real Estate Limited Partnerships - These limited partnerships acquire, develop and operate low and moderate-income housing. As a limited partner in these projects, we receive low income housing tax credits and tax deductions for losses incurred by the underlying properties. We apply the proportional amortization method allowed in Accounting Standards Update 2014-01 "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects." The proportional amortization method permits an entity to amortize the initial cost of the investment in proportion to the amount of the tax credits and other tax benefits received and to recognize the net investment performance in the income statement as a component of income tax expense. |
Income Taxes | Income Taxes - T he Tax Act was enacted on December 22, 2017 and requires the Company to reflect the changes associated with the law’s provisions in its 2017 fourth quarter. The law is complex and has extensive implications for the Company’s federal and state current and deferred taxes and income tax expense. The Company has recorded and reported the effects of the law’s impacts in its financial statements for the period ended December 31, 2017. See Note 15, Income Taxes , to the notes to our Consolidated Financial Statements for more information. Arrow accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Arrow ’ s policy is that deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets - Identifiable intangible assets acquired in a business combination are capitalized and amortized. Any remaining unidentifiable intangible asset is classified as goodwill, for which amortization is not required but which must be evaluated for impairment. Arrow tests for impairment of goodwill on an annual basis, or when events and circumstances indicate potential impairment. In evaluating goodwill for impairment, Arrow first assesses certain qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. If it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The carrying amounts of other recognized intangible assets that meet recognition criteria and for which separate accounting records have been maintained (depositor intangibles, mortgage servicing rights and customer intangibles), have been included in the consolidated balance sheet as “ Other Intangible Assets, Net. ” Depositor intangibles are being amortized on a straight-line basis over a period of ten to fifteen years. Arrow has sold residential real estate loans, primarily to Freddie Mac, with servicing retained. Mortgage servicing rights are recognized as an asset when loans are sold with servicing retained, by allocating the cost of an originated mortgage loan between the loan and servicing right based on estimated relative fair values. The cost allocated to the servicing right is capitalized as a separate asset and amortized in proportion to, and over the period of, estimated net servicing income. Capitalized mortgage servicing rights are evaluated for impairment by comparing the asset ’ s carrying value to its current estimated fair value. Fair values are estimated using a discounted cash flow approach, which considers future servicing income and costs, current market interest rates, and anticipated prepayment, and default rates. Impairment losses are recognized through a valuation allowance for servicing rights having a current fair value that is less than amortized cost on an aggregate basis. Adjustments to increase or decrease the valuation allowance are charged or credited to income as a component of other operating income. |
Pension and Postretirement Benefits | Pension and Postretirement Benefits - Arrow maintains a non-contributory, defined benefit pension plan covering substantially all employees, a supplemental pension plan covering certain executive officers selected by the Board of Directors, and certain post-retirement medical, dental and life insurance benefits for employees and retirees. The costs of these plans, based on actuarial computations of current and future benefits for employees, are charged to current operating expenses. The cost of post-retirement benefits other than pensions is recognized on an accrual basis as employees perform services to earn the benefits. Arrow recognizes the overfunded or underfunded status of our single employer defined benefit pension plan as an asset or liability on its consolidated balance sheet and recognizes changes in the funded status in comprehensive income in the year in which the change occurred. Prior service costs or credits are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the fair value of assets are amortized over the average remaining service period of active participants. The discount rate assumption is determined by preparing an analysis of the respective plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans - Arrow has two stock option plans, which are described more fully in Note 12. The Company expenses the grant date fair value of options granted. The expense is recognized over the vesting period of the grant, typically four years, on a straight-line basis. Shares are generally issued from treasury for the exercise of stock options. Arrow sponsors an Employee Stock Purchase Plan ("ESPP") under which employees may purchase Arrow ’ s common stock at a 5% discount below market price at the time of purchase. This stock purchase plan is not considered a compensatory plan. Arrow maintains an employee stock ownership plan ( “ ESOP ” ). Substantially all employees of Arrow and its subsidiaries are eligible to participate upon satisfaction of applicable service requirements. The ESOP borrowed funds from one of Arrow ’ s subsidiary banks to purchase outstanding shares of Arrow ’ s common stock. The notes require annual payments of principal and interest through 2018. As the debt is repaid, shares are released from collateral based on the proportion of debt paid to total debt outstanding for the year and allocated to active employees. In addition, the Company makes additional cash contributions to the Plan each year. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase - In securities repurchase agreements, Arrow receives cash from a counterparty in exchange for the transfer of securities to a third party custodian ’ s account that explicitly recognizes Arrow ’ s interest in the securities. These agreements are accounted for by Arrow as secured financing transactions, since it maintains effective control over the transferred securities, and meets other criteria for such accounting. Accordingly, the cash proceeds are recorded as borrowed funds, and the underlying securities continue to be carried in Arrow ’ s securities available-for-sale portfolio. |
Earnings Per Share | Earnings Per Share ( “ EPS ” ) - Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as Arrow ’ s stock options), computed using the treasury stock method. Unallocated common shares held by Arrow ’ s Employee Stock Ownership Plan are not included in the weighted average number of common shares outstanding for either the basic or diluted EPS calculation. |
Financial Instruments | Financial Instruments - Arrow is a party to certain financial instruments with off-balance sheet risk, such as: commercial lines of credit, construction lines of credit, overdraft protection, home equity lines of credit and standby letters of credit. Arrow's policy is to record such instruments when funded. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time Arrow's entire holdings of a particular financial instrument. Because no market exists for a significant portion of Arrow's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-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, Arrow has a trust department that contributes net fee income annually. The value of trust department customer relationships is not considered a financial instrument of the Company, and therefore this value has not been incorporated into the fair value estimates. Other significant assets and liabilities that are not considered financial assets or liabilities include deferred taxes, premises and equipment, the value of low-cost, long-term core deposits 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 any of the estimates. The carrying amount of the following short-term assets and liabilities is a reasonable estimate of fair value: cash and due from banks, federal funds sold and purchased, securities sold under agreements to repurchase, demand deposits, savings, N.O.W. and money market deposits, other short-term borrowings, accrued interest receivable and accrued interest payable. The fair value estimates of other on- and off-balance sheet financial instruments, as well as the method of arriving at fair value estimates, are included in the related footnotes and summarized in Note 17. Fair Value Measures - We determine the fair value of financial instruments under the following hierarchy: • Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument ’ s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. |
Management's Use of Estimates | Management ’ s Use of Estimates -The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Our most significant estimates are the allowance for loan losses, the evaluation of other-than-temporary impairment of investment securities, goodwill impairment, pension and other postretirement liabilities and an analysis of a need for a valuation allowance for deferred tax assets. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term is the allowance for loan losses. In connection with the determination of the allowance for loan losses, management obtains appraisals for properties. The allowance for loan losses is management ’ s best estimate of probable loan losses incurred as of the balance sheet date. While management uses available information to recognize losses on loans, future adjustments to the allowance for loan losses may be necessary based on changes in economic conditions. |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted and Recently Issued Accounting Standards The following accounting standard has been adopted in 2017: Effective January 1, 2017, Arrow adopted FASB accounting standard ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting," which makes several revisions to equity compensation accounting. Under the new guidance all excess tax benefits and deficiencies that occur when an award is exercised or expires are recognized in income tax expense as discrete period items. Previously, these transactions were typically recorded directly within equity. Excess tax benefits are also recognized at the time an award is exercised compared to the previous requirement to delay recognition until the deduction reduces taxes payable. All tax related cash flows recognized on stock-based compensation expense are classified as an operating activity in our Consolidated Statements of Cash Flows on a prospective basis. Accordingly, prior periods have not been adjusted. ASU 2016-09 also provides an accounting policy election to recognize forfeitures of awards as they occur when estimating stock-based compensation expense rather than the previous requirement to estimate forfeitures from inception. Further, ASU 2016-09 permits employers to use a net-settlement feature to withhold taxes on equity compensation awards up to the maximum statutory tax rate without affecting the equity classification of the award. Under previous guidance, withholding of equity awards in excess of the minimum statutory requirement resulted in liability classification for the entire award. The related cash remittance by the employer for employee taxes is treated as a financing activity in the statement of cash flows. Income tax benefits from stock options exercised in the period reduced our effective tax rate for the year ended December 31, 2017 , which resulted in an increase in earnings of approximately $148 thousand , representing earnings per share of approximately $0.01 . In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220)." This ASU allows for the option to reclassify from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017, which was enacted on December 22, 2017. The legislation included a reduction to the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for public businesses for reporting periods for which financial statements have not yet been issued. Arrow adopted the guidance as of December 31, 2017. The adoption of this ASU was accounted for as a cumulative-effect adjustment to the balance sheet resulting in a $1.6 million increase to retained earnings and a corresponding decrease to AOCI on December 31, 2017. The following accounting standards have been issued and become effective for the Company at a future date: ASU 2014-09 - Revenue from Contracts with Customers clarifies the principles for recognizing revenue and supersedes most current revenue recognition guidance. The core principle of the revenue standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU is intended to clarify and converge the revenue recognition principles under GAAP to streamline revenue recognition requirements in addition to expanding required revenue recognition disclosures. In August 2015, the FASB issued ASU 2015-14, Deferral of the Effective Date, which provides a one year deferral to the effective date, therefore, ASU 2014-09 is effective for public companies for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017. As such, we adopted ASU 2014-09 as of January 1, 2018 and will be using the modified retrospective approach. A significant amount of our revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. We have identified the recognition of revenue related to specific types of Fiduciary activities to be in the scope of this amended guidance. The cumulative effect of the January 1, 2018 adoption was a decrease to retained earnings of $330 thousand . ASU 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities" will significantly change the income statement impact of equity investments. For Arrow, the standard became effective for the first quarter of 2018, and will require that equity investments be measured at fair value, with changes in fair value measured in net income. As of December 31, 2017 , we held $1.6 million of fair value in equity investments and we do not expect that the adoption of this change in accounting for equity investments will have a material impact on our financial position or the results of operations in periods subsequent to its adoption. ASU 2016-02 "Leases" will require the recognition of operating leases. For Arrow, the standard becomes effective in the first quarter of 2019. We do not expect that the adoption of this change in accounting for operating leases will have a material impact on our financial position or the results of operations in periods subsequent to its adoption. As of December 31, 2017 , we have less than $2.2 million in minimum lease payments for existing operating leases of branch and insurance locations with varying expiration dates from 2018 to 2031. ASU 2016-13 "Financial Instruments - Credit Losses" will change the way we and other financial entities recognize losses on credit instruments, primarily loans and available-for-sale securities. Currently, loan losses are recognized using an "incurred loss" methodology that delays recognition until it is probable a loss has been incurred. Under the ASU, the incurred loss model will be replaced with a methodology that reflects current expected credit losses (CECL) over the life of the instrument and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Currently, credit losses on available-for-sale securities reduce the carrying value of the instrument and cannot be reversed. Under the ASU, the amount of the credit loss is carried as a valuation allowance and can be reversed. For Arrow, the standard is effective for the first quarter of 2020 and early adoption is allowed in 2019. We plan on adopting the standard in the first quarter of 2020, in order to maximize the accumulation of data needed to calculate the new CECL methodologies. The ASU describes several acceptable methodologies for calculating expected losses on a loan or a pool of loans. Although other methodologies are allowed, we plan on only using the methodologies described in the ASU. Arrow is still evaluating criteria for loan segments and the appropriate methodology for each segment. It is logically presumable that a CECL methodology will result in higher levels of the allowance for loan losses than an incurred loss model. The initial adjustment will not be reported in earnings, but as the cumulative effect of a change in accounting principle. We expect that the adoption of the new standard will have a material impact on the level of the allowance for loan losses, but we do not expect that the periodic provision for loan losses to be materially higher than our historic amounts. The adoption of the standard will have an impact on shareholders’ equity, but we expect that we will remain well-capitalized under current regulatory calculations. The standard also requires new disclosures about the loan portfolio. Both the FASB and banking regulators have made estimates of the range of percentage increases in the allowance for loan losses. One FASB board member has determined that the initial range of 30% to 50% for increases in bank allowances to be overestimated, with the most likely range being in the single digits, although some institutions will experience higher increases. Due to our historical low level of loan losses and our current conservative underwriting standards, we believe that our increase will be in the single digits. The FASB’s Transition Research Group for credit losses still has several outstanding unresolved questions, some of which may have a significant impact on CECL calculations. In 2016 we selected a third-party software product to calculate our CECL methodologies. We also began to accumulate a database of monthly loan data, beginning with June 2015, of the fields needed to make the loss calculations under the new CECL methodologies. During 2018, we plan on refining our loan segment criteria and, for most segments, we will calculate expected losses (for an expanding database) using two or more of the applicable methodologies before determining the most appropriate methodology for each loan segment or sub-segment. ASU 2016-15, "Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments" will existing diversity in practice with respect to eight specific cash flow issues. The amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this update should be applied using a retrospective transition method to each period presented. Arrow intends to adopt this ASU in 2018, as required, and determined the adoption of these amendments will not have a material impact on Arrow's results of operations, financial position or liquidity. ASU 2017-01 "Business Combinations" defines when a set of assets and activities constitutes a business for the purposes of determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Previously, the three elements required to be present in a business are inputs, processes, and outputs. The amendments in this update allow for a business to consist of inputs, processes, and the ability to create output. For Arrow, the standard became effective in the first quarter of 2018. This update had no effect on our accounting for acquisitions and dispositions of businesses. ASU 2017-04 "Intangibles-Goodwill and Other" changes the procedures for evaluating impairment of goodwill. Prior to this Update, entities were required to perform procedures to determine the fair value of the underlying assets and liabilities following the guidance for determining the fair value of assets and liabilities in a business combination. This additional step to impairment testing has been eliminated. Under the amendments in this Update, entities should perform goodwill impairment testing by comparing the fair value of a reporting unit to its carrying value. This amendment should reduce the cost and complexity of evaluating goodwill for impairment. For Arrow, the standard becomes effective in the first quarter of 2019, however, early adoption is permitted. This amendment will not affect our assessment of goodwill impairment since we currently perform the analysis of comparing carrying value to fair value of our reporting units that have goodwill and we have not had to perform a Step 2 Impairment Test to date. ASU 2017-07 "Compensation-Retirement Benefits" improves the presentation of net periodic pension cost and net periodic post-retirement benefit cost by requiring that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. For Arrow, the standard became effective in the first quarter of 2018. The adoption of this change in accounting for pension costs will not have a material impact on our financial position or the results of operations in periods subsequent to its adoption. ASU 2017-08 "Receivables-Nonrefundable Fees and Other Costs" amends the amortization period for certain purchased callable debt securities held at a premium. This shortens the amortization period for the premium to the earliest call date. Under current generally accepted accounting principles (GAAP), entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. For Arrow, the standard becomes effective in the first quarter of 2019, however, early adoption is permitted as early as the first quarter of 2017. We do not expect that the adoption of this change in accounting for certain callable debt securities will have a material impact on our financial position or the results of operations in periods subsequent to its adoption. ASU 2017-09 "Compensation-Stock Compensation" provides guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The guidance highlights the requirements for applying modification accounting and the exception criteria relating to changes in share-based payment terms. For Arrow, the standard became effective in the first quarter of 2018. The adoption of this change in accounting for share-based payment awards will have a material impact on our financial position or the results of operations in periods subsequent to its adoption. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | 2017 2016 Cash and Due From Banks $ 42,562 $ 43,024 Interest-Bearing Deposits at Banks 30,276 14,331 Total Cash and Cash Equivalents $ 72,838 $ 57,355 Supplemental Information: Total required reserves, including vault cash and Federal Reserve Bank deposits $ 30,771 $ 28,610 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The following table is the schedule of Available-For-Sale Securities at December 31, 2017 and 2016 : Available-For-Sale Securities U.S. Government & Agency Obligations State and Municipal Obligations Mortgage- Backed Securities Corporate and Other Debt Securities Mutual Funds and Equity Securities Total Available- For-Sale Securities December 31, 2017 Available-For-Sale Securities, at Amortized Cost $ 60,328 $ 10,351 $ 229,077 $ 1,000 $ 1,120 $ 301,876 Available-For-Sale Securities, at Fair Value 59,894 10,349 227,596 800 1,561 300,200 Gross Unrealized Gains — 9 485 — 441 935 Gross Unrealized Losses 434 11 1,966 200 — 2,611 Available-For-Sale Securities, Pledged as Collateral, at Fair Value 183,052 Maturities of Debt Securities, at Amortized Cost: Within One Year 13,025 8,902 2,619 — 24,546 From 1 - 5 Years 47,303 679 103,078 — 151,060 From 5 - 10 Years — 250 75,570 — 75,820 Over 10 Years — 520 47,810 1,000 49,330 Maturities of Debt Securities, at Fair Value: Within One Year 12,956 8,896 2,642 — 24,494 From 1 - 5 Years 46,938 683 102,126 — 149,747 From 5 - 10 Years — 250 75,044 — 75,294 Over 10 Years — 520 47,784 800 49,104 Securities in a Continuous Loss Position, at Fair Value: Less than 12 Months $ 20,348 $ 8,498 $ 70,930 $ — $ — $ 99,776 12 Months or Longer 39,546 — 80,759 800 — 121,105 Total $ 59,894 $ 8,498 $ 151,689 $ 800 $ — $ 220,881 Number of Securities in a Continuous Loss Position 14 36 55 1 — 106 Unrealized Losses on Securities in a Continuous Loss Position: Less than 12 Months $ 172 $ 11 $ 363 $ — $ — $ 546 12 Months or Longer 262 — 1,603 200 — 2,065 Total $ 434 $ 11 $ 1,966 $ 200 $ — $ 2,611 Disaggregated Details: US Treasury Obligations, at Amortized Cost $ — US Treasury Obligations, — US Agency Obligations, 60,328 US Agency Obligations, 59,894 US Government Agency Securities, at Amortized Cost $ 40,832 US Government Agency Securities, at Fair Value 40,832 Government Sponsored Entity Securities, at Amortized Cost 188,245 Government Sponsored Entity 186,764 Available-For-Sale Securities U.S. Government & Agency Obligations State and Municipal Obligations Mortgage- Backed Securities Corporate and Other Debt Securities Mutual Funds and Equity Securities Total Available- For-Sale Securities December 31, 2016 Available-For-Sale Securities, at Amortized Cost $ 147,110 $ 27,684 $ 168,189 $ 3,512 $ 1,120 $ 347,615 Available-For-Sale Securities, at Fair Value 147,377 27,690 167,239 3,308 1,382 346,996 Gross Unrealized Gains 304 24 986 — 262 1,576 Gross Unrealized Losses 37 18 1,936 204 — 2,195 Available-For-Sale Securities, Pledged as Collateral, at Fair Value 262,852 Securities in a Continuous Loss Position, at Fair Value: Less than 12 Months $ 70,605 $ 12,165 $ 126,825 $ 500 $ — $ 210,095 12 Months or Longer — 7,377 — 2,809 — 10,186 Total $ 70,605 $ 19,542 $ 126,825 $ 3,309 $ — $ 220,281 Number of Securities in a Continuous Loss Position 19 84 40 4 — 147 Unrealized Losses on Securities in a Continuous Loss Position: Less than 12 Months $ 37 $ 13 $ 1,936 $ 1 $ — $ 1,987 12 Months or Longer — 5 — 203 — 208 Total $ 37 $ 18 $ 1,936 $ 204 $ — $ 2,195 Disaggregated Details: US Treasury Obligations, $ 54,701 US Treasury Obligations, 54,706 US Agency Obligations, 92,409 US Agency Obligations, 92,671 US Government Agency $ 3,694 US Government Agency 3,724 Government Sponsored Entity 164,495 Government Sponsored Entity 163,515 |
Held-to-maturity Securities | The following table is the schedule of Held-To-Maturity Securities at December 31, 2017 and 2016 : Held-To-Maturity Securities State and Municipal Obligations Mortgage- Backed Securities Corporate and Other Debt Securities Total Held-To Maturity Securities December 31, 2017 Held-To-Maturity Securities, at Amortized Cost $ 275,530 $ 60,377 $ — $ 335,907 Held-To-Maturity Securities, at Fair Value 275,353 60,548 — 335,901 Gross Unrealized Gains 1,691 269 — 1,960 Gross Unrealized Losses 1,868 98 — 1,966 Held-To-Maturity Securities, Pledged as Collateral, at Fair Value 318,622 Maturities of Debt Securities, at Amortized Cost: Within One Year 38,422 — — 38,422 From 1 - 5 Years 80,789 54,212 — 135,001 From 5 - 10 Years 152,918 6,165 — 159,083 Over 10 Years 3,401 — — 3,401 Maturities of Debt Securities, at Fair Value: Within One Year 38,506 — — 38,506 From 1 - 5 Years 81,499 54,370 — 135,869 From 5 - 10 Years 151,904 6,178 — 158,082 Over 10 Years 3,444 — — 3,444 Securities in a Continuous Loss Position, at Fair Value: Less than 12 Months $ 55,648 $ 13,764 $ — $ 69,412 12 Months or Longer 65,152 3,257 — 68,409 Total $ 120,800 $ 17,021 $ — $ 137,821 Number of Securities in a Continuous Loss Position 352 14 — 366 Unrealized Losses on Securities in a Continuous Loss Position: Less than 12 Months $ 442 $ 56 $ — $ 498 12 Months or Longer 1,425 43 — 1,468 Total $ 1,867 $ 99 $ — $ 1,966 Disaggregated Details: US Government Agency $ 2,680 US Government Agency 2,661 Government Sponsored Entity 57,697 Government Sponsored Entity 57,887 Held-To-Maturity Securities State and Municipal Obligations Mortgage- Backed Securities Corporate and Other Debt Securities Total Held-To Maturity Securities December 31, 2016 Held-To-Maturity Securities, at Amortized Cost $ 268,892 $ 75,535 $ 1,000 $ 345,427 Held-To-Maturity Securities, at Fair Value 267,127 75,624 1,000 343,751 Gross Unrealized Gains 2,058 258 — 2,316 Gross Unrealized Losses 3,823 169 — 3,992 Held-To-Maturity Securities, Pledged as Collateral, at Fair Value 321,202 Securities in a Continuous Loss Position, at Fair Value: Less than 12 Months $ 107,255 $ 13,306 $ — $ 120,561 12 Months or Longer 12,363 — — 12,363 Total $ 119,618 $ 13,306 $ — $ 132,924 Number of Securities in a Continuous Loss Position 347 13 — 360 Unrealized Losses on Securities in a Continuous Loss Position: Less than 12 Months $ 3,129 $ 169 $ — $ 3,298 12 Months or Longer 694 — — 694 Total $ 3,823 $ 169 $ — $ 3,992 Disaggregated Details: US Government Agency $ 3,206 US Government Agency 3,222 Government Sponsored Entity 72,329 Government Sponsored Entity 72,402 |
Schedule of Cost Method Investments | Schedule of Federal Reserve Bank and Federal Home Loan Bank Stock (at cost) December 31, 2017 2016 Federal Reserve Bank Stock $ 1,120 $ 1,071 Federal Home Loan Bank Stock 8,829 9,841 Total Federal Reserve Bank and Federal Home Loan Bank Stock $ 9,949 $ 10,912 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Past Due Financing Receivables | Loan Categories and Past Due Loans The following table presents loan balances outstanding as of December 31, 2017 and December 31, 2016 and an analysis of the recorded investment in loans that are past due at these dates. Generally, Arrow considers a loan past due 30 or more days if the borrower is two or more payments past due. Schedule of Past Due Loans by Loan Category Commercial Commercial Real Estate Consumer Residential Total December 31, 2017 Loans Past Due 30-59 Days $ 139 $ — $ 5,891 $ 2,094 $ 8,124 Loans Past Due 60-89 Days 19 — 1,215 509 1,743 Loans Past Due 90 or More Days 99 807 513 1,422 2,841 Total Loans Past Due 257 807 7,619 4,025 12,708 Current Loans 128,992 443,441 595,208 770,421 1,938,062 Total Loans $ 129,249 $ 444,248 $ 602,827 $ 774,446 $ 1,950,770 Loans 90 or More Days Past Due and Still Accruing Interest $ — $ — $ 6 $ 313 $ 319 Nonaccrual Loans 588 1,530 653 2,755 5,526 December 31, 2016 Loans Past Due 30-59 Days $ 112 $ 121 $ 5,593 $ 2,368 $ 8,194 Loans Past Due 60-89 Days 29 — 898 142 1,069 Loans Past Due 90 or more Days 148 — 513 1,975 2,636 Total Loans Past Due 289 121 7,004 4,485 11,899 Current Loans 104,866 431,525 530,357 674,621 1,741,369 Total Loans $ 105,155 $ 431,646 $ 537,361 $ 679,106 $ 1,753,268 Loans 90 or More Days Past Due and Still Accruing Interest $ — $ — $ 158 $ 1,043 $ 1,201 Nonaccrual Loans $ 155 $ 875 $ 589 $ 2,574 $ 4,193 |
Financing Receivable Supplemental Information | Schedule of Supplemental Loan Information 2017 2016 Supplemental Information : Unamortized deferred loan origination costs, net of deferred loan origination fees, included in the above balances $ 4,055 $ 3,717 Overdrawn deposit accounts, included in the above balances 473 1,009 Pledged loans secured by one-to-four family residential mortgages under a blanket collateral agreement to secure borrowings from the Federal Home Loan Bank of New York 511,301 445,805 Residential real estate loans serviced for Freddie Mac, not included in the balances above 149,377 153,617 Loans held for sale at period-end, included in the above balances 327 483 |
Allowance for Credit Losses on Financing Receivables | Allowance for Loan Losses The following table presents a roll forward of the allowance for loan losses and other information pertaining to the allowance for loan losses: Allowance for Loan Losses Commercial Commercial Real Estate Consumer Residential Unallocated Total Rollfoward of the Allowance for Loan Losses for the Year Ended: December 31, 2016 $ 1,017 $ 5,677 $ 6,120 $ 4,198 $ — $ 17,012 Charge-offs (2 ) (380 ) (1,101 ) (76 ) — (1,559 ) Recoveries 9 — 388 — — 397 Provision 849 (793 ) 2,197 483 — 2,736 December 31, 2017 $ 1,873 $ 4,504 $ 7,604 $ 4,605 $ — $ 18,586 December 31, 2015 $ 1,827 $ 4,520 $ 5,554 $ 3,790 $ 347 $ 16,038 Charge-offs (97 ) (195 ) (871 ) (107 ) — (1,270 ) Recoveries 23 — 182 6 — 211 Provision (736 ) 1,352 1,255 509 (347 ) 2,033 December 31, 2016 $ 1,017 $ 5,677 $ 6,120 $ 4,198 $ — $ 17,012 Allowance for Loan Losses Commercial Commercial Real Estate Consumer Residential Unallocated Total December 31, 2014 $ 2,100 $ 4,128 $ 5,210 $ 3,369 $ 763 $ 15,570 Charge-offs (62 ) (7 ) (711 ) (326 ) — (1,106 ) Recoveries 34 — 193 — — 227 Provision (245 ) 399 862 747 (416 ) 1,347 December 31, 2015 $ 1,827 $ 4,520 $ 5,554 $ 3,790 $ 347 $ 16,038 December 31, 2017 Allowance for loan losses - Loans Individually Evaluated for Impairment $ 94 $ 2 $ — $ 10 $ — $ 106 Allowance for loan losses - Loans Collectively Evaluated for Impairment $ 1,779 $ 4,502 $ 7,604 $ 4,595 $ — $ 18,480 Ending Loan Balance - Individually Evaluated for Impairment $ 489 $ 1,537 $ 95 $ 1,562 $ — $ 3,683 Ending Loan Balance - Collectively Evaluated for Impairment $ 128,760 $ 442,711 $ 602,732 $ 772,884 $ — $ 1,947,087 December 31, 2016 Allowance for loan losses - Loans Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Allowance for loan losses - Loans Collectively Evaluated for Impairment $ 1,017 $ 5,677 $ 6,120 $ 4,198 $ — $ 17,012 Ending Loan Balance - Individually Evaluated for Impairment $ — $ 890 $ 91 $ 1,098 $ — $ 2,079 Ending Loan Balance - Collectively Evaluated for Impairment $ 105,155 $ 430,756 $ 537,270 $ 678,008 $ — $ 1,751,189 |
Financing Receivable Credit Quality Indicators | Loan Credit Quality Indicators The following table presents the credit quality indicators by loan category at December 31, 2017 and December 31, 2016 : Loan Credit Quality Indicators Commercial Commercial Real Estate Consumer Residential Total December 31, 2017 Credit Risk Profile by Creditworthiness Category: Satisfactory $ 124,961 $ 417,362 $ 542,323 Special Mention 1,341 177 1,518 Substandard 2,947 25,902 28,849 Doubtful — 807 807 Credit Risk Profile Based on Payment Activity: Performing $ 602,168 $ 771,584 1,373,752 Nonperforming 659 3,068 3,727 December 31, 2016 Credit Risk Profile by Creditworthiness Category: Satisfactory $ 95,722 $ 396,907 $ 492,629 Special Mention 1,359 7,008 8,367 Substandard 8,074 27,731 35,805 Doubtful — — — Credit Risk Profile Based on Payment Activity: Performing $ 536,614 $ 675,489 1,212,103 Nonperforming 747 3,617 4,364 |
Impaired Financing Receivables | Impaired Loans The following table presents information on impaired loans based on whether the impaired loan has a recorded allowance or no recorded allowance: Impaired Loans Commercial Commercial Real Estate Consumer Residential Total December 31, 2017 Recorded Investment: With No Related Allowance $ — $ 781 $ 94 $ 1,269 $ 2,144 With a Related Allowance 485 725 — 333 1,543 Unpaid Principal Balance: With No Related Allowance $ — $ 816 $ 95 $ 1,274 $ 2,185 With a Related Allowance 489 721 — 288 1,498 December 31, 2016 Recorded Investment: With No Related Allowance $ — $ 890 $ 91 $ 1,098 $ 2,079 With a Related Allowance — — — — — Unpaid Principal Balance: With No Related Allowance $ — $ 890 $ 91 $ 1,098 $ 2,079 With a Related Allowance — — — — — For the Year-To-Date Period Ended: December 31, 2017 Average Recorded Balance: With No Related Allowance $ — $ 836 $ 93 $ 1,184 $ 2,113 With a Related Allowance 243 363 — 167 773 Interest Income Recognized: With No Related Allowance $ — $ 34 $ — $ 23 $ 57 With a Related Allowance 1 2 — 23 26 Cash Basis Income: With No Related Allowance $ — $ — $ — $ — $ — With a Related Allowance — — — — — December 31, 2016 Average Recorded Balance: With No Related Allowance $ 78 $ 1,631 $ 103 $ 872 $ 2,684 With a Related Allowance — — — — $ — Interest Income Recognized: With No Related Allowance $ — $ 29 $ 6 $ 1 $ 36 With a Related Allowance — — — — — Cash Basis Income: With No Related Allowance $ — $ — $ — $ — $ — With a Related Allowance — — — — — — — — — December 31, 2015 Average Recorded Balance: With No Related Allowance $ 325 $ 1,932 $ 116 $ 1,162 $ 3,535 With a Related Allowance — — — 280 $ 280 Interest Income Recognized: With No Related Allowance $ — $ 9 $ 14 $ — $ 23 With a Related Allowance — — — — — Cash Basis Income: With No Related Allowance $ — $ — $ — $ — $ — With a Related Allowance — — — — — |
Troubled Debt Restructurings on Financing Receivables | Loans Modified in Trouble Debt Restructurings The following table presents information on loans modified in trouble debt restructurings during the periods indicated: Loans Modified in Trouble Debt Restructurings During the Period Commercial Commercial Real Estate Consumer Residential Total For the Year Ended: December 31, 2017 Number of Loans 1 1 6 — 8 Pre-Modification Outstanding Recorded Investment $ 503 $ 725 $ 51 $ — $ 1,279 Post-Modification Outstanding Recorded Investment $ 503 $ 725 $ 51 $ — $ 1,279 Subsequent Default, Number of Contracts — — — — — Subsequent Default, Recorded Investment — — — — — Commitments to lend additional funds to modified loans — — — — — December 31, 2016 Number of Loans — — 4 — 4 Pre-Modification Outstanding Recorded Investment $ — $ — $ 39 $ — $ 39 Post-Modification Outstanding Recorded Investment $ — $ — $ 39 $ — $ 39 Subsequent Default, Number of Contracts — — — — — Subsequent Default, Recorded Investment — — — — — Commitments to lend additional funds to modified loans — — — — — December 31, 2015 Number of Loans — 1 4 — 5 Pre-Modification Outstanding Recorded Investment $ — $ 883 $ 51 $ — $ 934 Post-Modification Outstanding Recorded Investment $ — $ 883 $ 51 $ — $ 934 Subsequent Default, Number of Contracts — — — — — Subsequent Default, Recorded Investment — — — — — Commitments to lend additional funds to modified loans — — — — — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | A summary of premises and equipment at December 31, 2017 and 2016 is presented below: 2017 2016 Land and Bank Premises $ 35,254 $ 35,017 Equipment, Furniture and Fixtures 25,662 23,604 Leasehold Improvements 1,901 1,604 Total Cost 62,817 60,225 Accumulated Depreciation and Amortization (35,198 ) (33,287 ) Net Premises and Equipment $ 27,619 $ 26,938 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents information on Arrow ’ s other intangible assets (other than goodwill) as of December 31, 2017 , 2016 and 2015 : Depositor Intangibles 1 Mortgage Servicing Rights 2 Customer Intangibles 1 Total Gross Carrying Amount, December 31, 2017 $ 2,247 $ 2,061 $ 4,382 $ 8,690 Accumulated Amortization (2,247 ) (1,624 ) (2,530 ) (6,401 ) Net Carrying Amount, December 31, 2017 $ — $ 437 $ 1,852 $ 2,289 Gross Carrying Amount, December 31, 2016 $ 2,247 $ 1,968 $ 4,382 $ 8,597 Accumulated Amortization (2,247 ) (1,403 ) (2,251 ) (5,901 ) Net Carrying Amount, December 31, 2016 $ — $ 565 $ 2,131 $ 2,696 Rollforward of Intangible Assets: Balance, December 31, 2014 $ 10 $ 832 $ 2,783 $ 3,625 Intangible Assets Acquired — 107 — 107 Intangible Assets Disposed — — (38 ) (38 ) Amortization of Intangible Assets (10 ) (260 ) (317 ) (587 ) Balance, December 31, 2015 — 679 2,428 3,107 Intangible Assets Acquired — 146 — 146 Intangible Assets Disposed — — — — Amortization of Intangible Assets — (260 ) (297 ) (557 ) Balance, December 31, 2016 — 565 2,131 2,696 Intangible Assets Acquired — 93 — 93 Intangible Assets Disposed — — — — Amortization of Intangible Assets — (221 ) (279 ) (500 ) Balance, December 31, 2017 $ — $ 437 $ 1,852 $ 2,289 1 Amortization of depositor intangibles and customer intangibles are reported in the Consolidated Statements of Income as a component of other operating expense. 2 Amortization of mortgage servicing rights is reported in the Consolidated Statements of Income as a reduction of mortgage servicing fee income, which is included with fees for other services to customers. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the remaining estimated annual amortization expense for Arrow's intangible assets as of December 31, 2017 : Mortgage Servicing Rights Customer Intangibles Total Estimated Annual Amortization Expense: 2018 $ 176 $ 262 $ 438 2019 102 245 347 2020 71 227 298 2021 50 210 260 2022 29 193 222 2023 and beyond 9 715 724 Total $ 437 $ 1,852 $ 2,289 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations | The following table presents the notional amount and fair value of Arrow's off-balance sheet commitments to extend credit and commitments under standby letters of credit as of December 31, 2017 and 2016 : Balance at December 31, 2017 2016 Notional Amount: Commitments to Extend Credit $ 315,256 $ 296,442 Standby Letters of Credit 3,526 3,445 Fair Value: Commitments to Extend Credit $ — $ — Standby Letters of Credit 23 30 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Maturities of Time Deposits [Abstract] | |
Maturities of Time Deposits | The following summarizes the contractual maturities of time deposits during years subsequent to December 31, 2017 : Year of Maturity Total Time Deposits 2018 $ 120,733 2019 29,821 2020 16,063 2021 11,533 2022 10,123 2023 and beyond 13,010 Total $ 201,283 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Schedule of Short-Term Borrowings: 2017 2016 Balances at December 31: Overnight Advances from the Federal Home Loan Bank of New York $ 105,000 $ 123,000 Securities Sold Under Agreements to Repurchase 64,966 35,836 Total Short-Term Borrowings $ 169,966 $ 158,836 Maximum Borrowing Capacity at December 31: Federal Funds Purchased $ 35,000 $ 35,000 Federal Home Loan Bank of New York 511,301 445,805 Federal Reserve Bank of New York 424,724 370,136 |
Schedule of Maturities of Long-term Debt | Maturity Schedule of FHBLNY Term Advances : Balances Weighted Average Rate Final Maturity 2017 2016 2017 2016 First Year $ 10,000 $ — 1.50 % — % Second Year 20,000 10,000 1.70 % 1.50 % Third Year 25,000 20,000 2.02 % 1.70 % Fourth Year — 25,000 — % 2.02 % Fifth Year — — — % — % Total $ 55,000 $ 55,000 1.81 % 1.81 % |
Schedule of Long-term Debt Instruments | Schedule of Guaranteed Preferred Beneficial Interests in Corporation's Junior Subordinated Debentures 2017 2016 ACST II Balance at December 31, $ 10,000 $ 10,000 Period-End Interest Rate 4.49 % 3.99 % ACST III Balance at December 31, $ 10,000 $ 10,000 Period-End Interest Rate 3.34 % 2.84 % |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Comprehensive Income (Loss) | The following table presents the components of other comprehensive income for the years ended December 31, 2017 , 2016 and 2015 : Schedule of Comprehensive Income Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount 2017 Net Unrealized Securities Holding Losses Arising During the Period $ (1,505 ) $ 565 $ (940 ) Reclassification Adjustment for Securities Losses Included in Net Income 448 (111 ) 337 Net Retirement Plan Loss 287 (73 ) 214 Amortization of Net Retirement Plan Actuarial Loss 411 (49 ) 362 Accretion of Net Retirement Plan Prior Service Credit (11 ) 3 (8 ) Other Comprehensive Income (Loss) $ (370 ) $ 335 $ (35 ) 2016 Net Unrealized Securities Holding Losses Arising During the Period $ (1,672 ) $ 648 $ (1,024 ) Reclassification Adjustment for Securities Losses Included in Net Income 22 (9 ) 13 Net Retirement Plan Loss 3,017 (1,296 ) 1,721 Amortization of Net Retirement Plan Actuarial Loss 716 (281 ) 435 Accretion of Net Retirement Plan Prior Service Credit (12 ) 5 (7 ) Other Comprehensive Income $ 2,071 $ (933 ) $ 1,138 2015 Net Unrealized Securities Holding Losses Arising During the Period $ (3,017 ) $ 1,185 $ (1,832 ) Reclassification Adjustment for Securities Gains Included in Net Income (129 ) 51 (78 ) Net Retirement Plan Losses 1,395 (547 ) 848 Net Retirement Plan Prior Service Credit (368 ) 144 (224 ) Amortization of Net Retirement Plan Actuarial Loss 846 (332 ) 514 Accretion of Net Retirement Plan Prior Service Credit (56 ) 22 (34 ) Other Comprehensive Loss $ (1,329 ) $ 523 $ (806 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in accumulated other comprehensive income by component: Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) Unrealized Defined Benefit Plan Items Gains and Losses on Net Prior Available-for- Net Gain Service Sale Securities (Loss) (Cost ) Credit Total For the Year-To-Date periods ended: December 31, 2016 $ (382 ) $ (5,737 ) $ (715 ) $ (6,834 ) Other comprehensive income (loss) before reclassifications (940 ) 214 — (726 ) Amounts reclassified from accumulated other comprehensive income (loss) 337 362 (8 ) 691 Net current-period other comprehensive loss (603 ) 576 (8 ) (35 ) Reclassification due to the adoption of ASU No. 2018-02 (265 ) (1,219 ) (161 ) (1,645 ) December 31, 2017 $ (1,250 ) $ (6,380 ) $ (884 ) $ (8,514 ) December 31, 2015 $ 629 $ (7,893 ) $ (708 ) $ (7,972 ) Other comprehensive income (loss) before reclassifications (1,024 ) 1,721 — 697 Amounts reclassified from accumulated other comprehensive income (loss) 13 435 (7 ) 441 Net current-period other comprehensive income (1,011 ) 2,156 (7 ) 1,138 December 31, 2016 $ (382 ) $ (5,737 ) $ (715 ) $ (6,834 ) December 31, 2014 $ 2,539 $ (9,255 ) $ (450 ) $ (7,166 ) Other comprehensive income (loss) before reclassifications (1,832 ) 848 (224 ) (1,208 ) Amounts reclassified from accumulated other comprehensive income (loss) (78 ) 514 (34 ) 402 Net current-period other comprehensive income (loss) (1,910 ) 1,362 (258 ) (806 ) December 31, 2015 $ 629 $ (7,893 ) $ (708 ) $ (7,972 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassifications out of accumulated other comprehensive income: Reclassifications Out of Accumulated Other Comprehensive Income (1) Amounts Reclassified Details about Accumulated Other from Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income Is Presented For the Year-to-date periods ended: December 31, 2017 Unrealized gains and losses on available-for-sale securities $ (448 ) Loss on Securities Transactions, Net (448 ) Total before tax 111 Provision for Income Taxes $ (337 ) Net of tax Amortization of defined benefit pension items Prior-service costs $ 11 (2) Salaries and Employee Benefits Actuarial gains/(losses) (411 ) (2) Salaries and Employee Benefits (400 ) Total before tax 46 Provision for Income Taxes $ (354 ) Net of tax Total reclassifications for the period $ (691 ) Net of tax December 31, 2016 Unrealized gains and losses on available-for-sale securities $ (22 ) Loss on Securities Transactions, Net (22 ) Total before tax 9 Provision for Income Taxes $ (13 ) Net of tax Amortization of defined benefit pension items Prior-service costs 12 (2) Salaries and Employee Benefits Actuarial gains/(losses) $ (716 ) (2) Salaries and Employee Benefits (704 ) Total before tax 276 Provision for Income Taxes $ (428 ) Net of tax Total reclassifications for the period $ (441 ) Net of tax Reclassifications Out of Accumulated Other Comprehensive Income (1) Amounts Reclassified Details about Accumulated Other from Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income Is Presented December 31, 2015 Unrealized gains and losses on available-for-sale securities $ 129 Gain on Securities Transactions, Net 129 Total before tax (51 ) Provision for Income Taxes $ 78 Net of tax Amortization of defined benefit pension items Prior-service costs 56 (2) Salaries and Employee Benefits Actuarial gains/(losses) $ (846 ) (2) Salaries and Employee Benefits (790 ) Total before tax 310 Provision for Income Taxes $ (480 ) Net of tax Total reclassifications for the period $ (402 ) Net of tax (1) Amounts in parentheses indicate debits to profit/loss. (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see pension footnote for additional details). |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Roll Forward Schedule of Long Term Incentive Plan by Shares and Weighted Average Exercise Prices Long Term Incentive Plan Roll Forward of Shares Outstanding: Outstanding at January 1, 2017 366,329 Granted 55,621 Exercised (58,804 ) Forfeited (16,991 ) Outstanding at December 31, 2017 346,155 Exercisable at Period-End 225,694 Vested and Expected to Vest 120,461 Roll Forward of Shares Outstanding - Weighted Average Exercise Price: Outstanding at January 1, 2017 $ 21.86 Granted 36.12 Exercised 20.25 Forfeited 28.27 Outstanding at December 31, 2017 24.12 Exercisable at Period-End 21.61 Vested and Expected to Vest 28.80 Weighted Average Remaining Contractual Life (in years): Outstanding at December 31, 2017 5.11 Exercisable at December 31, 2017 3.54 Vested and Expected to Vest 8.05 Aggregate Intrinsic Value: Outstanding at December 31, 2017 $ 3,403 Exercisable at December 31, 2017 2,785 Vested and Expected to Vest 618 Shares Available for Grant at Period-End 340,178 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Schedule of Shares Authorized Under the Long Term Incentive Plan by Exercise Price Range Exercise Price Ranges $18.00 $20.17 to $21.56 $22.14 to $22.65 $23.89 to $24.37 $36.12 Total Outstanding at December 31, 2017 Number of Shares Outstanding 27,999 85,068 94,111 89,536 49,441 346,155 Weighted-Average Remaining Contractual Life (in years) 1.06 2.58 4.49 7.27 9.07 5.11 Weighted-Average Exercise Price $ 18.00 $ 20.98 $ 22.43 $ 24.15 $ 36.12 $ 24.12 Exercisable at December 31, 2017 Number of Shares Outstanding 27,999 85,068 79,797 31,800 1,030 225,694 Weighted-Average Remaining Contractual Life (in years) 1.06 2.58 4.20 6.49 9.07 3.54 Weighted-Average Exercise Price $ 18.00 $ 20.98 $ 22.39 $ 24.08 $ 36.12 $ 21.61 |
Other Stock Based Compensation Disclosure Table | Schedule of Other Long Term Incentive Plan Information 2017 2016 2015 Shares Granted 55,621 58,350 58,975 Weighted Average Grant Date Information: Fair Value of Options Granted $ 6.25 $ 5.44 $ 5.34 Fair Value Assumptions: Dividend Yield 2.72 % 3.88 % 3.90 % Expected Volatility 21.40 % 32.95 % 33.55 % Risk Free Interest Rate 2.25 % 1.80 % 1.57 % Expected Lives (in years) 6.88 7.56 7.66 Amount Expensed During the Year $ 351 $ 287 $ 308 Compensation Costs for Non-vested Awards Not Yet Recognized 528 521 500 Weighted Average Expected Vesting Period, In Years 2.59 2.71 2.12 Proceeds From Stock Options Exercised $ 1,190 $ 2,404 $ 918 Tax Benefits Related to Stock Options Exercised 168 188 59 Intrinsic Value of Stock Options Exercised 825 1,010 250 |
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures | Schedule of ESOP Compensation Expense 2017 2016 2015 ESOP Compensation Expense $ 1,400 $ 1,200 $ 900 Shares pledged as collateral are reported as unallocated ESOP shares in stockholders ’ equity. As shares are released from collateral, Arrow reports compensation expense equal to the current average market price of the shares, and the shares become outstanding for earnings per share computations. The ESOP shares as of December 31, 2017 were as follows: Schedule of Shares in ESOP Plan ESOP Plan Shares: 2017 Allocated Shares 759,081 Shares Released for Allocation During 2017 10,407 Unallocated Shares 9,643 Total ESOP Shares 779,131 Market Value of Unallocated Shares $ 327 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The following tables set forth changes in the plans ’ benefit obligations (projected benefit obligation for pension benefits and accumulated benefit obligation for postretirement benefits) and changes in the plans ’ assets and the funded status of the pension plans and other postretirement benefit plan at December 31: Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans Defined Benefit Plan Funded Status December 31, 2017 Fair Value of Plan Assets $ 53,571 $ — $ — Benefit Obligation 38,921 4,586 7,727 Funded Status of Plan $ 14,650 $ (4,586 ) $ (7,727 ) December 31, 2016 Fair Value of Plan Assets $ 50,220 $ — $ — Benefit Obligation 36,154 4,547 7,623 Funded Status of Plan $ 14,066 $ (4,547 ) $ (7,623 ) Change in Benefit Obligation Benefit Obligation, at January 1, 2017 $ 36,154 $ 4,547 $ 7,623 Service Cost 1,392 45 130 Interest Cost 1,682 209 339 Plan Participants' Contributions — — 492 Amendments — — — Actuarial (Gain) Loss 2,440 245 (14 ) Benefits Paid (2,747 ) (460 ) (843 ) Benefit Obligation, at December 31, 2017 $ 38,921 $ 4,586 $ 7,727 Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans Benefit Obligation, at January 1, 2016 $ 35,982 $ 4,784 $ 7,701 Service Cost 1,400 40 147 Interest Cost 1,641 206 340 Plan Participants' Contributions — — 402 Amendments — — — Actuarial Gain (738 ) (31 ) (327 ) Benefits Paid (2,131 ) (452 ) (640 ) Benefit Obligation, at December 31, 2016 $ 36,154 $ 4,547 $ 7,623 Change in Fair Value of Plan Assets Fair Value of Plan Assets, at January 1, 2017 $ 50,220 $ — $ — Actual Return on Plan Assets 6,098 — — Employer Contributions — 460 351 Plan Participants' Contributions — — 492 Benefits Paid (2,747 ) (460 ) (843 ) Fair Value of Plan Assets, at December 31, 2017 $ 53,571 $ — $ — Fair Value of Plan Assets, at January 1, 2016 $ 47,234 $ — $ — Actual Return on Plan Assets 5,117 — — Employer Contributions — 452 238 Plan Participants' Contributions — — 402 Benefits Paid (2,131 ) (452 ) (640 ) Fair Value of Plan Assets, at December 31, 2016 $ 50,220 $ — $ — Accumulated Benefit Obligation at December 31, 2017 $ 38,557 $ 4,586 $ 7,727 Amounts Recognized in the Consolidated Balance Sheets December 31, 2017 Prepaid Pension Asset $ 14,650 $ — — Accrued Benefit Liability — (4,586 ) (7,727 ) Net Benefit Recognized $ 14,650 $ (4,586 ) $ (7,727 ) December 31, 2016 Prepaid Pension Asset $ 14,066 $ — — Accrued Benefit Liability — (4,547 ) (7,623 ) Net Benefit Recognized $ 14,066 $ (4,547 ) $ (7,623 ) Amounts Recognized in Other Comprehensive Income (Loss) For the Year Ended December 31, 2017 Net Unamortized Gain Arising During the Period $ (517 ) $ 244 $ (14 ) Net Prior Service Cost Arising During the Period — — — Amortization of Net Loss (306 ) (129 ) 24 Amortization of Prior Service Credit (Cost) 57 (57 ) 11 Total Other Comprehensive (Loss) for Pension and Other Postretirement Benefit Plans $ (766 ) $ 58 $ 21 For the Year Ended December 31, 2016 Net Unamortized Loss Arising During the Period $ (2,657 ) $ (32 ) $ (328 ) Net Prior Service Cost Arising During the Period — — — Amortization of Net Loss (591 ) (125 ) — Amortization of Prior Service Credit (Cost) 57 (57 ) 12 Total Other Comprehensive Income (Loss) for Pension and Other Postretirement Benefit Plans $ (3,191 ) $ (214 ) $ (316 ) Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans For the Year Ended December 31, 2015 Net Unamortized Loss Arising During the Period $ 472 $ (152 ) $ (1,715 ) Net Prior Service Cost Arising During the Period 277 91 — Amortization of Net Loss (601 ) (131 ) (114 ) Amortization of Prior Service (Cost) Credit 83 (58 ) 31 Total Other Comprehensive (Loss) Income for Pension and Other Postretirement Benefit Plans $ 231 $ (250 ) $ (1,798 ) Accumulated Other Comprehensive Income December 31, 2017 Net Actuarial Loss $ 6,656 $ 2,127 $ (228 ) Prior Service (Credit) Cost 264 489 433 Total Accumulated Other Comprehensive Income, Before Tax $ 6,920 $ 2,616 $ 205 December 31, 2016 Net Actuarial Loss $ 7,479 $ 2,012 $ (238 ) Prior Service (Credit) Cost 207 546 422 Total Accumulated Other Comprehensive Income, Before Tax $ 7,686 $ 2,558 $ 184 Amounts that will be Amortized from Accumulated Other Comprehensive Income the Next Year Net Actuarial Loss $ 131 $ 133 $ (2 ) Prior Service (Credit) Cost $ (49 ) $ 57 $ 48 Net Periodic Benefit Cost For the Year Ended December 31, 2017 Service Cost $ 1,392 $ 45 $ 130 Interest Cost 1,682 209 339 Expected Return on Plan Assets (3,141 ) — — Amortization of Prior Service (Credit) Cost (57 ) 57 (11 ) Amortization of Net Loss 306 129 (24 ) Net Periodic Benefit Cost $ 182 $ 440 $ 434 For the Year Ended December 31, 2016 Service Cost $ 1,400 $ 40 $ 147 Interest Cost 1,641 206 340 Expected Return on Plan Assets (3,198 ) — — Amortization of Prior Service (Credit) Cost (57 ) 57 (12 ) Amortization of Net Loss 591 125 — Net Periodic Benefit Cost $ 377 $ 428 $ 475 For the Year Ended December 31, 2015 Service Cost $ 1,503 $ 32 $ 250 Interest Cost 1,545 211 394 Expected Return on Plan Assets (3,311 ) — — Amortization of Prior Service (Credit) Cost (83 ) 58 (31 ) Amortization of Net Loss 601 131 114 Net Periodic Benefit Cost $ 255 $ 432 $ 727 Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans Weighted-Average Assumptions Used in Calculating Benefit Obligation December 31, 2017 Discount Rate 4.24 % 4.18 % 4.22 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.00 % 3.00 % Interest Rate to Annuitize Cash Balance Account 4.25 % 4.25 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 4.25 % 4.25 % December 31, 2016 Discount Rate 4.83 % 4.73 % 4.80 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.00 % 3.00 % Interest Rate to Annuitize Cash Balance Account 4.50 % 4.50 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 4.50 % 4.50 % Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost December 31, 2017 Discount Rate 4.83 % 4.73 % 4.80 % Expected Long-Term Return on Plan Assets 6.50 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.00 % 3.00 % Interest Rate to Annuitize Cash Balance Account 4.50 % 4.50 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 4.50 % 4.50 % December 31, 2016 Discount Rate 4.73 % 4.61 % 4.69 % Expected Long-Term Return on Plan Assets 7.00 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.03 % 3.03 % Interest Rate to Annuitize Cash Balance Account 5.00 % 5.00 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 5.00 % 5.00 % December 31, 2015 Discount Rate 4.31 % 4.26 % 4.31 % Expected Long-Term Return on Plan Assets 7.50 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % Interest Rate Credit for Determining Projected Cash Balance Account 3.04 % Interest Rate to Annuitize Cash Balance Account 4.75 % Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts 4.75 % 4.75 % Schedule of Defined Benefit Plan Disclosures Information about Defined Benefit Plan Assets - Employees' Pension Plan Fair Value Measurements Using: Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Percent of Total Target Allocation Minimum Target Allocation Maximum December 31, 2017 Cash $ 22 $ — $ — $ 22 — % — % 15.0 % Interest-Bearing Money Market Fund 2,682 — — 2,682 5.0 % — % 15.0 % Arrow Common Stock 1 5,657 — — 5,657 10.6 % — % 10.0 % North Country Funds - Equity 2 19,680 — — 19,680 36.7 % Other Mutual Funds - Equity 15,168 — — 15,168 28.3 % Total Equity Funds 34,848 — — 34,848 65.0 % 55.0 % 85.0 % North Country Funds - Fixed income 2 8,388 — — 8,388 15.7 % Other Mutual Funds - Fixed Income 1,974 — — 1,974 3.7 % Total Fixed Income Funds 10,362 — — 10,362 19.4 % 10.0 % 30.0 % Total $ 53,571 $ — $ — $ 53,571 100.0 % December 31, 2016 Cash $ 40 $ — $ — $ 40 0.1 % — % 15.0 % Interest-Bearing Money Market Fund 3,080 — — 3,080 6.1 % — % 15.0 % Arrow Common Stock 1 6,592 — — 6,592 13.1 % — % 10.0 % North Country Funds - Equity 2 18,640 — — 18,640 37.2 % Other Mutual Funds - Equity 13,560 — — 13,560 27.0 % Total Equity Funds 32,200 — — 32,200 64.2 % 55.0 % 85.0 % North Country Funds - Fixed income 2 7,332 — — 7,332 14.6 % Other Mutual Funds - Fixed Income 976 — — 976 1.9 % Total Fixed Income Funds 8,308 — — 8,308 16.5 % 10.0 % 30.0 % Total $ 50,220 $ — $ — $ 50,220 100.0 % 1 Acquisition of Arrow Financial Corporation common stock was under 10% of the total fair value of the employee's pension plan assets at the time of acquisition. 2 The North Country Funds - Equity and the North Country Funds - Fixed Income are publicly traded mutual funds advised by Arrow's subsidiary, North Country Investment Advisers, Inc. Schedule of Defined Benefit Plan Disclosures Employees' Pension Plan Select Executive Retirement Plan Postretirement Benefit Plans Expected Future Benefit Payments 2018 $ 3,434 $ 439 $ 524 2019 2,345 426 543 2020 2,885 411 540 2021 2,456 396 581 2022 2,589 380 574 2022 - 2026 14,107 1,752 2,917 Estimated Contributions During 2018 $ — $ 439 $ 524 Assumed Health Care Cost Trend Rates December 31, 2017 Health Care Cost Trend Rate Assumed for Next Year 7.25 % Rate to which the Cost Trend Rate is Assumed to Decline (the Ultimate Trend Rate) 3.89 % Year that the Rate Reaches the Ultimate Trend Rate 2075 December 31, 2016 Health Care Cost Trend Rate Assumed for Next Year 7.50 % Rate to which the Cost Trend Rate is Assumed to Decline (the Ultimate Trend Rate) 3.89 % Year that the Rate Reaches the Ultimate Trend Rate 2075 Effect of a One-Percentage Point Change in Assumed Health Care Cost Trend Rates Effect of a One Percentage Point Increase on Service and Interest Cost Components $ 44 Effect of a One Percentage Point Decrease on Service and Interest Cost Components (37 ) Effect of a One Percentage Point Increase on Accumulated Postretirement Benefit Obligation 516 Effect of a One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation (445 ) |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | OTHER EXPENSES (Dollars In Thousands) Other operating expenses included in the Consolidated Statements of Income are as follows: 2017 2016 2015 Information Technology Services $ 5,028 $ 4,706 $ 3,909 Legal and Other Professional Fees 2,194 2,119 2,188 Postage and Courier 947 1,087 1,050 Advertising and Promotion 1,035 1,084 965 Stationery and Printing 841 892 796 Telephone and Communications 797 840 832 Intangible Asset Amortization 279 297 327 All Other 3,967 3,776 3,846 Total Other Operating Expense $ 15,088 $ 14,801 $ 13,913 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes is summarized below: Current Tax Expense: 2017 2016 2015 Federal $ 11,142 $ 10,496 $ 8,570 State 917 1,002 1,004 Total Current Tax Expense 12,059 11,498 9,574 Deferred Tax Expense (Benefit): Federal (1,453 ) (69 ) 860 State (77 ) (214 ) 176 Total Deferred Tax Expense (Benefit) (1,530 ) (283 ) 1,036 Total Provision for Income Taxes $ 10,529 $ 11,215 $ 10,610 |
Schedule of Effective Income Tax Rate Reconciliation | The provisions for income taxes differed from the amounts computed by applying the U.S. Federal Income Tax Rate of 35% for 2017 , 2016 and 2015 to pre-tax income as a result of the following: 2017 2016 2015 Computed Tax Expense at Statutory Rate $ 13,949 $ 13,212 $ 12,345 Increase (Decrease) in Income Taxes Resulting From: Tax Cuts and Jobs Act impact on deferred remeasurement (1,116 ) — — Tax-Exempt Income (2,537 ) (2,437 ) (2,292 ) Nondeductible Interest Expense 52 40 36 State Taxes, Net of Federal Income Tax Benefit 698 554 805 Tax benefit from stock based compensation (134 ) — — Other Items, Net (383 ) (154 ) (284 ) Total Provision for Income Taxes $ 10,529 $ 11,215 $ 10,610 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are calculated using the U.S. Federal Income Tax Rate of 21% and 35% at December 31, 2017 and 2016 , respectively and are presented below: 2017 2016 Deferred Tax Assets: Allowance for Loan Losses $ 4,730 $ 6,609 Pension and Deferred Compensation Plans 2,595 3,961 Pension Liability Included in Accumulated Other Comprehensive Income 2,475 4,023 Other 357 502 Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income 426 239 Total Gross Deferred Tax Assets 10,583 15,334 Valuation Allowance for Deferred Tax Assets — — Total Gross Deferred Tax Assets, Net of Valuation Allowance $ 10,583 $ 15,334 Deferred Tax Liabilities: Pension Plans $ 5,487 $ 8,399 Depreciation 955 1,430 Deferred Income 2,779 4,199 Goodwill 3,566 5,324 Total Gross Deferred Tax Liabilities $ 12,787 $ 19,352 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per common share ("EPS") for each of the years in the three-year period ended December 31, 2017 . All share and per share amounts have been adjusted for the September 28, 2017 3 % stock dividend. Earnings Per Share Year-to-Date Period Ended: 12/31/2017 12/31/2016 12/31/2015 Earnings Per Share - Basic: Net Income $ 29,326 $ 26,534 $ 24,662 Weighted Average Shares - Basic 13,893 13,792 13,680 Earnings Per Share - Basic $ 2.11 $ 1.92 $ 1.80 Earnings Per Share - Diluted: Net Income $ 29,326 $ 26,534 $ 24,662 Weighted Average Shares - Basic 13,893 13,792 13,680 Dilutive Average Shares Attributable to Stock Options 93 88 50 Weighted Average Shares - Diluted 13,986 13,880 13,730 Earnings Per Share - Diluted $ 2.10 $ 1.91 $ 1.80 |
Fair Values (Tables)
Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The table below presents the financial instrument's fair value and the amounts within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement: Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis Fair Value Measurements at Reporting Date Using: Fair Value of Assets and Liabilities Measured on a Recurring Basis: Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) December 31, 2017 Securities Available-for Sale: U.S. Government & Agency Obligations $ 59,894 $ 59,894 $ — $ — State and Municipal Obligations 10,349 — 10,349 — Mortgage-Backed Securities 227,596 — 227,596 — Corporate and Other Debt Securities 800 — 800 — Mutual Funds and Equity Securities 1,561 — 1,561 — Total Securities Available-for-Sale $ 300,200 $ 59,894 $ 240,306 $ — December 31, 2016 Securities Available-for Sale: U.S. Government & Agency Obligations $ 147,377 $ 54,706 $ 92,671 $ — State and Municipal Obligations 27,690 — 27,690 — Mortgage-Backed Securities 167,239 — 167,239 — Corporate and Other Debt Securities 3,308 — 3,308 — Mutual Funds and Equity Securities 1,382 — 1,382 — Total Securities Available-for Sale $ 346,996 $ 54,706 $ 292,290 $ — Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis: December 31, 2017 Collateral Dependent Impaired Loans $ — $ — $ — $ — $ — Other Real Estate Owned and Repossessed Assets, Net $ 1,847 $ — $ — $ 1,847 $ (569 ) December 31, 2016 Collateral Dependent Impaired Loans $ — $ — $ — $ — $ — Other Real Estate Owned and Repossessed Assets, Net $ 1,686 $ — $ — $ 1,686 $ (587 ) |
Fair Value, by Balance Sheet Grouping | Fair Value by Balance Sheet Grouping The following table presents a summary of the carrying amount, the fair value or an amount approximating fair value and the fair value hierarchy of Arrow ’ s financial instruments: Schedule of Fair Values by Balance Sheet Grouping Fair Value Hierarchy Carrying Amount Fair Value Level 1 Level 2 Level 3 December 31, 2017 Cash and Cash Equivalents $ 72,838 $ 72,838 $ 72,838 $ — $ — Securities Available-for-Sale 300,200 300,200 59,894 240,306 — Securities Held-to-Maturity 335,907 335,901 — 335,901 — Federal Home Loan Bank and Federal Reserve Bank Stock 9,949 9,949 — 9,949 — Net Loans 1,932,184 1,901,046 — — 1,901,046 Accrued Interest Receivable 6,753 6,753 — 6,753 — Deposits 2,245,116 2,236,548 — 2,236,548 — Federal Funds Purchased and Securities Sold Under Agreements to Repurchase 64,966 64,966 — 64,966 — Federal Home Loan Bank Overnight Advances 105,000 105,000 — 105,000 — Federal Home Loan Bank Term Advances 55,000 54,781 — 54,781 — Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts 20,000 20,000 — 20,000 — Accrued Interest Payable 410 410 — 410 — December 31, 2016 Cash and Cash Equivalents $ 57,355 $ 57,355 $ 57,355 $ — $ — Securities Available-for-Sale 346,996 346,996 54,706 292,290 — Securities Held-to-Maturity 345,427 343,751 — 343,751 — Federal Home Loan Bank and Federal Reserve Bank Stock 10,912 10,912 — 10,912 — Net Loans 1,736,256 1,720,078 — — 1,720,078 Accrued Interest Receivable 6,684 6,684 — 6,684 — Deposits 2,116,546 2,109,557 — 2,109,557 — Federal Funds Purchased and Securities Sold Under Agreements to Repurchase 35,836 35,836 — 35,836 — Federal Home Loan Bank Overnight Advances 123,000 123,000 — 123,000 — Federal Home Loan Bank Term Advances 55,000 55,118 — 55,118 — Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts 20,000 20,000 — 20,000 — Accrued Interest Payable 247 247 — 247 — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Schedule of Rent Expense | Net rental expense for the years ended December 31, 2017 , 2016 and 2015 was as follows: 2017 2016 2015 Net Rental Expense $ 746 $ 822 $ 862 |
Schedule of Future Minimum Rental Payments for Operationg Leases | Future minimum lease payments on operating leases at December 31, 2017 were as follows: Operating Leases 2018 $ 690 2019 504 2020 373 2021 290 2022 169 2023 and beyond 184 Total Minimum Lease Payments $ 2,210 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios for Arrow and its subsidiary banks, Glens Falls National Bank and Trust Company ( “ Glens Falls National ” ) and Saratoga National Bank and Trust Company ( “ Saratoga National ” ), are presented in the table below as of December 31, 2017 and 2016 : Actual Minimum Amounts For Capital Adequacy Purposes Minimum Amounts To Be Well-Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017 Total Capital (to Risk Weighted Assets): Arrow $ 278,163 15.0 % $ 172,461 9.3 % $ 185,442 10.0 % Glens Falls National 220,275 14.6 % 140,312 9.3 % 150,873 10.0 % Saratoga National 48,822 14.0 % 32,432 9.3 % 34,873 10.0 % Tier I Capital (to Risk Weighted Assets): Arrow 259,378 14.0 % 135,247 7.3 % 148,216 8.0 % Glens Falls National 205,200 13.6 % 110,144 7.3 % 120,706 8.0 % Saratoga National 45,311 13.0 % 25,444 7.3 % 27,884 8.0 % Tier I Capital (to Average Assets): Arrow 259,378 9.5 % 109,212 4.0 % 136,515 5.0 % Glens Falls National 205,200 9.1 % 90,198 4.0 % 112,747 5.0 % Saratoga National 45,311 9.4 % 19,281 4.0 % 24,102 5.0 % Common Equity Tier 1 Capital (to Risk Weighted Assets): Arrow 239,326 12.9 % 107,604 5.8 % 120,591 6.5 % Glens Falls National 205,148 13.6 % 87,490 5.8 % 98,049 6.5 % Saratoga National 45,311 13.0 % 20,216 5.8 % 22,656 6.5 % As of December 31, 2016 Total Capital (to Risk Weighted Assets): Arrow 258,653 15.2 % 146,343 8.6 % 170,166 10.0 % Glens Falls National 205,573 15.0 % 117,862 8.6 % 137,049 10.0 % Saratoga National 42,168 12.8 % 28,332 8.6 % 32,944 10.0 % Tier I Capital (to Risk Weighted Assets): Arrow 241,523 14.1 % 113,053 6.6 % 137,034 8.0 % Glens Falls National 191,679 14.0 % 90,363 6.6 % 109,531 8.0 % Saratoga National 39,050 11.9 % 21,658 6.6 % 26,252 8.0 % Tier I Capital (to Average Assets): Arrow 241,523 9.5 % 101,694 4.0 % 127,117 5.0 % Glens Falls National 191,679 9.1 % 84,255 4.0 % 105,318 5.0 % Saratoga National 39,050 8.9 % 17,551 4.0 % 21,938 5.0 % Common Equity Tier 1 Capital (to Risk Weighted Assets): Arrow 221,472 13.0 % 86,885 5.1 % 110,736 6.5 % Glens Falls National 191,628 13.9 % 70,310 5.1 % 89,610 6.5 % Saratoga National 39,050 11.9 % 16,736 5.1 % 21,330 6.5 % |
Parent Only Financial Informa47
Parent Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Financial Statements | Condensed financial information for Arrow Financial Corporation is as follows: BALANCE SHEETS December 31, ASSETS 2017 2016 Interest-Bearing Deposits with Subsidiary Banks $ 2,186 $ 3,593 Available-for-Sale Securities 1,562 1,382 Held-to-Maturity Securities — 1,000 Investment in Subsidiaries at Equity 261,622 243,031 Other Assets 7,987 7,951 Total Assets $ 273,357 $ 256,957 LIABILITIES Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts $ 20,000 $ 20,000 Other Liabilities 3,754 4,105 Total Liabilities 23,754 24,105 STOCKHOLDERS’ EQUITY Total Stockholders’ Equity 249,603 232,852 Total Liabilities and Stockholders’ Equity $ 273,357 $ 256,957 STATEMENTS OF INCOME Years Ended December 31, Income: 2017 2016 2015 Dividends from Bank Subsidiaries $ 12,800 $ 11,650 $ 13,400 Interest and Dividends on Investments 53 117 118 Other Income (Including Management Fees) 677 635 847 Total Income 13,530 12,402 14,365 Expense: Interest Expense 781 691 619 Salaries and Employee Benefits 76 77 80 Other Expense 882 865 885 Total Expense 1,739 1,633 1,584 Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries 11,791 10,769 12,781 Income Tax Benefit 225 482 372 Equity in Undistributed Net Income of Subsidiaries 17,310 15,283 11,509 Net Income $ 29,326 $ 26,534 $ 24,662 The Statement of Changes in Stockholders ’ Equity is not reported because it is identical to the Consolidated Statement of Changes in Stockholders ’ Equity. STATEMENTS OF CASH FLOWS Years Ended December 31, 2017 2016 2015 Cash Flows from Operating Activities: Net Income $ 29,326 $ 26,534 $ 24,662 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Undistributed Net Income of Subsidiaries (17,310 ) (15,283 ) (11,509 ) Shares Issued Under the Directors’ Stock Plan 233 196 227 Stock-Based Compensation Expense 351 287 308 Changes in Other Assets and Other Liabilities (1,530 ) (1,177 ) (1,419 ) Net Cash Provided by Operating Activities 11,070 10,557 12,269 Cash Flows from Investing Activities: Proceeds from the Sale of Securities Available-for-Sale — — 47 Purchases of Securities Available-for-Sale — — (47 ) Proceeds of Securities Held-to-Maturity 1,000 — — Net Cash Provided by Investing Activities 1,000 — — Cash Flows from Financing Activities: Stock Options Exercised 1,190 2,404 918 Shares Issued Under the Employee Stock Purchase Plan 496 493 494 Shares Issued for Dividend Reinvestment Plans 1,684 1,743 886 Tax Benefit for Exercises of Stock Options — 188 59 Purchase of Treasury Stock (3,248 ) (2,141 ) (1,498 ) Cash Dividends Paid (13,599 ) (13,092 ) (12,700 ) Net Cash Used in Financing Activities (13,477 ) (10,405 ) (11,841 ) Net Increase (Decrease) in Cash and Cash Equivalents (1,407 ) 152 428 Cash and Cash Equivalents at Beginning of the Year 3,593 3,441 3,013 Cash and Cash Equivalents at End of the Year $ 2,186 $ 3,593 $ 3,441 Supplemental Disclosures to Statements of Cash Flow Information: Interest Paid $ 781 $ 691 $ 619 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)plan$ / shares | Dec. 31, 2016USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of compensation plans | plan | 2 | |
Award vesting period (in years) | 4 years | |
ESPP, market price discount percentage | 5.00% | |
Available-for-Sale | $ 300,200 | $ 346,996 |
Available-For-Sale Securities, at Amortized Cost | 301,876 | 347,615 |
Operating leases, future minimum payments due, future minimum sublease rentals | 2,200 | |
Accounting Standards Update 2016-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New accounting pronouncement, effect of change on net income | $ 148 | |
New accounting pronouncement, effect of change on basic earnings per share | $ / shares | $ 0.01 | |
Accounting Standards Update 2018-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect on retained earnings | $ (1,600) | |
Adjustments to additional paid in capital, income tax rate reduction | 1,600 | |
Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect on retained earnings | 330 | |
Fair Value, Measurements, Recurring [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Available-for-Sale | 300,200 | 346,996 |
Equity Securities [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Available-for-Sale | 1,561 | 1,382 |
Available-For-Sale Securities, at Amortized Cost | 1,120 | 1,120 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Available-for-Sale | $ 1,561 | $ 1,382 |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Intangible asset, useful life (in years) | 10 years | |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Intangible asset, useful life (in years) | 15 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Computer Equipment [Member] | Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Computer Equipment [Member] | Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and Due From Banks | $ 42,562 | $ 43,024 | ||
Interest-Bearing Deposits at Banks | 30,276 | 14,331 | ||
Total Cash and Cash Equivalents | 72,838 | 57,355 | $ 51,068 | $ 46,295 |
Total required reserves, including vault cash and Federal Reserve Bank deposits | $ 30,771 | $ 28,610 |
Investment Securities Schedule
Investment Securities Schedule of Available for Sale Securities (Details) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | $ 301,876,000 | $ 347,615,000 |
Available-for-Sale | 300,200,000 | 346,996,000 |
Gross Unrealized Gains | 935,000 | 1,576,000 |
Gross Unrealized Losses | 2,611,000 | 2,195,000 |
Available-For-Sale Securities, Pledged as Collateral, at Fair Value | 183,052,000 | 262,852,000 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 24,546,000 | 210,095,000 |
From 1 - 5 Years | 151,060,000 | 10,186,000 |
From 5 - 10 Years | 75,820,000 | 220,281,000 |
Over 10 Years | 49,330,000 | 147 |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 24,494,000 | 1,987,000 |
From 1 - 5 Years | 149,747,000 | 208,000 |
From 5 - 10 Years | 75,294,000 | 2,195,000 |
Over 10 Years | 49,104,000 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 99,776,000 | |
12 Months or Longer | 121,105,000 | |
Total | $ 220,881,000 | |
Number of Securities in a Continuous Loss Position | 106 | |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 546,000 | |
12 Months or Longer | 2,065,000 | |
Total | 2,611,000 | |
US Government-sponsored Enterprises Debt Securities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale | 186,764,000 | 163,515,000 |
U.S. Treasury and Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 60,328,000 | 147,110,000 |
Available-for-Sale | 59,894,000 | 147,377,000 |
Gross Unrealized Gains | 0 | 304,000 |
Gross Unrealized Losses | 434,000 | 37,000 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 13,025,000 | 70,605,000 |
From 1 - 5 Years | 47,303,000 | 0 |
From 5 - 10 Years | 0 | 70,605,000 |
Over 10 Years | 0 | 19 |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 12,956,000 | 37,000 |
From 1 - 5 Years | 46,938,000 | 0 |
From 5 - 10 Years | 0 | 37,000 |
Over 10 Years | 0 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 20,348,000 | |
12 Months or Longer | 39,546,000 | |
Total | $ 59,894,000 | |
Number of Securities in a Continuous Loss Position | 14 | |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 172,000 | |
12 Months or Longer | 262,000 | |
Total | 434,000 | |
U.S. Treasury and Agency Obligations [Member] | US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 0 | 54,701,000 |
Available-for-Sale | 0 | 54,706,000 |
U.S. Treasury and Agency Obligations [Member] | Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 60,328,000 | 92,409,000 |
Available-for-Sale | 59,894,000 | 92,671,000 |
State and Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 10,351,000 | 27,684,000 |
Available-for-Sale | 10,349,000 | 27,690,000 |
Gross Unrealized Gains | 9,000 | 24,000 |
Gross Unrealized Losses | 11,000 | 18,000 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 8,902,000 | 12,165,000 |
From 1 - 5 Years | 679,000 | 7,377,000 |
From 5 - 10 Years | 250,000 | 19,542,000 |
Over 10 Years | 520,000 | 84 |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 8,896,000 | 13,000 |
From 1 - 5 Years | 683,000 | 5,000 |
From 5 - 10 Years | 250,000 | 18,000 |
Over 10 Years | 520,000 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 8,498,000 | |
12 Months or Longer | 0 | |
Total | $ 8,498,000 | |
Number of Securities in a Continuous Loss Position | 36 | |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 11,000 | |
12 Months or Longer | 0 | |
Total | 11,000 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 229,077,000 | 168,189,000 |
Available-for-Sale | 227,596,000 | 167,239,000 |
Gross Unrealized Gains | 485,000 | 986,000 |
Gross Unrealized Losses | 1,966,000 | 1,936,000 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 2,619,000 | 126,825,000 |
From 1 - 5 Years | 103,078,000 | 0 |
From 5 - 10 Years | 75,570,000 | 126,825,000 |
Over 10 Years | 47,810,000 | 40 |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 2,642,000 | 1,936,000 |
From 1 - 5 Years | 102,126,000 | 0 |
From 5 - 10 Years | 75,044,000 | 1,936,000 |
Over 10 Years | 47,784,000 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 70,930,000 | |
12 Months or Longer | 80,759,000 | |
Total | $ 151,689,000 | |
Number of Securities in a Continuous Loss Position | 55 | |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 363,000 | |
12 Months or Longer | 1,603,000 | |
Total | 1,966,000 | |
Collateralized Mortgage Backed Securities [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 188,245,000 | 164,495,000 |
Collateralized Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 40,832,000 | 3,694,000 |
Available-for-Sale | 40,832,000 | 3,724,000 |
Corporate and Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 1,000,000 | 3,512,000 |
Available-for-Sale | 800,000 | 3,308,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 200,000 | 204,000 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 0 | 500,000 |
From 1 - 5 Years | 0 | 2,809,000 |
From 5 - 10 Years | 0 | 3,309,000 |
Over 10 Years | 1,000,000 | 4 |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 0 | 1,000 |
From 1 - 5 Years | 0 | 203,000 |
From 5 - 10 Years | 0 | 204,000 |
Over 10 Years | 800,000 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 0 | |
12 Months or Longer | 800,000 | |
Total | $ 800,000 | |
Number of Securities in a Continuous Loss Position | 1 | |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 0 | |
12 Months or Longer | 200,000 | |
Total | 200,000 | |
Mututal Funds and Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities, at Amortized Cost | 1,120,000 | 1,120,000 |
Available-for-Sale | 1,561,000 | 1,382,000 |
Gross Unrealized Gains | 441,000 | 262,000 |
Gross Unrealized Losses | 0 | 0 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 0 | |
From 1 - 5 Years | 0 | |
From 5 - 10 Years | 0 | |
Over 10 Years | 0 | |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 0 | |
From 1 - 5 Years | 0 | |
From 5 - 10 Years | $ 0 | |
Over 10 Years | ||
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 0 | |
12 Months or Longer | 0 | |
Total | $ 0 | |
Number of Securities in a Continuous Loss Position | 0 | |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 0 | |
12 Months or Longer | 0 | |
Total | $ 0 |
Investment Securities Schedul51
Investment Securities Schedule of Held to Maturity Securities (Details) $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | $ 335,907 | $ 345,427 |
Held-To-Maturity Securities, at Fair Value | 335,901 | 343,751 |
Gross Unrealized Gains | 1,960 | 2,316 |
Gross Unrealized Losses | 1,966 | 3,992 |
Held-To-Maturity Securities, Pledged as Collateral, at Fair Value | 318,622 | 321,202 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 38,422 | |
From 1 - 5 Years | 135,001 | |
From 5 - 10 Years | 159,083 | |
Over 10 Years | 3,401 | |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 38,506 | |
From 1 - 5 Years | 135,869 | |
From 5 - 10 Years | 158,082 | |
Over 10 Years | 3,444 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 69,412 | 120,561 |
12 Months or Longer | 68,409 | 12,363 |
Total | $ 137,821 | $ 132,924 |
Number of Securities in a Continuous Loss Position | 366 | 360 |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 498 | $ 3,298 |
12 Months or Longer | 1,468 | 694 |
Total | 1,966 | 3,992 |
State and Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 275,530 | 268,892 |
Held-To-Maturity Securities, at Fair Value | 275,353 | 267,127 |
Gross Unrealized Gains | 1,691 | 2,058 |
Gross Unrealized Losses | 1,868 | 3,823 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 38,422 | |
From 1 - 5 Years | 80,789 | |
From 5 - 10 Years | 152,918 | |
Over 10 Years | 3,401 | |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 38,506 | |
From 1 - 5 Years | 81,499 | |
From 5 - 10 Years | 151,904 | |
Over 10 Years | 3,444 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 55,648 | 107,255 |
12 Months or Longer | 65,152 | 12,363 |
Total | $ 120,800 | $ 119,618 |
Number of Securities in a Continuous Loss Position | 352 | 347 |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 442 | $ 3,129 |
12 Months or Longer | 1,425 | 694 |
Total | 1,867 | 3,823 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 60,377 | 75,535 |
Held-To-Maturity Securities, at Fair Value | 60,548 | 75,624 |
Gross Unrealized Gains | 269 | 258 |
Gross Unrealized Losses | 98 | 169 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 0 | |
From 1 - 5 Years | 54,212 | |
From 5 - 10 Years | 6,165 | |
Over 10 Years | 0 | |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 0 | |
From 1 - 5 Years | 54,370 | |
From 5 - 10 Years | 6,178 | |
Over 10 Years | 0 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 13,764 | 13,306 |
12 Months or Longer | 3,257 | 0 |
Total | $ 17,021 | $ 13,306 |
Number of Securities in a Continuous Loss Position | 14 | 13 |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 56 | $ 169 |
12 Months or Longer | 43 | 0 |
Total | 99 | 169 |
Corporate and Other Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 0 | 1,000 |
Held-To-Maturity Securities, at Fair Value | 0 | 1,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Maturities of Debt Securities, at Amortized Cost: | ||
Within One Year | 0 | |
From 1 - 5 Years | 0 | |
From 5 - 10 Years | 0 | |
Over 10 Years | 0 | |
Maturities of Debt Securities, at Fair Value: | ||
Within One Year | 0 | |
From 1 - 5 Years | 0 | |
From 5 - 10 Years | 0 | |
Over 10 Years | 0 | |
Securities in a Continuous Loss Position, at Fair Value: | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 0 | 0 |
Total | $ 0 | $ 0 |
Number of Securities in a Continuous Loss Position | 0 | 0 |
Unrealized Losses on Securities in a Continuous Loss Position: | ||
Less than 12 Months | $ 0 | $ 0 |
12 Months or Longer | 0 | 0 |
Total | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 2,680 | 3,206 |
Collateralized Mortgage Backed Securities [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 57,697 | 72,329 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-To-Maturity Securities, at Fair Value | 57,887 | 72,402 |
Fair Value, Measurements, Recurring [Member] | Agency Securities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-To-Maturity Securities, at Fair Value | $ 2,661 | $ 3,222 |
Investment Securities Cost-Meth
Investment Securities Cost-Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments, All Other Investments [Abstract] | ||
Federal Reserve Bank Stock | $ 1,120 | $ 1,071 |
Federal Home Loan Bank Stock | 8,829 | 9,841 |
Total Federal Reserve Bank and Federal Home Loan Bank Stock | $ 9,949 | $ 10,912 |
Loans Categories and Past Due L
Loans Categories and Past Due Loans(Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due 30-59 Days | $ 8,124 | $ 8,194 |
Loans Past Due 60-89 Days | 1,743 | 1,069 |
Loans Past Due 90 or more Days | 2,841 | 2,636 |
Total Loans Past Due | 12,708 | 11,899 |
Current Loans | 1,938,062 | 1,741,369 |
Total Loans | 1,950,770 | 1,753,268 |
Loans 90 or More Days Past Due and Still Accruing Interest | 319 | 1,201 |
Nonaccrual Loans | 5,526 | 4,193 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due 30-59 Days | 139 | 112 |
Loans Past Due 60-89 Days | 19 | 29 |
Loans Past Due 90 or more Days | 99 | 148 |
Total Loans Past Due | 257 | 289 |
Current Loans | 128,992 | 104,866 |
Total Loans | 129,249 | 105,155 |
Loans 90 or More Days Past Due and Still Accruing Interest | 0 | 0 |
Nonaccrual Loans | 588 | 155 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due 30-59 Days | 0 | 121 |
Loans Past Due 60-89 Days | 0 | 0 |
Loans Past Due 90 or more Days | 807 | 0 |
Total Loans Past Due | 807 | 121 |
Current Loans | 443,441 | 431,525 |
Total Loans | 444,248 | 431,646 |
Loans 90 or More Days Past Due and Still Accruing Interest | 0 | 0 |
Nonaccrual Loans | 1,530 | 875 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due 30-59 Days | 5,891 | 5,593 |
Loans Past Due 60-89 Days | 1,215 | 898 |
Loans Past Due 90 or more Days | 513 | 513 |
Total Loans Past Due | 7,619 | 7,004 |
Current Loans | 595,208 | 530,357 |
Total Loans | 602,827 | 537,361 |
Loans 90 or More Days Past Due and Still Accruing Interest | 6 | 158 |
Nonaccrual Loans | 653 | 589 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due 30-59 Days | 2,094 | 2,368 |
Loans Past Due 60-89 Days | 509 | 142 |
Loans Past Due 90 or more Days | 1,422 | 1,975 |
Total Loans Past Due | 4,025 | 4,485 |
Current Loans | 770,421 | 674,621 |
Total Loans | 774,446 | 679,106 |
Loans 90 or More Days Past Due and Still Accruing Interest | 313 | 1,043 |
Nonaccrual Loans | $ 2,755 | $ 2,574 |
Loans Supplemental Information
Loans Supplemental Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable Disclosure [Abstract] | ||
Unamortized deferred loan origination costs, net of deferred loan origination fees, included in the above balances | $ 4,055 | $ 3,717 |
Overdrawn deposit accounts, included in the above balances | 473 | 1,009 |
Pledged loans secured by one-to-four family residential mortgages under a blanket collateral agreement to secure borrowings from the Federal Home Loan Bank of New York | 511,301 | 445,805 |
Residential real estate loans serviced for Freddie Mac, not included in the balances above | 149,377 | 153,617 |
Loans held for sale at period-end, included in the above balances | $ 327 | $ 483 |
Loans Allowance for Loan Losses
Loans Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rollfoward of the Allowance for Loan Losses for the Quarterly Report [Roll Forward] | |||
Allowance for Credit Losses, Beginning Balance | $ 17,012 | $ 16,038 | $ 15,570 |
Charge-offs | (1,559) | (1,270) | (1,106) |
Recoveries | 397 | 211 | 227 |
Provision | 2,736 | 2,033 | 1,347 |
Allowance for Credit Losses, Ending Balance | 18,586 | 17,012 | 16,038 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Allowance for Loan Losses - Individually Evaluated for Impairment | 106 | 0 | |
Allowance for Loan Losses - Collectively Evaluated for Impairment | 18,480 | 17,012 | |
Ending Loan Balance - Individually Evaluated for Impairment | 3,683 | 2,079 | |
Ending Loan Balance - Collectively Evaluated for Impairment | 1,947,087 | 1,751,189 | |
Commercial [Member] | |||
Rollfoward of the Allowance for Loan Losses for the Quarterly Report [Roll Forward] | |||
Allowance for Credit Losses, Beginning Balance | 1,017 | 1,827 | 2,100 |
Charge-offs | (2) | (97) | (62) |
Recoveries | 9 | 23 | 34 |
Provision | 849 | (736) | (245) |
Allowance for Credit Losses, Ending Balance | 1,873 | 1,017 | 1,827 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Allowance for Loan Losses - Individually Evaluated for Impairment | 94 | 0 | |
Allowance for Loan Losses - Collectively Evaluated for Impairment | 1,779 | 1,017 | |
Ending Loan Balance - Individually Evaluated for Impairment | 489 | 0 | |
Ending Loan Balance - Collectively Evaluated for Impairment | 128,760 | 105,155 | |
Commercial Real Estate [Member] | |||
Rollfoward of the Allowance for Loan Losses for the Quarterly Report [Roll Forward] | |||
Allowance for Credit Losses, Beginning Balance | 5,677 | 4,520 | 4,128 |
Charge-offs | (380) | (195) | (7) |
Recoveries | 0 | 0 | 0 |
Provision | (793) | 1,352 | 399 |
Allowance for Credit Losses, Ending Balance | 4,504 | 5,677 | 4,520 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Allowance for Loan Losses - Individually Evaluated for Impairment | 2 | 0 | |
Allowance for Loan Losses - Collectively Evaluated for Impairment | 4,502 | 5,677 | |
Ending Loan Balance - Individually Evaluated for Impairment | 1,537 | 890 | |
Ending Loan Balance - Collectively Evaluated for Impairment | 442,711 | 430,756 | |
Other Consumer [Member] | |||
Rollfoward of the Allowance for Loan Losses for the Quarterly Report [Roll Forward] | |||
Allowance for Credit Losses, Beginning Balance | 6,120 | 5,554 | 5,210 |
Charge-offs | (1,101) | (871) | (711) |
Recoveries | 388 | 182 | 193 |
Provision | 2,197 | 1,255 | 862 |
Allowance for Credit Losses, Ending Balance | 7,604 | 6,120 | 5,554 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Allowance for Loan Losses - Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses - Collectively Evaluated for Impairment | 7,604 | 6,120 | |
Ending Loan Balance - Individually Evaluated for Impairment | 95 | 91 | |
Ending Loan Balance - Collectively Evaluated for Impairment | 602,732 | 537,270 | |
Residential Portfolio Segment [Member] | |||
Rollfoward of the Allowance for Loan Losses for the Quarterly Report [Roll Forward] | |||
Allowance for Credit Losses, Beginning Balance | 4,198 | 3,790 | 3,369 |
Charge-offs | (76) | (107) | (326) |
Recoveries | 0 | 6 | 0 |
Provision | 483 | 509 | 747 |
Allowance for Credit Losses, Ending Balance | 4,605 | 4,198 | 3,790 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Allowance for Loan Losses - Individually Evaluated for Impairment | 10 | 0 | |
Allowance for Loan Losses - Collectively Evaluated for Impairment | 4,595 | 4,198 | |
Ending Loan Balance - Individually Evaluated for Impairment | 1,562 | 1,098 | |
Ending Loan Balance - Collectively Evaluated for Impairment | 772,884 | 678,008 | |
Unallocated [Member] | |||
Rollfoward of the Allowance for Loan Losses for the Quarterly Report [Roll Forward] | |||
Allowance for Credit Losses, Beginning Balance | 0 | 347 | 763 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | 0 | (347) | (416) |
Allowance for Credit Losses, Ending Balance | 0 | 0 | $ 347 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Allowance for Loan Losses - Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses - Collectively Evaluated for Impairment | 0 | 0 | |
Ending Loan Balance - Individually Evaluated for Impairment | 0 | 0 | |
Ending Loan Balance - Collectively Evaluated for Impairment | $ 0 | $ 0 |
Loans Credit Quality Indicators
Loans Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 542,323 | $ 492,629 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 1,518 | 8,367 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 28,849 | 35,805 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 807 | 0 |
Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 1,373,752 | 1,212,103 |
Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 3,727 | 4,364 |
Commercial [Member] | Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 124,961 | 95,722 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 1,341 | 1,359 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 2,947 | 8,074 |
Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 0 | 0 |
Commercial Real Estate [Member] | Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 417,362 | 396,907 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 177 | 7,008 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 25,902 | 27,731 |
Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 807 | 0 |
Other Consumer [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 602,168 | 536,614 |
Other Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 659 | 747 |
Residential Portfolio Segment [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 771,584 | 675,489 |
Residential Portfolio Segment [Member] | Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 3,068 | $ 3,617 |
Loans Impaired Loans (Details)
Loans Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Recorded Investment [Abstract] | |||
With No Related Allowance | $ 2,144 | $ 2,079 | |
With a Related Allowance | 1,543 | 0 | |
Unpaid Principal Balance [Abstract] | |||
With No Related Allowance | 2,185 | 2,079 | |
With a Related Allowance | 1,498 | 0 | |
Average Recorded Balance [Abstract] | |||
With No Related Allowance | 2,113 | 2,684 | $ 3,535 |
With a Related Allowance | 773 | 0 | 280 |
Interest Income Recognized [Abstract] | |||
With No Related Allowance | 57 | 36 | 23 |
With a Related Allowance | 26 | 0 | 0 |
Cash Basis Income [Abstract] | |||
With No Related Allowance | 0 | 0 | 0 |
With a Related Allowance | 0 | 0 | 0 |
Commercial [Member] | |||
Recorded Investment [Abstract] | |||
With No Related Allowance | 0 | 0 | |
With a Related Allowance | 485 | 0 | |
Unpaid Principal Balance [Abstract] | |||
With No Related Allowance | 0 | 0 | |
With a Related Allowance | 489 | 0 | |
Average Recorded Balance [Abstract] | |||
With No Related Allowance | 0 | 78 | 325 |
With a Related Allowance | 243 | 0 | 0 |
Interest Income Recognized [Abstract] | |||
With No Related Allowance | 0 | 0 | 0 |
With a Related Allowance | 1 | 0 | 0 |
Cash Basis Income [Abstract] | |||
With No Related Allowance | 0 | 0 | 0 |
With a Related Allowance | 0 | 0 | 0 |
Commercial Real Estate [Member] | |||
Recorded Investment [Abstract] | |||
With No Related Allowance | 781 | 890 | |
With a Related Allowance | 725 | 0 | |
Unpaid Principal Balance [Abstract] | |||
With No Related Allowance | 816 | 890 | |
With a Related Allowance | 721 | 0 | |
Average Recorded Balance [Abstract] | |||
With No Related Allowance | 836 | 1,631 | 1,932 |
With a Related Allowance | 363 | 0 | 0 |
Interest Income Recognized [Abstract] | |||
With No Related Allowance | 34 | 29 | 9 |
With a Related Allowance | 2 | 0 | 0 |
Cash Basis Income [Abstract] | |||
With No Related Allowance | 0 | 0 | 0 |
With a Related Allowance | 0 | 0 | 0 |
Other Consumer [Member] | |||
Recorded Investment [Abstract] | |||
With No Related Allowance | 94 | 91 | |
With a Related Allowance | 0 | 0 | |
Unpaid Principal Balance [Abstract] | |||
With No Related Allowance | 95 | 91 | |
With a Related Allowance | 0 | 0 | |
Average Recorded Balance [Abstract] | |||
With No Related Allowance | 93 | 103 | 116 |
With a Related Allowance | 0 | 0 | 0 |
Interest Income Recognized [Abstract] | |||
With No Related Allowance | 0 | 6 | 14 |
With a Related Allowance | 0 | 0 | 0 |
Cash Basis Income [Abstract] | |||
With No Related Allowance | 0 | 0 | 0 |
With a Related Allowance | 0 | 0 | 0 |
Residential Portfolio Segment [Member] | |||
Recorded Investment [Abstract] | |||
With No Related Allowance | 1,269 | 1,098 | |
With a Related Allowance | 333 | 0 | |
Unpaid Principal Balance [Abstract] | |||
With No Related Allowance | 1,274 | 1,098 | |
With a Related Allowance | 288 | 0 | |
Average Recorded Balance [Abstract] | |||
With No Related Allowance | 1,184 | 872 | 1,162 |
With a Related Allowance | 167 | 0 | 280 |
Interest Income Recognized [Abstract] | |||
With No Related Allowance | 23 | 1 | 0 |
With a Related Allowance | 23 | 0 | 0 |
Cash Basis Income [Abstract] | |||
With No Related Allowance | 0 | 0 | 0 |
With a Related Allowance | $ 0 | $ 0 | $ 0 |
Loans Modified in Trouble Debt
Loans Modified in Trouble Debt Restructurings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 8 | 4 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 1,279 | $ 39 | $ 934 |
Post-Modification Outstanding Recorded Investment | $ 1,279 | $ 39 | $ 934 |
Subsequent Default, Number of Contracts | 0 | 0 | 0 |
Subsequent Default, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commitments to lend additional funds to modified loans | $ 0 | $ 0 | $ 0 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 503 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 503 | $ 0 | $ 0 |
Subsequent Default, Number of Contracts | 0 | 0 | 0 |
Subsequent Default, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commitments to lend additional funds to modified loans | $ 0 | $ 0 | $ 0 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 725 | $ 0 | $ 883 |
Post-Modification Outstanding Recorded Investment | $ 725 | $ 0 | $ 883 |
Subsequent Default, Number of Contracts | 0 | 0 | 0 |
Subsequent Default, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commitments to lend additional funds to modified loans | $ 0 | $ 0 | $ 0 |
Other Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 6 | 4 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 51 | $ 39 | $ 51 |
Post-Modification Outstanding Recorded Investment | $ 51 | $ 39 | $ 51 |
Subsequent Default, Number of Contracts | 0 | 0 | 0 |
Subsequent Default, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commitments to lend additional funds to modified loans | $ 0 | $ 0 | $ 0 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Subsequent Default, Number of Contracts | 0 | 0 | 0 |
Subsequent Default, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commitments to lend additional funds to modified loans | $ 0 | $ 0 | $ 0 |
Minimum [Member] | Other Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Principal repayment terms, period | 1 year | ||
Minimum [Member] | Automobile Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Principal repayment terms, period | 3 years | ||
Maximum [Member] | Other Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Principal repayment terms, period | 5 years | ||
Maximum [Member] | Automobile Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Principal repayment terms, period | 7 years |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total Cost | $ 62,817 | $ 60,225 |
Accumulated Depreciation and Amortization | (35,198) | (33,287) |
Net Premises and Equipment | 27,619 | 26,938 |
Land and Bank Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Cost | 35,254 | 35,017 |
Equipment, Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Cost | 25,662 | 23,604 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Cost | $ 1,901 | $ 1,604 |
Premises and Equipment Suppleme
Premises and Equipment Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 1,921 | $ 1,928 | $ 1,892 |
Other Intangible Assets Schedul
Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | $ 8,690 | $ 8,597 | ||||
Accumulated Amortization | (6,401) | (5,901) | ||||
Net Carrying Amount | $ 2,696 | $ 3,107 | $ 3,625 | 2,289 | 2,696 | |
Finite-lived Intangible Assets [Roll Forward] | ||||||
Finite-Lived Intangible Assets, Beginning Balance | 2,696 | 3,107 | 3,625 | |||
Intangible Assets Acquired | 93 | 146 | 107 | |||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | (38) | |||
Amortization of Intangible Assets | (500) | (557) | (587) | |||
Finite-Lived Intangible Assets, Ending Balance | 2,289 | 2,696 | 3,107 | |||
Depositor Intangibles [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | [1] | 2,247 | 2,247 | |||
Accumulated Amortization | [1] | (2,247) | (2,247) | |||
Net Carrying Amount | [1] | 0 | 0 | 10 | 0 | 0 |
Finite-lived Intangible Assets [Roll Forward] | ||||||
Finite-Lived Intangible Assets, Beginning Balance | [1] | 0 | 0 | 10 | ||
Intangible Assets Acquired | [1] | 0 | 0 | 0 | ||
Impairment of Intangible Assets, Finite-lived | [1] | 0 | 0 | 0 | ||
Amortization of Intangible Assets | [1] | 0 | 0 | (10) | ||
Finite-Lived Intangible Assets, Ending Balance | [1] | 0 | 0 | 0 | ||
Mortgage Servicing Rights [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | [2] | 2,061 | 1,968 | |||
Accumulated Amortization | [2] | (1,624) | (1,403) | |||
Net Carrying Amount | [2] | 565 | 679 | 832 | 437 | 565 |
Finite-lived Intangible Assets [Roll Forward] | ||||||
Finite-Lived Intangible Assets, Beginning Balance | [2] | 565 | 679 | 832 | ||
Intangible Assets Acquired | [2] | 93 | 146 | 107 | ||
Impairment of Intangible Assets, Finite-lived | [2] | 0 | 0 | 0 | ||
Amortization of Intangible Assets | [2] | (221) | (260) | (260) | ||
Finite-Lived Intangible Assets, Ending Balance | [2] | 437 | 565 | 679 | ||
Customer Intangibles [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | [1] | 4,382 | 4,382 | |||
Accumulated Amortization | [1] | (2,530) | (2,251) | |||
Net Carrying Amount | [1] | 2,131 | 2,428 | 2,783 | $ 1,852 | $ 2,131 |
Finite-lived Intangible Assets [Roll Forward] | ||||||
Finite-Lived Intangible Assets, Beginning Balance | [1] | 2,131 | 2,428 | 2,783 | ||
Intangible Assets Acquired | [1] | 0 | 0 | 0 | ||
Impairment of Intangible Assets, Finite-lived | [1] | 0 | 0 | (38) | ||
Amortization of Intangible Assets | [1] | (279) | (297) | (317) | ||
Finite-Lived Intangible Assets, Ending Balance | [1] | $ 1,852 | $ 2,131 | $ 2,428 | ||
[1] | Amortization of depositor intangibles and customer intangibles are reported in the Consolidated Statements of Income as a component of other operating expense. | |||||
[2] | Amortization of mortgage servicing rights is reported in the Consolidated Statements of Income as a reduction of mortgage servicing fee income, which is included with fees for other services to customers. |
Other Intangible Assets Sched62
Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Estimated Annual Amoritzation Expense: [Abstract] | |||||
2,018 | $ 438 | ||||
2,019 | 347 | ||||
2,020 | 298 | ||||
2,021 | 260 | ||||
2,022 | 222 | ||||
2023 and beyond | 724 | ||||
Net Carrying Amount | 2,289 | $ 2,696 | $ 3,107 | $ 3,625 | |
Mortgage Servicing Rights [Member] | |||||
Estimated Annual Amoritzation Expense: [Abstract] | |||||
2,018 | [1] | 176 | |||
2,019 | [1] | 102 | |||
2,020 | [1] | 71 | |||
2,021 | [1] | 50 | |||
2,022 | [1] | 29 | |||
2023 and beyond | [1] | 9 | |||
Net Carrying Amount | [1] | 437 | 565 | 679 | 832 |
Customer Intangibles [Member] | |||||
Estimated Annual Amoritzation Expense: [Abstract] | |||||
2,018 | [2] | 262 | |||
2,019 | [2] | 245 | |||
2,020 | [2] | 227 | |||
2,021 | [2] | 210 | |||
2,022 | [2] | 193 | |||
2023 and beyond | [2] | 715 | |||
Net Carrying Amount | [2] | $ 1,852 | $ 2,131 | $ 2,428 | $ 2,783 |
[1] | Amortization of mortgage servicing rights is reported in the Consolidated Statements of Income as a reduction of mortgage servicing fee income, which is included with fees for other services to customers. | ||||
[2] | Amortization of depositor intangibles and customer intangibles are reported in the Consolidated Statements of Income as a component of other operating expense. |
Guarantees (Details)
Guarantees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Guarantor Obligations [Line Items] | ||
Commitments to Extend Credit, Nominal Amount | $ 315,256 | $ 296,442 |
Standby Letters of Credit, Nominal Amount | 3,526 | 3,445 |
Commitments to Extend Credit, Fair Value | 0 | 0 |
Fair Value Disclosure, Letters of Credit Outstanding, Amount | $ 23 | $ 30 |
Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Letter of Credit, Fee Percentage | 1.00% | |
Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Letter of Credit, Fee Percentage | 3.00% |
Time Deposits (Details)
Time Deposits (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Maturities of Time Deposits [Abstract] | |
2,018 | $ 120,733 |
2,019 | 29,821 |
2,020 | 16,063 |
2,021 | 11,533 |
2,022 | 10,123 |
2023 and beyond | 13,010 |
Total | $ 201,283 |
Debt Schedule of Short Term Deb
Debt Schedule of Short Term Debt (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Federal Home Loan Bank Overnight Advances | $ 105,000,000 | $ 123,000,000 |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 64,966,000 | 35,836,000 |
Short-term Borrowings | 169,966,000 | 158,836,000 |
Overnight Advances from the Federal Home Loan Bank of New York [Member] | ||
Short-term Debt [Line Items] | ||
Maximum Borrowing Capacity | 511,301,000 | 445,805,000 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Maximum Borrowing Capacity | 35,000,000 | 35,000,000 |
Federal Reserve Bank of New York [Member] | ||
Short-term Debt [Line Items] | ||
Maximum Borrowing Capacity | $ 424,724,000 | $ 370,136,000 |
Debt Schedule of Repurchase Sec
Debt Schedule of Repurchase Securities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Securities Sold under Agreements to Repurchase | $ 66.6 | $ 42.3 |
Debt Maturities of Long Term De
Debt Maturities of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Final Maturity Balances - First Year | $ 10,000 | $ 0 |
Final Maturity Balances - Second Year | 20,000 | 10,000 |
Final Maturity Balances - Third Year | 25,000 | 20,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | 25,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | 0 |
Final Maturity Balances - Total | $ 55,000 | $ 55,000 |
Final Maturity Weighted Average Rate - First Year | 1.50% | 0.00% |
Final Maturity Weighted Average Rate - Second Year | 1.70% | 1.50% |
Final Maturity Weighted Average Rate - Third Year | 2.02% | 1.70% |
Long-Term Debt Maturities, Weighted Average Rate, Repayments of Principal in Year Four | 0.00% | 2.02% |
Long-Term Debt Maturities, Weighted Average Rate, Repayments of Principal in Year Five | 0.00% | 0.00% |
Final Maturity Weighted Average Rate - Total | 1.81% | 1.81% |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt instruments (Details) - Junior Subordinated Debt [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
ACST II [Member] | ||
Debt Instrument [Line Items] | ||
Balance at December 31, | $ 10,000,000 | $ 10,000,000 |
Period-End Interest Rate | 4.49% | 3.99% |
ACST III [Member] | ||
Debt Instrument [Line Items] | ||
Balance at December 31, | $ 10,000,000 | $ 10,000,000 |
Period-End Interest Rate | 3.34% | 2.84% |
Comprehensive Income Other Comp
Comprehensive Income Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 0 | $ 0 | $ (224) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8 | 7 | 34 |
Other Comprehensive Income (Loss), before Tax | (370) | 2,071 | (1,329) |
Other Comprehensive Income (Loss), Tax | 335 | (933) | 523 |
Other Comprehensive Loss | (35) | 1,138 | (806) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Schedule of Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1,505) | (1,672) | (3,017) |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | 565 | 648 | 1,185 |
Reclassification from AOCI, Current Period, Tax | (111) | (9) | 51 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (940) | (1,024) | (1,832) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 448 | 22 | (129) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 337 | 13 | (78) |
Other Comprehensive Loss | (603) | (1,011) | (1,910) |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Schedule of Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 287 | 3,017 | 1,395 |
Reclassification from AOCI, Current Period, Tax | (49) | (281) | (332) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 214 | 1,721 | 848 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 411 | 716 | 846 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 362 | 435 | 514 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (73) | (1,296) | (547) |
Other Comprehensive Loss | 576 | 2,156 | 1,362 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | |||
Schedule of Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (368) | ||
Reclassification from AOCI, Current Period, Tax | 3 | 5 | 22 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | (224) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (11) | (12) | (56) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (8) | (7) | (34) |
Other Comprehensive Income (Loss) before Reclassifications, Tax | 144 | ||
Other Comprehensive Loss | $ (8) | $ (7) | $ (258) |
Comprehensive Income Changes in
Comprehensive Income Changes in Accumulated Other Comprehensive Income By Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive income (loss) before reclassifications | $ 0 | $ 0 | $ (224) |
Amounts reclassified from accumulated other comprehensive income (loss) | 8 | 7 | 34 |
Other Comprehensive Loss | (35) | 1,138 | (806) |
Reclassification due to the adoption of ASU No. 2018-02 | (1,645) | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (382) | 629 | 2,539 |
Other comprehensive income (loss) before reclassifications | (940) | (1,024) | (1,832) |
Amounts reclassified from accumulated other comprehensive income (loss) | 337 | 13 | (78) |
Other Comprehensive Loss | (603) | (1,011) | (1,910) |
Reclassification due to the adoption of ASU No. 2018-02 | (265) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,250) | (382) | 629 |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (5,737) | (7,893) | (9,255) |
Other comprehensive income (loss) before reclassifications | 214 | 1,721 | 848 |
Amounts reclassified from accumulated other comprehensive income (loss) | 362 | 435 | 514 |
Other Comprehensive Loss | 576 | 2,156 | 1,362 |
Reclassification due to the adoption of ASU No. 2018-02 | (1,219) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,380) | (5,737) | (7,893) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (715) | (708) | (450) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | (224) |
Amounts reclassified from accumulated other comprehensive income (loss) | (8) | (7) | (34) |
Other Comprehensive Loss | (8) | (7) | (258) |
Reclassification due to the adoption of ASU No. 2018-02 | (161) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (884) | (715) | (708) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,834) | (7,972) | (7,166) |
Other comprehensive income (loss) before reclassifications | (726) | 697 | (1,208) |
Amounts reclassified from accumulated other comprehensive income (loss) | 691 | 441 | 402 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (8,514) | $ (6,834) | $ (7,972) |
Comprehensive Income Reclassifi
Comprehensive Income Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | $ 39,855 | $ 37,749 | $ 35,272 |
Provision for Income Taxes | 10,529 | 11,215 | 10,610 |
Net of tax | (691) | (441) | (402) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (448) | (22) | 129 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain (loss) on investments, net | (448) | (22) | 129 |
Total before tax | (448) | (22) | 129 |
Provision for Income Taxes | 111 | 9 | (51) |
Net of tax | (337) | (13) | 78 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 11 | 12 | 56 |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (411) | (716) | (846) |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | (400) | (704) | (790) |
Provision for Income Taxes | 46 | 276 | 310 |
Net of tax | $ (354) | $ (428) | $ (480) |
Stock Based Compensation Roll F
Stock Based Compensation Roll Forward Schedule of Stock Option Plan by Shares and Weighted Average Exercise Prices (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)plan$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of compensation plans | plan | 2 | ||
Expiration period (in years) | 10 years | ||
Award vesting period (in years) | 4 years | ||
Roll Forward of Shares Outstanding [Roll Forward] | |||
Outstanding, Beginning Balance, in shares | 366,329 | ||
Granted, in shares | 55,621 | 58,349.5 | 58,975.431 |
Exercised, in shares | (58,804) | ||
Forfeited, in shares | (16,991) | ||
Outstanding, Ending Balance, in shares | 346,155 | 366,329 | |
Exercisable at December 31, 2017, in shares | 225,694 | ||
Vested and Expected to Vest, in shares | 120,461 | ||
Roll Forward of Shares Outstanding - Weighted Average Exercise Price: [Roll Forward] | |||
Outstanding, Beginning Balance, in Weighted Average Exercise Price, | $ / shares | $ 21.86 | ||
Granted, in Weighted Average Exercise Price | $ / shares | 36.12 | ||
Exercised, in Weighted Average Exercise Price | $ / shares | 20.25 | ||
Forfeited, in Weighted Average Exercise Price | $ / shares | 28.27 | ||
Outstanding, Ending Balance, in Weighted Average Exercise Price, | $ / shares | 24.12 | $ 21.86 | |
Exercisable at December 31, 2017, in Weighted Average Exercise Price | $ / shares | 21.61 | ||
Vested and Expected to Vest, in Weighted Average Exercise Price | $ / shares | $ 28.80 | ||
Outstanding at December 31, 2017, Weighted Average Remaining Contractual Life, in years | 5 years 1 month 10 days | ||
Exercisable at December 31, 2017, Weighted Average Remaining Contractual Life, in years | 3 years 6 months 15 days | ||
Vested and Expected to Vest, at December 31, 2017, Outstanding, Weighted Average Remaining Contractual Term | 8 years 18 days | ||
Weighted Average Expected Vesting Period, In Years | 2 years 7 months 2 days | 2 years 8 months 15 days | 2 years 1 month 15 days |
Outstanding at December 31, 2017, Aggregate Intrinsic Value | $ | $ 3,403 | ||
Exercisable at December 31, 2017, Aggregate Intrinsic Value | $ | 2,785 | ||
Vested and Expected to Vest, Aggregate Intrinsic Value | $ | $ 618 | ||
Shares Available for Grant at Period End, in shares | 340,178 |
Stock Based Compensation Schedu
Stock Based Compensation Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares Outstanding, Outstanding Options, in shares | shares | 346,155 |
Weighted-Average Remaining Contractual Life, Outstanding Options, in years | 5 years 1 month 10 days |
Weighted Average Exercise Price, Outstanding Options, in Weighted Average Exercise Price | $ 24.12 |
Number of Shares Outstanding, Exercisable Options, in shares | shares | 225,694 |
Weighted-Average Remaining Contractual Life, Exercisable Options, in years | 3 years 6 months 15 days |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | $ 21.61 |
Exercise Price Range $18.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares Outstanding, Outstanding Options, in shares | shares | 27,999 |
Weighted-Average Remaining Contractual Life, Outstanding Options, in years | 1 year 22 days |
Weighted Average Exercise Price, Outstanding Options, in Weighted Average Exercise Price | $ 18 |
Number of Shares Outstanding, Exercisable Options, in shares | shares | 27,999 |
Weighted-Average Remaining Contractual Life, Exercisable Options, in years | 1 year 22 days |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | $ 18 |
Exercise Price Range $20.17 to $21.56 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares Outstanding, Outstanding Options, in shares | shares | 85,068 |
Weighted-Average Remaining Contractual Life, Outstanding Options, in years | 2 years 6 months 29 days |
Weighted Average Exercise Price, Outstanding Options, in Weighted Average Exercise Price | $ 20.98 |
Number of Shares Outstanding, Exercisable Options, in shares | shares | 85,068 |
Weighted-Average Remaining Contractual Life, Exercisable Options, in years | 2 years 6 months 29 days |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | $ 20.98 |
Exercise Price Range $22.14 to $22.65 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares Outstanding, Outstanding Options, in shares | shares | 94,111 |
Weighted-Average Remaining Contractual Life, Outstanding Options, in years | 4 years 5 months 27 days |
Weighted Average Exercise Price, Outstanding Options, in Weighted Average Exercise Price | $ 22.43 |
Number of Shares Outstanding, Exercisable Options, in shares | shares | 79,797 |
Weighted-Average Remaining Contractual Life, Exercisable Options, in years | 4 years 2 months 12 days |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | $ 22.39 |
Exercise Price Range $23.89 to $24.37 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares Outstanding, Outstanding Options, in shares | shares | 89,536 |
Weighted-Average Remaining Contractual Life, Outstanding Options, in years | 7 years 3 months 7 days |
Weighted Average Exercise Price, Outstanding Options, in Weighted Average Exercise Price | $ 24.15 |
Number of Shares Outstanding, Exercisable Options, in shares | shares | 31,800 |
Weighted-Average Remaining Contractual Life, Exercisable Options, in years | 6 years 5 months 27 days |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | $ 24.08 |
Exercise Price Range $36.12 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares Outstanding, Outstanding Options, in shares | shares | 49,441 |
Weighted-Average Remaining Contractual Life, Outstanding Options, in years | 9 years 26 days |
Weighted Average Exercise Price, Outstanding Options, in Weighted Average Exercise Price | $ 36.12 |
Number of Shares Outstanding, Exercisable Options, in shares | shares | 1,030 |
Weighted-Average Remaining Contractual Life, Exercisable Options, in years | 9 years 26 days |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | $ 36.12 |
Minimum [Member] | Exercise Price Range $20.17 to $21.56 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | 20.17 |
Minimum [Member] | Exercise Price Range $22.14 to $22.65 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | 22.14 |
Minimum [Member] | Exercise Price Range $23.89 to $24.37 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | 23.89 |
Maximum [Member] | Exercise Price Range $20.17 to $21.56 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | 21.56 |
Maximum [Member] | Exercise Price Range $22.14 to $22.65 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | 22.65 |
Maximum [Member] | Exercise Price Range $23.89 to $24.37 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Average Exercise Price, Exercisable Options, in Weighted Average Exercise Price | $ 24.37 |
Stock Based Compensation Sche74
Stock Based Compensation Schedule of Other Stock Option Plan Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Granted, in shares | 55,621 | 58,349.5 | 58,975.431 |
Fair Value of Options Granted, Weighted Average Grant Date, in dollars per share | $ 6.25 | $ 5.44 | $ 5.34 |
Dividend Yield | 2.72% | 3.88% | 3.90% |
Expected Volatility | 21.40% | 32.95% | 33.55% |
Risk Free Interest Rate | 2.25% | 1.80% | 1.57% |
Expected Life, in years | 6 years 10 months 16 days | 7 years 6 months 21 days | 7 years 7 months 28 days |
Stock-Based Compensation Expense | $ 351 | $ 287 | $ 308 |
Compensation Costs for Non-vested Awards Not Yet Recognized | $ 528 | $ 521 | $ 500 |
Weighted Average Expected Vesting Period, In Years | 2 years 7 months 2 days | 2 years 8 months 15 days | 2 years 1 month 15 days |
Proceeds From Stock Options Exercised | $ 1,190 | $ 2,404 | $ 918 |
Tax Benefit for Exercises of Stock Options | 168 | 188 | 59 |
Intrinsic Value of Stock Options Exercised | $ 825 | $ 1,010 | $ 250 |
Stock Based Compensation Sche75
Stock Based Compensation Schedule of Employee Stock Ownership Plans (ESOP) Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |||
ESOP Compensation Expense | $ 1,400 | $ 1,200 | $ 900 |
Allocated Shares, in shares | 759,081 | ||
Shares Released for Allocation During 2017, in shares | 10,407 | ||
Unallocated Shares, in shares | 9,643 | ||
Total ESOP Shares, in shares | 779,131 | ||
Market Value of Unallocated ESOP Shares | $ 327 |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer matching contribution, percent of match, maximum | 5.00% | ||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | $ 50,220 | $ 50,220 | $ 53,571 | $ 50,220 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 50,220 | ||||||
Fair Value of Plan Assets, End of Period | 53,571 | 50,220 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | $ 50,220 | $ 50,220 | $ 53,571 | $ 50,220 | |||
Percent of Total | 100.00% | 100.00% | |||||
Expected Future Benefit Payments [Abstract] | |||||||
Health Care Cost Trend Rate Assumed for Next Year | 7.25% | 7.50% | |||||
Rate to which the Cost Trend Rate is Assumed to Decline (the Ultimate Trend Rate) | 3.89% | 3.89% | |||||
Year that the Rate Reaches the Ultimate Trend Rate | 2,075 | 2,075 | |||||
Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 44 | ||||||
Effect of One Percentage Point Decrease on Service and Interest Cost Components | (37) | ||||||
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 516 | ||||||
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (445) | ||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 50,220 | $ 50,220 | $ 53,571 | $ 50,220 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 50,220 | ||||||
Fair Value of Plan Assets, End of Period | 53,571 | 50,220 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 50,220 | 50,220 | 53,571 | 50,220 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Cash and Cash Equivalents [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 40 | 40 | 22 | 40 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 40 | ||||||
Fair Value of Plan Assets, End of Period | 22 | 40 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | $ 40 | $ 40 | $ 22 | $ 40 | |||
Percent of Total | 0.00% | 0.10% | |||||
Target Allocation Minimum, Percentage | 0.00% | 0.00% | |||||
Target Allocation Maximum, Percentage | 15.00% | 15.00% | |||||
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | $ 40 | $ 40 | $ 22 | $ 40 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 40 | ||||||
Fair Value of Plan Assets, End of Period | 22 | 40 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 40 | 40 | 22 | 40 | |||
Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Money Market Funds [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 3,080 | 3,080 | 2,682 | 3,080 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 3,080 | ||||||
Fair Value of Plan Assets, End of Period | 2,682 | 3,080 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | $ 3,080 | $ 3,080 | $ 2,682 | $ 3,080 | |||
Percent of Total | 5.00% | 6.10% | |||||
Target Allocation Minimum, Percentage | 0.00% | 0.00% | |||||
Target Allocation Maximum, Percentage | 15.00% | 15.00% | |||||
Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | $ 3,080 | $ 3,080 | $ 2,682 | $ 3,080 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 3,080 | ||||||
Fair Value of Plan Assets, End of Period | 2,682 | 3,080 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 3,080 | 3,080 | 2,682 | 3,080 | |||
Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Money Market Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Common Stock | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 6,592 | 6,592 | 5,657 | 6,592 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 6,592 | ||||||
Fair Value of Plan Assets, End of Period | 5,657 | 6,592 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | $ 6,592 | $ 6,592 | $ 5,657 | $ 6,592 | |||
Percent of Total | 10.60% | [1] | 13.10% | ||||
Target Allocation Minimum, Percentage | 0.00% | 0.00% | |||||
Target Allocation Maximum, Percentage | 10.00% | 10.00% | |||||
Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | $ 6,592 | $ 6,592 | $ 5,657 | $ 6,592 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 6,592 | ||||||
Fair Value of Plan Assets, End of Period | 5,657 | 6,592 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 6,592 | 6,592 | 5,657 | 6,592 | |||
Common Stock | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Common Stock | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Equity Funds [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 32,200 | 32,200 | 34,848 | 32,200 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 32,200 | ||||||
Fair Value of Plan Assets, End of Period | 34,848 | 32,200 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | $ 32,200 | $ 32,200 | $ 34,848 | $ 32,200 | |||
Percent of Total | 65.00% | 64.20% | |||||
Target Allocation Minimum, Percentage | 55.00% | 55.00% | |||||
Target Allocation Maximum, Percentage | 85.00% | 85.00% | |||||
Equity Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | $ 32,200 | $ 32,200 | $ 34,848 | $ 32,200 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 32,200 | ||||||
Fair Value of Plan Assets, End of Period | 34,848 | 32,200 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 32,200 | 32,200 | 34,848 | 32,200 | |||
Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Equity Funds [Member] | North Country Funds - Equity [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 18,640 | 18,640 | 19,680 | 18,640 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | [2] | 18,640 | |||||
Fair Value of Plan Assets, End of Period | [2] | 19,680 | 18,640 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | [2] | $ 18,640 | $ 18,640 | $ 19,680 | $ 18,640 | ||
Percent of Total | [2] | 36.70% | 37.20% | ||||
Target Allocation Minimum, Percentage | |||||||
Target Allocation Maximum, Percentage | |||||||
Equity Funds [Member] | North Country Funds - Equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | [2] | $ 18,640 | $ 18,640 | $ 19,680 | $ 18,640 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | [2] | 18,640 | |||||
Fair Value of Plan Assets, End of Period | [2] | 19,680 | 18,640 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 18,640 | 18,640 | 19,680 | 18,640 | ||
Equity Funds [Member] | North Country Funds - Equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 0 | 0 | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | [2] | 0 | |||||
Fair Value of Plan Assets, End of Period | [2] | 0 | 0 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 0 | 0 | 0 | 0 | ||
Equity Funds [Member] | North Country Funds - Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 0 | 0 | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | [2] | 0 | |||||
Fair Value of Plan Assets, End of Period | [2] | 0 | 0 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 0 | 0 | 0 | 0 | ||
Equity Funds [Member] | Other Mutual Funds - Equity [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 13,560 | 13,560 | 15,168 | 13,560 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 13,560 | ||||||
Fair Value of Plan Assets, End of Period | 15,168 | 13,560 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | $ 13,560 | $ 13,560 | $ 15,168 | $ 13,560 | |||
Percent of Total | 28.30% | 27.00% | |||||
Target Allocation Minimum, Percentage | |||||||
Target Allocation Maximum, Percentage | |||||||
Equity Funds [Member] | Other Mutual Funds - Equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | $ 13,560 | $ 13,560 | $ 15,168 | $ 13,560 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 13,560 | ||||||
Fair Value of Plan Assets, End of Period | 15,168 | 13,560 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 13,560 | 13,560 | 15,168 | 13,560 | |||
Equity Funds [Member] | Other Mutual Funds - Equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Equity Funds [Member] | Other Mutual Funds - Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Fixed Income Funds [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 8,308 | 8,308 | 10,362 | 8,308 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 8,308 | ||||||
Fair Value of Plan Assets, End of Period | 10,362 | 8,308 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | $ 8,308 | $ 8,308 | $ 10,362 | $ 8,308 | |||
Percent of Total | 19.40% | 16.50% | |||||
Target Allocation Minimum, Percentage | 10.00% | 10.00% | |||||
Target Allocation Maximum, Percentage | 30.00% | 30.00% | |||||
Fixed Income Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | $ 8,308 | $ 8,308 | $ 10,362 | $ 8,308 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 8,308 | ||||||
Fair Value of Plan Assets, End of Period | 10,362 | 8,308 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 8,308 | 8,308 | 10,362 | 8,308 | |||
Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Fixed Income Funds [Member] | North Country Funds - Fixed Income [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 7,332 | 7,332 | 8,388 | 7,332 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | [2] | 7,332 | |||||
Fair Value of Plan Assets, End of Period | [2] | 8,388 | 7,332 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | [2] | $ 7,332 | $ 7,332 | $ 8,388 | $ 7,332 | ||
Percent of Total | [2] | 15.70% | 14.60% | ||||
Target Allocation Minimum, Percentage | |||||||
Target Allocation Maximum, Percentage | |||||||
Fixed Income Funds [Member] | North Country Funds - Fixed Income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | [2] | $ 7,332 | $ 7,332 | $ 8,388 | $ 7,332 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | [2] | 7,332 | |||||
Fair Value of Plan Assets, End of Period | [2] | 8,388 | 7,332 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 7,332 | 7,332 | 8,388 | 7,332 | ||
Fixed Income Funds [Member] | North Country Funds - Fixed Income [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 0 | 0 | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | [2] | 0 | |||||
Fair Value of Plan Assets, End of Period | [2] | 0 | 0 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 0 | 0 | 0 | 0 | ||
Fixed Income Funds [Member] | North Country Funds - Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 0 | 0 | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | [2] | 0 | |||||
Fair Value of Plan Assets, End of Period | [2] | 0 | 0 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | [2] | 0 | 0 | 0 | 0 | ||
Fixed Income Funds [Member] | Other Mutual Funds - Fixed Income [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 976 | 976 | 1,974 | 976 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 976 | ||||||
Fair Value of Plan Assets, End of Period | 1,974 | 976 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | $ 976 | $ 976 | $ 1,974 | $ 976 | |||
Percent of Total | 3.70% | 1.90% | |||||
Target Allocation Minimum, Percentage | |||||||
Target Allocation Maximum, Percentage | |||||||
Fixed Income Funds [Member] | Other Mutual Funds - Fixed Income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | $ 976 | $ 976 | $ 1,974 | $ 976 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 976 | ||||||
Fair Value of Plan Assets, End of Period | 1,974 | 976 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 976 | 976 | 1,974 | 976 | |||
Fixed Income Funds [Member] | Other Mutual Funds - Fixed Income [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Fixed Income Funds [Member] | Other Mutual Funds - Fixed Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | ||||||
Fair Value of Plan Assets, End of Period | 0 | 0 | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |||
Employees' Pension Plan [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 50,220 | 47,234 | $ 47,234 | 53,571 | 50,220 | ||
Benefit Obligation | 36,154 | 35,982 | 35,982 | 38,921 | 36,154 | ||
Funded Status of Plan | 14,650 | 14,066 | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||
Benefit Obligation, Beginning of Period | 36,154 | 35,982 | |||||
Service Cost | 1,392 | 1,400 | 1,503 | ||||
Interest Cost | 1,682 | 1,641 | 1,545 | ||||
Plan Participants' Contributions | 0 | 0 | |||||
Amendments | 0 | 0 | |||||
Actuarial Loss | 2,440 | (738) | |||||
Benefits Paid | (2,747) | (2,131) | |||||
Benefit Obligation, End of Period | 38,921 | 36,154 | 35,982 | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 50,220 | 47,234 | |||||
Actual Return on Plan Assets | 6,098 | 5,117 | |||||
Contributions to Pension Plans | 0 | 0 | |||||
Plan Participants' Contributions | 0 | 0 | |||||
Benefits Paid | (2,747) | (2,131) | |||||
Fair Value of Plan Assets, End of Period | 53,571 | 50,220 | 47,234 | ||||
Accumulated Benefit Obligation at December 31, 2012 | 38,557 | ||||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||||||
Prepaid Benefit Cost | 14,650 | 14,066 | |||||
Accrued Benefit Liability | 0 | 0 | |||||
Net Benefit Cost Recognized | 14,650 | 14,066 | |||||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||||||
Net Retirement Plan Loss, Before-Tax Amount | (517) | (2,657) | 472 | ||||
Net prior Service Cost Arising During the Period | 0 | 0 | 277 | ||||
Amortization of Net Loss | (306) | (591) | (601) | ||||
Accretion of Net Retirement Plan Prior Service Credit, Tax (Expense) Benefit | 57 | 57 | 83 | ||||
Total Other Comprehensive (Loss) Income for Pension and Other Postretirement Benefit Plans | (766) | (3,191) | 231 | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||||||
Net Actuarial Loss | 6,656 | 7,479 | |||||
Prior Service (Credit) Cost | 264 | 207 | |||||
Total Accumulated Other Comprehensive Income, Before Tax | $ 6,920 | $ 7,686 | |||||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||||||
Net Actuarial Loss | 131 | ||||||
Prior Service (Credit) Cost | (49) | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||||
Service Cost | 1,392 | 1,400 | 1,503 | ||||
Interest Cost | 1,682 | 1,641 | 1,545 | ||||
Expected Return on Plan Assets | (3,141) | (3,198) | (3,311) | ||||
Amortization of Prior Service (Credit) Cost | (57) | (57) | (83) | ||||
Amortization of Net Loss | 306 | 591 | 601 | ||||
Net Periodic Benefit Cost | $ 182 | $ 377 | $ 255 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||||||
Discount Rate | 4.24% | 4.83% | |||||
Rate of Compensation Increase | 3.50% | 3.50% | |||||
Interest Rate Credit for Determining Projected Cash Balance Account | 3.00% | 3.00% | |||||
Interest Rate to Annuitize Cash Balance Account | 4.25% | 4.50% | |||||
Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Account | 4.25% | 4.50% | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount Rate | 4.83% | 4.73% | 4.31% | ||||
Expected Long-Term Return on Assets | 6.50% | 7.00% | 7.50% | ||||
Rate of Compensation Increase | 3.50% | 3.50% | 3.50% | ||||
Interest Rate Credit for Determining Projected Cash Balance Account | 3.00% | 3.03% | 3.04% | ||||
Interest Rate to Annuitize Cash Balance Account | 4.50% | 5.00% | 4.75% | ||||
Interest Rate to Convert Accuities to Actuarially Equivalent Lump Sum Amounts | 4.50% | 5.00% | 4.75% | ||||
Fair Value of Plan Assets | $ 50,220 | $ 47,234 | $ 47,234 | $ 53,571 | $ 50,220 | ||
Expected Future Benefit Payments [Abstract] | |||||||
2,018 | 3,434 | ||||||
2,019 | 2,345 | ||||||
2,020 | 2,885 | ||||||
2,021 | 2,456 | ||||||
2,022 | 2,589 | ||||||
2022- 2026 | 14,107 | ||||||
Estimated Contributions During 2015 | 0 | ||||||
Select Executive Retirement Plan [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | 0 | ||
Benefit Obligation | 4,547 | 4,784 | 4,784 | 4,586 | 4,547 | ||
Funded Status of Plan | (4,586) | (4,547) | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||
Benefit Obligation, Beginning of Period | 4,547 | 4,784 | |||||
Service Cost | 45 | 40 | 32 | ||||
Interest Cost | 209 | 206 | 211 | ||||
Plan Participants' Contributions | 0 | 0 | |||||
Amendments | 0 | 0 | |||||
Actuarial Loss | 245 | (31) | |||||
Benefits Paid | (460) | (452) | |||||
Benefit Obligation, End of Period | 4,586 | 4,547 | 4,784 | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | 0 | |||||
Actual Return on Plan Assets | 0 | 0 | |||||
Contributions to Pension Plans | 460 | 452 | |||||
Plan Participants' Contributions | 0 | 0 | |||||
Benefits Paid | (460) | (452) | |||||
Fair Value of Plan Assets, End of Period | 0 | 0 | 0 | ||||
Accumulated Benefit Obligation at December 31, 2012 | 4,586 | ||||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||||||
Prepaid Benefit Cost | 0 | 0 | |||||
Accrued Benefit Liability | (4,586) | (4,547) | |||||
Net Benefit Cost Recognized | (4,586) | (4,547) | |||||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||||||
Net Retirement Plan Loss, Before-Tax Amount | 244 | (32) | (152) | ||||
Net prior Service Cost Arising During the Period | 0 | 0 | 91 | ||||
Amortization of Net Loss | (129) | (125) | (131) | ||||
Accretion of Net Retirement Plan Prior Service Credit, Tax (Expense) Benefit | (57) | (57) | (58) | ||||
Total Other Comprehensive (Loss) Income for Pension and Other Postretirement Benefit Plans | 58 | (214) | (250) | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||||||
Net Actuarial Loss | 2,127 | 2,012 | |||||
Prior Service (Credit) Cost | 489 | 546 | |||||
Total Accumulated Other Comprehensive Income, Before Tax | $ 2,616 | $ 2,558 | |||||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||||||
Net Actuarial Loss | 133 | ||||||
Prior Service (Credit) Cost | 57 | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||||
Service Cost | 45 | 40 | 32 | ||||
Interest Cost | 209 | 206 | 211 | ||||
Expected Return on Plan Assets | 0 | 0 | 0 | ||||
Amortization of Prior Service (Credit) Cost | 57 | 57 | 58 | ||||
Amortization of Net Loss | 129 | 125 | 131 | ||||
Net Periodic Benefit Cost | $ 440 | $ 428 | $ 432 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||||||
Discount Rate | 4.18% | 4.73% | |||||
Rate of Compensation Increase | 3.50% | 3.50% | |||||
Interest Rate Credit for Determining Projected Cash Balance Account | 3.00% | 3.00% | |||||
Interest Rate to Annuitize Cash Balance Account | 4.25% | 4.50% | |||||
Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Account | 4.25% | 4.50% | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount Rate | 4.73% | 4.61% | 4.26% | ||||
Rate of Compensation Increase | 3.50% | 3.50% | 3.50% | ||||
Interest Rate Credit for Determining Projected Cash Balance Account | 3.00% | 3.03% | |||||
Interest Rate to Annuitize Cash Balance Account | 4.50% | 5.00% | |||||
Interest Rate to Convert Accuities to Actuarially Equivalent Lump Sum Amounts | 4.50% | 5.00% | 4.75% | ||||
Fair Value of Plan Assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Expected Future Benefit Payments [Abstract] | |||||||
2,018 | 439 | ||||||
2,019 | 426 | ||||||
2,020 | 411 | ||||||
2,021 | 396 | ||||||
2,022 | 380 | ||||||
2022- 2026 | 1,752 | ||||||
Estimated Contributions During 2015 | 439 | ||||||
Postretirement Benefit Plans [Member] | |||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | 0 | ||
Benefit Obligation | 7,623 | 7,701 | 7,701 | 7,727 | 7,623 | ||
Funded Status of Plan | (7,727) | (7,623) | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||
Benefit Obligation, Beginning of Period | 7,623 | 7,701 | |||||
Service Cost | 130 | 147 | 250 | ||||
Interest Cost | 339 | 340 | 394 | ||||
Plan Participants' Contributions | 492 | 402 | |||||
Amendments | 0 | 0 | |||||
Actuarial Loss | (14) | (327) | |||||
Benefits Paid | (843) | (640) | |||||
Benefit Obligation, End of Period | 7,727 | 7,623 | 7,701 | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||||
Fair Value of Plan Assets, Beginning of Period | 0 | 0 | |||||
Actual Return on Plan Assets | 0 | 0 | |||||
Contributions to Pension Plans | 351 | 238 | |||||
Plan Participants' Contributions | 492 | 402 | |||||
Benefits Paid | (843) | (640) | |||||
Fair Value of Plan Assets, End of Period | 0 | 0 | 0 | ||||
Accumulated Benefit Obligation at December 31, 2012 | 7,727 | ||||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||||||
Prepaid Benefit Cost | 0 | 0 | |||||
Accrued Benefit Liability | (7,727) | (7,623) | |||||
Net Benefit Cost Recognized | (7,727) | (7,623) | |||||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||||||
Net Retirement Plan Loss, Before-Tax Amount | (14) | (328) | (1,715) | ||||
Net prior Service Cost Arising During the Period | 0 | 0 | 0 | ||||
Amortization of Net Loss | 24 | 0 | (114) | ||||
Accretion of Net Retirement Plan Prior Service Credit, Tax (Expense) Benefit | 11 | 12 | 31 | ||||
Total Other Comprehensive (Loss) Income for Pension and Other Postretirement Benefit Plans | 21 | (316) | (1,798) | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||||||
Net Actuarial Loss | (228) | (238) | |||||
Prior Service (Credit) Cost | 433 | 422 | |||||
Total Accumulated Other Comprehensive Income, Before Tax | $ 205 | $ 184 | |||||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||||||
Net Actuarial Loss | (2) | ||||||
Prior Service (Credit) Cost | 48 | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||||
Service Cost | 130 | 147 | 250 | ||||
Interest Cost | 339 | 340 | 394 | ||||
Expected Return on Plan Assets | 0 | 0 | 0 | ||||
Amortization of Prior Service (Credit) Cost | (11) | (12) | (31) | ||||
Amortization of Net Loss | (24) | 0 | 114 | ||||
Net Periodic Benefit Cost | $ 434 | $ 475 | $ 727 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||||||
Discount Rate | 4.22% | 4.80% | |||||
Rate of Compensation Increase | 3.50% | 3.50% | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount Rate | 4.80% | 4.69% | 4.31% | ||||
Rate of Compensation Increase | 3.50% | 3.50% | 3.50% | ||||
Fair Value of Plan Assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Expected Future Benefit Payments [Abstract] | |||||||
2,018 | 524 | ||||||
2,019 | 543 | ||||||
2,020 | 540 | ||||||
2,021 | 581 | ||||||
2,022 | 574 | ||||||
2022- 2026 | $ 2,917 | ||||||
Estimated Contributions During 2015 | $ 524 | ||||||
Subsequent to January 1, 2003 [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service credits, percent of eligible salaries | 6.00% | ||||||
Prior to January 1, 2003 [Member] | Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service credits, percent of eligible salaries | 6.00% | ||||||
Prior to January 1, 2003 [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Service credits, percent of eligible salaries | 12.00% | ||||||
[1] | Acquisition of Arrow Financial Corporation common stock was under 10% of the total fair value of the employee's pension plan assets at the time of acquisition. | ||||||
[2] | The North Country Funds - Equity and the North Country Funds - Fixed Income are publicly traded mutual funds advised by Arrow's subsidiary, North Country Investment Advisers, Inc. |
Other Expenses (Details)
Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Information Technology Services | $ 5,028 | $ 4,706 | $ 3,909 |
Legal and Other Professional Fees | 2,194 | 2,119 | 2,188 |
Postage and Courier | 947 | 1,087 | 1,050 |
Advertising and Promotion | 1,035 | 1,084 | 965 |
Stationery and Printing | 841 | 892 | 796 |
Telephone and Communications | 797 | 840 | 832 |
Intangible Asset Amortization | 279 | 297 | 327 |
All Other | 3,776 | 3,846 | |
Total Other Operating Expense | $ 15,088 | $ 14,801 | $ 13,913 |
Income Taxes Current Income Tax
Income Taxes Current Income Tax Expense (Benefit), Continuing Operations(Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Tax Expense: Federal | $ 11,142 | $ 10,496 | $ 8,570 |
Current Tax Expense: State | 917 | 1,002 | 1,004 |
Total Current Tax Expense | 12,059 | 11,498 | 9,574 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Tax Expense: Federal | (1,453) | (69) | 860 |
Deferred Tax Expense: State | (77) | (214) | 176 |
Total Deferred Tax Expense (Benefit) | (1,530) | (283) | 1,036 |
Income Tax Expense (Benefit), Continuing Operations | $ 10,529 | $ 11,215 | $ 10,610 |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Computed Tax Expense at Statutory Rate | $ 13,949 | $ 13,212 | $ 12,345 |
Tax Cuts and Jobs Act impact on deferred remeasurement | (1,116) | 0 | 0 |
Tax-Exempt Income | (2,537) | (2,437) | (2,292) |
Nondeductible Interest Expense | 52 | 40 | 36 |
State Taxes, Net of Federal Income Tax Benefit | 698 | 554 | 805 |
Tax benefit from stock based compensation | (134) | 0 | 0 |
Other Items, Net | (383) | (154) | (284) |
Income Tax Expense (Benefit), Continuing Operations | 10,529 | $ 11,215 | $ 10,610 |
Tax Cuts And Jobs Act Of 2017, deferred tax asset, provisional income tax expense | $ 1,100 |
Income Taxes Components of Defe
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets, Gross [Abstract] | ||
Allowance for Loan Losses | $ 4,730 | $ 6,609 |
Pension and Deferred Compensation Plans | 2,595 | 3,961 |
Pension Liability Included in Accumulated Other Comprehensive Income | 2,475 | 4,023 |
Other | 357 | 502 |
Deferred Tax Assets, Unrealized Losses on Trading Securities | 426 | 239 |
Total Gross Deferred Tax Assets | 10,583 | 15,334 |
Valuation Allowance for Deferred Tax Assets | 0 | 0 |
Total Gross Deferred Tax Assets, Net of Valuation Allowance | 10,583 | 15,334 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Pension Plans | 5,487 | 8,399 |
Depreciation | 955 | 1,430 |
Deferred Income | 2,779 | 4,199 |
Goodwill | 3,566 | 5,324 |
Total Gross Deferred Tax Liabilites | $ 12,787 | $ 19,352 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net Income | $ 29,326 | $ 26,534 | $ 24,662 |
Basic Shares, in Shares | 13,893 | 13,792 | 13,680 |
Basic Earnings, in USD Per Share | $ 2.11 | $ 1.92 | $ 1.80 |
Dilutive Average Shares Attributable to Stock Options, in Shares | 93 | 88 | 50 |
Weighted Average Shares - Diluted, in Shares | 13,986 | 13,880 | 13,730 |
Diluted Earnings, In USD Per Share | $ 2.10 | $ 1.91 | $ 1.80 |
Fair Values Fair Value - Recurr
Fair Values Fair Value - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | $ 300,200 | $ 346,996 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 300,200 | 346,996 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 59,894 | 54,706 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 240,306 | 292,290 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral Dependent Impaired Loans | 0 | 0 |
Gain (Loss) on Collateral Dependent Impaired Loans | 0 | 0 |
Other Real Estate and Repossessed Assets, Net | 1,847 | 1,686 |
Gain (Loss) Other Real Estate and Repossessed Assets, Net | (569) | (587) |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral Dependent Impaired Loans | 0 | 0 |
Other Real Estate and Repossessed Assets, Net | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral Dependent Impaired Loans | 0 | 0 |
Other Real Estate and Repossessed Assets, Net | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral Dependent Impaired Loans | 0 | 0 |
Other Real Estate and Repossessed Assets, Net | 1,847 | 1,686 |
U.S. Treasury and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 59,894 | 147,377 |
U.S. Treasury and Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 59,894 | |
U.S. Treasury and Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 59,894 | 54,706 |
U.S. Treasury and Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 92,671 |
U.S. Treasury and Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 10,349 | 27,690 |
State and Municipal Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 10,349 | 27,690 |
State and Municipal Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
State and Municipal Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 10,349 | 27,690 |
State and Municipal Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
Mortgage-Backed Securities - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 227,596 | 167,239 |
Mortgage-Backed Securities - Residential [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 227,596 | 167,239 |
Mortgage-Backed Securities - Residential [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
Mortgage-Backed Securities - Residential [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 227,596 | 167,239 |
Mortgage-Backed Securities - Residential [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
Corporate and Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 800 | 3,308 |
Corporate and Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 800 | 3,308 |
Corporate and Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
Corporate and Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 800 | 3,308 |
Corporate and Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
Mututal Funds and Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 1,561 | 1,382 |
Mututal Funds and Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 1,561 | 1,382 |
Mututal Funds and Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 0 | 0 |
Mututal Funds and Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | 1,561 | 1,382 |
Mututal Funds and Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale | $ 0 | $ 0 |
Fair Values Fair Value By Balan
Fair Values Fair Value By Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents | $ 72,838 | $ 57,355 | $ 51,068 | $ 46,295 |
Available-for-Sale | 300,200 | 346,996 | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 335,907 | 345,427 | ||
Held-To-Maturity Securities, at Fair Value | 335,901 | 343,751 | ||
Other Investments | 9,949 | 10,912 | ||
Net Loans | 1,932,184 | 1,736,256 | ||
Deposits | 2,245,116 | 2,116,546 | ||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 64,966 | 35,836 | ||
Federal Home Loan Bank Overnight Advances | 105,000 | 123,000 | ||
Federal Home Loan Bank Term Advances | 55,000 | 55,000 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents | 72,838 | 57,355 | ||
Available-for-Sale | 300,200 | 346,996 | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 335,907 | 345,427 | ||
Other Investments | 9,949 | 10,912 | ||
Net Loans | 1,932,184 | 1,736,256 | ||
Accrued Interest Receivable | 6,753 | 6,684 | ||
Deposits | 2,245,116 | 2,116,546 | ||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 35,836 | |||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase, Fair Value Disclosure | 64,966 | |||
Federal Home Loan Bank Overnight Advances | 105,000 | 123,000 | ||
Federal Home Loan Bank Term Advances | 55,000 | 55,000 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | ||
Accrued Interest Payable | 410 | 247 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 72,838 | 57,355 | ||
Available-for-Sale | 300,200 | 346,996 | ||
Held-To-Maturity Securities, at Fair Value | 335,901 | 343,751 | ||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock, Fair Value Disclosure | 9,949 | 10,912 | ||
Net Loans, Fair Value Disclosure | 1,901,046 | 1,720,078 | ||
Accrued Interest Receivable, Fair Value Disclosure | 6,753 | 6,684 | ||
Deposits, Fair Value Disclosure | 2,236,548 | 2,109,557 | ||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase, Fair Value Disclosure | 64,966 | 35,836 | ||
Federal Home Loan Bank Overnight Advances | 105,000 | 123,000 | ||
Federal Home Loan Bank Term Advances, Fair Value Disclosure | 54,781 | 55,118 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts, Fair Value Disclosure | 20,000 | 20,000 | ||
Accrued Interest Payable, Fair Value Disclosure | 410 | 247 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 72,838 | 57,355 | ||
Available-for-Sale | 59,894 | 54,706 | ||
Held-To-Maturity Securities, at Fair Value | 0 | 0 | ||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock, Fair Value Disclosure | 0 | 0 | ||
Net Loans, Fair Value Disclosure | 0 | 0 | ||
Accrued Interest Receivable, Fair Value Disclosure | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | ||
Federal Home Loan Bank Overnight Advances | 0 | 0 | ||
Federal Home Loan Bank Term Advances, Fair Value Disclosure | 0 | 0 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts, Fair Value Disclosure | 0 | 0 | ||
Accrued Interest Payable, Fair Value Disclosure | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Available-for-Sale | 240,306 | 292,290 | ||
Held-To-Maturity Securities, at Fair Value | 335,901 | 343,751 | ||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock, Fair Value Disclosure | 9,949 | 10,912 | ||
Net Loans, Fair Value Disclosure | 0 | 0 | ||
Accrued Interest Receivable, Fair Value Disclosure | 6,753 | 6,684 | ||
Deposits, Fair Value Disclosure | 2,236,548 | 2,109,557 | ||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase, Fair Value Disclosure | 64,966 | 35,836 | ||
Federal Home Loan Bank Overnight Advances | 105,000 | 123,000 | ||
Federal Home Loan Bank Term Advances, Fair Value Disclosure | 54,781 | 55,118 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts, Fair Value Disclosure | 20,000 | 20,000 | ||
Accrued Interest Payable, Fair Value Disclosure | 410 | 247 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Available-for-Sale | 0 | 0 | ||
Held-To-Maturity Securities, at Fair Value | 0 | 0 | ||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock, Fair Value Disclosure | 0 | 0 | ||
Net Loans, Fair Value Disclosure | 1,901,046 | 1,720,078 | ||
Accrued Interest Receivable, Fair Value Disclosure | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | ||
Federal Home Loan Bank Overnight Advances | 0 | 0 | ||
Federal Home Loan Bank Term Advances, Fair Value Disclosure | 0 | 0 | ||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts, Fair Value Disclosure | 0 | 0 | ||
Accrued Interest Payable, Fair Value Disclosure | $ 0 | $ 0 |
Leases Rent Expense (Details)
Leases Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rent Expense | $ 746 | $ 822 | $ 862 |
Leases (Details)
Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 690 |
2,019 | 504 |
2,020 | 373 |
2,021 | 290 |
2,022 | 169 |
2023 and beyond | 184 |
Total Minimum Lease Payments | $ 2,210 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Maximum Subsidiary Dividend | $ 44,100 | |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) - Actual Amount | $ 278,163 | $ 258,653 |
Total Capital (to Risk Weighted Assets) - Actual Ratio | 15.00% | 15.20% |
Total Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Amount | $ 172,461 | $ 146,343 |
Total Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Ratio | 9.30% | 8.60% |
Total Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Amount | $ 185,442 | $ 170,166 |
Total Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) - Actual Amount | $ 259,378 | $ 241,523 |
Tier I Capital (to Risk Weighted Assets) - Actual Ratio | 14.00% | 14.10% |
Tier I Capital (to Risk Weighted Assets) - Minimum Acounts For Capital Adequacy Purposes Amount | $ 135,247 | $ 113,053 |
Tier I Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Ratio | 7.30% | 6.60% |
Tier I Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Ratio | $ 148,216 | $ 137,034 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital | $ 259,378 | $ 241,523 |
Tier One Leverage Capital to Average Assets | 9.50% | 9.50% |
Tier One Leverage Capital Required for Capital Adequacy | $ 109,212 | $ 101,694 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 136,515 | $ 127,117 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Common Equity Tier 1 Capital Ratio | $ 239,326 | $ 221,472 |
Common Equity Tier 1 Capital Ratio Percentage | 12.90% | 13.00% |
Common Equity Tier 1 Capital Ratio Required for Capital Adequacy | $ 107,604 | $ 86,885 |
Common Equity Tier 1 Capital Ratio For Capital Adequacy | 5.80% | 5.10% |
Common Equity Tier 1 Leverage Capital Required to be Well Capitalized | $ 120,591 | $ 110,736 |
Common Equity Tier 1 Capital Ratio to be Well Capitalized | 6.50% | 6.50% |
Glens Falls National [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) - Actual Amount | $ 220,275 | $ 205,573 |
Total Capital (to Risk Weighted Assets) - Actual Ratio | 14.60% | 15.00% |
Total Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Amount | $ 140,312 | $ 117,862 |
Total Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Ratio | 9.30% | 8.60% |
Total Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Amount | $ 150,873 | $ 137,049 |
Total Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) - Actual Amount | $ 205,200 | $ 191,679 |
Tier I Capital (to Risk Weighted Assets) - Actual Ratio | 13.60% | 14.00% |
Tier I Capital (to Risk Weighted Assets) - Minimum Acounts For Capital Adequacy Purposes Amount | $ 110,144 | $ 90,363 |
Tier I Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Ratio | 7.30% | 6.60% |
Tier I Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Ratio | $ 120,706 | $ 109,531 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital | $ 205,200 | $ 191,679 |
Tier One Leverage Capital to Average Assets | 9.10% | 9.10% |
Tier One Leverage Capital Required for Capital Adequacy | $ 90,198 | $ 84,255 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 112,747 | $ 105,318 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Common Equity Tier 1 Capital Ratio | $ 205,148 | $ 191,628 |
Common Equity Tier 1 Capital Ratio Percentage | 13.60% | 13.90% |
Common Equity Tier 1 Capital Ratio Required for Capital Adequacy | $ 87,490 | $ 70,310 |
Common Equity Tier 1 Capital Ratio For Capital Adequacy | 5.80% | 5.10% |
Common Equity Tier 1 Leverage Capital Required to be Well Capitalized | $ 98,049 | $ 89,610 |
Common Equity Tier 1 Capital Ratio to be Well Capitalized | 6.50% | 6.50% |
Saratoga National [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) - Actual Amount | $ 48,822 | $ 42,168 |
Total Capital (to Risk Weighted Assets) - Actual Ratio | 14.00% | 12.80% |
Total Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Amount | $ 32,432 | $ 28,332 |
Total Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Ratio | 9.30% | 8.60% |
Total Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Amount | $ 34,873 | $ 32,944 |
Total Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) - Actual Amount | $ 45,311 | $ 39,050 |
Tier I Capital (to Risk Weighted Assets) - Actual Ratio | 13.00% | 11.90% |
Tier I Capital (to Risk Weighted Assets) - Minimum Acounts For Capital Adequacy Purposes Amount | $ 25,444 | $ 21,658 |
Tier I Capital (to Risk Weighted Assets) - Minimum Amounts For Capital Adequacy Purposes Ratio | 7.30% | 6.60% |
Tier I Capital (to Risk Weighted Assets) - Minimum Amounts To Be Well-Capitalized Ratio | $ 27,884 | $ 26,252 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital | $ 45,311 | $ 39,050 |
Tier One Leverage Capital to Average Assets | 9.40% | 8.90% |
Tier One Leverage Capital Required for Capital Adequacy | $ 19,281 | $ 17,551 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 24,102 | $ 21,938 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Common Equity Tier 1 Capital Ratio | $ 45,311 | $ 39,050 |
Common Equity Tier 1 Capital Ratio Percentage | 13.00% | 11.90% |
Common Equity Tier 1 Capital Ratio Required for Capital Adequacy | $ 20,216 | $ 16,736 |
Common Equity Tier 1 Capital Ratio For Capital Adequacy | 5.80% | 5.10% |
Common Equity Tier 1 Leverage Capital Required to be Well Capitalized | $ 22,656 | $ 21,330 |
Common Equity Tier 1 Capital Ratio to be Well Capitalized | 6.50% | 6.50% |
Parent Only Financial Informa87
Parent Only Financial Information Parent Only Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Interest-Bearing Deposits at Banks | $ 30,276 | $ 14,331 | ||
Available-for-Sale | 300,200 | 346,996 | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 335,907 | 345,427 | ||
Other Assets | 57,606 | 56,789 | ||
Total Assets | 2,760,465 | 2,605,242 | ||
LIABILITIES | ||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | ||
Other Liabilities | 20,780 | 22,008 | ||
Total Liabilities | 2,510,862 | 2,372,390 | ||
Equity [Abstract] | ||||
Stockholders' Equity Attributable to Parent | 249,603 | 232,852 | $ 213,971 | $ 200,926 |
Total Liabilities and Stockholders' Equity | 2,760,465 | 2,605,242 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Interest-Bearing Deposits at Banks | 2,186 | 3,593 | ||
Available-for-Sale | 1,562 | 1,382 | ||
Held-to-Maturity (Approximate Fair Value of $335,901 at December 31, 2017, and $343,751 at December 31, 2016) | 0 | 1,000 | ||
Equity Method Investments | 261,622 | 243,031 | ||
Other Assets | 7,987 | 7,951 | ||
Total Assets | 273,357 | 256,957 | ||
LIABILITIES | ||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | ||
Other Liabilities | 3,754 | 4,105 | ||
Total Liabilities | 23,754 | 24,105 | ||
Equity [Abstract] | ||||
Stockholders' Equity Attributable to Parent | 249,603 | 232,852 | ||
Total Liabilities and Stockholders' Equity | $ 273,357 | $ 256,957 |
Parent Only Financial Informa88
Parent Only Financial Information Parent Only Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest and Dividends on Investments | $ 84,657 | $ 76,915 | $ 70,738 |
Other Operating Income | 927 | 1,113 | 1,354 |
Interest Expense | 7,006 | 5,356 | 4,813 |
Salaries and Employee Benefits | 37,166 | 34,330 | 33,064 |
Other Operating Expense | 15,088 | 14,801 | 13,913 |
Provision for Income Taxes | 10,529 | 11,215 | 10,610 |
Net Income | 29,326 | 26,534 | 24,662 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from Bank Subsidiaries | 12,800 | 11,650 | 13,400 |
Interest and Dividends on Investments | 53 | 117 | 118 |
Other Operating Income | 677 | 635 | 847 |
Total Income | 13,530 | 12,402 | 14,365 |
Interest Expense | 781 | 691 | 619 |
Salaries and Employee Benefits | 76 | 77 | 80 |
Other Operating Expense | 882 | 865 | 885 |
Total Expense | 1,739 | 1,633 | 1,584 |
Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries | 11,791 | 10,769 | 12,781 |
Provision for Income Taxes | 225 | 482 | 372 |
Equity in Undistributed Net Income of Subsidiaries | 17,310 | 15,283 | 11,509 |
Net Income | $ 29,326 | $ 26,534 | $ 24,662 |
Parent Only Financial Informa89
Parent Only Financial Information Parent Only Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 29,326 | $ 26,534 | $ 24,662 |
Stock-Based Compensation Expense | 351 | 287 | 308 |
Stock-Based Compensation Expense | 351 | 287 | 308 |
Net Cash Provided By Operating Activities | 37,827 | 34,695 | 28,926 |
Cash Flows from Investing Activities: | |||
Proceeds from the Sale of Securities Available-for-Sale | 107,175 | 97,930 | 66,551 |
Purchases of Securities Available-for-Sale | (117,262) | (134,950) | (201,820) |
Proceeds from the Maturities and Calls of Securities Held-to-Maturity | 49,244 | 56,461 | 48,409 |
Net Cash Used In Investing Activities | (148,566) | (157,789) | (229,539) |
Cash Flows from Financing Activities: | |||
Shares Issued for Stock Option Exercises, net | 1,190 | 2,404 | 918 |
Shares Issued for Dividend Reinvestment Plans | 1,684 | 1,743 | 886 |
Tax Benefit for Exercises of Stock Options | 0 | 188 | 59 |
Purchase of Treasury Stock | (3,248) | (2,141) | (1,498) |
Cash Dividends Paid | (13,599) | (13,092) | (12,700) |
Net Cash Provided By Financing Activities | 126,222 | 129,381 | 205,386 |
Net Increase (Decrease) in Cash and Cash Equivalents | 15,483 | 6,287 | 4,773 |
Cash and Cash Equivalents at Beginning of Year | 57,355 | 51,068 | 46,295 |
Cash and Cash Equivalents at End of Year | 72,838 | 57,355 | 51,068 |
Interest on Deposits and Borrowings | 6,957 | 5,341 | 4,856 |
Parent Company [Member] | |||
Cash Flows from Operating Activities: | |||
Net Income | 29,326 | 26,534 | 24,662 |
Undistributed Net Income of Subsidiaries | (17,310) | (15,283) | (11,509) |
Stock-Based Compensation Expense | 233 | 196 | 227 |
Stock-Based Compensation Expense | 351 | 287 | 308 |
Changes in Other Assets and Other Liabilities | (1,530) | (1,177) | (1,419) |
Net Cash Provided By Operating Activities | 11,070 | 10,557 | 12,269 |
Cash Flows from Investing Activities: | |||
Proceeds from the Sale of Securities Available-for-Sale | 0 | 0 | 47 |
Purchases of Securities Available-for-Sale | 0 | 0 | (47) |
Proceeds from the Maturities and Calls of Securities Held-to-Maturity | 1,000 | 0 | 0 |
Net Cash Used In Investing Activities | 1,000 | 0 | 0 |
Cash Flows from Financing Activities: | |||
Shares Issued for Stock Option Exercises, net | 1,190 | 2,404 | 918 |
Shares Issued Under the Employee Stock Purchase Plan | 496 | 493 | 494 |
Shares Issued for Dividend Reinvestment Plans | 1,684 | 1,743 | 886 |
Tax Benefit for Exercises of Stock Options | 0 | 188 | 59 |
Purchase of Treasury Stock | (3,248) | (2,141) | (1,498) |
Cash Dividends Paid | (13,599) | (13,092) | (12,700) |
Net Cash Provided By Financing Activities | (13,477) | (10,405) | (11,841) |
Net Increase (Decrease) in Cash and Cash Equivalents | (1,407) | 152 | 428 |
Cash and Cash Equivalents at Beginning of Year | 3,593 | 3,441 | 3,013 |
Cash and Cash Equivalents at End of Year | 2,186 | 3,593 | 3,441 |
Interest on Deposits and Borrowings | $ 781 | $ 691 | $ 619 |