Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'HVB | ' |
Entity Registrant Name | 'HUDSON VALLEY HOLDING CORP | ' |
Entity Central Index Key | '0000722256 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 19,891,041 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income: | ' | ' | ' | ' |
Loans, including fees | $18,805 | $21,619 | $56,890 | $73,197 |
Securities: | ' | ' | ' | ' |
Taxable | 2,352 | 2,902 | 6,937 | 9,355 |
Exempt from Federal income taxes | 696 | 796 | 2,244 | 2,792 |
Federal funds sold | 8 | 11 | 30 | 28 |
Deposits in banks | 548 | 381 | 1,536 | 735 |
Total interest income | 22,409 | 25,709 | 67,637 | 86,107 |
Interest Expense: | ' | ' | ' | ' |
Deposits | 1,207 | 1,393 | 3,746 | 4,557 |
Securities sold under repurchase agreements and other short-term borrowings | 6 | 18 | 22 | 85 |
Other borrowings | 183 | 183 | 542 | 546 |
Total interest expense | 1,396 | 1,594 | 4,310 | 5,188 |
Net Interest Income | 21,013 | 24,115 | 63,327 | 80,919 |
Provision for loan losses | 767 | 3,723 | 1,828 | 6,976 |
Net interest income after provision for loan losses | 20,246 | 20,392 | 61,499 | 73,943 |
Non Interest Income: | ' | ' | ' | ' |
Service charges | 1,434 | 1,454 | 4,567 | 4,850 |
Investment advisory fees | 1,915 | 2,303 | 5,807 | 7,213 |
Other-than-temporary impairment loss: | ' | ' | ' | ' |
Total impairment loss | ' | ' | ' | -528 |
Loss recognized in comprehensive income | ' | ' | ' | ' |
Net impairment loss recognized in earnings | ' | ' | ' | -528 |
Gains (Losses) on sales and revaluations of loans held for sale and other real estate owned, net | ' | ' | 17 | 15,920 |
Other income | 840 | 596 | 2,196 | 2,041 |
Total non interest income | 4,189 | 4,353 | 12,587 | 29,496 |
Non Interest Expense: | ' | ' | ' | ' |
Salaries and employee benefits | 11,213 | 11,366 | 33,615 | 33,544 |
Occupancy | 2,093 | 2,121 | 6,303 | 6,563 |
Professional services | 1,979 | 1,739 | 5,215 | 5,646 |
Equipment | 1,032 | 1,071 | 3,089 | 3,300 |
Business development | 547 | 545 | 1,590 | 1,899 |
FDIC assessment | 1,007 | 811 | 2,900 | 2,165 |
Other operating expenses | 3,675 | 2,382 | 8,263 | 8,828 |
Total non interest expense | 21,546 | 20,035 | 60,975 | 61,945 |
Income Before Income Taxes | 2,889 | 4,710 | 13,111 | 41,494 |
Income Taxes | 394 | 1,576 | 3,478 | 15,386 |
Net Income | $2,495 | $3,134 | $9,633 | $26,108 |
Basic Earnings Per Common Share | $0.13 | $0.16 | $0.49 | $1.33 |
Diluted Earnings Per Common Share | $0.13 | $0.16 | $0.49 | $1.33 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ' | ' | ' | ' |
Net Income | $2,495 | $3,134 | $9,633 | $26,108 |
Other-than-temporarily impaired securities available for sale: | ' | ' | ' | ' |
Total gains | 276 | 699 | 826 | 594 |
Losses recognized in earnings | ' | ' | ' | 528 |
Gains recognized in comprehensive income | 276 | 699 | 826 | 1,122 |
Income tax effect | -113 | -287 | -339 | -460 |
Unrealized holding gains on other-than-temporarily impaired securities available for sale, net of tax | 163 | 412 | 487 | 662 |
Securities available for sale not other-than-temporarily impaired: | ' | ' | ' | ' |
(Losses) gains arising during the period | -1,081 | 245 | -13,357 | -2,320 |
Income tax effect | 434 | -105 | 5,163 | 759 |
Securities available for sale not other-than-temporarily impaired, net of tax | -647 | 140 | -8,194 | -1,561 |
Gains recognized in earnings | ' | ' | ' | ' |
Income tax effect | ' | ' | ' | ' |
Total securities available for sale not other-than-temporarily impaired | ' | ' | ' | ' |
Unrealized holding (losses) gains on securities available for sale not other-than-temporarily-impaired, net of tax | -647 | 140 | -8,194 | -1,561 |
Unrealized holding (losses) gains on securities, net | -484 | 552 | -7,707 | -899 |
Accrued benefit liability adjustment: | ' | ' | ' | ' |
Net gain during the period | ' | 35 | ' | 103 |
Reclassification adjustment for amortization of prior service cost and net gain/loss included in net period pension cost | 155 | 108 | 465 | 328 |
Income tax effect | -61 | -58 | -185 | -173 |
Net of tax | 94 | 85 | 280 | 258 |
Other comprehensive (loss) income | -390 | 637 | -7,427 | -641 |
Comprehensive Income | $2,105 | $3,771 | $2,206 | $25,467 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and non interest earning due from banks | $57,981 | $57,836 |
Interest earning deposits in banks | 719,149 | 769,687 |
Total cash and cash equivalents | 777,130 | 827,523 |
Federal funds sold | 18,393 | 19,251 |
Securities available for sale, at estimated fair value (amortized cost of $541,104 in 2013 and $444,243 in 2012) | 529,400 | 445,070 |
Securities held to maturity, at amortized cost (estimated fair value of $7,292 in 2013 and $10,825 in 2012) | 6,939 | 10,225 |
Federal Home Loan Bank of New York (FHLB) stock | 3,478 | 4,826 |
Loans (net of allowance for loan losses of $25,863 in 2013 and $26,612 in 2012) | 1,552,125 | 1,440,760 |
Loans held for sale | ' | 2,317 |
Accrued interest and other receivables | 22,125 | 24,826 |
Premises and equipment, net | 15,686 | 23,996 |
Other real estate owned | ' | 250 |
Deferred income tax, net | 24,654 | 19,263 |
Bank owned life insurance | 40,852 | 39,257 |
Goodwill | 23,842 | 23,842 |
Other intangible assets | 760 | 903 |
Other assets | 6,136 | 8,937 |
TOTAL ASSETS | 3,021,520 | 2,891,246 |
Deposits: | ' | ' |
Non interest bearing | 989,995 | 1,035,847 |
Interest bearing | 1,674,945 | 1,484,114 |
Total deposits | 2,664,940 | 2,519,961 |
Securities sold under repurchase agreements and other short-term borrowings | 21,038 | 34,624 |
Other borrowings | 16,398 | 16,428 |
Accrued interest and other liabilities | 28,442 | 29,262 |
TOTAL LIABILITIES | 2,730,818 | 2,600,275 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred Stock, $0.01 par value; authorized 15,000,000 shares; no shares outstanding in 2013 and 2012, respectively | ' | ' |
Common stock, $0.20 par value; authorized 25,000,000 shares: outstanding 19,903,337 and 19,761,426 shares in 2013 and 2012, respectively | 4,241 | 4,212 |
Additional paid-in capital | 349,712 | 348,643 |
Retained earnings (deficit) | 2,589 | -3,471 |
Accumulated other comprehensive loss | -8,276 | -849 |
Treasury stock, at cost; 1,299,414 shares in 2013 and 2012 | -57,564 | -57,564 |
TOTAL STOCKHOLDERS' EQUITY | 290,702 | 290,971 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $3,021,520 | $2,891,246 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Amortized cost of securities available for sale, at estimated fair value | $541,104 | $444,243 |
Fair value of securities held to maturity, at amortized cost | 7,292 | 10,825 |
Allowance for loan losses | $25,863 | $26,612 |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred Stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.20 | $0.20 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares outstanding | 19,903,337 | 19,761,426 |
Treasury stock, shares | 1,299,414 | 1,299,414 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2011 | $277,562 | $4,163 | ($57,564) | $347,764 | ($18,527) | $1,726 |
Beginning balance, shares at Dec. 31, 2011 | ' | 19,516,490 | ' | ' | ' | ' |
Net Income | 26,108 | ' | ' | ' | 26,108 | ' |
Other comprehensive loss | -641 | ' | ' | ' | ' | -641 |
Vesting and exercise of stock options, net of tax | 288 | 3 | ' | 285 | ' | ' |
Vesting and exercise of stock options, net of tax, shares | ' | 16,166 | ' | ' | ' | ' |
Restricted stock awards and related expense | 132 | 22 | ' | 110 | ' | ' |
Restricted stock awards, shares and related expense | ' | 105,434 | ' | ' | ' | ' |
Cash dividends | -10,549 | ' | ' | ' | -10,549 | ' |
Ending balance at Sep. 30, 2012 | 292,900 | 4,188 | -57,564 | 348,159 | -2,968 | 1,085 |
Ending balance, shares at Sep. 30, 2012 | ' | 19,638,090 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2012 | 290,971 | 4,212 | -57,564 | 348,643 | -3,471 | -849 |
Beginning balance, shares at Dec. 31, 2012 | 19,761,426 | 19,761,426 | ' | ' | ' | ' |
Net Income | 9,633 | ' | ' | ' | 9,633 | ' |
Other comprehensive loss | -7,427 | ' | ' | ' | ' | -7,427 |
Common stock issued for dividend reinvestment | 29 | ' | ' | 29 | ' | ' |
Common stock issued for dividend reinvestment, shares | ' | 1,656 | ' | ' | ' | ' |
Vesting and exercise of stock options, net of tax | 244 | 4 | ' | 240 | ' | ' |
Vesting and exercise of stock options, net of tax, shares | ' | 14,002 | ' | ' | ' | ' |
Restricted stock awards and related expense | 825 | 25 | ' | 800 | ' | ' |
Restricted stock awards, shares and related expense | ' | 126,253 | ' | ' | ' | ' |
Cash dividends | -3,573 | ' | ' | ' | -3,573 | ' |
Ending balance at Sep. 30, 2013 | $290,702 | $4,241 | ($57,564) | $349,712 | $2,589 | ($8,276) |
Ending balance, shares at Sep. 30, 2013 | 19,903,337 | 19,903,337 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash dividends per share | $0.18 | $0.54 |
Retained Earnings (Deficit) [Member] | ' | ' |
Cash dividends per share | $0.18 | $0.54 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
Net Income | $9,633 | $26,108 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 1,828 | 6,976 |
Depreciation and amortization | 3,616 | 2,882 |
Recognized impairment charge on securities available for sale | ' | 528 |
Amortization of premiums on securities, net | 1,309 | 1,492 |
Realized (loss) gain on sale and revaluation of OREO | -17 | 15 |
Increase in cash value of bank owned life insurance | -1,334 | -1,113 |
Amortization of other intangible assets | 143 | 561 |
Share-based payment expense | 825 | 37 |
Realized gain on sale of loans held-for-sale | ' | -15,935 |
Deferred taxes | -752 | 1,363 |
Decrease in deferred loan fees, net | -3,619 | -1,095 |
Decrease in accrued interest and other receivables | 2,701 | 15,306 |
Decrease in other assets | 5,118 | 2,443 |
Excess tax benefits from share-based payment arrangements | -34 | ' |
(Decrease) increase in accrued interest and other liabilities | -2,673 | 3,660 |
Net cash provided by Operating Activities | 16,744 | 43,228 |
Investing Activities: | ' | ' |
Net decrease in short term investments | 858 | 3,908 |
Decrease (increase) in FHLB stock | 1,348 | -996 |
Proceeds from maturities of securities available for sale | 154,328 | 191,136 |
Proceeds from maturities of securities held to maturity | 3,298 | 2,006 |
Proceeds from sales of securities available for sale | 789 | ' |
Purchases of securities available for sale | -253,298 | -133,913 |
Proceeds from sales and payments of loans held for sale | ' | 487,274 |
Net (increase) decrease in loans | -107,257 | 58,710 |
Proceeds from sales of OREO | 267 | 909 |
Premiums paid on bank owned life insurance | -261 | -261 |
Net sales (purchases) of premises and equipment | 4,694 | -1,370 |
Net cash (used in) provided by Investing Activities | -195,234 | 607,403 |
Financing Activities: | ' | ' |
Proceeds from issuance of common stock | 273 | 251 |
Excess tax benefits from share-based payment arrangements | 34 | ' |
Net decrease in deposits | 144,979 | 123,328 |
Cash dividends paid | -3,573 | -10,549 |
Repayment of other borrowings | -30 | -28 |
Net decrease in securities sold under repurchase agreements and short-term borrowings | -13,586 | -10,363 |
Net cash provided by Financing Activities | 128,097 | 102,639 |
(Decrease) Increase in Cash and Cash Equivalents | -50,393 | 753,270 |
Cash and Cash Equivalents, beginning of period | 827,523 | 78,104 |
Cash and Cash Equivalents, end of period | 777,130 | 831,374 |
Supplemental disclosures: | ' | ' |
Interest paid | 4,230 | 5,956 |
Income tax payments | 5,095 | 924 |
Transfers from loans held for sale back to loan portfolio | $2,317 | $121 |
Description_of_Operations
Description of Operations | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Description of Operations | ' | |
1 | Description of Operations | |
Hudson Valley Holding Corp. (“Hudson Valley” or the “Company”) is a New York corporation founded in 1982. The Company is registered as a bank holding company under the Bank Holding Company Act of 1956. | ||
The Company provides financial services through its wholly-owned subsidiary, Hudson Valley Bank, N.A. (“HVB” or “the Bank”), a national banking association established in 1972, with operational headquarters in Westchester County, New York. HVB has 17 branch offices in Westchester County, New York, 4 in Manhattan, New York, 4 in Bronx County, New York, 2 in Rockland County, New York, and 1 in Kings County, New York. On January 31, 2013, the Company announced its intention to consolidate or divest all of its Connecticut branch locations by the middle of 2013, as these branch offices did not meet the Company’s expectations for growth or profitability. The Company also announced that it would be closing one branch in Manhattan and one branch in Westchester by the middle of 2013. As of July 19, 2013, the Company completed the consolidation of all Connecticut branches and two branches in New York. | ||
The Company provides investment management services through a wholly-owned subsidiary of HVB, A.R. Schmeidler & Co., Inc. (“ARS”), a money management firm, thereby generating fee income. ARS has offices at 500 Fifth Avenue in Manhattan, New York. | ||
We derive substantially all of our revenue and income from providing banking and related services to businesses, professionals, municipalities, not-for-profit organizations and individuals within our market area, primarily Westchester County and Rockland County, New York and portions of New York City. | ||
Our principal executive offices are located at 21 Scarsdale Road, Yonkers, New York 10707. | ||
Our principal customers are businesses, professionals, municipalities, not-for-profit organizations and individuals. Our strategy is to operate community-oriented banking institutions dedicated to providing personalized service to customers and focusing on products and services for selected segments of the market. We believe that our ability to attract and retain customers is due primarily to our focused approach to our markets, our personalized and professional services, our product offerings, our experienced staff, our knowledge of our local markets and our ability to provide responsive solutions to customer needs. We provide these products and services to a diverse range of customers and do not rely on a single large depositor for a significant percentage of deposits. | ||
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
2 | Basis of Presentation | |
The unaudited condensed consolidated financial statements included in this report have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by GAAP for annual financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | ||
The accounting and reporting policies followed in the presentation of the unaudited condensed consolidated financial statements are consistent with those described in Note 1 of the Notes to Consolidated Financial Statements included in the Company’s 2012 Annual Report on Form 10-K. Management has evaluated all significant events and transactions that occurred after September 30, 2013, for potential recognition or disclosure in these consolidated financial statements. In the opinion of management, these consolidated financial statements reflect all adjustments necessary to present fairly such information for the periods and dates indicated. Such adjustments are normal and recurring in nature. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period’s presentation. Reclassifications had no effect on prior period net income or stockholders’ equity. | ||
In preparing such financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated balance sheets and statements of income for the periods reported. Actual results could differ significantly from those estimates. Estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the determination of the fair value of securities available for sale, the determination of other-than-temporary impairment of investments and the carrying amounts of goodwill and deferred tax assets. In connection with the determination of the allowance for loan losses, management utilizes the work of professional appraisers for significant properties. |
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
3 | Securities | ||||||||||||||||||||||||
The following tables set forth the amortized cost, gross unrealized gains and losses and the estimated fair value of securities classified as available for sale and held to maturity at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 89,957 | $ | 32 | $ | 588 | $ | 89,401 | |||||||||||||||||
Mortgage-backed securities - residential | 346,136 | 2,618 | 8,843 | 339,911 | |||||||||||||||||||||
Obligations of states and political subdivisions | 84,197 | 1,660 | 115 | 85,742 | |||||||||||||||||||||
Other debt securities | 10,823 | 3 | 6,745 | 4,081 | |||||||||||||||||||||
Total debt securities | 531,113 | 4,313 | 16,291 | 519,135 | |||||||||||||||||||||
Mutual funds and other equity securities | 9,991 | 577 | 303 | 10,265 | |||||||||||||||||||||
Total | $ | 541,104 | $ | 4,890 | $ | 16,594 | $ | 529,400 | |||||||||||||||||
Amortized | Gross Unrecognized | Estimated | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Classified as Held to Maturity | |||||||||||||||||||||||||
Mortgage-backed securities - residential | $ | 3,465 | $ | 268 | — | $ | 3,733 | ||||||||||||||||||
Obligations of states and political subdivisions | 3,474 | 85 | — | 3,559 | |||||||||||||||||||||
Total | $ | 6,939 | $ | 353 | — | $ | 7,292 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 53,197 | $ | 36 | $ | 10 | $ | 53,223 | |||||||||||||||||
Mortgage-backed securities - residential | 290,063 | 5,337 | 312 | 295,088 | |||||||||||||||||||||
Obligations of states and political subdivisions | 79,638 | 2,974 | 10 | 82,602 | |||||||||||||||||||||
Other debt securities | 11,319 | 1 | 7,572 | 3,748 | |||||||||||||||||||||
Total debt securities | 434,217 | 8,348 | 7,904 | 434,661 | |||||||||||||||||||||
Mutual funds and other equity securities | 10,026 | 507 | 124 | 10,409 | |||||||||||||||||||||
Total | $ | 444,243 | $ | 8,855 | $ | 8,028 | $ | 445,070 | |||||||||||||||||
Amortized | Gross Unrecognized | Estimated | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Classified as Held to Maturity | |||||||||||||||||||||||||
Mortgage-backed securities - residential | $ | 5,083 | $ | 415 | — | $ | 5,498 | ||||||||||||||||||
Obligations of states and political subdivisions | 5,142 | 185 | — | 5,327 | |||||||||||||||||||||
Total | $ | 10,225 | $ | 600 | — | $ | 10,825 | ||||||||||||||||||
Included in other debt securities are investments in five pooled trust preferred securities with an aggregate amortized cost and estimated fair value of $10,033 and $3,288, respectively, at September 30, 2013, and $10,521 and $2,950, respectively, at December 31, 2012. These investments represent trust preferred obligations of banking industry companies. The value of these investments has been severely negatively affected by the continued weakness in the economy and elevated investor concerns about recent and potential future losses in the financial services industry. These investments are rated below investment grade by both Moody’s Investor Services and Fitch Ratings, Ltd at September 30, 2013 with ratings ranging from Caa3 to B. All of the Company’s pooled trust preferred securities are mezzanine class issues, four of which are subordinate to certain other classes of securities within their pools. In light of these conditions, these investments were reviewed for other-than-temporary impairment. | |||||||||||||||||||||||||
In estimating OTTI losses, the Company considers: (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near term prospects of the issuers, (3) whether the Company intends to sell or whether it is more likely than not that the Company would be required to sell the investments prior to recovery of cost and (4) evaluation of cash flows to determine if they have been adversely affected. | |||||||||||||||||||||||||
The Company uses a discounted cash flow (“DCF”) analysis to provide an estimate of an OTTI loss. Inputs to the discount model included known defaults and interest deferrals, projected additional default rates, projected additional deferrals of interest, over-collateralization tests, interest coverage tests and other factors. Additional expected default and deferral rates were weighted toward the near future to reflect the current adverse economic environment affecting the banking industry. All known and projected defaults are applied a loss severity of 100%. All known and expected deferrals are assigned a loss severity between 25% and 100% based on an individual review of the related issuers’ financial information. The review is focused on capital adequacy, earnings performance and various asset quality measurements. An additional factor for potential defaults/deferrals is included in each DCF at 1% of performing collateral in year 1 and 0.25% annually thereafter, at a loss severity rate of 85%. A 1% annual prepayment factor is also applied to each DCF. The discount rate used in the DCF was based upon the original yield expected from the related securities. | |||||||||||||||||||||||||
Significant specific inputs to the cash flow models used in determining credit related OTTI losses on pooled trust preferred securities as of September 30, 2013 included the following: | |||||||||||||||||||||||||
PreTSL | PreTSL | PreTSL | PreTSL | PreTSL | PreTSL | ||||||||||||||||||||
IV | VII | VIII | VIII | X | XI | ||||||||||||||||||||
Class | Mezz | B | B-1 | B-2 | B-2 | B-2 | |||||||||||||||||||
Discount rate index | 3m LIBOR | 3m LIBOR | 3m LIBOR | 3m LIBOR | 3m LIBOR | 3m LIBOR | |||||||||||||||||||
Discount rate spread | 2.25 | % | 1.8 | % | 1.9 | % | 1.9 | % | 1.7 | % | 1.6 | % | |||||||||||||
Projected specific defaults and deferrals as % of original collateral | 48 | % | 63 | % | 58 | % | 58 | % | 36 | % | 33 | % | |||||||||||||
Projected severity of loss as % of specific defaults/deferrals | 91 | % | 94 | % | 93 | % | 93 | % | 89 | % | 79 | % | |||||||||||||
Projected additional defaults/deferrals as % of performing collateral: | |||||||||||||||||||||||||
Year 1 | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||
Thereafter | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | |||||||||||||
Severity of loss | 85 | % | 85 | % | 85 | % | 85 | % | 85 | % | 85 | % | |||||||||||||
Additional information related to the Company’s pooled trust preferred securities as of September 30, 2013 is presented below: | |||||||||||||||||||||||||
PreTSL | PreTSL | PreTSL | PreTSL | PreTSL | PreTSL | ||||||||||||||||||||
IV | VII | VIII | VIII | X | XI | ||||||||||||||||||||
Class | Mezz | B | B-1 | B-2 | B-2 | B-2 | |||||||||||||||||||
Seniority | Mezzanine | Mezzanine | Mezzanine | Mezzanine | Mezzanine | Mezzanine | |||||||||||||||||||
Amortized cost | $ | 61 | $ | 584 | $ | 750 | $ | 1,125 | $ | 5,470 | $ | 2,043 | |||||||||||||
Fair value | 17 | 271 | 220 | 330 | 1,975 | 475 | |||||||||||||||||||
Unrealized loss | (44 | ) | (313 | ) | (530 | ) | (795 | ) | (3,495 | ) | (1,568 | ) | |||||||||||||
OTTI recognized in earnings - nine months ended September 30, 2013 | — | — | — | — | — | — | |||||||||||||||||||
OTTI recognized in earnings - life to date | — | (1,122 | ) | (1,418 | ) | (2,127 | ) | (4,863 | ) | (472 | ) | ||||||||||||||
Moody’s / Fitch | Caa2/B | Ca/C | C/C | C/C | Caa3/C | Caa3/C | |||||||||||||||||||
Number of institutions currently performing | 5 | 9 | 14 | 14 | 33 | 41 | |||||||||||||||||||
Actual defaults/deferrals as % of original collateral | 18 | % | 54 | % | 58 | % | 58 | % | 35 | % | 32 | % | |||||||||||||
Excess subordination as % of performing collateral (1) | 28 | % | (97 | )% | (111 | )% | (111 | )% | (31 | )% | (28 | )% | |||||||||||||
-1 | The excess subordination as % of performing collateral is calculated by taking total performing collateral and dividing it by the sum of all class balances with seniority senior to and equal to the class for which the measurement is applicable. A negative percentage is indicative of a cash flow shortfall which could result in credit component OTTI. The severity of a current negative excess subordination is not necessarily indicative of the severity of the credit component OTTI as actual cash flow results realized with respect to future defaults and deferrals, default and deferral timing, loss severities, recovery timing, redirections of payments in other classes and other factors could act to increase or decrease an indicated deficiency at a future date. | ||||||||||||||||||||||||
The following table summarizes the change in pretax OTTI credit related losses on securities available for sale for the nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
Sep 30 | Sep 30 | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Balance at beginning of period: | |||||||||||||||||||||||||
Total OTTI credit related impairment charges beginning of period | $ | 10,002 | $ | 9,478 | |||||||||||||||||||||
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | — | 528 | |||||||||||||||||||||||
Credit related impairment dispositions | — | (4 | ) | ||||||||||||||||||||||
Credit related impairment not previously recognized | — | — | |||||||||||||||||||||||
Balance at end of period: | $ | 10,002 | $ | 10,002 | |||||||||||||||||||||
There were no OTTI losses recognized for the nine month period ended September 30, 2013. During the nine month period ended September 30, 2012, pretax OTTI losses of $4, $53, $2, $468 and $1 were recognized on five pooled trust preferred securities which prior to the 2012 charges had book values of $2,088, $5,696, $919, $2,228 and $662, respectively. These OTTI losses resulted from adverse changes in the expected cash flows of these securities which indicated that the Company may not recover the entire cost basis of these investments. Continuation or worsening of current adverse economic conditions may result in further impairment charges in the future. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, securities having a stated value of approximately $290,585 and $195,142, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. | |||||||||||||||||||||||||
The following tables reflect the Company’s investment’s fair value and gross unrealized loss, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Duration of Unrealized Loss | |||||||||||||||||||||||||
Less Than 12 Months | Greater than | Total | |||||||||||||||||||||||
12 Months | |||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||
U.S. Treasuries and government agencies | $ | 56,180 | $ | 588 | — | — | $ | 56,180 | $ | 588 | |||||||||||||||
Mortgage-backed securities - residential | 241,287 | 8,733 | $ | 4,057 | $ | 110 | 245,344 | 8,843 | |||||||||||||||||
Obligations of states and political subdivisions | 9,424 | 107 | 1,013 | 8 | 10,437 | 115 | |||||||||||||||||||
Other debt securities | — | — | 3,288 | 6,745 | 3,288 | 6,745 | |||||||||||||||||||
Total debt securities | 306,891 | 9,428 | 8,358 | 6,863 | 315,249 | 16,291 | |||||||||||||||||||
Mutual funds and other equity securities | 8,800 | 204 | 87 | 99 | 8,887 | 303 | |||||||||||||||||||
Total temporarily impaired securities | $ | 315,691 | $ | 9,632 | $ | 8,445 | $ | 6,962 | $ | 324,136 | $ | 16,594 | |||||||||||||
There were no securities classified as held to maturity in an unrealized loss position at September 30, 2013. | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Duration of Unrealized Loss | |||||||||||||||||||||||||
Less Than 12 Months | Greater than | Total | |||||||||||||||||||||||
12 Months | |||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||
U.S. Treasuries and government agencies | $ | 8,048 | $ | 10 | — | — | $ | 8,048 | $ | 10 | |||||||||||||||
Mortgage-backed securities - residential | 47,211 | 312 | — | — | 47,211 | 312 | |||||||||||||||||||
Obligations of states and political subdivisions | 2,963 | 10 | — | — | 2,963 | 10 | |||||||||||||||||||
Other debt securities | 367 | 1 | $ | 2,950 | $ | 7,571 | 3,317 | 7,572 | |||||||||||||||||
Total debt securities | 58,589 | 333 | 2,950 | 7,571 | 61,539 | 7,904 | |||||||||||||||||||
Mutual funds and other equity securities | 12 | 1 | 96 | 123 | 108 | 124 | |||||||||||||||||||
Total temporarily impaired securities | $ | 58,601 | $ | 334 | $ | 3,046 | $ | 7,694 | $ | 61,647 | $ | 8,028 | |||||||||||||
There were no securities classified as held to maturity in an unrealized loss position at December 31, 2012. | |||||||||||||||||||||||||
The total number of securities in the Company’s portfolio that were in an unrealized loss position was 214 and 88, respectively, at September 30, 2013 and December 31, 2012. The Company has determined that it does not intend to sell, or it is more likely than not that it will be required to sell, its securities that are in an unrealized loss position prior to the recovery of its amortized cost basis. With the exception of the investment in pooled trust preferred securities discussed above, the Company believes that its securities continue to have satisfactory ratings, are readily marketable and that current unrealized losses are primarily a result of changes in interest rates. Therefore, management does not consider these investments to be other-than-temporarily impaired at September 30, 2013. With regard to the investments in pooled trust preferred securities, the Company has decided to hold these securities as it believes that current market quotes for these securities are not necessarily indicative of their value. The Company has recognized impairment charges on five of the pooled trust preferred securities. Management believes that the remaining impairment in the value of these securities to be primarily related to illiquidity in the market and therefore not credit related at September 30, 2013. | |||||||||||||||||||||||||
The contractual maturity of all debt securities held at September 30, 2013 is shown below (in thousands). Actual maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||
Within 1 year | $ | 15,008 | $ | 15,106 | — | — | |||||||||||||||||||
After 1 year but within 5 years | 132,709 | 133,516 | $ | 3,465 | $ | 3,733 | |||||||||||||||||||
After 5 year but within 10 years | 27,227 | 27,313 | — | — | |||||||||||||||||||||
After 10 years | 10,033 | 3,288 | — | — | |||||||||||||||||||||
Mortgage-backed securities - residential | 346,136 | 339,912 | 3,474 | 3,559 | |||||||||||||||||||||
Total | $ | 531,113 | $ | 519,135 | $ | 6,939 | $ | 7,292 | |||||||||||||||||
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||||||||||
4 | Loans | ||||||||||||||||||||||||||||||||
The loan portfolio, excluding loans held for sale, is comprised of the following (in thousands): | |||||||||||||||||||||||||||||||||
September 30 | December 31 | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 598,996 | $ | 550,786 | |||||||||||||||||||||||||||||
Construction | 82,310 | 74,727 | |||||||||||||||||||||||||||||||
Residential Multi-Family | 214,853 | 196,199 | |||||||||||||||||||||||||||||||
Residential Other | 396,477 | 325,774 | |||||||||||||||||||||||||||||||
Commercial & Industrial | 254,723 | 288,809 | |||||||||||||||||||||||||||||||
Individuals & lease financing | 29,420 | 33,488 | |||||||||||||||||||||||||||||||
Total loans | 1,576,779 | 1,469,783 | |||||||||||||||||||||||||||||||
Deferred loan costs (fees), net | 1,209 | (2,411 | ) | ||||||||||||||||||||||||||||||
Allowance for loan losses | (25,863 | ) | (26,612 | ) | |||||||||||||||||||||||||||||
Loans, net | $ | 1,552,125 | $ | 1,440,760 | |||||||||||||||||||||||||||||
Risk characteristics of the Company’s loan portfolio segments include the following: | |||||||||||||||||||||||||||||||||
Commercial Real Estate Loans — In underwriting commercial real estate loans, the Company evaluates both the prospective borrower’s ability to make timely payments on the loan and the value of the property securing the loan. Repayment of such loans may be negatively impacted should the borrower default or should there be a substantial decline in the value of the property securing the loan, or a decline in general economic conditions. Where the owner occupies the property, the Company also evaluates the business’s ability to repay the loan on a timely basis. In addition, the Company may require personal guarantees, lease assignments and/or the guarantee of the operating company when the property is owner occupied. These types of loans may involve greater risks than other types of lending, because payments on such loans are often dependent upon the successful operation of the business involved, therefore, repayment of such loans may be negatively impacted by adverse changes in economic conditions affecting the borrowers’ business. | |||||||||||||||||||||||||||||||||
Construction Loans — Construction loans are short-term loans (generally up to 18 months) secured by land for both residential and commercial development. The loans are generally made for acquisition and improvements. Funds are disbursed as phases of construction are completed. Most non-residential construction loans require pre-approved permanent financing or pre-leasing by the company or another bank providing the permanent financing. The Company funds construction of single family homes and commercial real estate, when no contract of sale exists, based upon the experience of the builder, the financial strength of the owner, the type and location of the property and other factors. Construction loans are generally personally guaranteed by the principal(s). Repayment of such loans may be negatively impacted by the builders’ inability to complete construction, by a downturn in the new construction market, by a significant increase in interest rates or by a decline in general economic conditions. The Bank’s primary regulator considers construction loans to be part of commercial real estate for concentration risk measurement purposes. | |||||||||||||||||||||||||||||||||
Residential Real Estate Loans — Various loans secured by residential real estate properties are offered by the Company, including 1-4 family residential mortgages, multi-family residential loans and a variety of home equity line of credit products. Repayment of such loans may be negatively impacted should the borrower default, should there be a significant decline in the value of the property securing the loan or should there be decline in general economic conditions. The Company offers multi-family loans up to $7.5 million per transaction. These loans are available for 7 or 10 year terms with one 5 year extension option. A 7 year term with no extension option is also offered. Pricing is typically based on a spread over the corresponding Federal Home Loan Bank (“FHLB”) rate. Amortization of up to 30 years, a maximum loan to value ratio of 75% and a debt service coverage ratio of 1.2 to 1 are generally required. The Bank’s primary regulator considers multi-family residential loans to be part of commercial real estate for concentration risk measurement purposes. | |||||||||||||||||||||||||||||||||
Commercial and Industrial Loans — The Company’s commercial and industrial loan portfolio consists primarily of commercial business loans and lines of credit to businesses and professionals. These loans are usually made to finance the purchase of inventory, new or used equipment or other short or long-term working capital purposes. These loans are generally secured by corporate assets, often with real estate as secondary collateral, but are also offered on an unsecured basis. In granting this type of loan, the Company primarily looks to the borrower’s cash flow as the source of repayment with collateral and personal guarantees, where obtained, as a secondary source. Commercial loans are often larger and may involve greater risks than other types of loans offered by the Company. Payments on such loans are often dependent upon the successful operation of the underlying business involved and, therefore, repayment of such loans may be negatively impacted by adverse changes in economic conditions, management’s inability to effectively manage the business, claims of others against the borrower’s assets which may take priority over the Company’s claims against assets, death or disability of the borrower or loss of market for the borrower’s products or services. | |||||||||||||||||||||||||||||||||
Lease Financing and Other Loans — The Company originates lease financing transactions which are primarily conducted with businesses, professionals and not-for-profit organizations and provide financing principally for office equipment, telephone systems, computer systems, energy saving improvements and other special use equipment. Payments on such loans are often dependent upon the successful operation of the underlying business involved and, therefore, repayment of such loans may be negatively impacted by adverse changes in economic conditions, and management’s inability to effectively manage the business. The Company also offers installment loans and reserve lines of credit to individuals. Repayment of such loans are often dependent on the personal income of the borrower which may be negatively impacted by adverse changes in economic conditions. The Company does not place an emphasis on originating these types of loans. | |||||||||||||||||||||||||||||||||
The following table presents the allowance for loan losses by portfolio segment for the three and nine month periods ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 25,926 | $ | 11,344 | $ | 4,112 | $ | 6,446 | $ | 3,638 | $ | 386 | |||||||||||||||||||||
Charge-offs | (1,348 | ) | (281 | ) | (94 | ) | (595 | ) | (228 | ) | (150 | ) | |||||||||||||||||||||
Recoveries | 518 | 50 | — | 293 | 156 | 19 | |||||||||||||||||||||||||||
Net Charge-offs | (830 | ) | (231 | ) | (94 | ) | (302 | ) | (72 | ) | (131 | ) | |||||||||||||||||||||
Provision for loan losses | 767 | (303 | ) | 424 | 572 | (121 | ) | 195 | |||||||||||||||||||||||||
Net change during the period | (63 | ) | (534 | ) | 330 | 270 | (193 | ) | 64 | ||||||||||||||||||||||||
Balance at end of period | $ | 25,863 | $ | 10,810 | $ | 4,442 | $ | 6,716 | $ | 3,445 | $ | 450 | |||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||||||||||
Charge-offs | (4,790 | ) | (649 | ) | (676 | ) | (2,165 | ) | (903 | ) | (397 | ) | |||||||||||||||||||||
Recoveries | 2,213 | 107 | 3 | 1,646 | 405 | 52 | |||||||||||||||||||||||||||
Net Charge-offs | (2,577 | ) | (542 | ) | (673 | ) | (519 | ) | (498 | ) | (345 | ) | |||||||||||||||||||||
Provision for loan losses | 1,828 | 1,262 | 1,166 | (884 | ) | (134 | ) | 418 | |||||||||||||||||||||||||
Net change during the period | (749 | ) | 720 | 493 | (1,403 | ) | (632 | ) | 73 | ||||||||||||||||||||||||
Balance at end of period | $ | 25,863 | $ | 10,810 | $ | 4,442 | $ | 6,716 | $ | 3,445 | $ | 450 | |||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 28,733 | $ | 11,592 | $ | 4,496 | $ | 8,789 | $ | 3,420 | $ | 436 | |||||||||||||||||||||
Charge-offs | (5,628 | ) | (4,372 | ) | 1 | (1,171 | ) | (128 | ) | 42 | |||||||||||||||||||||||
Recoveries | 1,279 | 563 | 178 | 70 | 464 | 4 | |||||||||||||||||||||||||||
Net Charge-offs | (4,349 | ) | (3,809 | ) | 179 | (1,101 | ) | 336 | 46 | ||||||||||||||||||||||||
Provision for loan losses | 3,723 | 3,467 | (383 | ) | 625 | 76 | (62 | ) | |||||||||||||||||||||||||
Net change during the period | (626 | ) | (342 | ) | (204 | ) | (476 | ) | 412 | (16 | ) | ||||||||||||||||||||||
Balance at end of period | $ | 28,107 | $ | 11,250 | $ | 4,292 | $ | 8,313 | $ | 3,832 | $ | 420 | |||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 30,685 | $ | 12,776 | $ | 6,470 | $ | 8,093 | $ | 2,650 | $ | 696 | |||||||||||||||||||||
Charge-offs | (12,537 | ) | (4,770 | ) | (1,579 | ) | (2,999 | ) | (2,625 | ) | (564 | ) | |||||||||||||||||||||
Recoveries | 2,983 | 861 | 179 | 396 | 1,029 | 518 | |||||||||||||||||||||||||||
Net Charge-offs | (9,554 | ) | (3,909 | ) | (1,400 | ) | (2,603 | ) | (1,596 | ) | (46 | ) | |||||||||||||||||||||
Provision for loan losses | 6,976 | 2,383 | (778 | ) | 2,823 | 2,778 | (230 | ) | |||||||||||||||||||||||||
Net change during the period | (2,578 | ) | (1,526 | ) | (2,178 | ) | 220 | 1,182 | (276 | ) | |||||||||||||||||||||||
Balance at end of period | $ | 28,107 | $ | 11,250 | $ | 4,292 | $ | 8,313 | $ | 3,832 | $ | 420 | |||||||||||||||||||||
The following tables present the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Ending balance attributed to loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 25,863 | $ | 10,810 | $ | 4,442 | $ | 6,716 | $ | 3,445 | $ | 450 | |||||||||||||||||||||
Individually evaluated for impairment | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total ending balance of allowance | $ | 25,863 | $ | 10,810 | $ | 4,442 | $ | 6,716 | $ | 3,445 | $ | 450 | |||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||
Ending balance of loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,523,675 | $ | 576,819 | $ | 79,770 | $ | 594,026 | $ | 243,640 | $ | 29,420 | |||||||||||||||||||||
Individually evaluated for impairment | 53,104 | 22,177 | 2,540 | 17,304 | 11,083 | — | |||||||||||||||||||||||||||
Total ending balance of loans | $ | 1,576,779 | $ | 598,996 | $ | 82,310 | $ | 611,330 | $ | 254,723 | $ | 29,420 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Ending balance attributed to loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||||||||||
Individually evaluated for impairment | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total ending balance of allowance | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||
Ending balance of loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,415,035 | $ | 525,579 | $ | 70,007 | $ | 509,297 | $ | 276,664 | $ | 33,488 | |||||||||||||||||||||
Individually evaluated for impairment | 54,748 | 25,207 | 4,720 | 12,676 | 12,145 | — | |||||||||||||||||||||||||||
Total ending balance of loans | $ | 1,469,783 | $ | 550,786 | $ | 74,727 | $ | 521,973 | $ | 288,809 | $ | 33,488 | |||||||||||||||||||||
The following table presents the recorded investment in non-accrual loans and loans past due 90 days and still accruing by class of loans as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Non-Accrual | Past Due | Non-Accrual | Past Due | ||||||||||||||||||||||||||||||
90 Days and | 90 Days and | ||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | ||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 13,012 | — | $ | 15,670 | — | |||||||||||||||||||||||||||
Non owner occupied | 2,872 | — | 2,717 | — | |||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 879 | — | 2,478 | — | |||||||||||||||||||||||||||||
Residential | 1,661 | — | 2,242 | — | |||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 327 | — | — | — | |||||||||||||||||||||||||||||
1-4 family | 12,177 | — | 8,470 | — | |||||||||||||||||||||||||||||
Home equity | 1,113 | — | 1,212 | — | |||||||||||||||||||||||||||||
Commercial & Industrial | 1,923 | — | 2,019 | — | |||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | — | — | — | — | |||||||||||||||||||||||||||||
Overdrafts | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 33,964 | — | $ | 34,808 | — | |||||||||||||||||||||||||||
The following table presents the aging of loans (including past due and non-accrual loans) as of September 30, 2013 and December 31, 2012 by class of loans (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days | Total | Current | ||||||||||||||||||||||||||||
Past Due | Past Due | Or More | Past Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 190,981 | $ | 4,802 | $ | 460 | $ | 2,526 | $ | 7,788 | $ | 183,193 | |||||||||||||||||||||
Non owner occupied | 408,015 | 1,195 | — | 2,463 | 3,658 | 404,357 | |||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 41,646 | — | — | 879 | 879 | 40,767 | |||||||||||||||||||||||||||
Residential | 40,664 | — | — | 1,661 | 1,661 | 39,003 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 214,853 | — | — | 327 | 327 | 214,526 | |||||||||||||||||||||||||||
1-4 family | 288,970 | 7,740 | — | 4,474 | 12,214 | 276,756 | |||||||||||||||||||||||||||
Home equity | 107,507 | 950 | 247 | 1,113 | 2,310 | 105,197 | |||||||||||||||||||||||||||
Commercial & Industrial | 254,723 | 768 | 220 | 1,862 | 2,850 | 251,873 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | 27,592 | 284 | 3 | — | 287 | 27,305 | |||||||||||||||||||||||||||
Overdrafts | 1,828 | — | — | — | — | 1,828 | |||||||||||||||||||||||||||
Total | $ | 1,576,779 | $ | 15,739 | $ | 930 | $ | 15,305 | $ | 31,974 | $ | 1,544,805 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days | Total | Current | ||||||||||||||||||||||||||||
Past Due | Past Due | Or More | Past Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 181,541 | $ | 472 | — | $ | 9,464 | $ | 9,936 | $ | 171,605 | ||||||||||||||||||||||
Non owner occupied | 369,245 | 802 | — | 2,717 | 3,519 | 365,726 | |||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 40,708 | 1,421 | — | — | 1,421 | 39,287 | |||||||||||||||||||||||||||
Residential | 34,019 | 455 | — | 2,242 | 2,697 | 31,322 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 196,199 | — | — | — | — | 196,199 | |||||||||||||||||||||||||||
1-4 family | 215,771 | 4,506 | $ | 91 | 8,470 | 13,067 | 202,704 | ||||||||||||||||||||||||||
Home equity | 110,003 | 3,411 | 321 | 1,212 | 4,944 | 105,059 | |||||||||||||||||||||||||||
Commercial & Industrial | 288,809 | 1,938 | 170 | 1,479 | 3,587 | 285,222 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | 32,104 | 431 | 1 | — | 432 | 31,672 | |||||||||||||||||||||||||||
Overdrafts | 1,384 | — | — | — | — | 1,384 | |||||||||||||||||||||||||||
Total | $ | 1,469,783 | $ | 13,436 | $ | 583 | $ | 25,584 | $ | 39,603 | $ | 1,430,180 | |||||||||||||||||||||
Impaired loans and the recorded investment in impaired loans as of September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||||
Principal | Investment | Loan Losses | Principal | Investment | Loan Losses | ||||||||||||||||||||||||||||
Balance | Allocated | Balance | Allocated | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 23,518 | $ | 19,305 | — | $ | 26,235 | $ | 22,022 | — | |||||||||||||||||||||||
Non owner occupied | 2,872 | 2,872 | — | 4,292 | 3,185 | — | |||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 1,231 | 879 | — | 2,735 | 2,478 | — | |||||||||||||||||||||||||||
Residential | 3,242 | 1,661 | — | 3,242 | 2,242 | — | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 3,267 | 3,267 | — | 2,994 | 2,994 | — | |||||||||||||||||||||||||||
1-4 family | 14,799 | 12,849 | — | 9,726 | 8,470 | — | |||||||||||||||||||||||||||
Home equity | 1,705 | 1,188 | — | 2,220 | 1,212 | — | |||||||||||||||||||||||||||
Commercial & Industrial | 12,186 | 11,083 | — | 13,218 | 12,145 | — | |||||||||||||||||||||||||||
Total loans | $ | 62,820 | $ | 53,104 | — | $ | 64,662 | $ | 54,748 | — | |||||||||||||||||||||||
The carrying value of impaired loans was determined using either the fair value of the underlying collateral of the loan or by an analysis of the expected cash flows related to the loan. At September 30, 2013 and December 31, 2012, the Company had no specific reserves allocated, as partial charge-offs were recorded for all identified impairments. Impaired loans as of September 30, 2013 and December 31, 2012 included $39,590 and $27,183, respectively, of loans considered to be troubled debt restructurings (“TDRs”). There were eleven additional loan modifications classified as TDRs during the nine months ended September 30, 2013. The Company is not committed to extending any additional credit to borrowers whose loans are classified as TDRs. As of September 30, 2013, eleven TDRs with carrying amounts of $19,140 were on accrual status and performing in accordance with their modified terms. All other TDRs as of September 30, 2013 were on nonaccrual status. For the nine months ended September 30, 2013 and 2012, there were no TDRs in which there were payment defaults within twelve months following the modification. The Company’s policy states that a loan is considered to be in payment default once it is 45 days contractually past due under the modified terms. | |||||||||||||||||||||||||||||||||
The following table presents the average recorded investment in impaired loans by portfolio segment and interest recognized on impaired loans for the three and nine month periods ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 19,554 | $ | 3 | $ | 25,067 | $ | 168 | $ | 20,742 | $ | 10 | $ | 23,179 | $ | 434 | |||||||||||||||||
Non owner occupied | 3,030 | 62 | 2,114 | 96 | 3,135 | 187 | 5,448 | 275 | |||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 927 | — | 290 | — | 1,210 | — | 2,546 | — | |||||||||||||||||||||||||
Residential | 1,661 | 8 | 2,929 | — | 1,822 | 19 | 1,586 | — | |||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 3,275 | 39 | 2,156 | 48 | 3,238 | 118 | 1,386 | 69 | |||||||||||||||||||||||||
1-4 family | 13,088 | — | 8,869 | — | 12,445 | — | 5,475 | — | |||||||||||||||||||||||||
Home equity | 825 | — | 1,419 | — | 708 | — | 1,607 | — | |||||||||||||||||||||||||
Commercial & Industrial | 11,385 | 106 | 12,323 | — | 11,711 | 327 | 10,032 | — | |||||||||||||||||||||||||
Lease Financing & Other | — | — | 128 | — | — | — | 85 | — | |||||||||||||||||||||||||
Total | $ | 53,745 | $ | 218 | $ | 55,295 | $ | 312 | $ | 55,011 | $ | 661 | $ | 51,344 | $ | 778 | |||||||||||||||||
Gross interest income that would have been recorded if these borrowers had been current in accordance with their original loan terms was $341 and $820 for the three and nine month periods ended September 30, 2013, respectively, and $452 and $1,320 for the three and nine month periods ended September 30, 2012, respectively. There was no interest income recorded on non accrual loans during the three and nine month periods ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||
During the three and nine months ended September 30, 2013, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. | |||||||||||||||||||||||||||||||||
Modifications involving a reduction of the stated interest rate of the loan were for periods ranging from 6 months to 15 years. Modifications involving an extension of the maturity date were for periods ranging from 6 months to 3 years. | |||||||||||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||
Non owner occupied | — | — | — | 1 | $ | 5,546 | $ | 5,546 | |||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | |||||||||||||||||||||||||||
1-4 family | 3 | $ | 4,440 | $ | 4,393 | 7 | 9,643 | 9,419 | |||||||||||||||||||||||||
Home equity | 1 | 75 | 75 | 1 | 75 | 75 | |||||||||||||||||||||||||||
Commercial & Industrial | — | — | — | 2 | 569 | 538 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | — | — | — | — | — | — | |||||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 4 | $ | 4,515 | $ | 4,468 | 11 | $ | 15,833 | $ | 15,579 | |||||||||||||||||||||||
The TDRs above resulted in charge-offs of $48 and $269 during the three and nine month periods ended September 30, 2013, respectively. | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||
Non owner occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | — | — | — | 1 | $ | 1,695 | $ | 1,695 | |||||||||||||||||||||||||
1-4 family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Home equity | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial & Industrial | — | — | — | 1 | 10,314 | 10,314 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | — | — | — | — | — | — | |||||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | — | — | — | 2 | $ | 12,009 | $ | 12,009 | |||||||||||||||||||||||||
The TDRs above resulted in charge-offs of $2,595 during the nine month period ended September 30, 2012. | |||||||||||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as: value of underlying collateral, current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes non-homogeneous loans individually and classifies them as to credit risk on a quarterly basis. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||||||
Special Mention — Loans classified as special mention have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the asset or in the institution’s credit position at some future date. | |||||||||||||||||||||||||||||||||
Substandard — Loans classified as substandard asset are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||
Doubtful — Loans classified as doubtful have all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||
Loans not meeting the above criteria that are analyzed individually as part of the above described process are considered to be pass rated loans. | |||||||||||||||||||||||||||||||||
The following table presents the risk category by class of loans as of September 30, 2013 and December 31, 2012 of non-homogeneous loans individually classified as to credit risk as of the most recent analysis performed (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 190,981 | $ | 151,954 | $ | 6,758 | $ | 32,269 | — | ||||||||||||||||||||||||
Non owner occupied | 408,015 | 382,613 | 14,268 | 11,134 | — | ||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 41,646 | 37,426 | — | 4,220 | — | ||||||||||||||||||||||||||||
Residential | 40,664 | 35,176 | 3,827 | 1,661 | — | ||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 214,853 | 209,651 | 2,664 | 2,538 | — | ||||||||||||||||||||||||||||
1-4 family | 56,117 | 37,497 | 2,449 | 16,171 | — | ||||||||||||||||||||||||||||
Home equity | 1,307 | 194 | — | 1,113 | — | ||||||||||||||||||||||||||||
Commercial & Industrial | 254,723 | 245,280 | 4,381 | 5,062 | — | ||||||||||||||||||||||||||||
Lease Financing & Other | 26,554 | 26,276 | — | 278 | — | ||||||||||||||||||||||||||||
Total loans | $ | 1,234,860 | $ | 1,126,067 | $ | 34,347 | $ | 74,446 | — | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Total | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 181,541 | $ | 132,181 | $ | 6,447 | $ | 42,913 | — | ||||||||||||||||||||||||
Non owner occupied | 369,245 | 356,960 | 4,438 | 7,847 | — | ||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 40,708 | 29,303 | 5,349 | 6,056 | — | ||||||||||||||||||||||||||||
Residential | 34,019 | 28,936 | 891 | 4,192 | — | ||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 196,199 | 193,083 | — | 3,116 | — | ||||||||||||||||||||||||||||
1-4 family | 89,246 | 58,480 | 20,439 | 10,327 | — | ||||||||||||||||||||||||||||
Home equity | 1,212 | — | — | 1,212 | — | ||||||||||||||||||||||||||||
Commercial & Industrial | 288,809 | 270,362 | 3,368 | 15,079 | — | ||||||||||||||||||||||||||||
Lease Financing & Other | 31,015 | 29,842 | 846 | 327 | — | ||||||||||||||||||||||||||||
Total loans | $ | 1,231,994 | $ | 1,099,147 | $ | 41,778 | $ | 91,069 | — | ||||||||||||||||||||||||
Loans not individually rated, primarily consisting of certain 1-4 family residential mortgages and home equity lines of credit, are evaluated for risk in groups of homogeneous loans. The primary risk characteristic evaluated on these pools is delinquency. | |||||||||||||||||||||||||||||||||
The following table presents the delinquency categories by class of loans as of September 30, 2013 and December 31, 2012 for loans evaluated for risk in groups of homogeneous loans (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days | Total | Current | ||||||||||||||||||||||||||||
Past Due | Past Due | Or More | Past Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
1-4 family | $ | 232,853 | $ | 37 | — | — | $ | 37 | $ | 232,816 | |||||||||||||||||||||||
Home equity | 106,200 | 950 | $ | 247 | — | 1,197 | 105,003 | ||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Other loans | 1,038 | 11 | 3 | — | 14 | 1,024 | |||||||||||||||||||||||||||
Overdrafts | 1,828 | — | — | — | — | 1,828 | |||||||||||||||||||||||||||
Total loans | $ | 341,919 | $ | 998 | $ | 250 | — | $ | 1,248 | $ | 340,671 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days | Total | Current | ||||||||||||||||||||||||||||
Past Due | Past Due | Or More | Past Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
1-4 family | $ | 126,525 | — | $ | 91 | — | $ | 91 | $ | 126,434 | |||||||||||||||||||||||
Home equity | 108,791 | $ | 3,411 | 321 | — | 3,732 | 105,059 | ||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Other loans | 1,089 | 30 | 1 | — | 31 | 1,058 | |||||||||||||||||||||||||||
Overdrafts | 1,384 | — | — | — | — | 1,384 | |||||||||||||||||||||||||||
Total loans | $ | 237,789 | $ | 3,441 | $ | 413 | — | $ | 3,854 | $ | 233,935 | ||||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
5 | Earnings Per Share | ||||||||||||||||
FASB ASC 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards and restricted stock units granted by the Company contain nonforfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. | |||||||||||||||||
The following table presents the calculation of earnings per share for the periods indicated: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30 | September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(000’s except share data) | |||||||||||||||||
Net income | $ | 2,495 | $ | 3,134 | $ | 9,633 | $ | 26,108 | |||||||||
Less: Dividends paid on and earnings allocated to participating securities | 40 | 18 | 136 | 68 | |||||||||||||
Income attributable to common stock | $ | 2,455 | $ | 3,116 | $ | 9,497 | $ | 26,040 | |||||||||
Weighted average common shares outstanding, including participating securities | 19,902,465 | 19,636,014 | 19,866,599 | 19,602,815 | |||||||||||||
Less: Weighted average participating securities | 304,970 | 97,342 | 285,361 | 67,599 | |||||||||||||
Weighted average common shares outstanding | 19,597,495 | 19,538,672 | 19,581,238 | 19,535,216 | |||||||||||||
Basic earnings per common share | $ | 0.13 | $ | 0.16 | $ | 0.49 | $ | 1.33 | |||||||||
Income attributable to common stock | $ | 2,455 | $ | 3,116 | $ | 9,497 | $ | 26,040 | |||||||||
Weighted average common shares outstanding | 19,597,495 | 19,538,672 | 19,581,238 | 19,535,216 | |||||||||||||
Weighted average common equivalent shares outstanding | — | 6,676 | — | 9,784 | |||||||||||||
Weighted average common and equivalent shares outstanding | 19,597,495 | 19,545,348 | 19,581,238 | 19,545,000 | |||||||||||||
Diluted earnings per common share | $ | 0.13 | $ | 0.16 | $ | 0.49 | $ | 1.33 | |||||||||
Dividends per common share | $ | 0.06 | $ | 0.18 | $ | 0.18 | $ | 0.54 | |||||||||
There were 342,733 and 259,271 options outstanding for the three months ended September 30, 2013, and 2012, respectively, that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. There were 349,534 and 370,041 options outstanding for the nine months ended September 30, 2013, and 2012, respectively, that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. |
Benefit_Plans
Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Benefit Plans | ' | ||||||||||||||||
6 | Benefit Plans | ||||||||||||||||
In addition to defined contribution pension and savings plans which cover substantially all employees, the Company provides additional retirement benefits to certain officers and directors pursuant to unfunded supplemental defined benefit plans. The following table summarizes the components of the net periodic pension cost of the defined benefit plans (in thousands). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30 | September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 131 | $ | 110 | $ | 393 | $ | 329 | |||||||||
Interest cost | 152 | 164 | 457 | 476 | |||||||||||||
Amortization of prior service cost | (54 | ) | (58 | ) | (163 | ) | (175 | ) | |||||||||
Amortization of net loss | 209 | 168 | 628 | 503 | |||||||||||||
Net periodic pension cost | $ | 438 | $ | 384 | $ | 1,315 | $ | 1,133 | |||||||||
The Company makes contributions to the unfunded defined benefit plans only as benefit payments become due. The Company disclosed in its 2012 Annual Report on Form 10-K that it expected to contribute $923 to the unfunded defined benefit plans during 2013. For the three and nine month periods ended September 30, 2013, the Company contributed $225 and $675 to these plans, respectively. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
7 | Stock-Based Compensation | ||||||||||||||||
In accordance with the provisions of the Hudson Valley Holding Corp. 2010 Omnibus Incentive Plan, the Company may grant eligible employees, including directors, consultants and advisors, incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance awards and other types of awards. The 2010 Plan provides for the issuance of up to 1,331,000 shares of the Company’s common stock. Prior to the 2010 Plan, the Company had stock option plans that provided for the granting of options to directors, officers, eligible employees, and certain advisors at an exercise price not less than the market value of the stock on the date of grant subject to various eligibility and vesting requirements. There will be no further grants under any plans adopted prior to the 2010 plan. | |||||||||||||||||
Compensation costs relating to stock-based payment transactions are recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. Stock-based payments are expensed over their respective vesting periods. | |||||||||||||||||
The following table summarizes stock-based compensation activity for the nine month period ended September 30, 2013: | |||||||||||||||||
Prior Option Plans (1): | Shares | Weighted | Aggregate | Weighted Average | |||||||||||||
Average Grant or | Intrinsic | Remaining | |||||||||||||||
Exercise Price | Value (2) ($000’s) | Contractual Term | |||||||||||||||
Outstanding at December 31, 2012 | 428,111 | $ | 20.21 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (14,002 | ) | 17.03 | ||||||||||||||
Cancelled or Expired | (71,376 | ) | 16.92 | ||||||||||||||
Outstanding at September 30, 2013 | 342,733 | 21.03 | 112 | 1.6 | |||||||||||||
Exercisable at September 30, 2013 | 342,733 | 21.03 | 112 | 1.6 | |||||||||||||
Nonvested at September 30, 2013 | — | — | |||||||||||||||
2010 Omnibus Incentive Plan (1): | |||||||||||||||||
Nonvested at December 31, 2012 | 202,005 | $ | 16.25 | ||||||||||||||
Granted at fair value | 148,353 | 16.06 | |||||||||||||||
Restriction released | (46,791 | ) | 16.14 | ||||||||||||||
Cancelled | (3,293 | ) | 17.22 | ||||||||||||||
Nonvested at September 30, 2013 | 300,274 | 16.16 | |||||||||||||||
Available for grant at December 31, 2012 | 1,121,322 | ||||||||||||||||
Restricted stock awards | (148,353 | ) | $ | 16.06 | |||||||||||||
Unissued or cancelled | 3,293 | 17.22 | |||||||||||||||
Available for future grant | 976,262 | ||||||||||||||||
-1 | 2010 Omnibus Incentive Plan includes restricted stock awards while prior option plans do not. | ||||||||||||||||
-2 | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current fair value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on September 30, 2013. This amount changes based on the fair value of the Company’s stock. | ||||||||||||||||
The fair value (present value of the estimated future benefit to the option holder) of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. There were no stock options granted in the nine month period ended September 30, 2013 or the year ended December 31, 2012. | |||||||||||||||||
There was no net compensation expense related to stock options included in net income for the nine month period ended September 30, 2013. Net compensation expense of $37 related to the Company’s stock options was included in net income for the nine month period ended September 30, 2012. The tax effect related thereto was ($2). There was no remaining unrecognized compensation expense related to stock options at September 30, 2013. | |||||||||||||||||
Compensation expense of $888 and $343 related to the Company’s restricted stock awards was included in net income for the nine month periods ended September 30, 2013 and 2012, respectively. The tax effect related thereto was $361 and $137, respectively. Unrecognized compensation expense related to restricted stock awards totaled $3,590 at September 30, 2013. This expense is expected to be recognized over a remaining weighted average period of 2.5 years. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
8 | Fair Value | ||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: | |||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||
A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. While management believes the Company’s valuation methodologies are appropriate and consistent with other financial institutions, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||||||||||
Investment Securities — The fair values of investment securities are determined by obtaining quoted prices on nationally recognized securities exchanges, if available (Level 1), or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities, which is a Level 2 input. The Company’s available for sale securities at September 30, 2013 and December 31, 2012 include several pooled trust preferred instruments. The downturn in the overall economy and, in particular, in the financial services industry has created a situation where significant observable inputs (Level 2) are not readily available for these instruments. As an alternative, the Company combined Level 2 input of market yield requirements of similar instruments together with certain Level 3 assumptions addressing the impact of current market illiquidity to estimate the fair value of these instruments. The fair values of Level 3 investment securities are determined by the Company’s Controller and Investment Officer who report to the Chief Financial Officer. See Note 3 “Securities” for further discussion of pooled trust preferred securities. | |||||||||||||||||
Impaired Loans — At the time a loan is considered impaired, it is valued at lower of cost or fair value. Impaired loans carried at fair value generally are partially charged off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals adjusted for market conditions and costs to sell. Management may apply additional discounts based on changes in the market from the time of valuation. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining value. Non real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and the client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. | |||||||||||||||||
Other Real Estate Owned (“OREO”) — Real estate properties acquired through loan foreclosure are recorded at estimated fair value, net of estimated selling costs, at time of foreclosure establishing a new cost basis. Fair value is commonly based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs used in determining fair value. | |||||||||||||||||
Loans Held for Sale — Loans held for sale are carried at lower of cost or fair value. The fair value of loans held for sale is determined using average bid indicators from third parties expected to participate in the loan sales, in some cases adjusted for specific attributes of that loan or other observable market data. Such bids and adjustments often vary significantly and typically result in Level 3 classification of the inputs used in determining fair value. | |||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
September 30, 2013 | Technique | Inputs | (Weighted Average) | ||||||||||||||
Impaired loans - commercial real | $ | 5,030 | Sales comparison or income | Capitalization rate | 8% | ||||||||||||
estate | approach | ||||||||||||||||
Impaired - loans construction | $ | 2,540 | Sales comparison approach | Discounts to | 0%-21% (7%) | ||||||||||||
appraisals for | |||||||||||||||||
market conditions | |||||||||||||||||
Impaired loans - residential real estate | $ | 11,617 | Sales comparison or income | Discounts to | 0%-7% (1%) | ||||||||||||
approach | appraisals for | ||||||||||||||||
market conditions | |||||||||||||||||
Impaired loans - commercial and industrial | $ | 1,390 | Sales comparison approach - | Discounts to | 7% (7%) | ||||||||||||
secondary collateral | appraisals for | ||||||||||||||||
market conditions | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
December 31, 2012 | Technique | Inputs | (Weighted Average) | ||||||||||||||
Impaired loans - commercial real estate | $ | 6,835 | Sales comparison or income | Discounts to appraisals for | 0%-62% (8%) | ||||||||||||
approach | market conditions | ||||||||||||||||
Capitalization rate | 8% | ||||||||||||||||
Impaired - loans construction | $ | 3,219 | Sales comparison approach | Discounts to appraisals for | 0%-21% (6%) | ||||||||||||
market conditions | |||||||||||||||||
Impaired loans - residential real estate | $ | 8,514 | Sales comparison or income | Discounts to appraisals for | 0%-47% (4%) | ||||||||||||
approach | market conditions | ||||||||||||||||
Impaired loans - commercial and industrial | $ | 1,737 | Sales comparison approach - | Discounts to appraisals for | 7% (7%) | ||||||||||||
secondary collateral | market conditions | ||||||||||||||||
Other real estate owned | $ | 250 | Sales comparison approach | Discounts to appraisals for | 0% (0%) | ||||||||||||
market conditions | |||||||||||||||||
Loans held for sale | $ | 2,317 | Third party bids | Bids from interested third | 60%-65% (64%) | ||||||||||||
parties | |||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
September 30, 2013 | Technique | Inputs | (Weighted Average) | ||||||||||||||
Trust preferred securities | $ | 3,288 | Discounted cash flow | Specific issuer default rates | 33%-63% (46%) | ||||||||||||
Specific issuer default | 79%-94% (89%) | ||||||||||||||||
severity | |||||||||||||||||
Annual prepayment rate | 1% | ||||||||||||||||
Projected annual nonspecific | 0.25%-1.00% | ||||||||||||||||
issuer default rates | |||||||||||||||||
Projected annual nonspecific | 85% | ||||||||||||||||
issuer default severity | |||||||||||||||||
Present value discount rate | 22.50% | ||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
December 31, 2012 | Technique | Inputs | (Weighted Average) | ||||||||||||||
Trust preferred securities | $ | 2,950 | Discounted cash flow | Specific issuer default rates | 34%-61% (45%) | ||||||||||||
Specific issuer default | 83%-92% (89%) | ||||||||||||||||
severity | |||||||||||||||||
Annual prepayment rate | 1% | ||||||||||||||||
Projected annual nonspecific | 0.25%-1.00% | ||||||||||||||||
issuer default rates | |||||||||||||||||
Projected annual nonspecific | 85% | ||||||||||||||||
issuer default severity | |||||||||||||||||
Present value discount rate | 22.50% | ||||||||||||||||
Assets and liabilities measured at fair value are summarized below: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical Assets | Observable Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(000’s) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | — | $ | 89,401 | — | $ | 89,401 | |||||||||||
Mortgage-backed securities - residential | — | 339,911 | — | 339,911 | |||||||||||||
Obligations of states and political subdivisions | — | 85,742 | — | 85,742 | |||||||||||||
Other debt securities | — | 793 | $ | 3,288 | 4,081 | ||||||||||||
Mutual funds and other equity securities | $ | 10,265 | — | — | 10,265 | ||||||||||||
Total assets at fair value | $ | 10,265 | $ | 515,847 | $ | 3,288 | $ | 529,400 | |||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: (1) | |||||||||||||||||
Commercial Real Estate | — | — | $ | 5,030 | $ | 5,030 | |||||||||||
Construction | — | — | 2,540 | 2,540 | |||||||||||||
Residential | — | — | 11,617 | 11,617 | |||||||||||||
Commercial & Industrial | — | — | 1,390 | 1,390 | |||||||||||||
Total assets at fair value | — | — | $ | 20,577 | $ | 20,577 | |||||||||||
-1 | Impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 and Level 3 inputs which include independent appraisals and internally customized discounting criteria. The recorded investment in impaired loans subject to fair value reporting on September 30, 2013 was $20,577 for which no specific allowance has been established within the allowance for loan losses. During the nine months ended September 30, 2013, $676 of charge-offs were recorded related to these loans. The level of charge-offs has a direct impact on the determination of the provision for loan losses. The fair values were based on internally customized discounting criteria of the collateral and thus classified as Level 3 fair values. | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical Assets | Observable Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(000’s) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | — | $ | 53,223 | — | $ | 53,223 | |||||||||||
Mortgage-backed securities - residential | — | 295,088 | — | 295,088 | |||||||||||||
Obligations of states and political subdivisions | — | 82,602 | — | 82,602 | |||||||||||||
Other debt securities | — | 798 | $ | 2,950 | 3,748 | ||||||||||||
Mutual funds and other equity securities | $ | 10,409 | — | — | 10,409 | ||||||||||||
Total assets at fair value | $ | 10,409 | $ | 431,711 | $ | 2,950 | $ | 445,070 | |||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: (1) | |||||||||||||||||
Commercial Real Estate | — | — | $ | 6,835 | $ | 6,835 | |||||||||||
Construction | — | — | 3,219 | 3,219 | |||||||||||||
Residential | — | — | 8,514 | 8,514 | |||||||||||||
Commercial & Industrial | — | — | 1,737 | 1,737 | |||||||||||||
Loans held for sale (2) | — | — | 2,317 | 2,317 | |||||||||||||
Other real estate owned (3) | — | — | 250 | 250 | |||||||||||||
Total assets at fair value | — | — | $ | 22,872 | $ | 22,872 | |||||||||||
-1 | Impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 and Level 3 inputs which include independent appraisals and internally customized discounting criteria. The recorded investment in impaired loans subject to fair value reporting on December 31, 2012 was $20,305 for which no specific allowance has been established within the allowance for loan losses. During 2012, $7,344 of charge-offs were recorded related to these loans. The level of charge-offs has a direct impact on the determination of the provision for loan losses. The fair values were based on internally customized discounting criteria of the collateral and thus classified as Level 3 fair values. | ||||||||||||||||
-2 | Loans held for sale are reported at lower of cost or fair value. Fair value is based on average bid indicators received from third parties expected to participate in the loan sales. | ||||||||||||||||
-3 | Other real estate owned is reported at fair value less anticipated costs to sell. Fair value is based on third party or internally developed appraisals which, considering the assumptions in the valuation, are considered Level 2 or Level 3 inputs. The fair value of other real estate owned at December 31, 2012 was derived by management from appraisals which used various assumptions and were discounted as necessary, resulting in a Level 3 classification. | ||||||||||||||||
The table below presents a reconciliation and income statement classification of gains and losses for securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine month periods ended September 30, 2013 and 2012: | |||||||||||||||||
Level 3 Assets Measured | |||||||||||||||||
on a Recurring Basis | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep | 30-Sep | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(000’s) | (000’s) | ||||||||||||||||
Balance at beginning of period | $ | 3,335 | $ | 2,768 | $ | 2,950 | $ | 2,816 | |||||||||
Additions to Level 3 | 54 | 49 | 213 | 257 | |||||||||||||
Net unrealized gain included in other comprehensive income (1) | 276 | 699 | 826 | 1,122 | |||||||||||||
Principal payments | (377 | ) | (520 | ) | (701 | ) | (671 | ) | |||||||||
Recognized impairment charge included in the statement of income (2) | — | — | — | (528 | ) | ||||||||||||
Balance at end of period | $ | 3,288 | $ | 2,996 | $ | 3,288 | $ | 2,996 | |||||||||
-1 | Reported under “Gains recognized in comprehensive income” | ||||||||||||||||
-2 | Reported under “Net impairment loss recognized in earnings” |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
9 | Fair Value of Financial Instruments | ||||||||||||||||||||
The Company follows the “Financial Instruments” topic of the FASB Accounting Standards Codification which requires the disclosure of the estimated fair value of certain financial instruments. These estimated fair values as of September 30, 2013 and December 31, 2012 have been determined using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop estimates of fair value. The estimates presented are not necessarily indicative of amounts the Company could realize in a current market exchange. The use of alternative market assumptions and estimation methodologies could have had a material effect on these estimates of fair value. | |||||||||||||||||||||
Carrying amount and estimated fair value of financial instruments, not previously presented, at September 30, 2013 and December 31, 2012 were as follows (in millions): | |||||||||||||||||||||
September 30, 2013 | Fair Value Measurements | ||||||||||||||||||||
Carrying | Total | Quoted Prices in | Significant | Significant | |||||||||||||||||
Amount | Fair | Active Markets for | Other Observable | Unobservable | |||||||||||||||||
Value | Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||
Financial assets for which carrying value approximates fair value | $ | 795.5 | $ | 795.5 | $ | 795.5 | — | — | |||||||||||||
Held to maturity securities and accrued interest | 6.9 | 7.3 | — | $ | 7.3 | — | |||||||||||||||
FHLB Stock | 3.5 | N/A | — | — | — | ||||||||||||||||
Loans and accrued interest | 1,562.90 | 1,584.50 | — | — | $ | 1,584.50 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits with no stated maturity and accrued interest | 2,546.30 | 2,546.30 | 2,546.30 | — | — | ||||||||||||||||
Time deposits and accrued interest | 118.8 | 118.9 | — | 118.9 | — | ||||||||||||||||
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 21 | 21 | 21 | — | — | ||||||||||||||||
Other borrowings and accrued interest | 16.5 | 14.7 | — | 14.7 | — | ||||||||||||||||
December 31, 2012 | Fair Value Measurements | ||||||||||||||||||||
Carrying | Total | Quoted Prices in | Significant | Significant | |||||||||||||||||
Amount | Fair | Active Markets for | Other Observable | Unobservable | |||||||||||||||||
Value | Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||
Financial assets for which carrying value approximates fair value | $ | 846.8 | $ | 846.8 | $ | 846.8 | — | — | |||||||||||||
Held to maturity securities and accrued interest | 10.2 | 10.8 | — | $ | 10.8 | — | |||||||||||||||
FHLB Stock | 4.8 | N/A | — | — | — | ||||||||||||||||
Loans and accrued interest | 1,453.20 | 1,490.20 | — | — | $ | 1,490.20 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits with no stated maturity and accrued interest | 2,387.70 | 2,387.70 | 2,387.70 | — | — | ||||||||||||||||
Time deposits and accrued interest | 132.4 | 132.7 | — | 132.7 | — | ||||||||||||||||
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 34.6 | 34.6 | 34.6 | — | — | ||||||||||||||||
Other borrowings and accrued interest | 16.5 | 14.2 | — | 14.2 | — | ||||||||||||||||
The estimated fair value of the indicated items was determined as follows: | |||||||||||||||||||||
Financial assets for which carrying value approximates fair value — The estimated fair value approximates carrying amount because of the immediate availability of these funds or based on the short maturities and current rates for similar deposits. Cash and due from banks as well as Federal funds sold are reported in this line item. | |||||||||||||||||||||
Held to maturity securities and accrued interest — The fair value of securities held to maturity was estimated based on quoted market prices or dealer quotations. Accrued interest is stated at its carrying amounts which approximates fair value. | |||||||||||||||||||||
FHLB Stock — It is not practicable to determine its fair value due to restrictions placed on its transferability. | |||||||||||||||||||||
Loans and accrued interest — The fair value of loans was estimated by discounting projected cash flows at the reporting date using current rates for similar loans. Accrued interest is stated at its carrying amount which approximates fair value. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. | |||||||||||||||||||||
Deposits with no stated maturity and accrued interest — The estimated fair value of deposits with no stated maturity and accrued interest, as applicable, are considered to be equal to their carrying amounts. | |||||||||||||||||||||
Time deposits and accrued interest — The fair value of time deposits has been estimated by discounting projected cash flows at the reporting date using current rates for similar deposits. Accrued interest is stated at its carrying amount which approximates fair value. | |||||||||||||||||||||
Securities sold under repurchase agreements and other short-term borrowings and accrued interest — The estimated fair value of these instruments approximate carrying amount because of their short maturities and variable rates. Accrued interest is stated at its carrying amount which approximates fair value. | |||||||||||||||||||||
Other borrowings and accrued interest — The fair value of callable FHLB advances was estimated by discounting projected cash flows at the reporting date using the rate applicable to the projected call date option. Accrued interest is stated at its carrying amount which approximates fair value. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
10 | Accumulated Other Comprehensive Income | ||||||||||||||||
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale and accrued benefit liability adjustments which are also recognized as separate components of equity. Activity in accumulated other comprehensive income (loss), net of tax, was as follows (in thousands): | |||||||||||||||||
Securities | Defined | Accumulated | |||||||||||||||
Available | Benefit | Other | |||||||||||||||
For Sale | Plans | Comprehensive | |||||||||||||||
Income | |||||||||||||||||
Balance at January 1, 2013 | $ | 624 | $ | (1,473 | ) | $ | (849 | ) | |||||||||
Other comprehensive loss before reclassification | (7,707 | ) | — | (7,707 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 280 | 280 | ||||||||||||||
Net other comprehensive (loss) income during period | (7,707 | ) | 280 | (7,427 | ) | ||||||||||||
Balance at September 30, 2013 | $ | (7,083 | ) | $ | (1,193 | ) | $ | (8,276 | ) | ||||||||
Balance at January 1, 2012 | $ | 2,924 | $ | (1,198 | ) | $ | 1,726 | ||||||||||
Other comprehensive (loss) income before reclassification | (1,211 | ) | 62 | (1,149 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | 312 | 196 | 508 | ||||||||||||||
Net other comprehensive (loss) income during period | (899 | ) | 258 | (641 | ) | ||||||||||||
Balance at September 30, 2012 | $ | 2,025 | $ | (940 | ) | $ | 1,085 | ||||||||||
The following table represents the reclassification out of accumulated other comprehensive income for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30 | September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Unrealized gains (losses) on securities available for sale: | |||||||||||||||||
Realized gains (losses) on securities transactions | — | — | — | — | |||||||||||||
Other-than-temporary impairment charges | — | — | — | $ | (528 | ) | |||||||||||
Income tax expense | — | — | — | 216 | |||||||||||||
Net of tax | — | — | — | (312 | ) | ||||||||||||
Amortization of pension and post-retirement benefit items: | |||||||||||||||||
Amortization of net actuarial loss | $ | (209 | ) | $ | (168 | ) | $ | (628 | ) | (503 | ) | ||||||
Amortization of prior service cost | 54 | 58 | 163 | 175 | |||||||||||||
Income tax expense | 61 | 44 | 185 | 132 | |||||||||||||
Net of tax | (94 | ) | (66 | ) | (280 | ) | (196 | ) | |||||||||
Total reclassifications, net of tax | $ | (94 | ) | $ | (66 | ) | $ | (280 | ) | $ | (508 | ) | |||||
The income statement line items impacted by the reclassification of unrealized gains (losses) on securities available for sale are net impairment loss recognized in earnings and income tax expense. The income statement line items impacted by the reclassification of amortization of pension and post-retirement benefit items are salaries and employee benefits and income tax expense. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
11 | Recent Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amended existing guidance to require an entity to provide information about amounts reclassified out of other comprehensive income by component. In addition, an entity is required to present, either on the face of the income statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For all other amounts, an entity is required to cross-reference to other disclosures that provide additional details about these amounts. The guidance is effective for public companies for interim and annual periods beginning after December 15, 2012. The adoption of the guidance did not have a material impact on the Company’s results of operation or financial position but did require expansion of the Company’s disclosures. |
Other_Disclosures
Other Disclosures | 9 Months Ended | |
Sep. 30, 2013 | ||
Text Block [Abstract] | ' | |
Other Disclosures | ' | |
12 | Other Disclosures | |
As previously disclosed, the SEC and DOL conducted investigations related to issues surrounding the brokerage practices and policies and disclosures about such practices of the Company’s investment advisory subsidiary, A.R. Schmeidler & Co., Inc. (“ARS”). The Company and ARS recorded $2,900 of legal and other expenses related to this matter, $1,200 of which was expensed in the first quarter of 2012 and the remainder in the fourth quarter of 2011. In the third quarter of 2013, the Company and ARS reached a settlement of these matters and all known amounts due had been provided for. | ||
As of July 2013, the Company completed its previously announced plans to consolidate or close its six Connecticut branches and two branches in New York. As a result of these actions, three buildings, with a combined book value of $6,270, were sold. As a result of these sales the Company recorded a net pretax gain of $245 which is included in “Other income” in the Consolidated Statements of Income. In addition, also as a result of the aforementioned branch consolidations and closings, in the third quarter of 2013 the Company recorded $1,303 of pretax expenses, $975 of which were impairment charges related to leasehold improvements of closed branches and $328 for estimated losses related to the remaining terms of related leases. These expenses are included in “Other operating expenses” in the Consolidated Statements of Income. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
13 | Subsequent Events | |
As previously disclosed, since April 24, 2012, Hudson Valley Bank has been operating under a formal written agreement with the OCC, whereby the Bank committed to adopt best practices modeled on those of the nation’s larger financial institutions and other evolving expectations of community banks. As required by the agreement, in the second quarter of 2012, the Bank submitted a capital plan designed to address regulatory concerns. The Bank has been operating since that time in accordance with that capital plan without regulatory objection. In addition, as previously disclosed, Hudson Valley Bank, by letter agreement dated October 9, 2009, had agreed to maintain individual capital ratios which were in excess of “well capitalized” levels generally applicable to banks under current regulations. On October 31, 2013, Hudson Valley Holding Corp announced that both the 2009 and 2012 agreements have been terminated. |
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities Classified as Available for Sale and Held to Maturity | ' | ||||||||||||||||||||||||
The following tables set forth the amortized cost, gross unrealized gains and losses and the estimated fair value of securities classified as available for sale and held to maturity at September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 89,957 | $ | 32 | $ | 588 | $ | 89,401 | |||||||||||||||||
Mortgage-backed securities - residential | 346,136 | 2,618 | 8,843 | 339,911 | |||||||||||||||||||||
Obligations of states and political subdivisions | 84,197 | 1,660 | 115 | 85,742 | |||||||||||||||||||||
Other debt securities | 10,823 | 3 | 6,745 | 4,081 | |||||||||||||||||||||
Total debt securities | 531,113 | 4,313 | 16,291 | 519,135 | |||||||||||||||||||||
Mutual funds and other equity securities | 9,991 | 577 | 303 | 10,265 | |||||||||||||||||||||
Total | $ | 541,104 | $ | 4,890 | $ | 16,594 | $ | 529,400 | |||||||||||||||||
Amortized | Gross Unrecognized | Estimated | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Classified as Held to Maturity | |||||||||||||||||||||||||
Mortgage-backed securities - residential | $ | 3,465 | $ | 268 | — | $ | 3,733 | ||||||||||||||||||
Obligations of states and political subdivisions | 3,474 | 85 | — | 3,559 | |||||||||||||||||||||
Total | $ | 6,939 | $ | 353 | — | $ | 7,292 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 53,197 | $ | 36 | $ | 10 | $ | 53,223 | |||||||||||||||||
Mortgage-backed securities - residential | 290,063 | 5,337 | 312 | 295,088 | |||||||||||||||||||||
Obligations of states and political subdivisions | 79,638 | 2,974 | 10 | 82,602 | |||||||||||||||||||||
Other debt securities | 11,319 | 1 | 7,572 | 3,748 | |||||||||||||||||||||
Total debt securities | 434,217 | 8,348 | 7,904 | 434,661 | |||||||||||||||||||||
Mutual funds and other equity securities | 10,026 | 507 | 124 | 10,409 | |||||||||||||||||||||
Total | $ | 444,243 | $ | 8,855 | $ | 8,028 | $ | 445,070 | |||||||||||||||||
Amortized | Gross Unrecognized | Estimated | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
Classified as Held to Maturity | |||||||||||||||||||||||||
Mortgage-backed securities - residential | $ | 5,083 | $ | 415 | — | $ | 5,498 | ||||||||||||||||||
Obligations of states and political subdivisions | 5,142 | 185 | — | 5,327 | |||||||||||||||||||||
Total | $ | 10,225 | $ | 600 | — | $ | 10,825 | ||||||||||||||||||
Cash Flow Models Used in Determining Credit Related OTTI Losses on Pooled Trust Preferred Securities | ' | ||||||||||||||||||||||||
Significant specific inputs to the cash flow models used in determining credit related OTTI losses on pooled trust preferred securities as of September 30, 2013 included the following: | |||||||||||||||||||||||||
PreTSL | PreTSL | PreTSL | PreTSL | PreTSL | PreTSL | ||||||||||||||||||||
IV | VII | VIII | VIII | X | XI | ||||||||||||||||||||
Class | Mezz | B | B-1 | B-2 | B-2 | B-2 | |||||||||||||||||||
Discount rate index | 3m LIBOR | 3m LIBOR | 3m LIBOR | 3m LIBOR | 3m LIBOR | 3m LIBOR | |||||||||||||||||||
Discount rate spread | 2.25 | % | 1.8 | % | 1.9 | % | 1.9 | % | 1.7 | % | 1.6 | % | |||||||||||||
Projected specific defaults and deferrals as % of original collateral | 48 | % | 63 | % | 58 | % | 58 | % | 36 | % | 33 | % | |||||||||||||
Projected severity of loss as % of specific defaults/deferrals | 91 | % | 94 | % | 93 | % | 93 | % | 89 | % | 79 | % | |||||||||||||
Projected additional defaults/deferrals as % of performing collateral: | |||||||||||||||||||||||||
Year 1 | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||
Thereafter | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | |||||||||||||
Severity of loss | 85 | % | 85 | % | 85 | % | 85 | % | 85 | % | 85 | % | |||||||||||||
Additional Information Related to Company's Pooled Trust Preferred Securities | ' | ||||||||||||||||||||||||
Additional information related to the Company’s pooled trust preferred securities as of September 30, 2013 is presented below: | |||||||||||||||||||||||||
PreTSL | PreTSL | PreTSL | PreTSL | PreTSL | PreTSL | ||||||||||||||||||||
IV | VII | VIII | VIII | X | XI | ||||||||||||||||||||
Class | Mezz | B | B-1 | B-2 | B-2 | B-2 | |||||||||||||||||||
Seniority | Mezzanine | Mezzanine | Mezzanine | Mezzanine | Mezzanine | Mezzanine | |||||||||||||||||||
Amortized cost | $ | 61 | $ | 584 | $ | 750 | $ | 1,125 | $ | 5,470 | $ | 2,043 | |||||||||||||
Fair value | 17 | 271 | 220 | 330 | 1,975 | 475 | |||||||||||||||||||
Unrealized loss | (44 | ) | (313 | ) | (530 | ) | (795 | ) | (3,495 | ) | (1,568 | ) | |||||||||||||
OTTI recognized in earnings - nine months ended September 30, 2013 | — | — | — | — | — | — | |||||||||||||||||||
OTTI recognized in earnings - life to date | — | (1,122 | ) | (1,418 | ) | (2,127 | ) | (4,863 | ) | (472 | ) | ||||||||||||||
Moody’s / Fitch | Caa2/B | Ca/C | C/C | C/C | Caa3/C | Caa3/C | |||||||||||||||||||
Number of institutions currently performing | 5 | 9 | 14 | 14 | 33 | 41 | |||||||||||||||||||
Actual defaults/deferrals as % of original collateral | 18 | % | 54 | % | 58 | % | 58 | % | 35 | % | 32 | % | |||||||||||||
Excess subordination as % of performing collateral (1) | 28 | % | (97 | )% | (111 | )% | (111 | )% | (31 | )% | (28 | )% | |||||||||||||
-1 | The excess subordination as % of performing collateral is calculated by taking total performing collateral and dividing it by the sum of all class balances with seniority senior to and equal to the class for which the measurement is applicable. A negative percentage is indicative of a cash flow shortfall which could result in credit component OTTI. The severity of a current negative excess subordination is not necessarily indicative of the severity of the credit component OTTI as actual cash flow results realized with respect to future defaults and deferrals, default and deferral timing, loss severities, recovery timing, redirections of payments in other classes and other factors could act to increase or decrease an indicated deficiency at a future date. | ||||||||||||||||||||||||
Change in Pretax OTTI Credit Related Losses on Securities Available for Sale | ' | ||||||||||||||||||||||||
The following table summarizes the change in pretax OTTI credit related losses on securities available for sale for the nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
Sep 30 | Sep 30 | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Balance at beginning of period: | |||||||||||||||||||||||||
Total OTTI credit related impairment charges beginning of period | $ | 10,002 | $ | 9,478 | |||||||||||||||||||||
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | — | 528 | |||||||||||||||||||||||
Credit related impairment dispositions | — | (4 | ) | ||||||||||||||||||||||
Credit related impairment not previously recognized | — | — | |||||||||||||||||||||||
Balance at end of period: | $ | 10,002 | $ | 10,002 | |||||||||||||||||||||
Fair Value and Gross Unrealized Loss, Aggregated by Investment Category and Length of Time Individual Securities | ' | ||||||||||||||||||||||||
The following tables reflect the Company’s investment’s fair value and gross unrealized loss, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Duration of Unrealized Loss | |||||||||||||||||||||||||
Less Than 12 Months | Greater than | Total | |||||||||||||||||||||||
12 Months | |||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||
U.S. Treasuries and government agencies | $ | 56,180 | $ | 588 | — | — | $ | 56,180 | $ | 588 | |||||||||||||||
Mortgage-backed securities - residential | 241,287 | 8,733 | $ | 4,057 | $ | 110 | 245,344 | 8,843 | |||||||||||||||||
Obligations of states and political subdivisions | 9,424 | 107 | 1,013 | 8 | 10,437 | 115 | |||||||||||||||||||
Other debt securities | — | — | 3,288 | 6,745 | 3,288 | 6,745 | |||||||||||||||||||
Total debt securities | 306,891 | 9,428 | 8,358 | 6,863 | 315,249 | 16,291 | |||||||||||||||||||
Mutual funds and other equity securities | 8,800 | 204 | 87 | 99 | 8,887 | 303 | |||||||||||||||||||
Total temporarily impaired securities | $ | 315,691 | $ | 9,632 | $ | 8,445 | $ | 6,962 | $ | 324,136 | $ | 16,594 | |||||||||||||
There were no securities classified as held to maturity in an unrealized loss position at September 30, 2013. | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Duration of Unrealized Loss | |||||||||||||||||||||||||
Less Than 12 Months | Greater than | Total | |||||||||||||||||||||||
12 Months | |||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||
U.S. Treasuries and government agencies | $ | 8,048 | $ | 10 | — | — | $ | 8,048 | $ | 10 | |||||||||||||||
Mortgage-backed securities - residential | 47,211 | 312 | — | — | 47,211 | 312 | |||||||||||||||||||
Obligations of states and political subdivisions | 2,963 | 10 | — | — | 2,963 | 10 | |||||||||||||||||||
Other debt securities | 367 | 1 | $ | 2,950 | $ | 7,571 | 3,317 | 7,572 | |||||||||||||||||
Total debt securities | 58,589 | 333 | 2,950 | 7,571 | 61,539 | 7,904 | |||||||||||||||||||
Mutual funds and other equity securities | 12 | 1 | 96 | 123 | 108 | 124 | |||||||||||||||||||
Total temporarily impaired securities | $ | 58,601 | $ | 334 | $ | 3,046 | $ | 7,694 | $ | 61,647 | $ | 8,028 | |||||||||||||
Contractual Maturity of All Debt Securities | ' | ||||||||||||||||||||||||
The contractual maturity of all debt securities held at September 30, 2013 is shown below (in thousands). Actual maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||
Within 1 year | $ | 15,008 | $ | 15,106 | — | — | |||||||||||||||||||
After 1 year but within 5 years | 132,709 | 133,516 | $ | 3,465 | $ | 3,733 | |||||||||||||||||||
After 5 year but within 10 years | 27,227 | 27,313 | — | — | |||||||||||||||||||||
After 10 years | 10,033 | 3,288 | — | — | |||||||||||||||||||||
Mortgage-backed securities - residential | 346,136 | 339,912 | 3,474 | 3,559 | |||||||||||||||||||||
Total | $ | 531,113 | $ | 519,135 | $ | 6,939 | $ | 7,292 | |||||||||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loan Portfolio, Excluding Loans Held for Sale | ' | ||||||||||||||||||||||||||||||||
The loan portfolio, excluding loans held for sale, is comprised of the following (in thousands): | |||||||||||||||||||||||||||||||||
September 30 | December 31 | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Commercial | $ | 598,996 | $ | 550,786 | |||||||||||||||||||||||||||||
Construction | 82,310 | 74,727 | |||||||||||||||||||||||||||||||
Residential Multi-Family | 214,853 | 196,199 | |||||||||||||||||||||||||||||||
Residential Other | 396,477 | 325,774 | |||||||||||||||||||||||||||||||
Commercial & Industrial | 254,723 | 288,809 | |||||||||||||||||||||||||||||||
Individuals & lease financing | 29,420 | 33,488 | |||||||||||||||||||||||||||||||
Total loans | 1,576,779 | 1,469,783 | |||||||||||||||||||||||||||||||
Deferred loan costs (fees), net | 1,209 | (2,411 | ) | ||||||||||||||||||||||||||||||
Allowance for loan losses | (25,863 | ) | (26,612 | ) | |||||||||||||||||||||||||||||
Loans, net | $ | 1,552,125 | $ | 1,440,760 | |||||||||||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | ' | ||||||||||||||||||||||||||||||||
The following table presents the allowance for loan losses by portfolio segment for the three and nine month periods ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 25,926 | $ | 11,344 | $ | 4,112 | $ | 6,446 | $ | 3,638 | $ | 386 | |||||||||||||||||||||
Charge-offs | (1,348 | ) | (281 | ) | (94 | ) | (595 | ) | (228 | ) | (150 | ) | |||||||||||||||||||||
Recoveries | 518 | 50 | — | 293 | 156 | 19 | |||||||||||||||||||||||||||
Net Charge-offs | (830 | ) | (231 | ) | (94 | ) | (302 | ) | (72 | ) | (131 | ) | |||||||||||||||||||||
Provision for loan losses | 767 | (303 | ) | 424 | 572 | (121 | ) | 195 | |||||||||||||||||||||||||
Net change during the period | (63 | ) | (534 | ) | 330 | 270 | (193 | ) | 64 | ||||||||||||||||||||||||
Balance at end of period | $ | 25,863 | $ | 10,810 | $ | 4,442 | $ | 6,716 | $ | 3,445 | $ | 450 | |||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||||||||||
Charge-offs | (4,790 | ) | (649 | ) | (676 | ) | (2,165 | ) | (903 | ) | (397 | ) | |||||||||||||||||||||
Recoveries | 2,213 | 107 | 3 | 1,646 | 405 | 52 | |||||||||||||||||||||||||||
Net Charge-offs | (2,577 | ) | (542 | ) | (673 | ) | (519 | ) | (498 | ) | (345 | ) | |||||||||||||||||||||
Provision for loan losses | 1,828 | 1,262 | 1,166 | (884 | ) | (134 | ) | 418 | |||||||||||||||||||||||||
Net change during the period | (749 | ) | 720 | 493 | (1,403 | ) | (632 | ) | 73 | ||||||||||||||||||||||||
Balance at end of period | $ | 25,863 | $ | 10,810 | $ | 4,442 | $ | 6,716 | $ | 3,445 | $ | 450 | |||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 28,733 | $ | 11,592 | $ | 4,496 | $ | 8,789 | $ | 3,420 | $ | 436 | |||||||||||||||||||||
Charge-offs | (5,628 | ) | (4,372 | ) | 1 | (1,171 | ) | (128 | ) | 42 | |||||||||||||||||||||||
Recoveries | 1,279 | 563 | 178 | 70 | 464 | 4 | |||||||||||||||||||||||||||
Net Charge-offs | (4,349 | ) | (3,809 | ) | 179 | (1,101 | ) | 336 | 46 | ||||||||||||||||||||||||
Provision for loan losses | 3,723 | 3,467 | (383 | ) | 625 | 76 | (62 | ) | |||||||||||||||||||||||||
Net change during the period | (626 | ) | (342 | ) | (204 | ) | (476 | ) | 412 | (16 | ) | ||||||||||||||||||||||
Balance at end of period | $ | 28,107 | $ | 11,250 | $ | 4,292 | $ | 8,313 | $ | 3,832 | $ | 420 | |||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 30,685 | $ | 12,776 | $ | 6,470 | $ | 8,093 | $ | 2,650 | $ | 696 | |||||||||||||||||||||
Charge-offs | (12,537 | ) | (4,770 | ) | (1,579 | ) | (2,999 | ) | (2,625 | ) | (564 | ) | |||||||||||||||||||||
Recoveries | 2,983 | 861 | 179 | 396 | 1,029 | 518 | |||||||||||||||||||||||||||
Net Charge-offs | (9,554 | ) | (3,909 | ) | (1,400 | ) | (2,603 | ) | (1,596 | ) | (46 | ) | |||||||||||||||||||||
Provision for loan losses | 6,976 | 2,383 | (778 | ) | 2,823 | 2,778 | (230 | ) | |||||||||||||||||||||||||
Net change during the period | (2,578 | ) | (1,526 | ) | (2,178 | ) | 220 | 1,182 | (276 | ) | |||||||||||||||||||||||
Balance at end of period | $ | 28,107 | $ | 11,250 | $ | 4,292 | $ | 8,313 | $ | 3,832 | $ | 420 | |||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method | ' | ||||||||||||||||||||||||||||||||
The following tables present the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Ending balance attributed to loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 25,863 | $ | 10,810 | $ | 4,442 | $ | 6,716 | $ | 3,445 | $ | 450 | |||||||||||||||||||||
Individually evaluated for impairment | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total ending balance of allowance | $ | 25,863 | $ | 10,810 | $ | 4,442 | $ | 6,716 | $ | 3,445 | $ | 450 | |||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||
Ending balance of loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,523,675 | $ | 576,819 | $ | 79,770 | $ | 594,026 | $ | 243,640 | $ | 29,420 | |||||||||||||||||||||
Individually evaluated for impairment | 53,104 | 22,177 | 2,540 | 17,304 | 11,083 | — | |||||||||||||||||||||||||||
Total ending balance of loans | $ | 1,576,779 | $ | 598,996 | $ | 82,310 | $ | 611,330 | $ | 254,723 | $ | 29,420 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease | ||||||||||||||||||||||||||||
Real Estate | Real Estate | Industrial | Financing | ||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Ending balance attributed to loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||||||||||
Individually evaluated for impairment | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total ending balance of allowance | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||
Ending balance of loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,415,035 | $ | 525,579 | $ | 70,007 | $ | 509,297 | $ | 276,664 | $ | 33,488 | |||||||||||||||||||||
Individually evaluated for impairment | 54,748 | 25,207 | 4,720 | 12,676 | 12,145 | — | |||||||||||||||||||||||||||
Total ending balance of loans | $ | 1,469,783 | $ | 550,786 | $ | 74,727 | $ | 521,973 | $ | 288,809 | $ | 33,488 | |||||||||||||||||||||
Recorded Investment in Non-Accrual Loans and Loans Past Due 90 Days and Still Accruing by Class of Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents the recorded investment in non-accrual loans and loans past due 90 days and still accruing by class of loans as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Non-Accrual | Past Due | Non-Accrual | Past Due | ||||||||||||||||||||||||||||||
90 Days and | 90 Days and | ||||||||||||||||||||||||||||||||
Still Accruing | Still Accruing | ||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 13,012 | — | $ | 15,670 | — | |||||||||||||||||||||||||||
Non owner occupied | 2,872 | — | 2,717 | — | |||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 879 | — | 2,478 | — | |||||||||||||||||||||||||||||
Residential | 1,661 | — | 2,242 | — | |||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 327 | — | — | — | |||||||||||||||||||||||||||||
1-4 family | 12,177 | — | 8,470 | — | |||||||||||||||||||||||||||||
Home equity | 1,113 | — | 1,212 | — | |||||||||||||||||||||||||||||
Commercial & Industrial | 1,923 | — | 2,019 | — | |||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | — | — | — | — | |||||||||||||||||||||||||||||
Overdrafts | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 33,964 | — | $ | 34,808 | — | |||||||||||||||||||||||||||
Aging of Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents the aging of loans (including past due and non-accrual loans) as of September 30, 2013 and December 31, 2012 by class of loans (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days | Total | Current | ||||||||||||||||||||||||||||
Past Due | Past Due | Or More | Past Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 190,981 | $ | 4,802 | $ | 460 | $ | 2,526 | $ | 7,788 | $ | 183,193 | |||||||||||||||||||||
Non owner occupied | 408,015 | 1,195 | — | 2,463 | 3,658 | 404,357 | |||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 41,646 | — | — | 879 | 879 | 40,767 | |||||||||||||||||||||||||||
Residential | 40,664 | — | — | 1,661 | 1,661 | 39,003 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 214,853 | — | — | 327 | 327 | 214,526 | |||||||||||||||||||||||||||
1-4 family | 288,970 | 7,740 | — | 4,474 | 12,214 | 276,756 | |||||||||||||||||||||||||||
Home equity | 107,507 | 950 | 247 | 1,113 | 2,310 | 105,197 | |||||||||||||||||||||||||||
Commercial & Industrial | 254,723 | 768 | 220 | 1,862 | 2,850 | 251,873 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | 27,592 | 284 | 3 | — | 287 | 27,305 | |||||||||||||||||||||||||||
Overdrafts | 1,828 | — | — | — | — | 1,828 | |||||||||||||||||||||||||||
Total | $ | 1,576,779 | $ | 15,739 | $ | 930 | $ | 15,305 | $ | 31,974 | $ | 1,544,805 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days | Total | Current | ||||||||||||||||||||||||||||
Past Due | Past Due | Or More | Past Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 181,541 | $ | 472 | — | $ | 9,464 | $ | 9,936 | $ | 171,605 | ||||||||||||||||||||||
Non owner occupied | 369,245 | 802 | — | 2,717 | 3,519 | 365,726 | |||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 40,708 | 1,421 | — | — | 1,421 | 39,287 | |||||||||||||||||||||||||||
Residential | 34,019 | 455 | — | 2,242 | 2,697 | 31,322 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 196,199 | — | — | — | — | 196,199 | |||||||||||||||||||||||||||
1-4 family | 215,771 | 4,506 | $ | 91 | 8,470 | 13,067 | 202,704 | ||||||||||||||||||||||||||
Home equity | 110,003 | 3,411 | 321 | 1,212 | 4,944 | 105,059 | |||||||||||||||||||||||||||
Commercial & Industrial | 288,809 | 1,938 | 170 | 1,479 | 3,587 | 285,222 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | 32,104 | 431 | 1 | — | 432 | 31,672 | |||||||||||||||||||||||||||
Overdrafts | 1,384 | — | — | — | — | 1,384 | |||||||||||||||||||||||||||
Total | $ | 1,469,783 | $ | 13,436 | $ | 583 | $ | 25,584 | $ | 39,603 | $ | 1,430,180 | |||||||||||||||||||||
Impaired Loans and Recorded Investment in Impaired Loans | ' | ||||||||||||||||||||||||||||||||
Impaired loans and the recorded investment in impaired loans as of September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | Unpaid | Recorded | Allowance for | ||||||||||||||||||||||||||||
Principal | Investment | Loan Losses | Principal | Investment | Loan Losses | ||||||||||||||||||||||||||||
Balance | Allocated | Balance | Allocated | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 23,518 | $ | 19,305 | — | $ | 26,235 | $ | 22,022 | — | |||||||||||||||||||||||
Non owner occupied | 2,872 | 2,872 | — | 4,292 | 3,185 | — | |||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 1,231 | 879 | — | 2,735 | 2,478 | — | |||||||||||||||||||||||||||
Residential | 3,242 | 1,661 | — | 3,242 | 2,242 | — | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 3,267 | 3,267 | — | 2,994 | 2,994 | — | |||||||||||||||||||||||||||
1-4 family | 14,799 | 12,849 | — | 9,726 | 8,470 | — | |||||||||||||||||||||||||||
Home equity | 1,705 | 1,188 | — | 2,220 | 1,212 | — | |||||||||||||||||||||||||||
Commercial & Industrial | 12,186 | 11,083 | — | 13,218 | 12,145 | — | |||||||||||||||||||||||||||
Total loans | $ | 62,820 | $ | 53,104 | — | $ | 64,662 | $ | 54,748 | — | |||||||||||||||||||||||
Average Recorded Investment in Impaired Loans by Portfolio Segment and Interest Recognized on Impaired Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents the average recorded investment in impaired loans by portfolio segment and interest recognized on impaired loans for the three and nine month periods ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 19,554 | $ | 3 | $ | 25,067 | $ | 168 | $ | 20,742 | $ | 10 | $ | 23,179 | $ | 434 | |||||||||||||||||
Non owner occupied | 3,030 | 62 | 2,114 | 96 | 3,135 | 187 | 5,448 | 275 | |||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 927 | — | 290 | — | 1,210 | — | 2,546 | — | |||||||||||||||||||||||||
Residential | 1,661 | 8 | 2,929 | — | 1,822 | 19 | 1,586 | — | |||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 3,275 | 39 | 2,156 | 48 | 3,238 | 118 | 1,386 | 69 | |||||||||||||||||||||||||
1-4 family | 13,088 | — | 8,869 | — | 12,445 | — | 5,475 | — | |||||||||||||||||||||||||
Home equity | 825 | — | 1,419 | — | 708 | — | 1,607 | — | |||||||||||||||||||||||||
Commercial & Industrial | 11,385 | 106 | 12,323 | — | 11,711 | 327 | 10,032 | — | |||||||||||||||||||||||||
Lease Financing & Other | — | — | 128 | — | — | — | 85 | — | |||||||||||||||||||||||||
Total | $ | 53,745 | $ | 218 | $ | 55,295 | $ | 312 | $ | 55,011 | $ | 661 | $ | 51,344 | $ | 778 | |||||||||||||||||
Loans by Class Modified as Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||
Non owner occupied | — | — | — | 1 | $ | 5,546 | $ | 5,546 | |||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | |||||||||||||||||||||||||||
1-4 family | 3 | $ | 4,440 | $ | 4,393 | 7 | 9,643 | 9,419 | |||||||||||||||||||||||||
Home equity | 1 | 75 | 75 | 1 | 75 | 75 | |||||||||||||||||||||||||||
Commercial & Industrial | — | — | — | 2 | 569 | 538 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | — | — | — | — | — | — | |||||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 4 | $ | 4,515 | $ | 4,468 | 11 | $ | 15,833 | $ | 15,579 | |||||||||||||||||||||||
The TDRs above resulted in charge-offs of $48 and $269 during the three and nine month periods ended September 30, 2013, respectively. | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||
of Loans | Outstanding | Outstanding | of Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||
Non owner occupied | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | — | — | — | 1 | $ | 1,695 | $ | 1,695 | |||||||||||||||||||||||||
1-4 family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Home equity | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial & Industrial | — | — | — | 1 | 10,314 | 10,314 | |||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Lease financing and other | — | — | — | — | — | — | |||||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | — | — | — | 2 | $ | 12,009 | $ | 12,009 | |||||||||||||||||||||||||
Risk Category by Class of Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents the risk category by class of loans as of September 30, 2013 and December 31, 2012 of non-homogeneous loans individually classified as to credit risk as of the most recent analysis performed (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 190,981 | $ | 151,954 | $ | 6,758 | $ | 32,269 | — | ||||||||||||||||||||||||
Non owner occupied | 408,015 | 382,613 | 14,268 | 11,134 | — | ||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 41,646 | 37,426 | — | 4,220 | — | ||||||||||||||||||||||||||||
Residential | 40,664 | 35,176 | 3,827 | 1,661 | — | ||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 214,853 | 209,651 | 2,664 | 2,538 | — | ||||||||||||||||||||||||||||
1-4 family | 56,117 | 37,497 | 2,449 | 16,171 | — | ||||||||||||||||||||||||||||
Home equity | 1,307 | 194 | — | 1,113 | — | ||||||||||||||||||||||||||||
Commercial & Industrial | 254,723 | 245,280 | 4,381 | 5,062 | — | ||||||||||||||||||||||||||||
Lease Financing & Other | 26,554 | 26,276 | — | 278 | — | ||||||||||||||||||||||||||||
Total loans | $ | 1,234,860 | $ | 1,126,067 | $ | 34,347 | $ | 74,446 | — | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Total | Pass | Special | Substandard | Doubtful | |||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 181,541 | $ | 132,181 | $ | 6,447 | $ | 42,913 | — | ||||||||||||||||||||||||
Non owner occupied | 369,245 | 356,960 | 4,438 | 7,847 | — | ||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||
Commercial | 40,708 | 29,303 | 5,349 | 6,056 | — | ||||||||||||||||||||||||||||
Residential | 34,019 | 28,936 | 891 | 4,192 | — | ||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Multifamily | 196,199 | 193,083 | — | 3,116 | — | ||||||||||||||||||||||||||||
1-4 family | 89,246 | 58,480 | 20,439 | 10,327 | — | ||||||||||||||||||||||||||||
Home equity | 1,212 | — | — | 1,212 | — | ||||||||||||||||||||||||||||
Commercial & Industrial | 288,809 | 270,362 | 3,368 | 15,079 | — | ||||||||||||||||||||||||||||
Lease Financing & Other | 31,015 | 29,842 | 846 | 327 | — | ||||||||||||||||||||||||||||
Total loans | $ | 1,231,994 | $ | 1,099,147 | $ | 41,778 | $ | 91,069 | — | ||||||||||||||||||||||||
Delinquency Categories by Class of Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents the delinquency categories by class of loans as of September 30, 2013 and December 31, 2012 for loans evaluated for risk in groups of homogeneous loans (in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days | Total | Current | ||||||||||||||||||||||||||||
Past Due | Past Due | Or More | Past Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
1-4 family | $ | 232,853 | $ | 37 | — | — | $ | 37 | $ | 232,816 | |||||||||||||||||||||||
Home equity | 106,200 | 950 | $ | 247 | — | 1,197 | 105,003 | ||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Other loans | 1,038 | 11 | 3 | — | 14 | 1,024 | |||||||||||||||||||||||||||
Overdrafts | 1,828 | — | — | — | — | 1,828 | |||||||||||||||||||||||||||
Total loans | $ | 341,919 | $ | 998 | $ | 250 | — | $ | 1,248 | $ | 340,671 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days | Total | Current | ||||||||||||||||||||||||||||
Past Due | Past Due | Or More | Past Due | ||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
1-4 family | $ | 126,525 | — | $ | 91 | — | $ | 91 | $ | 126,434 | |||||||||||||||||||||||
Home equity | 108,791 | $ | 3,411 | 321 | — | 3,732 | 105,059 | ||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Other loans | 1,089 | 30 | 1 | — | 31 | 1,058 | |||||||||||||||||||||||||||
Overdrafts | 1,384 | — | — | — | — | 1,384 | |||||||||||||||||||||||||||
Total loans | $ | 237,789 | $ | 3,441 | $ | 413 | — | $ | 3,854 | $ | 233,935 | ||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculation of Earnings Per Share | ' | ||||||||||||||||
The following table presents the calculation of earnings per share for the periods indicated: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30 | September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(000’s except share data) | |||||||||||||||||
Net income | $ | 2,495 | $ | 3,134 | $ | 9,633 | $ | 26,108 | |||||||||
Less: Dividends paid on and earnings allocated to participating securities | 40 | 18 | 136 | 68 | |||||||||||||
Income attributable to common stock | $ | 2,455 | $ | 3,116 | $ | 9,497 | $ | 26,040 | |||||||||
Weighted average common shares outstanding, including participating securities | 19,902,465 | 19,636,014 | 19,866,599 | 19,602,815 | |||||||||||||
Less: Weighted average participating securities | 304,970 | 97,342 | 285,361 | 67,599 | |||||||||||||
Weighted average common shares outstanding | 19,597,495 | 19,538,672 | 19,581,238 | 19,535,216 | |||||||||||||
Basic earnings per common share | $ | 0.13 | $ | 0.16 | $ | 0.49 | $ | 1.33 | |||||||||
Income attributable to common stock | $ | 2,455 | $ | 3,116 | $ | 9,497 | $ | 26,040 | |||||||||
Weighted average common shares outstanding | 19,597,495 | 19,538,672 | 19,581,238 | 19,535,216 | |||||||||||||
Weighted average common equivalent shares outstanding | — | 6,676 | — | 9,784 | |||||||||||||
Weighted average common and equivalent shares outstanding | 19,597,495 | 19,545,348 | 19,581,238 | 19,545,000 | |||||||||||||
Diluted earnings per common share | $ | 0.13 | $ | 0.16 | $ | 0.49 | $ | 1.33 | |||||||||
Dividends per common share | $ | 0.06 | $ | 0.18 | $ | 0.18 | $ | 0.54 | |||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Pension Cost | ' | ||||||||||||||||
The following table summarizes the components of the net periodic pension cost of the defined benefit plans (in thousands). | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30 | September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 131 | $ | 110 | $ | 393 | $ | 329 | |||||||||
Interest cost | 152 | 164 | 457 | 476 | |||||||||||||
Amortization of prior service cost | (54 | ) | (58 | ) | (163 | ) | (175 | ) | |||||||||
Amortization of net loss | 209 | 168 | 628 | 503 | |||||||||||||
Net periodic pension cost | $ | 438 | $ | 384 | $ | 1,315 | $ | 1,133 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes stock-based compensation activity for the nine month period ended September 30, 2013: | |||||||||||||||||
Prior Option Plans (1): | Shares | Weighted | Aggregate | Weighted Average | |||||||||||||
Average Grant or | Intrinsic | Remaining | |||||||||||||||
Exercise Price | Value (2) ($000’s) | Contractual Term | |||||||||||||||
Outstanding at December 31, 2012 | 428,111 | $ | 20.21 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (14,002 | ) | 17.03 | ||||||||||||||
Cancelled or Expired | (71,376 | ) | 16.92 | ||||||||||||||
Outstanding at September 30, 2013 | 342,733 | 21.03 | 112 | 1.6 | |||||||||||||
Exercisable at September 30, 2013 | 342,733 | 21.03 | 112 | 1.6 | |||||||||||||
Nonvested at September 30, 2013 | — | — | |||||||||||||||
2010 Omnibus Incentive Plan (1): | |||||||||||||||||
Nonvested at December 31, 2012 | 202,005 | $ | 16.25 | ||||||||||||||
Granted at fair value | 148,353 | 16.06 | |||||||||||||||
Restriction released | (46,791 | ) | 16.14 | ||||||||||||||
Cancelled | (3,293 | ) | 17.22 | ||||||||||||||
Nonvested at September 30, 2013 | 300,274 | 16.16 | |||||||||||||||
Available for grant at December 31, 2012 | 1,121,322 | ||||||||||||||||
Restricted stock awards | (148,353 | ) | $ | 16.06 | |||||||||||||
Unissued or cancelled | 3,293 | 17.22 | |||||||||||||||
Available for future grant | 976,262 | ||||||||||||||||
-1 | 2010 Omnibus Incentive Plan includes restricted stock awards while prior option plans do not. | ||||||||||||||||
-2 | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current fair value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on September 30, 2013. This amount changes based on the fair value of the Company’s stock. |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ' | ||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
September 30, 2013 | Technique | Inputs | (Weighted Average) | ||||||||||||||
Impaired loans - commercial real | $ | 5,030 | Sales comparison or income | Capitalization rate | 8% | ||||||||||||
estate | approach | ||||||||||||||||
Impaired - loans construction | $ | 2,540 | Sales comparison approach | Discounts to | 0%-21% (7%) | ||||||||||||
appraisals for | |||||||||||||||||
market conditions | |||||||||||||||||
Impaired loans - residential real estate | $ | 11,617 | Sales comparison or income | Discounts to | 0%-7% (1%) | ||||||||||||
approach | appraisals for | ||||||||||||||||
market conditions | |||||||||||||||||
Impaired loans - commercial and industrial | $ | 1,390 | Sales comparison approach - | Discounts to | 7% (7%) | ||||||||||||
secondary collateral | appraisals for | ||||||||||||||||
market conditions | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
December 31, 2012 | Technique | Inputs | (Weighted Average) | ||||||||||||||
Impaired loans - commercial real estate | $ | 6,835 | Sales comparison or income | Discounts to appraisals for | 0%-62% (8%) | ||||||||||||
approach | market conditions | ||||||||||||||||
Capitalization rate | 8% | ||||||||||||||||
Impaired - loans construction | $ | 3,219 | Sales comparison approach | Discounts to appraisals for | 0%-21% (6%) | ||||||||||||
market conditions | |||||||||||||||||
Impaired loans - residential real estate | $ | 8,514 | Sales comparison or income | Discounts to appraisals for | 0%-47% (4%) | ||||||||||||
approach | market conditions | ||||||||||||||||
Impaired loans - commercial and industrial | $ | 1,737 | Sales comparison approach - | Discounts to appraisals for | 7% (7%) | ||||||||||||
secondary collateral | market conditions | ||||||||||||||||
Other real estate owned | $ | 250 | Sales comparison approach | Discounts to appraisals for | 0% (0%) | ||||||||||||
market conditions | |||||||||||||||||
Loans held for sale | $ | 2,317 | Third party bids | Bids from interested third | 60%-65% (64%) | ||||||||||||
parties | |||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
September 30, 2013 | Technique | Inputs | (Weighted Average) | ||||||||||||||
Trust preferred securities | $ | 3,288 | Discounted cash flow | Specific issuer default rates | 33%-63% (46%) | ||||||||||||
Specific issuer default | 79%-94% (89%) | ||||||||||||||||
severity | |||||||||||||||||
Annual prepayment rate | 1% | ||||||||||||||||
Projected annual nonspecific | 0.25%-1.00% | ||||||||||||||||
issuer default rates | |||||||||||||||||
Projected annual nonspecific | 85% | ||||||||||||||||
issuer default severity | |||||||||||||||||
Present value discount rate | 22.50% | ||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
December 31, 2012 | Technique | Inputs | (Weighted Average) | ||||||||||||||
Trust preferred securities | $ | 2,950 | Discounted cash flow | Specific issuer default rates | 34%-61% (45%) | ||||||||||||
Specific issuer default | 83%-92% (89%) | ||||||||||||||||
severity | |||||||||||||||||
Annual prepayment rate | 1% | ||||||||||||||||
Projected annual nonspecific | 0.25%-1.00% | ||||||||||||||||
issuer default rates | |||||||||||||||||
Projected annual nonspecific | 85% | ||||||||||||||||
issuer default severity | |||||||||||||||||
Present value discount rate | 22.50% | ||||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||
Assets and liabilities measured at fair value are summarized below: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical Assets | Observable Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(000’s) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | — | $ | 89,401 | — | $ | 89,401 | |||||||||||
Mortgage-backed securities - residential | — | 339,911 | — | 339,911 | |||||||||||||
Obligations of states and political subdivisions | — | 85,742 | — | 85,742 | |||||||||||||
Other debt securities | — | 793 | $ | 3,288 | 4,081 | ||||||||||||
Mutual funds and other equity securities | $ | 10,265 | — | — | 10,265 | ||||||||||||
Total assets at fair value | $ | 10,265 | $ | 515,847 | $ | 3,288 | $ | 529,400 | |||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: (1) | |||||||||||||||||
Commercial Real Estate | — | — | $ | 5,030 | $ | 5,030 | |||||||||||
Construction | — | — | 2,540 | 2,540 | |||||||||||||
Residential | — | — | 11,617 | 11,617 | |||||||||||||
Commercial & Industrial | — | — | 1,390 | 1,390 | |||||||||||||
Total assets at fair value | — | — | $ | 20,577 | $ | 20,577 | |||||||||||
-1 | Impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 and Level 3 inputs which include independent appraisals and internally customized discounting criteria. The recorded investment in impaired loans subject to fair value reporting on September 30, 2013 was $20,577 for which no specific allowance has been established within the allowance for loan losses. During the nine months ended September 30, 2013, $676 of charge-offs were recorded related to these loans. The level of charge-offs has a direct impact on the determination of the provision for loan losses. The fair values were based on internally customized discounting criteria of the collateral and thus classified as Level 3 fair values. | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical Assets | Observable Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(000’s) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | — | $ | 53,223 | — | $ | 53,223 | |||||||||||
Mortgage-backed securities - residential | — | 295,088 | — | 295,088 | |||||||||||||
Obligations of states and political subdivisions | — | 82,602 | — | 82,602 | |||||||||||||
Other debt securities | — | 798 | $ | 2,950 | 3,748 | ||||||||||||
Mutual funds and other equity securities | $ | 10,409 | — | — | 10,409 | ||||||||||||
Total assets at fair value | $ | 10,409 | $ | 431,711 | $ | 2,950 | $ | 445,070 | |||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: (1) | |||||||||||||||||
Commercial Real Estate | — | — | $ | 6,835 | $ | 6,835 | |||||||||||
Construction | — | — | 3,219 | 3,219 | |||||||||||||
Residential | — | — | 8,514 | 8,514 | |||||||||||||
Commercial & Industrial | — | — | 1,737 | 1,737 | |||||||||||||
Loans held for sale (2) | — | — | 2,317 | 2,317 | |||||||||||||
Other real estate owned (3) | — | — | 250 | 250 | |||||||||||||
Total assets at fair value | — | — | $ | 22,872 | $ | 22,872 | |||||||||||
-1 | Impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 and Level 3 inputs which include independent appraisals and internally customized discounting criteria. The recorded investment in impaired loans subject to fair value reporting on December 31, 2012 was $20,305 for which no specific allowance has been established within the allowance for loan losses. During 2012, $7,344 of charge-offs were recorded related to these loans. The level of charge-offs has a direct impact on the determination of the provision for loan losses. The fair values were based on internally customized discounting criteria of the collateral and thus classified as Level 3 fair values. | ||||||||||||||||
-2 | Loans held for sale are reported at lower of cost or fair value. Fair value is based on average bid indicators received from third parties expected to participate in the loan sales. | ||||||||||||||||
-3 | Other real estate owned is reported at fair value less anticipated costs to sell. Fair value is based on third party or internally developed appraisals which, considering the assumptions in the valuation, are considered Level 2 or Level 3 inputs. The fair value of other real estate owned at December 31, 2012 was derived by management from appraisals which used various assumptions and were discounted as necessary, resulting in a Level 3 classification. | ||||||||||||||||
Reconciliation and Income Statement Classification of Gains and Losses for Securities Available for Sale Measure at Fair Value on Recurring Basis | ' | ||||||||||||||||
The table below presents a reconciliation and income statement classification of gains and losses for securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine month periods ended September 30, 2013 and 2012: | |||||||||||||||||
Level 3 Assets Measured | |||||||||||||||||
on a Recurring Basis | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep | 30-Sep | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(000’s) | (000’s) | ||||||||||||||||
Balance at beginning of period | $ | 3,335 | $ | 2,768 | $ | 2,950 | $ | 2,816 | |||||||||
Additions to Level 3 | 54 | 49 | 213 | 257 | |||||||||||||
Net unrealized gain included in other comprehensive income (1) | 276 | 699 | 826 | 1,122 | |||||||||||||
Principal payments | (377 | ) | (520 | ) | (701 | ) | (671 | ) | |||||||||
Recognized impairment charge included in the statement of income (2) | — | — | — | (528 | ) | ||||||||||||
Balance at end of period | $ | 3,288 | $ | 2,996 | $ | 3,288 | $ | 2,996 | |||||||||
-1 | Reported under “Gains recognized in comprehensive income” | ||||||||||||||||
-2 | Reported under “Net impairment loss recognized in earnings” |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Carrying amount and estimated fair value of financial instruments, not previously presented, at September 30, 2013 and December 31, 2012 were as follows (in millions): | |||||||||||||||||||||
September 30, 2013 | Fair Value Measurements | ||||||||||||||||||||
Carrying | Total | Quoted Prices in | Significant | Significant | |||||||||||||||||
Amount | Fair | Active Markets for | Other Observable | Unobservable | |||||||||||||||||
Value | Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||
Financial assets for which carrying value approximates fair value | $ | 795.5 | $ | 795.5 | $ | 795.5 | — | — | |||||||||||||
Held to maturity securities and accrued interest | 6.9 | 7.3 | — | $ | 7.3 | — | |||||||||||||||
FHLB Stock | 3.5 | N/A | — | — | — | ||||||||||||||||
Loans and accrued interest | 1,562.90 | 1,584.50 | — | — | $ | 1,584.50 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits with no stated maturity and accrued interest | 2,546.30 | 2,546.30 | 2,546.30 | — | — | ||||||||||||||||
Time deposits and accrued interest | 118.8 | 118.9 | — | 118.9 | — | ||||||||||||||||
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 21 | 21 | 21 | — | — | ||||||||||||||||
Other borrowings and accrued interest | 16.5 | 14.7 | — | 14.7 | — | ||||||||||||||||
December 31, 2012 | Fair Value Measurements | ||||||||||||||||||||
Carrying | Total | Quoted Prices in | Significant | Significant | |||||||||||||||||
Amount | Fair | Active Markets for | Other Observable | Unobservable | |||||||||||||||||
Value | Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||
Financial assets for which carrying value approximates fair value | $ | 846.8 | $ | 846.8 | $ | 846.8 | — | — | |||||||||||||
Held to maturity securities and accrued interest | 10.2 | 10.8 | — | $ | 10.8 | — | |||||||||||||||
FHLB Stock | 4.8 | N/A | — | — | — | ||||||||||||||||
Loans and accrued interest | 1,453.20 | 1,490.20 | — | — | $ | 1,490.20 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits with no stated maturity and accrued interest | 2,387.70 | 2,387.70 | 2,387.70 | — | — | ||||||||||||||||
Time deposits and accrued interest | 132.4 | 132.7 | — | 132.7 | — | ||||||||||||||||
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 34.6 | 34.6 | 34.6 | — | — | ||||||||||||||||
Other borrowings and accrued interest | 16.5 | 14.2 | — | 14.2 | — |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Activity in Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||
Activity in accumulated other comprehensive income (loss), net of tax, was as follows (in thousands): | |||||||||||||||||
Securities | Defined | Accumulated | |||||||||||||||
Available | Benefit | Other | |||||||||||||||
For Sale | Plans | Comprehensive | |||||||||||||||
Income | |||||||||||||||||
Balance at January 1, 2013 | $ | 624 | $ | (1,473 | ) | $ | (849 | ) | |||||||||
Other comprehensive loss before reclassification | (7,707 | ) | — | (7,707 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 280 | 280 | ||||||||||||||
Net other comprehensive (loss) income during period | (7,707 | ) | 280 | (7,427 | ) | ||||||||||||
Balance at September 30, 2013 | $ | (7,083 | ) | $ | (1,193 | ) | $ | (8,276 | ) | ||||||||
Balance at January 1, 2012 | $ | 2,924 | $ | (1,198 | ) | $ | 1,726 | ||||||||||
Other comprehensive (loss) income before reclassification | (1,211 | ) | 62 | (1,149 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | 312 | 196 | 508 | ||||||||||||||
Net other comprehensive (loss) income during period | (899 | ) | 258 | (641 | ) | ||||||||||||
Balance at September 30, 2012 | $ | 2,025 | $ | (940 | ) | $ | 1,085 | ||||||||||
Schedule of Reclassification Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following table represents the reclassification out of accumulated other comprehensive income for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30 | September 30 | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Unrealized gains (losses) on securities available for sale: | |||||||||||||||||
Realized gains (losses) on securities transactions | — | — | — | — | |||||||||||||
Other-than-temporary impairment charges | — | — | — | $ | (528 | ) | |||||||||||
Income tax expense | — | — | — | 215 | |||||||||||||
Net of tax | — | — | — | (313 | ) | ||||||||||||
Amortization of pension and post-retirement benefit items: | |||||||||||||||||
Amortization of net actuarial loss | $ | (209 | ) | $ | (168 | ) | $ | (628 | ) | (503 | ) | ||||||
Amortization of prior service cost | 54 | 58 | 162 | 174 | |||||||||||||
Income tax expense | 61 | 44 | 185 | 132 | |||||||||||||
Net of tax | (94 | ) | (66 | ) | (281 | ) | (197 | ) | |||||||||
Total reclassifications, net of tax | $ | (94 | ) | $ | (66 | ) | $ | (281 | ) | $ | (510 | ) | |||||
Description_of_Operations_Addi
Description of Operations - Additional Information (Detail) | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Jul. 19, 2013 | |
Westchester County, New York [Member] | Manhattan, New York [Member] | Bronx County, New York [Member] | Rockland County, New York [Member] | Kings County, New York [Member] | New York [Member] | New York [Member] | |
Branch | Branch | Branch | Branch | Branch | Branch | Branch | |
Operating Statistics [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of branch offices | 17 | 4 | 4 | 2 | 1 | ' | ' |
Number of branches consolidated | ' | ' | ' | ' | ' | 2 | 2 |
Securities_Amortized_Cost_Gros
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities Classified as Available for Sale and Held to Maturity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | $541,104 | $444,243 |
Available for Sale Securities, Gross Unrealized Gains | 4,890 | 8,855 |
Available for Sale Securities, Gross Unrealized Losses | 16,594 | 8,028 |
Available for Sale Securities, Estimated Fair Value | 529,400 | 445,070 |
Held to Maturity Securities, Amortized Cost | 6,939 | 10,225 |
Held to Maturity Securities, Gross Unrealized Gains | 353 | 600 |
Held to Maturity Securities, Gross Unrealized Losses | ' | ' |
Held to Maturity Securities, Estimated Fair Value | 7,292 | 10,825 |
Mortgage-Backed Securities-Residential [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 346,136 | 290,063 |
Available for Sale Securities, Gross Unrealized Gains | 2,618 | 5,337 |
Available for Sale Securities, Gross Unrealized Losses | 8,843 | 312 |
Available for Sale Securities, Estimated Fair Value | 339,911 | 295,088 |
Held to Maturity Securities, Amortized Cost | 3,465 | 5,083 |
Held to Maturity Securities, Gross Unrealized Gains | 268 | 415 |
Held to Maturity Securities, Gross Unrealized Losses | ' | ' |
Held to Maturity Securities, Estimated Fair Value | 3,733 | 5,498 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 84,197 | 79,638 |
Available for Sale Securities, Gross Unrealized Gains | 1,660 | 2,974 |
Available for Sale Securities, Gross Unrealized Losses | 115 | 10 |
Available for Sale Securities, Estimated Fair Value | 85,742 | 82,602 |
Held to Maturity Securities, Amortized Cost | 3,474 | 5,142 |
Held to Maturity Securities, Gross Unrealized Gains | 85 | 185 |
Held to Maturity Securities, Gross Unrealized Losses | ' | ' |
Held to Maturity Securities, Estimated Fair Value | 3,559 | 5,327 |
U.S. Treasury and Government Agencies [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 89,957 | 53,197 |
Available for Sale Securities, Gross Unrealized Gains | 32 | 36 |
Available for Sale Securities, Gross Unrealized Losses | 588 | 10 |
Available for Sale Securities, Estimated Fair Value | 89,401 | 53,223 |
Other Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 10,823 | 11,319 |
Available for Sale Securities, Gross Unrealized Gains | 3 | 1 |
Available for Sale Securities, Gross Unrealized Losses | 6,745 | 7,572 |
Available for Sale Securities, Estimated Fair Value | 4,081 | 3,748 |
Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 531,113 | 434,217 |
Available for Sale Securities, Gross Unrealized Gains | 4,313 | 8,348 |
Available for Sale Securities, Gross Unrealized Losses | 16,291 | 7,904 |
Available for Sale Securities, Estimated Fair Value | 519,135 | 434,661 |
Mutual Funds and Other Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 9,991 | 10,026 |
Available for Sale Securities, Gross Unrealized Gains | 577 | 507 |
Available for Sale Securities, Gross Unrealized Losses | 303 | 124 |
Available for Sale Securities, Estimated Fair Value | $10,265 | $10,409 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Available-for-sale securities, amortized cost | $541,104 | ' | $444,243 | ' |
Projected specific defaults/deferrals | 100.00% | ' | ' | ' |
Projected severity of loss on additional defaults, year 1 | 1.00% | ' | ' | ' |
Projected severity of loss on additional defaults, thereafter | 0.25% | ' | ' | ' |
Projected severity of loss on additional defaults | 85.00% | ' | ' | ' |
Annual prepayment | 1.00% | ' | ' | ' |
Other than temporary impairment loss | ' | ' | ' | ' |
Other than temporary impairment loss, prior to 2012 loss | 10,002 | 10,002 | 10,002 | 9,478 |
Carrying value of investment securities which are pledged | 290,585 | ' | 195,142 | ' |
Number of securities in unrealized loss position | 214 | ' | 88 | ' |
Pooled Trust Preferred Securities [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Available-for-sale securities, amortized cost | 10,033 | ' | 10,521 | ' |
Available-for-sale securities, estimated fair value | 3,288 | ' | 2,950 | ' |
Other than temporary impairment loss | ' | 4 | ' | ' |
Other than temporary impairment loss, prior to 2012 loss | ' | ' | 2,088 | ' |
Pooled Trust Preferred Securities 1 [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Other than temporary impairment loss | ' | 53 | ' | ' |
Other than temporary impairment loss, prior to 2012 loss | ' | ' | 5,696 | ' |
Pooled Trust Preferred Securities 2 [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Other than temporary impairment loss | ' | 2 | ' | ' |
Other than temporary impairment loss, prior to 2012 loss | ' | ' | 919 | ' |
Pooled Trust Preferred Securities 3 [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Other than temporary impairment loss | ' | 468 | ' | ' |
Other than temporary impairment loss, prior to 2012 loss | ' | ' | 2,228 | ' |
Pooled Trust Preferred Securities 4 [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Other than temporary impairment loss | ' | 1 | ' | ' |
Other than temporary impairment loss, prior to 2012 loss | ' | ' | $662 | ' |
Minimum [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Projected severity of loss on specific defaults/deferrals | 25.00% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Projected severity of loss on specific defaults/deferrals | 100.00% | ' | ' | ' |
Securities_Cash_Flow_Models_Us
Securities - Cash Flow Models Used in Determining Credit Related OTTI Losses on Pooled Trust Preferred Securities (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Projected specific defaults and deferrals as % of original collateral | 100.00% |
Projected additional defaults/deferrals as % of performing collateral: | ' |
Year 1 | 1.00% |
Thereafter | 0.25% |
Severity of loss | 85.00% |
Pooled Trust Preferred Securities 1 [Member] | PreTSL IV [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'Mezz |
Discount rate index | '3m LIBOR |
Discount rate spread | 2.25% |
Projected specific defaults and deferrals as % of original collateral | 48.00% |
Projected severity of loss as % of specific defaults/deferrals | 91.00% |
Projected additional defaults/deferrals as % of performing collateral: | ' |
Year 1 | 1.00% |
Thereafter | 0.25% |
Severity of loss | 85.00% |
Pooled Trust Preferred Securities 2 [Member] | PreTSL VII [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B |
Discount rate index | '3m LIBOR |
Discount rate spread | 1.80% |
Projected specific defaults and deferrals as % of original collateral | 63.00% |
Projected severity of loss as % of specific defaults/deferrals | 94.00% |
Projected additional defaults/deferrals as % of performing collateral: | ' |
Year 1 | 1.00% |
Thereafter | 0.25% |
Severity of loss | 85.00% |
Pooled Trust Preferred Securities 3 [Member] | PreTSL VIII [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B-1 |
Discount rate index | '3m LIBOR |
Discount rate spread | 1.90% |
Projected specific defaults and deferrals as % of original collateral | 58.00% |
Projected severity of loss as % of specific defaults/deferrals | 93.00% |
Projected additional defaults/deferrals as % of performing collateral: | ' |
Year 1 | 1.00% |
Thereafter | 0.25% |
Severity of loss | 85.00% |
Pooled Trust Preferred Securities 4 [Member] | PreTSL VIII [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B-2 |
Discount rate index | '3m LIBOR |
Discount rate spread | 1.90% |
Projected specific defaults and deferrals as % of original collateral | 58.00% |
Projected severity of loss as % of specific defaults/deferrals | 93.00% |
Projected additional defaults/deferrals as % of performing collateral: | ' |
Year 1 | 1.00% |
Thereafter | 0.25% |
Severity of loss | 85.00% |
Pooled Trust Preferred Securities 5 [Member] | PreTSL X [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B-2 |
Discount rate index | '3m LIBOR |
Discount rate spread | 1.70% |
Projected specific defaults and deferrals as % of original collateral | 36.00% |
Projected severity of loss as % of specific defaults/deferrals | 89.00% |
Projected additional defaults/deferrals as % of performing collateral: | ' |
Year 1 | 1.00% |
Thereafter | 0.25% |
Severity of loss | 85.00% |
Pooled Trust Preferred Securities 6 [Member] | PreTSL XI [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B-2 |
Discount rate index | '3m LIBOR |
Discount rate spread | 1.60% |
Projected specific defaults and deferrals as % of original collateral | 33.00% |
Projected severity of loss as % of specific defaults/deferrals | 79.00% |
Projected additional defaults/deferrals as % of performing collateral: | ' |
Year 1 | 1.00% |
Thereafter | 0.25% |
Severity of loss | 85.00% |
Securities_Additional_Informat1
Securities - Additional Information Related to Company's Pooled Trust Preferred Securities (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Pooled Trust Preferred Securities 1 [Member] | PreTSL IV [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'Mezz |
Seniority | 'Mezzanine |
Amortized cost | $61 |
Fair value | 17 |
Unrealized loss | -44 |
OTTI recognized in earnings - nine months ended September 30, 2013 | ' |
OTTI recognized in earnings - life to date | ' |
Moody's / Fitch | 'Caa2/B |
Number of institutions currently performing | 5 |
Actual defaults/deferrals as % of original collateral | 18.00% |
Excess subordination as % of performing collateral | 28.00% |
Pooled Trust Preferred Securities 2 [Member] | PreTSL VII [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B |
Seniority | 'Mezzanine |
Amortized cost | 584 |
Fair value | 271 |
Unrealized loss | -313 |
OTTI recognized in earnings - nine months ended September 30, 2013 | ' |
OTTI recognized in earnings - life to date | -1,122 |
Moody's / Fitch | 'Ca/C |
Number of institutions currently performing | 9 |
Actual defaults/deferrals as % of original collateral | 54.00% |
Excess subordination as % of performing collateral | -97.00% |
Pooled Trust Preferred Securities 3 [Member] | PreTSL VIII [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B-1 |
Seniority | 'Mezzanine |
Amortized cost | 750 |
Fair value | 220 |
Unrealized loss | -530 |
OTTI recognized in earnings - nine months ended September 30, 2013 | ' |
OTTI recognized in earnings - life to date | -1,418 |
Moody's / Fitch | 'C/C |
Number of institutions currently performing | 14 |
Actual defaults/deferrals as % of original collateral | 58.00% |
Excess subordination as % of performing collateral | -111.00% |
Pooled Trust Preferred Securities 4 [Member] | PreTSL VIII [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B-2 |
Seniority | 'Mezzanine |
Amortized cost | 1,125 |
Fair value | 330 |
Unrealized loss | -795 |
OTTI recognized in earnings - nine months ended September 30, 2013 | ' |
OTTI recognized in earnings - life to date | -2,127 |
Moody's / Fitch | 'C/C |
Number of institutions currently performing | 14 |
Actual defaults/deferrals as % of original collateral | 58.00% |
Excess subordination as % of performing collateral | -111.00% |
Pooled Trust Preferred Securities 5 [Member] | PreTSL X [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B-2 |
Seniority | 'Mezzanine |
Amortized cost | 5,470 |
Fair value | 1,975 |
Unrealized loss | -3,495 |
OTTI recognized in earnings - nine months ended September 30, 2013 | ' |
OTTI recognized in earnings - life to date | -4,863 |
Moody's / Fitch | 'Caa3/C |
Number of institutions currently performing | 33 |
Actual defaults/deferrals as % of original collateral | 35.00% |
Excess subordination as % of performing collateral | -31.00% |
Pooled Trust Preferred Securities 6 [Member] | PreTSL XI [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Class | 'B-2 |
Seniority | 'Mezzanine |
Amortized cost | 2,043 |
Fair value | 475 |
Unrealized loss | -1,568 |
OTTI recognized in earnings - nine months ended September 30, 2013 | ' |
OTTI recognized in earnings - life to date | ($472) |
Moody's / Fitch | 'Caa3/C |
Number of institutions currently performing | 41 |
Actual defaults/deferrals as % of original collateral | 32.00% |
Excess subordination as % of performing collateral | -28.00% |
Securities_Change_in_Pretax_OT
Securities - Change in Pretax OTTI Credit Related Losses on Securities Available for Sale (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Balance at beginning of period: | ' | ' |
Total OTTI credit related impairment charges beginning of period | $10,002 | $9,478 |
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | ' | 528 |
Credit related impairment dispositions | ' | -4 |
Credit related impairment not previously recognized | ' | ' |
Balance at end of period: | $10,002 | $10,002 |
Securities_Fair_Value_and_Gros
Securities - Fair Value and Gross Unrealized Loss, Aggregated by Investment Category and Length of Time Individual Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
U.S. Treasury and Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $56,180 | $8,048 |
Less Than 12 Months, Gross Unrealized Loss | 588 | 10 |
Greater than 12 Months, Fair Value | ' | ' |
Greater than 12 Months, Gross Unrealized Loss | ' | ' |
Fair Value | 56,180 | 8,048 |
Gross Unrealized Loss | 588 | 10 |
Mortgage-Backed Securities-Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 241,287 | 47,211 |
Less Than 12 Months, Gross Unrealized Loss | 8,733 | 312 |
Greater than 12 Months, Fair Value | 4,057 | ' |
Greater than 12 Months, Gross Unrealized Loss | 110 | ' |
Fair Value | 245,344 | 47,211 |
Gross Unrealized Loss | 8,843 | 312 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 9,424 | 2,963 |
Less Than 12 Months, Gross Unrealized Loss | 107 | 10 |
Greater than 12 Months, Fair Value | 1,013 | ' |
Greater than 12 Months, Gross Unrealized Loss | 8 | ' |
Fair Value | 10,437 | 2,963 |
Gross Unrealized Loss | 115 | 10 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | ' | 367 |
Less Than 12 Months, Gross Unrealized Loss | ' | 1 |
Greater than 12 Months, Fair Value | 3,288 | 2,950 |
Greater than 12 Months, Gross Unrealized Loss | 6,745 | 7,571 |
Fair Value | 3,288 | 3,317 |
Gross Unrealized Loss | 6,745 | 7,572 |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 306,891 | 58,589 |
Less Than 12 Months, Gross Unrealized Loss | 9,428 | 333 |
Greater than 12 Months, Fair Value | 8,358 | 2,950 |
Greater than 12 Months, Gross Unrealized Loss | 6,863 | 7,571 |
Fair Value | 315,249 | 61,539 |
Gross Unrealized Loss | 16,291 | 7,904 |
Mutual Funds and Other Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 8,800 | 12 |
Less Than 12 Months, Gross Unrealized Loss | 204 | 1 |
Greater than 12 Months, Fair Value | 87 | 96 |
Greater than 12 Months, Gross Unrealized Loss | 99 | 123 |
Fair Value | 8,887 | 108 |
Gross Unrealized Loss | 303 | 124 |
Temporarily Impaired Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 315,691 | 58,601 |
Less Than 12 Months, Gross Unrealized Loss | 9,632 | 334 |
Greater than 12 Months, Fair Value | 8,445 | 3,046 |
Greater than 12 Months, Gross Unrealized Loss | 6,962 | 7,694 |
Fair Value | 324,136 | 61,647 |
Gross Unrealized Loss | $16,594 | $8,028 |
Securities_Contractual_Maturit
Securities - Contractual Maturity of All Debt Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available for Sale | ' | ' |
Within 1 year, Amortized Cost | $15,008 | ' |
After 1 year but within 5 years, Amortized Cost | 132,709 | ' |
After 5 year but within 10 years, Amortized Cost | 27,227 | ' |
After 10 years, Amortized Cost | 10,033 | ' |
Mortgage-backed securities-residential, Amortized Cost | 346,136 | ' |
Total, Amortized Cost | 531,113 | ' |
Within 1 year, Fair Value | 15,106 | ' |
After 1 year but within 5 years, Fair Value | 133,516 | ' |
After 5 year but within 10 years, Fair Value | 27,313 | ' |
After 10 years, Fair Value | 3,288 | ' |
Mortgage-backed securities-residential, Fair Value | 339,912 | ' |
Total, Fair Value | 519,135 | ' |
Held to Maturity | ' | ' |
Within 1 year, Amortized Cost | ' | ' |
After 1 year but within 5 years, Amortized Cost | 3,465 | ' |
After 5 year but within 10 years, Amortized Cost | ' | ' |
After 10 years, Amortized Cost | ' | ' |
Mortgage-backed securities-residential, Amortized Cost | 3,474 | ' |
Total, Amortized Cost | 6,939 | 10,225 |
Within 1 year, Fair Value | ' | ' |
After 1 year but within 5 years, Fair Value | 3,733 | ' |
After 5 year but within 10 years, Fair Value | ' | ' |
After 10 years, Fair Value | ' | ' |
Mortgage-backed securities-residential, Fair Value | 3,559 | ' |
Held to Maturity Securities, Estimated Fair Value | $7,292 | $10,825 |
Loans_Loan_Portfolio_Excluding
Loans - Loan Portfolio, Excluding Loans Held for Sale (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $1,576,779 | $1,469,783 |
Deferred loan costs (fees), net | 1,209 | -2,411 |
Allowance for loan losses | -25,863 | -26,612 |
Loans, net | 1,552,125 | 1,440,760 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 598,996 | 550,786 |
Construction Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 82,310 | 74,727 |
Residential Real Estate Multifamily [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 214,853 | 196,199 |
Other Real Estate Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 396,477 | 325,774 |
Commercial & Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 254,723 | 288,809 |
Individuals & Lease financing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $29,420 | $33,488 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
TDRs | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Troubled debt restructurings impaired loans | $39,590,000 | ' | $39,590,000 | ' | $27,183,000 |
Number of additional loan modifications classified as TDRs | ' | ' | 11 | ' | ' |
Number of TDR's on accrual status | ' | ' | 11 | ' | ' |
Troubled debt restructurings carrying amount accrual status | ' | ' | 19,140,000 | ' | ' |
Payment default under modified terms | '45 days | ' | '45 days | ' | ' |
Gross interest income that would have been recorded if borrowers had been current in accordance with their original loan terms | 341,000 | 452,000 | 820,000 | 1,320,000 | ' |
Trouble debt restructuring charge-offs | 48,000 | ' | 269,000 | 2,595,000 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Maturity terms of available loans | ' | ' | '6 months | ' | ' |
Maturity terms of available loans, extension option | ' | ' | '6 months | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Maturity terms of available loans | ' | ' | '15 years | ' | ' |
Maturity terms of available loans, extension option | ' | ' | '3 years | ' | ' |
Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Maximum multi-family loans per transaction | $7,500,000 | ' | $7,500,000 | ' | ' |
Maturity terms of available loans, extension option | ' | ' | '5 years | ' | ' |
Debt amortization period | ' | ' | '30 years | ' | ' |
Maximum loan to value ratio | ' | ' | 75.00% | ' | ' |
Residential [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Maturity terms of available loans | ' | ' | '7 years | ' | ' |
Debt service coverage ratio | 1 | ' | 1 | ' | ' |
Residential [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Maturity terms of available loans | ' | ' | '10 years | ' | ' |
Debt service coverage ratio | 1.2 | ' | 1.2 | ' | ' |
Loans_Allowance_for_Loan_Losse
Loans - Allowance for Loan Losses by Portfolio Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $25,926 | $28,733 | $26,612 | $30,685 |
Charge-offs | -1,348 | -5,628 | -4,790 | -12,537 |
Recoveries | 518 | 1,279 | 2,213 | 2,983 |
Net Charge-offs | -830 | -4,349 | -2,577 | -9,554 |
Provision for loan losses | 767 | 3,723 | 1,828 | 6,976 |
Net change during the period | -63 | -626 | -749 | -2,578 |
Balance at end of period | 25,863 | 28,107 | 25,863 | 28,107 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 11,344 | 11,592 | 10,090 | 12,776 |
Charge-offs | -281 | -4,372 | -649 | -4,770 |
Recoveries | 50 | 563 | 107 | 861 |
Net Charge-offs | -231 | -3,809 | -542 | -3,909 |
Provision for loan losses | -303 | 3,467 | 1,262 | 2,383 |
Net change during the period | -534 | -342 | 720 | -1,526 |
Balance at end of period | 10,810 | 11,250 | 10,810 | 11,250 |
Construction Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 4,112 | 4,496 | 3,949 | 6,470 |
Charge-offs | -94 | 1 | -676 | -1,579 |
Recoveries | ' | 178 | 3 | 179 |
Net Charge-offs | -94 | 179 | -673 | -1,400 |
Provision for loan losses | 424 | -383 | 1,166 | -778 |
Net change during the period | 330 | -204 | 493 | -2,178 |
Balance at end of period | 4,442 | 4,292 | 4,442 | 4,292 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 6,446 | 8,789 | 8,119 | 8,093 |
Charge-offs | -595 | -1,171 | -2,165 | -2,999 |
Recoveries | 293 | 70 | 1,646 | 396 |
Net Charge-offs | -302 | -1,101 | -519 | -2,603 |
Provision for loan losses | 572 | 625 | -884 | 2,823 |
Net change during the period | 270 | -476 | -1,403 | 220 |
Balance at end of period | 6,716 | 8,313 | 6,716 | 8,313 |
Commercial & Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 3,638 | 3,420 | 4,077 | 2,650 |
Charge-offs | -228 | -128 | -903 | -2,625 |
Recoveries | 156 | 464 | 405 | 1,029 |
Net Charge-offs | -72 | 336 | -498 | -1,596 |
Provision for loan losses | -121 | 76 | -134 | 2,778 |
Net change during the period | -193 | 412 | -632 | 1,182 |
Balance at end of period | 3,445 | 3,832 | 3,445 | 3,832 |
Lease Financing & Other [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 386 | 436 | 377 | 696 |
Charge-offs | -150 | 42 | -397 | -564 |
Recoveries | 19 | 4 | 52 | 518 |
Net Charge-offs | -131 | 46 | -345 | -46 |
Provision for loan losses | 195 | -62 | 418 | -230 |
Net change during the period | 64 | -16 | 73 | -276 |
Balance at end of period | $450 | $420 | $450 | $420 |
Loans_Allowance_for_Loan_Losse1
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | $25,863 | $26,612 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 25,863 | 26,612 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 1,523,675 | 1,415,035 |
Individually evaluated for impairment | 53,104 | 54,748 |
Total ending balance of loans | 1,576,779 | 1,469,783 |
Commercial Real Estate [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 10,810 | 10,090 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 10,810 | 10,090 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 576,819 | 525,579 |
Individually evaluated for impairment | 22,177 | 25,207 |
Total ending balance of loans | 598,996 | 550,786 |
Construction [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 4,442 | 3,949 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 4,442 | 3,949 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 79,770 | 70,007 |
Individually evaluated for impairment | 2,540 | 4,720 |
Total ending balance of loans | 82,310 | 74,727 |
Residential Real Estate [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 6,716 | 8,119 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 6,716 | 8,119 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 594,026 | 509,297 |
Individually evaluated for impairment | 17,304 | 12,676 |
Total ending balance of loans | 611,330 | 521,973 |
Commercial & Industrial [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 3,445 | 4,077 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 3,445 | 4,077 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 243,640 | 276,664 |
Individually evaluated for impairment | 11,083 | 12,145 |
Total ending balance of loans | 254,723 | 288,809 |
Lease Financing & Other [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 450 | 377 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 450 | 377 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 29,420 | 33,488 |
Individually evaluated for impairment | ' | ' |
Total ending balance of loans | $29,420 | $33,488 |
Loans_Recorded_Investment_in_N
Loans - Recorded Investment in Non-Accrual Loans and Loans Past Due 90 Days and Still Accruing by Class of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | $33,964 | $34,808 |
Past Due 90 Days and Still Accruing | ' | ' |
Owner Occupied [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | 13,012 | 15,670 |
Past Due 90 Days and Still Accruing | ' | ' |
Non Owner Occupied [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | 2,872 | 2,717 |
Past Due 90 Days and Still Accruing | ' | ' |
Commercial [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | 879 | 2,478 |
Past Due 90 Days and Still Accruing | ' | ' |
Residential [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | 1,661 | 2,242 |
Past Due 90 Days and Still Accruing | ' | ' |
Multifamily [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | 327 | ' |
Past Due 90 Days and Still Accruing | ' | ' |
1-4 family [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | 12,177 | 8,470 |
Past Due 90 Days and Still Accruing | ' | ' |
Home Equity [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | 1,113 | 1,212 |
Past Due 90 Days and Still Accruing | ' | ' |
Commercial & Industrial [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | 1,923 | 2,019 |
Past Due 90 Days and Still Accruing | ' | ' |
Lease Financing & Other [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | ' | ' |
Past Due 90 Days and Still Accruing | ' | ' |
Overdrafts [Member] | ' | ' |
Recorded investments in non-accrual loans and loans past due ninety days and still accruing by class of loans | ' | ' |
Non-Accrual | ' | ' |
Past Due 90 Days and Still Accruing | ' | ' |
Loans_Aging_of_Loans_Detail
Loans - Aging of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | $1,576,779 | $1,469,783 |
31-59 Days Past Due | 15,739 | 13,436 |
60-89 Days Past Due | 930 | 583 |
90 Days Or More Past Due | 15,305 | 25,584 |
Total Past Due | 31,974 | 39,603 |
Current | 1,544,805 | 1,430,180 |
Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 190,981 | 181,541 |
31-59 Days Past Due | 4,802 | 472 |
60-89 Days Past Due | 460 | ' |
90 Days Or More Past Due | 2,526 | 9,464 |
Total Past Due | 7,788 | 9,936 |
Current | 183,193 | 171,605 |
Non Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 408,015 | 369,245 |
31-59 Days Past Due | 1,195 | 802 |
60-89 Days Past Due | ' | ' |
90 Days Or More Past Due | 2,463 | 2,717 |
Total Past Due | 3,658 | 3,519 |
Current | 404,357 | 365,726 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 41,646 | 40,708 |
31-59 Days Past Due | ' | 1,421 |
60-89 Days Past Due | ' | ' |
90 Days Or More Past Due | 879 | ' |
Total Past Due | 879 | 1,421 |
Current | 40,767 | 39,287 |
Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 40,664 | 34,019 |
31-59 Days Past Due | ' | 455 |
60-89 Days Past Due | ' | ' |
90 Days Or More Past Due | 1,661 | 2,242 |
Total Past Due | 1,661 | 2,697 |
Current | 39,003 | 31,322 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 214,853 | 196,199 |
31-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
90 Days Or More Past Due | 327 | ' |
Total Past Due | 327 | ' |
Current | 214,526 | 196,199 |
1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 288,970 | 215,771 |
31-59 Days Past Due | 7,740 | 4,506 |
60-89 Days Past Due | ' | 91 |
90 Days Or More Past Due | 4,474 | 8,470 |
Total Past Due | 12,214 | 13,067 |
Current | 276,756 | 202,704 |
Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 107,507 | 110,003 |
31-59 Days Past Due | 950 | 3,411 |
60-89 Days Past Due | 247 | 321 |
90 Days Or More Past Due | 1,113 | 1,212 |
Total Past Due | 2,310 | 4,944 |
Current | 105,197 | 105,059 |
Commercial & Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 254,723 | 288,809 |
31-59 Days Past Due | 768 | 1,938 |
60-89 Days Past Due | 220 | 170 |
90 Days Or More Past Due | 1,862 | 1,479 |
Total Past Due | 2,850 | 3,587 |
Current | 251,873 | 285,222 |
Lease Financing & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 27,592 | 32,104 |
31-59 Days Past Due | 284 | 431 |
60-89 Days Past Due | 3 | 1 |
90 Days Or More Past Due | ' | ' |
Total Past Due | 287 | 432 |
Current | 27,305 | 31,672 |
Overdrafts [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 1,828 | 1,384 |
31-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
90 Days Or More Past Due | ' | ' |
Total Past Due | ' | ' |
Current | $1,828 | $1,384 |
Loans_Impaired_Loans_and_Recor
Loans - Impaired Loans and Recorded Investment in Impaired Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, Total | $62,820 | $64,662 |
Recorded Investment, Total | 53,104 | 54,748 |
Allowance for loan losses allocated, Total | ' | ' |
Owner Occupied [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 23,518 | 26,235 |
Recorded Investment, With no related allowance recorded | 19,305 | 22,022 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Non Owner Occupied [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 2,872 | 4,292 |
Recorded Investment, With no related allowance recorded | 2,872 | 3,185 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Commercial [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 1,231 | 2,735 |
Recorded Investment, With no related allowance recorded | 879 | 2,478 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Residential [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 3,242 | 3,242 |
Recorded Investment, With no related allowance recorded | 1,661 | 2,242 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Multifamily [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 3,267 | 2,994 |
Recorded Investment, With no related allowance recorded | 3,267 | 2,994 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
1-4 family [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 14,799 | 9,726 |
Recorded Investment, With no related allowance recorded | 12,849 | 8,470 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Home Equity [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 1,705 | 2,220 |
Recorded Investment, With no related allowance recorded | 1,188 | 1,212 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Commercial & Industrial [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 12,186 | 13,218 |
Recorded Investment, With no related allowance recorded | 11,083 | 12,145 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Loans_Average_Recorded_Investm
Loans - Average Recorded Investment in Impaired Loans by Portfolio Segment and Interest Recognized on Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | $53,745 | $55,295 | $55,011 | $51,344 |
Interest Income | 218 | 312 | 661 | 778 |
Owner Occupied [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 19,554 | 25,067 | 20,742 | 23,179 |
Interest Income | 3 | 168 | 10 | 434 |
Non Owner Occupied [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 3,030 | 2,114 | 3,135 | 5,448 |
Interest Income | 62 | 96 | 187 | 275 |
Commercial [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 927 | 290 | 1,210 | 2,546 |
Interest Income | ' | ' | ' | ' |
Residential [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 1,661 | 2,929 | 1,822 | 1,586 |
Interest Income | 8 | ' | 19 | ' |
Multifamily [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 3,275 | 2,156 | 3,238 | 1,386 |
Interest Income | 39 | 48 | 118 | 69 |
1-4 family [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 13,088 | 8,869 | 12,445 | 5,475 |
Interest Income | ' | ' | ' | ' |
Home Equity [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 825 | 1,419 | 708 | 1,607 |
Interest Income | ' | ' | ' | ' |
Commercial & Industrial [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | 11,385 | 12,323 | 11,711 | 10,032 |
Interest Income | 106 | ' | 327 | ' |
Lease Financing & Other [Member] | ' | ' | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' | ' | ' |
Average Recorded Investment | ' | 128 | ' | 85 |
Interest Income | ' | ' | ' | ' |
Loans_Loans_by_Class_Modified_
Loans - Loans by Class Modified as Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Security | Security | Security | Security | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | 11 | ' |
Troubled Debt Restructurings [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 4 | ' | 11 | 2 |
Pre-Modification Outstanding Recorded Investment | $4,515 | ' | $15,833 | $12,009 |
Post-Modification Outstanding Recorded Investment | 4,468 | ' | 15,579 | 12,009 |
Troubled Debt Restructurings [Member] | Owner Occupied [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Troubled Debt Restructurings [Member] | Non Owner Occupied [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | 1 | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | 5,546 | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | 5,546 | ' |
Troubled Debt Restructurings [Member] | Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Troubled Debt Restructurings [Member] | Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Troubled Debt Restructurings [Member] | Multifamily [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | 1,695 |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | 1,695 |
Troubled Debt Restructurings [Member] | 1-4 family [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 3 | ' | 7 | ' |
Pre-Modification Outstanding Recorded Investment | 4,440 | ' | 9,643 | ' |
Post-Modification Outstanding Recorded Investment | 4,393 | ' | 9,419 | ' |
Troubled Debt Restructurings [Member] | Home Equity [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | ' | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 75 | ' | 75 | ' |
Post-Modification Outstanding Recorded Investment | 75 | ' | 75 | ' |
Troubled Debt Restructurings [Member] | Commercial & Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 569 | 10,314 |
Post-Modification Outstanding Recorded Investment | ' | ' | 538 | 10,314 |
Troubled Debt Restructurings [Member] | Lease Financing & Other [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Troubled Debt Restructurings [Member] | Overdrafts [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | ' |
Loans_Risk_Category_by_Class_o
Loans - Risk Category by Class of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | $1,234,860 | $1,231,994 |
Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 190,981 | 181,541 |
Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 408,015 | 369,245 |
Commercial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 41,646 | 40,708 |
Residential [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 40,664 | 34,019 |
Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 214,853 | 196,199 |
1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 56,117 | 89,246 |
Home Equity [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 1,307 | 1,212 |
Commercial & Industrial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 254,723 | 288,809 |
Lease Financing & Other [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 26,554 | 31,015 |
Pass [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 1,126,067 | 1,099,147 |
Pass [Member] | Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 151,954 | 132,181 |
Pass [Member] | Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 382,613 | 356,960 |
Pass [Member] | Commercial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 37,426 | 29,303 |
Pass [Member] | Residential [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 35,176 | 28,936 |
Pass [Member] | Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 209,651 | 193,083 |
Pass [Member] | 1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 37,497 | 58,480 |
Pass [Member] | Home Equity [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 194 | ' |
Pass [Member] | Commercial & Industrial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 245,280 | 270,362 |
Pass [Member] | Lease Financing & Other [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 26,276 | 29,842 |
Special Mention [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 34,347 | 41,778 |
Special Mention [Member] | Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 6,758 | 6,447 |
Special Mention [Member] | Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 14,268 | 4,438 |
Special Mention [Member] | Commercial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | 5,349 |
Special Mention [Member] | Residential [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 3,827 | 891 |
Special Mention [Member] | Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 2,664 | ' |
Special Mention [Member] | 1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 2,449 | 20,439 |
Special Mention [Member] | Home Equity [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Special Mention [Member] | Commercial & Industrial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 4,381 | 3,368 |
Special Mention [Member] | Lease Financing & Other [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | 846 |
Substandard [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 74,446 | 91,069 |
Substandard [Member] | Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 32,269 | 42,913 |
Substandard [Member] | Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 11,134 | 7,847 |
Substandard [Member] | Commercial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 4,220 | 6,056 |
Substandard [Member] | Residential [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 1,661 | 4,192 |
Substandard [Member] | Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 2,538 | 3,116 |
Substandard [Member] | 1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 16,171 | 10,327 |
Substandard [Member] | Home Equity [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 1,113 | 1,212 |
Substandard [Member] | Commercial & Industrial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 5,062 | 15,079 |
Substandard [Member] | Lease Financing & Other [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 278 | 327 |
Doubtful [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | Commercial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | Residential [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | 1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | Home Equity [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | Commercial & Industrial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Doubtful [Member] | Lease Financing & Other [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | ' |
Loans_Delinquency_Categories_b
Loans - Delinquency Categories by Class of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | $33,964 | $34,808 |
31-59 Days Past Due | 15,739 | 13,436 |
60-89 Days Past Due | 930 | 583 |
90 Days Or More Past Due | 15,305 | 25,584 |
Total Past Due | 31,974 | 39,603 |
Current | 1,544,805 | 1,430,180 |
1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 12,177 | 8,470 |
31-59 Days Past Due | 7,740 | 4,506 |
60-89 Days Past Due | ' | 91 |
90 Days Or More Past Due | 4,474 | 8,470 |
Total Past Due | 12,214 | 13,067 |
Current | 276,756 | 202,704 |
Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 1,113 | 1,212 |
31-59 Days Past Due | 950 | 3,411 |
60-89 Days Past Due | 247 | 321 |
90 Days Or More Past Due | 1,113 | 1,212 |
Total Past Due | 2,310 | 4,944 |
Current | 105,197 | 105,059 |
Overdrafts [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | ' | ' |
31-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
90 Days Or More Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 1,828 | 1,384 |
Delinquency Categories [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 341,919 | 237,789 |
31-59 Days Past Due | 998 | 3,441 |
60-89 Days Past Due | 250 | 413 |
90 Days Or More Past Due | ' | ' |
Total Past Due | 1,248 | 3,854 |
Current | 340,671 | 233,935 |
Delinquency Categories [Member] | 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 232,853 | 126,525 |
31-59 Days Past Due | 37 | ' |
60-89 Days Past Due | ' | 91 |
90 Days Or More Past Due | ' | ' |
Total Past Due | 37 | 91 |
Current | 232,816 | 126,434 |
Delinquency Categories [Member] | Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 106,200 | 108,791 |
31-59 Days Past Due | 950 | 3,411 |
60-89 Days Past Due | 247 | 321 |
90 Days Or More Past Due | ' | ' |
Total Past Due | 1,197 | 3,732 |
Current | 105,003 | 105,059 |
Delinquency Categories [Member] | Other Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 1,038 | 1,089 |
31-59 Days Past Due | 11 | 30 |
60-89 Days Past Due | 3 | 1 |
90 Days Or More Past Due | ' | ' |
Total Past Due | 14 | 31 |
Current | 1,024 | 1,058 |
Delinquency Categories [Member] | Overdrafts [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total | 1,828 | 1,384 |
31-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
90 Days Or More Past Due | ' | ' |
Total Past Due | ' | ' |
Current | $1,828 | $1,384 |
Earnings_Per_Share_Calculation
Earnings Per Share - Calculation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income | $2,495 | $3,134 | $9,633 | $26,108 |
Less: Dividends paid on and earnings allocated to participating securities | 40 | 18 | 136 | 68 |
Income attributable to common stock | 2,455 | 3,116 | 9,497 | 26,040 |
Weighted average common shares outstanding, including participating securities | 19,902,465 | 19,636,014 | 19,866,599 | 19,602,815 |
Less: Weighted average participating securities | 304,970 | 97,342 | 285,361 | 67,599 |
Weighted average common shares outstanding | 19,597,495 | 19,538,672 | 19,581,238 | 19,535,216 |
Basic Earnings Per Common Share | $0.13 | $0.16 | $0.49 | $1.33 |
Income attributable to common stock | $2,455 | $3,116 | $9,497 | $26,040 |
Weighted average common shares outstanding | 19,597,495 | 19,538,672 | 19,581,238 | 19,535,216 |
Weighted average common equivalent shares outstanding | ' | 6,676 | ' | 9,784 |
Weighted average common and equivalent shares outstanding | 19,597,495 | 19,545,348 | 19,581,238 | 19,545,000 |
Diluted Earnings Per Common Share | $0.13 | $0.16 | $0.49 | $1.33 |
Dividends per common share | $0.06 | $0.18 | $0.18 | $0.54 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Stock options not considered in computing diluted earnings per share | 342,733 | 259,271 | 349,534 | 370,041 |
Benefit_Plans_Components_of_Ne
Benefit Plans - Components of Net Periodic Pension Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $131 | $110 | $393 | $329 |
Interest cost | 152 | 164 | 457 | 476 |
Amortization of prior service cost | -54 | -58 | -163 | -175 |
Amortization of net loss | 209 | 168 | 628 | 503 |
Net periodic pension cost | $438 | $384 | $1,315 | $1,133 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Amount expected to contribute in unfunded defined benefit plans | ' | $923 |
Defined benefit plans contributed by employer | $225 | $675 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense | ' | $37 |
Compensation expense, total tax benefit | ' | -2 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense | 888 | 343 |
Compensation expense, total tax benefit | 361 | 137 |
Unrecognized compensation expense | $3,590 | ' |
Cash option exercise remaining period | '2 years 6 months | ' |
2010 Omnibus Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Issuance of common stock | 1,331,000 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Prior Option Plans [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance, Nonvested Shares | 428,111 |
Granted at fair value, Shares | ' |
Exercise, Shares | -14,002 |
Cancelled | 71,376 |
Ending Balance, Nonvested Shares | 342,733 |
Exercisable, Shares | 342,733 |
Nonvested, Shares | ' |
Beginning Balance, Weighted Average Grant or Exercise Price, Outstanding | $20.21 |
Granted, Weighted Average Grant or Exercise Price | ' |
Exercised, Weighted Average Grant or Exercise Price | $17.03 |
Cancelled or Expired, Weighted Average Grant or Exercise Price | $16.92 |
Ending Balance, Weighted Average Grant or Exercise Price, Outstanding | $21.03 |
Exercisable, Weighted Average Grant or Exercise Price | $21.03 |
Nonvested, Weighted Average Grant or Exercise Price | ' |
Outstanding, Aggregate Intrinsic Value | $112 |
Exercisable, Aggregate Intrinsic Value | $112 |
Outstanding, Weighted Average Remaining Contractual Term | '1 year 7 months 6 days |
Exercisable, Weighted Average Remaining Contractual Term | '1 year 7 months 6 days |
2010 Omnibus Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance, Nonvested Shares | 202,005 |
Granted at fair value, Shares | 148,353 |
Restriction released, Shares | -46,791 |
Cancelled | 3,293 |
Ending Balance, Nonvested Shares | 300,274 |
Beginning Balance, Weighted Average Grant or Exercise Price, Outstanding | $16.25 |
Granted, Weighted Average Grant or Exercise Price | $16.06 |
Restriction Released, Weighted Average Grant or Exercise Price | $16.14 |
Cancelled or Expired, Weighted Average Grant or Exercise Price | $17.22 |
Nonvested, Weighted Average Grant or Exercise Price | $16.16 |
Shares Available For Grant [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance, Available for grant | 1,121,322 |
Restricted Stock Awards, Weighted Average Grant or Exercise Price | $16.06 |
Restricted stock awards, Shares | -148,353 |
Cancelled | 3,293 |
Ending Balance, Available for grant | 976,262 |
Cancelled or Expired, Weighted Average Grant or Exercise Price | $17.22 |
Fair_Value_Quantitative_Inform
Fair Value - Quantitative Information about Level 3 Fair Value Measurements (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | $20,577 | $22,872 |
Commercial Real Estate [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 5,030 | 6,835 |
Valuation Technique | 'Sales comparison or income approach | 'Sales comparison or income approach |
Capitalization rate | 8.00% | 8.00% |
Construction [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 2,540 | 3,219 |
Fair Value | 2,540 | 3,219 |
Valuation Technique | 'Sales comparison approach | 'Sales comparison approach |
Residential Real Estate [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 11,617 | 8,514 |
Valuation Technique | 'Sales comparison or income approach | 'Sales comparison or income approach |
Commercial & Industrial [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 1,390 | 1,737 |
Valuation Technique | 'Sales comparison approach - secondary collateral | 'Sales comparison approach - secondary collateral |
Discounts to appraisals for market conditions | 7.00% | 7.00% |
Other Real Estate Owned [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | ' | 250 |
Fair Value | ' | 250 |
Valuation Technique | ' | 'Sales comparison approach |
Discounts to appraisals for market conditions | ' | 0.00% |
Loans Held for Sale [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | ' | 2,317 |
Valuation Technique | ' | 'Third party bids |
Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | $3,288 | $2,950 |
Valuation Technique | 'Discounted cash flow | 'Discounted cash flow |
Annual prepayment rate | 1.00% | 1.00% |
Projected annual nonspecific issuer default severity | 85.00% | 85.00% |
Present value discount rate | 22.50% | 22.50% |
Minimum [Member] | Commercial Real Estate [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 0.00% |
Minimum [Member] | Construction [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 0.00% | 0.00% |
Minimum [Member] | Residential Real Estate [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 0.00% | 0.00% |
Minimum [Member] | Loans Held for Sale [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Bids from interested third parties | ' | 60.00% |
Minimum [Member] | Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Specific issuer default rates | 33.00% | 34.00% |
Specific issuer default severity | 79.00% | 83.00% |
Projected annual nonspecific issuer default rates | 0.25% | 0.25% |
Maximum [Member] | Commercial Real Estate [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 62.00% |
Maximum [Member] | Construction [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 21.00% | 21.00% |
Maximum [Member] | Residential Real Estate [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 7.00% | 47.00% |
Maximum [Member] | Loans Held for Sale [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Bids from interested third parties | ' | 65.00% |
Maximum [Member] | Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Specific issuer default rates | 63.00% | 61.00% |
Specific issuer default severity | 94.00% | 92.00% |
Projected annual nonspecific issuer default rates | 1.00% | 1.00% |
Weighted Average [Member] | Commercial Real Estate [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 8.00% |
Weighted Average [Member] | Construction [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 7.00% | 6.00% |
Weighted Average [Member] | Residential Real Estate [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 1.00% | 4.00% |
Weighted Average [Member] | Commercial & Industrial [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 7.00% | 7.00% |
Weighted Average [Member] | Other Real Estate Owned [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 0.00% |
Weighted Average [Member] | Loans Held for Sale [Member] | Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Bids from interested third parties | ' | 64.00% |
Weighted Average [Member] | Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Specific issuer default rates | 46.00% | 45.00% |
Specific issuer default severity | 89.00% | 89.00% |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | $529,400 | $445,070 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 529,400 | 445,070 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 89,401 | 53,223 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities-Residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 339,911 | 295,088 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 85,742 | 82,602 |
Fair Value, Measurements, Recurring [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 4,081 | 3,748 |
Fair Value, Measurements, Recurring [Member] | Mutual Funds and Other Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 10,265 | 10,409 |
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] | ' | ' |
Total assets at fair value measured on a recurring basis | 10,265 | 10,409 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury and Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-Backed Securities-Residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds and Other Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 10,265 | 10,409 |
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] | ' | ' |
Total assets at fair value measured on a recurring basis | 515,847 | 431,711 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 89,401 | 53,223 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities-Residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 339,911 | 295,088 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 85,742 | 82,602 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 793 | 798 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds and Other Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 3,288 | 2,950 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury and Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-Backed Securities-Residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | 3,288 | 2,950 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mutual Funds and Other Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value measured on a recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 20,577 | 22,872 |
Fair Value, Measurements, Non-recurring [Member] | Commercial Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 5,030 | 6,835 |
Fair Value, Measurements, Non-recurring [Member] | Construction [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 2,540 | 3,219 |
Fair Value, Measurements, Non-recurring [Member] | Residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 11,617 | 8,514 |
Fair Value, Measurements, Non-recurring [Member] | Commercial & Industrial [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 1,390 | 1,737 |
Fair Value, Measurements, Non-recurring [Member] | Loans Held for Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | 2,317 |
Fair Value, Measurements, Non-recurring [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | 250 |
Fair Value, Measurements, Non-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] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Construction [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial & Industrial [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Loans Held for Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Construction [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial & Industrial [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Loans Held for Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | ' |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 20,577 | 22,872 |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 5,030 | 6,835 |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Construction [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 2,540 | 3,219 |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 11,617 | 8,514 |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial & Industrial [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | 1,390 | 1,737 |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Loans Held for Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | 2,317 |
Fair Value, Measurements, Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans measured on a non-recurring basis | ' | $250 |
Fair_Value_Assets_and_Liabilit1
Fair Value - Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments in impaired loans subject to fair value | $53,104 | $54,748 |
Specific allowance within the allowance for loan losses | 0 | 0 |
Charge-offs related to impaired loans | 676 | 7,344 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments in impaired loans subject to fair value | $20,577 | $20,305 |
Fair_Value_Reconciliation_and_
Fair Value - Reconciliation and Income Statement Classification of Gains and Losses for Securities Available for Sale Measure at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $3,335 | $2,768 | $2,950 | $2,816 |
Additions to Level 3 | 54 | 49 | 213 | 257 |
Net unrealized gain included in other comprehensive income | 276 | 699 | 826 | 1,122 |
Principal payments | -377 | -520 | -701 | -671 |
Recognized impairment charge included in the statement of income | ' | ' | ' | -528 |
Balance at end of period | $3,288 | $2,996 | $3,288 | $2,996 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
ASSETS | ' | ' |
Financial assets for which carrying value approximates fair value | $795.50 | $846.80 |
Held to maturity securities and accrued interest | ' | ' |
FHLB Stock | ' | ' |
Loans and accrued interest | ' | ' |
Liabilities: | ' | ' |
Deposits with no stated maturity and accrued interest | 2,546.30 | 2,387.70 |
Time deposits and accrued interest | ' | ' |
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 21 | 34.6 |
Other borrowings and accrued interest | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
ASSETS | ' | ' |
Financial assets for which carrying value approximates fair value | ' | ' |
Held to maturity securities and accrued interest | 7.3 | 10.8 |
FHLB Stock | ' | ' |
Loans and accrued interest | ' | ' |
Liabilities: | ' | ' |
Deposits with no stated maturity and accrued interest | ' | ' |
Time deposits and accrued interest | 118.9 | 132.7 |
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | ' | ' |
Other borrowings and accrued interest | 14.7 | 14.2 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
ASSETS | ' | ' |
Financial assets for which carrying value approximates fair value | ' | ' |
Held to maturity securities and accrued interest | ' | ' |
FHLB Stock | ' | ' |
Loans and accrued interest | 1,584.50 | 1,490.20 |
Liabilities: | ' | ' |
Deposits with no stated maturity and accrued interest | ' | ' |
Time deposits and accrued interest | ' | ' |
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | ' | ' |
Other borrowings and accrued interest | ' | ' |
Carrying Amount [Member] | ' | ' |
ASSETS | ' | ' |
Financial assets for which carrying value approximates fair value | 795.5 | 846.8 |
Held to maturity securities and accrued interest | 6.9 | 10.2 |
FHLB Stock | 3.5 | 4.8 |
Loans and accrued interest | 1,562.90 | 1,453.20 |
Liabilities: | ' | ' |
Deposits with no stated maturity and accrued interest | 2,546.30 | 2,387.70 |
Time deposits and accrued interest | 118.8 | 132.4 |
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 21 | 34.6 |
Other borrowings and accrued interest | 16.5 | 16.5 |
Total Fair Value [Member] | ' | ' |
ASSETS | ' | ' |
Financial assets for which carrying value approximates fair value | 795.5 | 846.8 |
Held to maturity securities and accrued interest | 7.3 | 10.8 |
FHLB Stock | ' | ' |
Loans and accrued interest | 1,584.50 | 1,490.20 |
Liabilities: | ' | ' |
Deposits with no stated maturity and accrued interest | 2,546.30 | 2,387.70 |
Time deposits and accrued interest | 118.9 | 132.7 |
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 21 | 34.6 |
Other borrowings and accrued interest | $14.70 | $14.20 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($849) | $1,726 |
Other comprehensive (loss) income before reclassification | ' | ' | -7,707 | -1,149 |
Other comprehensive (loss) gain | -390 | 637 | -7,427 | -641 |
Ending balance | -8,276 | 1,085 | -8,276 | 1,085 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 280 | 508 |
Securities Available For Sale [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 624 | 2,924 |
Other comprehensive (loss) income before reclassification | ' | ' | -7,707 | -1,211 |
Other comprehensive (loss) gain | ' | ' | -7,707 | -899 |
Ending balance | -7,083 | 2,025 | -7,083 | 2,025 |
Securities Available For Sale [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | 312 |
Defined Benefit Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -1,473 | -1,198 |
Other comprehensive (loss) income before reclassification | ' | ' | ' | 62 |
Other comprehensive (loss) gain | ' | ' | 280 | 258 |
Ending balance | -1,193 | -940 | -1,193 | -940 |
Defined Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | $280 | $196 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Schedule of Reclassification Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other-than-temporary impairment charges | ' | ' | ' | $528 |
Income tax expense | 394 | 1,576 | 3,478 | 15,386 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net of tax | -94 | -66 | -280 | -508 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Available For Sale [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Realized gains (losses) on securities transactions | ' | ' | ' | ' |
Other-than-temporary impairment charges | ' | ' | ' | -528 |
Income tax expense | ' | ' | ' | 216 |
Net of tax | ' | ' | ' | -312 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plans [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of net actuarial loss | -209 | -168 | -628 | -503 |
Amortization of prior service cost | 54 | 58 | 163 | 175 |
Income tax expense | 61 | 44 | 185 | 132 |
Net of tax | ($94) | ($66) | ($280) | ($196) |
Other_Disclosures_Additional_I
Other Disclosures - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 19, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Buildings | Connecticut [Member] | New York [Member] | New York [Member] | Buildings [Member] | Branch Consolidations and Closings [Member] | ||||||
Branch | Branch | Branch | |||||||||
Other Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal and other expenses | ' | ' | $1,200 | $2,900 | ' | ' | ' | ' | ' | ' | ' |
Number of branches consolidated | ' | ' | ' | ' | ' | ' | 6 | 2 | 2 | ' | ' |
Number of buildings sold | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Book value of buildings sold | ' | ' | ' | ' | ' | 6,270 | ' | ' | ' | ' | ' |
Pretax gain from sale of buildings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245 | ' |
Other operating expenses | 3,675,000 | 2,382,000 | ' | 8,263,000 | 8,828,000 | ' | ' | ' | ' | ' | 1,303 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 975 |
Estimated losses from remaining leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $328 |