Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 01, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'HVB | ' | ' |
Entity Registrant Name | 'HUDSON VALLEY HOLDING CORP | ' | ' |
Entity Central Index Key | '0000722256 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 20,036,977 | ' |
Entity Public Float | ' | ' | $281,272,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Income: | ' | ' | ' |
Loans, including fees | $75,209 | $93,255 | $111,802 |
Securities: | ' | ' | ' |
Taxable | 9,436 | 11,898 | 11,829 |
Exempt from Federal income taxes | 2,915 | 3,606 | 4,270 |
Federal funds sold | 38 | 39 | 95 |
Deposits in banks | 1,985 | 1,254 | 621 |
Total interest income | 89,583 | 110,052 | 128,617 |
Interest Expense: | ' | ' | ' |
Deposits | 4,895 | 5,897 | 8,730 |
Securities sold under repurchase agreements and other short-term borrowings | 27 | 98 | 246 |
Other borrowings | 724 | 728 | 1,782 |
Total interest expense | 5,646 | 6,723 | 10,758 |
Net Interest Income | 83,937 | 103,329 | 117,859 |
Provision for loan losses | 2,476 | 8,507 | 64,154 |
Net interest income after provision for loan losses | 81,461 | 94,822 | 53,705 |
Non-Interest Income: | ' | ' | ' |
Service charges | 5,813 | 6,279 | 7,013 |
Investment advisory fees | 7,731 | 9,458 | 10,270 |
Other-than-temporary impairment loss: | ' | ' | ' |
Total impairment loss | -1,240 | -528 | -1,256 |
Loss recognized in other comprehensive income | ' | ' | 888 |
Net impairment loss recognized in earnings | -1,240 | -528 | -368 |
Realized gains on securities available for sale, net | ' | ' | 21 |
Gains (losses) on sales and revaluation of loans held for sale and other real estate owned, net | 17 | 15,920 | -427 |
Other income | 2,823 | 2,713 | 2,391 |
Total non-interest income | 15,144 | 33,842 | 18,900 |
Non-Interest Expense: | ' | ' | ' |
Salaries and employee benefits | 45,109 | 44,813 | 42,194 |
Occupancy | 8,590 | 8,693 | 9,046 |
Professional services | 6,846 | 7,587 | 7,399 |
Equipment | 4,139 | 4,522 | 4,336 |
Business development | 2,165 | 2,417 | 2,080 |
FDIC assessment | 3,879 | 3,154 | 2,756 |
Goodwill impairment | 18,700 | ' | ' |
Other operating expenses | 10,673 | 11,352 | 12,344 |
Total non-interest expense | 100,101 | 82,538 | 80,155 |
(Loss) income before income taxes | -3,496 | 46,126 | -7,550 |
Income tax (benefit) expense | -4,626 | 16,945 | -5,413 |
Net Income (Loss) | $1,130 | $29,181 | ($2,137) |
Basic earnings (loss) per common share | $0.06 | $1.49 | ($0.11) |
Diluted earnings (loss) per common share | $0.06 | $1.49 | ($0.11) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $1,130 | $29,181 | ($2,137) |
Other-than-temporarily impaired securities available for sale: | ' | ' | ' |
Total gains (losses) | 6,331 | 739 | -1,256 |
Losses recognized in earnings | 1,240 | 528 | 368 |
Gains (losses) recognized in comprehensive income | 7,571 | 1,267 | -888 |
Income tax effect | -3,104 | -519 | 364 |
Unrealized holding gains (losses) on other-than-temporarily impaired securities available for sale, net of tax | 4,467 | 748 | -524 |
Securities available for sale not other-than-temporarily impaired: | ' | ' | ' |
(Losses) gains arising during the year | -16,985 | -4,754 | 2,348 |
Income tax effect | 6,566 | 1,706 | -715 |
Securities available for sale not other-than-temporarily impaired, net of tax | -10,419 | -3,048 | 1,633 |
Gains recognized in earnings | ' | ' | -21 |
Income tax effect | ' | ' | 8 |
Total securities available for sale not other-than-temporarily impaired | ' | ' | -13 |
Unrealized holding (losses) gains on securities available for sale not other-than-temporarily-impaired, net of tax | -10,419 | -3,048 | 1,620 |
Unrealized holding (losses) gains on securities, net | -5,952 | -2,300 | 1,096 |
Accrued benefit liability adjustment: | ' | ' | ' |
Net gain (loss) during the year | -33 | -895 | -819 |
Reclassification adjustment for amortization of prior service cost and net gain/loss included in net period pension cost | 750 | 438 | 324 |
Income tax effect | -287 | 182 | 198 |
Net of tax | 430 | -275 | -297 |
Other comprehensive (loss) income | -5,522 | -2,575 | 799 |
Comprehensive (Loss) Income | ($4,392) | $26,606 | ($1,338) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and non interest earning due from banks | $37,711 | $57,836 |
Interest earning deposits in banks | 661,643 | 769,687 |
Total cash and cash equivalents | 699,354 | 827,523 |
Federal funds sold | 27,134 | 19,251 |
Securities available for sale, at estimated fair value (amortized cost of $550,785 in 2013 and $444,243 in 2012) | 542,198 | 445,070 |
Securities held to maturity, at amortized cost (estimated fair value of $6,556 in 2013 and $10,825 in 2012) | 6,238 | 10,225 |
Federal Home Loan Bank of New York (FHLB) stock | 3,478 | 4,826 |
Loans (net of allowance for loan losses of $25,990 in 2013 and $26,612 in 2012) | 1,606,179 | 1,440,760 |
Loans held for sale | 0 | 2,317 |
Accrued interest and other receivables | 14,663 | 24,826 |
Premises and equipment, net | 15,103 | 23,996 |
Other real estate owned | ' | 250 |
Deferred income tax, net | 31,433 | 19,263 |
Bank owned life insurance | 41,224 | 39,257 |
Goodwill | 5,142 | 23,842 |
Other intangible assets | 713 | 903 |
Other assets | 6,340 | 8,937 |
Total Assets | 2,999,199 | 2,891,246 |
Deposits: | ' | ' |
Non interest bearing | 1,069,631 | 1,035,847 |
Interest bearing | 1,564,113 | 1,484,114 |
Total deposits | 2,633,744 | 2,519,961 |
Securities sold under repurchase agreements and other short-term borrowings | 34,379 | 34,624 |
Other borrowings | 16,388 | 16,428 |
Accrued interest and other liabilities | 30,379 | 29,262 |
Total Liabilities | 2,714,890 | 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 19,935,559 and 19,761,426 shares in 2013 and 2012, respectively | 4,247 | 4,212 |
Additional paid-in capital | 351,108 | 348,643 |
Retained earnings (deficit) | -7,111 | -3,471 |
Accumulated other comprehensive loss | -6,371 | -849 |
Treasury stock, at cost; 1,299,414 shares in 2013 and 2012 | -57,564 | -57,564 |
Total Stockholders' Equity | 284,309 | 290,971 |
Total Liabilities and Stockholders' Equity | $2,999,199 | $2,891,246 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | $550,785 | $444,243 |
Fair value of securities held to maturity, at amortized cost | 6,556 | 10,825 |
Allowance for loan losses | $25,990 | $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 | 19,935,559 | 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, 2010 | $289,917 | $3,793 | ($57,564) | $346,750 | ($3,989) | $927 |
Beginning balance, shares at Dec. 31, 2010 | ' | 17,665,908 | ' | ' | ' | ' |
Net income (loss) | -2,137 | ' | ' | ' | -2,137 | ' |
Other comprehensive (loss) income | 799 | ' | ' | ' | ' | 799 |
Vesting and exercise of stock options, net of tax | 1,384 | 16 | ' | 1,368 | ' | ' |
Vesting and exercise of stock options, net of tax, shares | ' | 80,141 | ' | ' | ' | ' |
Stock dividend | ' | 354 | ' | -354 | ' | ' |
Stock dividend, Shares | ' | 1,770,441 | ' | ' | ' | ' |
Cash dividends | -12,401 | ' | ' | ' | -12,401 | ' |
Ending balance at Dec. 31, 2011 | 277,562 | 4,163 | -57,564 | 347,764 | -18,527 | 1,726 |
Ending balance, shares at Dec. 31, 2011 | ' | 19,516,490 | ' | ' | ' | ' |
Net income (loss) | 29,181 | ' | ' | ' | 29,181 | ' |
Other comprehensive (loss) income | -2,575 | ' | ' | ' | ' | -2,575 |
Vesting and exercise of stock options, net of tax | 500 | 7 | ' | 493 | ' | ' |
Vesting and exercise of stock options, net of tax, shares | ' | 35,258 | ' | ' | ' | ' |
Restricted stock awards and related expense | 428 | 42 | ' | 386 | ' | ' |
Restricted stock awards, shares and related expense | ' | 209,678 | ' | ' | ' | ' |
Cash dividends | -14,125 | ' | ' | ' | -14,125 | ' |
Ending balance at Dec. 31, 2012 | 290,971 | 4,212 | -57,564 | 348,643 | -3,471 | -849 |
Ending balance, shares at Dec. 31, 2012 | 19,761,426 | 19,761,426 | ' | ' | ' | ' |
Net income (loss) | 1,130 | ' | ' | ' | 1,130 | ' |
Other comprehensive (loss) income | -5,522 | ' | ' | ' | ' | -5,522 |
Common stock issued for dividend reinvestment | 41 | ' | ' | 41 | ' | ' |
Common stock issued for dividend reinvestment, shares | ' | 2,287 | ' | ' | ' | ' |
Vesting and exercise of stock options, net of tax | 1,094 | 13 | ' | 1,081 | ' | ' |
Vesting and exercise of stock options, net of tax, shares | ' | 60,732 | ' | ' | ' | ' |
Restricted stock awards and related expense | 1,365 | 22 | ' | 1,343 | ' | ' |
Restricted stock awards, shares and related expense | ' | 111,114 | ' | ' | ' | ' |
Cash dividends | -4,770 | ' | ' | ' | -4,770 | ' |
Ending balance at Dec. 31, 2013 | $284,309 | $4,247 | ($57,564) | $351,108 | ($7,111) | ($6,371) |
Ending balance, shares at Dec. 31, 2013 | 19,935,559 | 19,935,559 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash dividends per share | $0.24 | $0.72 | $0.64 |
Retained Earnings (Deficit) [Member] | ' | ' | ' |
Cash dividends per share | $0.24 | $0.72 | $0.64 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income (loss) | $1,130 | $29,181 | ($2,137) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 2,476 | 8,507 | 64,154 |
Depreciation, amortization and net loss on sales and revaluations of fixed assets | 4,220 | 3,926 | 3,968 |
Recognized impairment charge on securities available for sale | 1,240 | 528 | 368 |
Realized gain on security transactions net | ' | ' | -21 |
Amortization of premiums on securities, net | 1,735 | 2,067 | 3,738 |
Realized (gain) loss on sale and revaluation of OREO | -17 | 15 | -82 |
Increase in cash value of bank owned life insurance | -1,703 | -1,430 | -1,260 |
Amortization of other intangible assets | 190 | 748 | 803 |
Share-based payment expense | 1,365 | 381 | 161 |
Recognized impairment charge on goodwill | 18,700 | ' | ' |
Realized gain on sale of loans held-for-sale | ' | -15,935 | ' |
Deferred tax (benefit) expense | -8,995 | 1,928 | 5,068 |
Decrease in deferred loan fees, net | -3,790 | -1,452 | -252 |
Decrease (increase) in accrued interest and other receivables | 10,163 | 15,579 | -24,009 |
Decrease in other assets | 2,597 | 3,959 | 2,618 |
Excess tax benefits from share-based payment arrangements | -166 | -38 | -36 |
Increase in accrued interest and other liabilities | 1,834 | 3,501 | 4,649 |
Net Cash Provided by Operating Activities | 30,979 | 51,465 | 57,730 |
Investing Activities: | ' | ' | ' |
Net (increase) decrease in short term investments | -7,883 | -2,826 | 55,646 |
Decrease (increase) in FHLB stock | 1,348 | -995 | 3,179 |
Proceeds from maturities of securities available for sale | 181,732 | 249,065 | 215,651 |
Proceeds from maturities of securities held to maturity | 3,999 | 2,685 | 3,364 |
Proceeds from sales of securities available for sale | 789 | 9,997 | 1,298 |
Purchases of securities available for sale | -292,050 | -202,322 | -284,019 |
Proceeds from sales and payments of loans held for sale | ' | 487,432 | 5,506 |
Net (increase) decrease in loans | -161,788 | 93,590 | -388,728 |
Proceeds from sales of OREO | 267 | 909 | 11,036 |
Premiums paid on bank owned life insurance | -264 | -264 | -10,327 |
Net sales (purchases) of premises and equipment | 4,673 | -1,986 | -1,293 |
Net Cash (Used In) Provided by Investing Activities | -269,177 | 635,285 | -388,687 |
Financing Activities: | ' | ' | ' |
Proceeds from issuance of common stock | 1,094 | 547 | 1,223 |
Excess tax benefits from share-based payment arrangements | 166 | 38 | 36 |
Net increase in deposits | 113,783 | 94,679 | 190,870 |
Cash dividends paid | -4,729 | -14,125 | -12,401 |
Repayment of other borrowings | -40 | -38 | -71,285 |
Net (decrease) increase in securities sold under repurchase agreements and short-term borrowings | -245 | -18,432 | 16,462 |
Net Cash Provided by Financing Activities | 110,029 | 62,669 | 124,905 |
(Decrease) Increase in Cash and Cash Equivalents | -128,169 | 749,419 | -206,052 |
Cash and Cash Equivalents, Beginning of Period | 827,523 | 78,104 | 284,156 |
Cash and Cash Equivalents, End of Period | 699,354 | 827,523 | 78,104 |
Supplemental Disclosures: | ' | ' | ' |
Interest paid | 5,565 | 7,772 | 11,523 |
Income tax payments | 5,095 | 969 | 12,682 |
Change in unrealized loss on securities available for sale, net of tax | -5,952 | -2,300 | 1,096 |
Issuance of common stock in connection with dividend reinvestment | 41 | ' | ' |
Transfers to other real estate owned | ' | ' | 1,100 |
Transfers from loans held for sale back to loan portfolio | 2,317 | 121 | 2,305 |
Transfers to loans held for sale | ' | ' | $473,814 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
1 | Summary of Significant Accounting Policies | |
Description of Operations and Basis of Presentation — The consolidated financial statements include the accounts of Hudson Valley Holding Corp. and its wholly owned subsidiaries, Hudson Valley Bank N.A. and its subsidiaries (the “Bank” or “HVB”) and HVHC Risk Management Corp (“HVHC RMC”) (collectively the “Company”). The Company offers a broad range of banking and related services to businesses, professionals, municipalities, not-for-profit organizations and individuals. HVB is a national banking association headquartered in Westchester County, New York. HVB has 28 branch offices, 17 in Westchester County, New York, 2 in Rockland County, New York, and 9 in New York City. The Company also provides investment management and broker-dealer services to its customers through the Bank’s wholly-owned subsidiary, A.R. Schmeidler & Co., Inc. (“ARS”), a Manhattan, New York based money management firm. During 2013, HVB formed HVB Capital Credit LLC to offer asset-based lending products. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
The consolidated financial statements have been prepared in accordance with generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and income and expenses for the period. Actual results could differ significantly from those estimates. Estimates that are particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses, valuation of goodwill, fair value of other real estate owned and fair value of financial instruments. In connection with the determination of the allowance for loan losses, management utilizes the work of professional appraisers for significant properties. | ||
Cash and Cash Equivalents — For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and interest bearing deposits in other banks (including the Federal Reserve Bank of New York). | ||
Securities — Securities are classified as either available for sale, representing securities the Company may sell in the ordinary course of business, or as held to maturity, representing securities that the Company has determined that it is more likely than not that it would not be required to sell prior to maturity or recovery of cost. Securities available for sale are reported at fair value with unrealized gains and losses (net of tax) excluded from operations and reported in other comprehensive income. Securities held to maturity are stated at amortized cost. Interest income includes amortization of purchase premium and accretion of purchase discount. The amortization of premiums and accretion of discounts is determined by using the level yield method. Securities are not acquired for trading activities. Realized gains and losses from sales of securities are determined using the specific identification method. | ||
The Company regularly reviews declines in the fair value of securities below their costs for purposes of determining whether such declines are other-than-temporary. In estimating other-than-temporary impairment (“OTTI”), management considers adverse changes in expected cash flows, the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. The Company also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized through earnings and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. | ||
Loans Held for Sale — Loan sales occur in limited circumstances as part of strategic business or regulatory compliance initiatives. Loans held for sale, including deferred fees and costs, are reported at the lower of cost or fair value as determined by expected bid prices from potential investors. Loans held for sale are segregated into pools based on distinct criteria and the lower of cost or fair value analysis is performed at the pool level. Loans are sold without recourse and servicing released. When a loan is transferred from portfolio to held for sale and the fair value is less than cost, a charge off is recorded against the allowance for loan loss. Subsequent declines in fair value, if any, are recorded as a valuation allowance and charged against earnings. | ||
Loans — Loans are reported at their outstanding principal balance, net of charge-offs, the allowance for loan losses, and deferred loan origination fees and costs. Loan origination fees and certain direct loan origination costs are deferred and recognized over the life of the related loan or commitment as an adjustment to yield, or taken directly into income when the related loan is sold or commitment expires. | ||
Allowance for Loan Losses — The Company maintains an allowance for loan losses to absorb probable losses incurred in the loan portfolio based on ongoing quarterly assessments of the estimated losses. The Company’s methodology for assessing the appropriateness of the allowance consists of a specific component for identified problem loans, and a formula component which addresses historical loan loss experience together with other relevant risk factors affecting the portfolio. This methodology applies to all portfolio segments. | ||
The specific component incorporates the Company’s analysis of impaired loans. These accounting standards prescribe the measurement methods, income recognition and disclosures related to impaired loans. A loan is recognized as impaired when it is probable that principal and/or interest are not collectible in accordance with the loan’s contractual terms. In addition, a loan which has been renegotiated with a borrower experiencing financial difficulties for which the terms of the loan have been modified with a concession that the Company would not otherwise have granted are considered troubled debt restructurings and are also recognized as impaired. Measurement of impairment can be based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral, taking into account estimated selling costs, if the loan is collateral dependent. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change. If the fair value of an impaired loan is less than the related recorded amount, a specific valuation component is established within the allowance for loan losses or, if the impairment is considered to be permanent, a full or partial charge-off is recorded against the allowance for loan losses. Triggering events that may impact the Company’s decision to record a specific reserve instead of a partial charge-off on impaired loans typically involve some uncertainty as to the amount of loss to be recorded. Examples include ongoing negotiations with a borrower, new appraisals or other collateral evaluations not yet received or completed and other factors where the decision to record a charge-off is considered premature. The Company has groups of smaller balance homogenous loans which are collectively reviewed for impairment. These groups include residential 1-4 family loans, home equity lines of credit and consumer loans. These loans are not individually risk rated while performing. They are either charged off or evaluated for impairment after 90 days delinquency. | ||
The formula component is calculated by first applying historical loss experience factors to outstanding loans by type. The Company uses a three year average loss experience as the starting base for the formula component. This component is then adjusted to reflect additional risk factors not addressed by historical loss experience. These factors include the evaluation of then-existing economic and business conditions affecting the key lending areas of the Company and other conditions, such as new loan products, credit quality trends (including trends in nonperforming loans expected to result from existing conditions), collateral values, loan volumes and concentrations, recent charge-off and delinquency experience, specific industry conditions within portfolio segments that existed as of the balance sheet date and the impact that such conditions were believed to have had on the collectability of the loan portfolio. Senior management reviews these conditions quarterly. Management’s evaluation of the loss related to each of these conditions is quantified by portfolio segment and reflected in the formula component. The evaluations of the inherent loss with respect to these conditions is subject to a higher degree of uncertainty due to the subjective nature of such evaluations and because they are not identified with specific problem credits. | ||
Actual losses can vary significantly from the estimated amounts. The Company’s methodology permits adjustments to the allowance in the event that, in management’s judgment, significant factors which affect the collectability of the loan portfolio as of the evaluation date have changed. | ||
Management believes the allowance for loan losses is the best estimate of probable losses which have been incurred as of December 31, 2013 and 2012. There is no assurance that the Company will not be required to make future adjustments to the allowance in response to changing economic conditions, particularly in the Company’s service area, since the majority of the Company’s loans are collateralized by real estate. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments at the time of their examinations. | ||
Loan Charge-Offs — The Company’s charge-off policy covers all loan portfolio classes. Loans are generally fully or partially charged-off at the earlier of when it is determined that collection efforts are no longer productive or when they have been identified as permanent losses by management and/or bank examiners. Factors considered in determining whether collection efforts are no longer productive include any amounts currently being collected, the status of discussions or negotiations with the borrower, the principal and/or guarantors, the cost of continuing, efforts to collect, the status of any foreclosure or legal actions, the value of the collateral, and any other pertinent factors. For loans in groups that are collectively reviewed for impairment, actions taken after 90 days delinquency depend upon the principal balance. Consumer loans, loans and lines with balances of $100 thousand or less and other unsecured loans are charged off after 90 days delinquency. Residential 1-4 mortgages and home equity lines of credit greater than $100 thousand are placed on non-accrual status after 90 days delinquency and are immediately evaluated for collectability utilizing a collateral based impairment analysis. Full or partial charge-offs are taken for impairment recognition on these loans. The loans are then transferred to asset recovery or other legal channels for foreclosure or other resolution. | ||
Income Recognition on Loans — Interest on loans is accrued daily. Net loan origination and commitment fees are deferred and recognized as an adjustment of yield over the lives of the related loans. Loans, including impaired loans, are placed on a non-accrual status when management believes that interest or principal on such loans may not be collected in the normal course of business. When a loan is placed on non-accrual status, all interest previously accrued, but not collected, is reversed against interest income. Interest received on non-accrual loans generally is either applied against principal or reported as interest income, in accordance with management’s judgment as to the collectability of principal. Loans can be returned to accruing status when they become current as to principal and interest, demonstrate a period of performance under the contractual terms, and when, in management’s opinion, they are estimated to be fully collectible. This methodology applies to all loan classes. | ||
Premises and Equipment — Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, generally 3 to 5 years for furniture, fixtures and equipment and 31.5 years for buildings. Leasehold improvements are amortized over the lesser of the term of the lease or the estimated useful life of the asset. | ||
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. Credit losses arising at the time of foreclosure are charged against the allowance for loan losses. Subsequent valuations are periodically performed by management and the carrying value is adjusted by a charge to expense to reflect any subsequent declines in the estimated fair value. Routine holding costs are charged to expense as incurred. | ||
Goodwill and Other Intangible Assets — Goodwill and identified intangible assets with indefinite useful lives are not subject to amortization. Identified intangible assets that have finite useful lives are amortized over those lives by a method which reflects the pattern in which the economic benefits of the intangible asset are used up. Goodwill is subject to impairment testing on an annual basis, or more often if events or circumstances indicate that impairment may exist. Identifiable intangible assets are subject to impairment if events or circumstances indicate that impairment may exist. If such testing indicates impairment in the values and/or remaining amortization periods of the intangible assets, adjustments are made to reflect such impairment. | ||
Loss Contingencies — Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Legal fees associated with loss contingencies are included in loss contingency accruals. | ||
Income Taxes — Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted. | ||
At December 31, 2013 and 2012, the Company had no unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company policy is to recognize interest and penalties related to unrecognized taxes as a component of income tax expense. There were no expenses accrued for interest and penalties on unrecognized taxes for the years ended December 31, 2013 and 2012. | ||
Stock-Based Compensation — Compensation costs relating to share-based payment transactions are recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. Compensation costs related to share based payment transactions are expensed over their respective vesting periods. 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, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. See Note 11 “Stock-Based Compensation” herein for additional discussion. | ||
Earnings per Common Share — ASC 260-10-45, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the calculation of earnings per share. Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per common share is similar to the computation of basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares, consisting solely of stock options, had been issued. | ||
The 2011 per share amounts reflect the 10 percent stock dividends paid in November 2011. | ||
Disclosures About Segments of an Enterprise and Related Information — “Segment Reporting” topic of the FASB Accounting Standards Codification establishes standards for the way business enterprises report information about operating segments and establishes standards for related disclosure about products and services, geographic areas, and major customers. The statement requires that a business enterprise report financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has one operating segment, “Community Banking.” | ||
Bank Owned Life Insurance — The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | ||
Retirement Plans — Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. Supplemental retirement plan expense allocates the benefits over years of service. | ||
Other — Certain 2012 and 2011 amounts have been reclassified to conform to the 2013 presentation. | ||
Recent Accounting Pronouncements | ||
In January 2014, the FASB issued ASU 2014-04, “Receivables — Troubled Debt Restructuring by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure,” to clarify that when an in substance repossession or foreclosure occurs , a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014- 04 is effective for annual reporting periods beginning after December 15, 2014. The Company is in the process of evaluating the impact of ASU 2014-04 on its financial statements and processes. | ||
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. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||||||
2 | Securities | ||||||||||||||||||||||||||||||||
The following table sets 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 December 31: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | Amortized | Gross Unrealized | Estimated | ||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 94,427 | $ | 35 | $ | 770 | $ | 93,692 | $ | 53,197 | $ | 36 | $ | 10 | $ | 53,223 | |||||||||||||||||
Mortgage-backed securities — residential | 349,216 | 2,211 | 11,732 | 339,695 | 290,063 | 5,337 | 312 | 295,088 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 87,884 | 1,520 | 100 | 89,304 | 79,638 | 2,974 | 10 | 82,602 | |||||||||||||||||||||||||
Other debt securities | 9,529 | 4 | 4 | 9,529 | 11,319 | 1 | 7,572 | 3,748 | |||||||||||||||||||||||||
Total debt securities | 541,056 | 3,770 | 12,606 | 532,220 | 434,217 | 8,348 | 7,904 | 434,661 | |||||||||||||||||||||||||
Mutual funds and other equity securities | 9,729 | 636 | 387 | 9,978 | 10,026 | 507 | 124 | 10,409 | |||||||||||||||||||||||||
Total | $ | 550,785 | $ | 4,406 | $ | 12,993 | $ | 542,198 | $ | 444,243 | $ | 8,855 | $ | 8,028 | $ | 445,070 | |||||||||||||||||
Amortized | Gross Unrecognized | Estimated | Amortized | Gross Unrecognized | Estimated | ||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Classified as Held To Maturity | |||||||||||||||||||||||||||||||||
Mortgage-backed securities — residential | $ | 3,133 | $ | 249 | — | $ | 3,382 | $ | 5,083 | $ | 415 | — | $ | 5,498 | |||||||||||||||||||
Obligations of states and political subdivisions | 3,105 | 69 | — | 3,174 | 5,142 | 185 | — | 5,327 | |||||||||||||||||||||||||
Total | $ | 6,238 | $ | 318 | — | $ | 6,556 | $ | 10,225 | $ | 600 | — | $ | 10,825 | |||||||||||||||||||
Included in other debt securities were investments in five pooled trust preferred securities. The value of these investments had been severely negatively affected by the economic downturn of recent years and the resulting investor concerns about recent and future losses in the financial services industry. In December 2013, a joint federal bank regulatory agency statement was issued noting that they were reviewing certain provisions of the Dodd-Frank Act and other related regulations regarding whether it should be permissible for banks to continue to hold investments in collateralized debt obligations, including trust preferred securities. As a result of the joint statement, liquidity in the market for pooled trust preferred securities improved greatly as holders evaluated their positions in light of a potential regulatory mandate to divest. The Company sought and reviewed offers for its holdings and, based on the significant improvement in the market and the uncertainty of being able to hold these investments to maturity, decided to sell the entire portfolio in early January 2014, prior to the federal agencies’ interim final rule, for $8,753. Due to this change in intent, the remaining $1,240 difference between the amortized cost and fair value at December 31, 2013 was recognized as other-than-temporary impairment through earnings with no additional gain or loss realized upon completion of the sale in January 2014. | |||||||||||||||||||||||||||||||||
The following table summarizes the change in pretax OTTI credit related losses on securities available for sale for the periods indicated: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Balance at beginning of period: | |||||||||||||||||||||||||||||||||
Total OTTI credit related impairment charges beginning of period | $ | 10,002 | $ | 9,478 | $ | 9,110 | |||||||||||||||||||||||||||
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | 1,240 | 528 | 368 | ||||||||||||||||||||||||||||||
Credit related impairment dispositions | — | (4 | ) | — | |||||||||||||||||||||||||||||
Credit related impairment not previously recognized | — | — | — | ||||||||||||||||||||||||||||||
Balance at end of period: | $ | 11,242 | $ | 10,002 | $ | 9,478 | |||||||||||||||||||||||||||
The Company recorded $1,240, $528 and $368 of pretax impairment charges on securities available-for-sale in 2013, 2012 and 2011, respectively. All of the 2013, 2012 and 2011 charges were related to the Company’s investments in pooled trust preferred securities. These charges represented approximately 12.4 percent, 5.0 percent and 3.2 percent of the book value of the related investments in 2013, 2012 and 2011, respectively. Income tax benefits applicable to impairment charges were $513, $217 and $151 in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||
Gross proceeds from sales of securities available for sale were $789, $9,997 and $1,298 in 2013, 2012 and 2011, respectively. There were no gross pretax gains or losses in 2013 and 2012 as a result of these sales. Sales in 2011 resulted in gross pretax gains of $24 and gross pretax losses of $3. Applicable income taxes relating to such transactions were $8 in 2011. | |||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, securities having a stated value of approximately $216,051 and $195,142 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 investments 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 at the dates indicated: | |||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||||||||||
December 31, 2013 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||
U.S. Treasuries and government agencies | $ | 53,299 | $ | 761 | $ | 3,469 | $ | 9 | $ | 56,768 | $ | 770 | |||||||||||||||||||||
Mortgage-backed securities — residential | 240,192 | 10,593 | 20,216 | 1,139 | 260,408 | 11,732 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 8,060 | 94 | 1,322 | 6 | 9,382 | 100 | |||||||||||||||||||||||||||
Other debt securities | 203 | 2 | 98 | 2 | 301 | 4 | |||||||||||||||||||||||||||
Total debt securities | 301,754 | 11,450 | 25,105 | 1,156 | 326,859 | 12,606 | |||||||||||||||||||||||||||
Mutual funds and other equity securities | — | — | 8,785 | 387 | 8,785 | 387 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 301,754 | $ | 11,450 | $ | 33,890 | $ | 1,543 | $ | 335,644 | $ | 12,993 | |||||||||||||||||||||
Less Than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||||||||||
December 31, 2012 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
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, 2013 and 2012. | |||||||||||||||||||||||||||||||||
The total number of securities in the Company’s portfolio that were in an unrealized loss position was 215 and 88 at December 31, 2013 and December 31, 2012, respectively. 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. 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 December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
The contractual maturity of all debt securities held at December 31, 2013 is shown below. 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 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||||||||||
Within 1 year | $ | 24,731 | $ | 24,830 | — | — | |||||||||||||||||||||||||||
After 1 year but within 5 years | 151,886 | 152,384 | $ | 3,105 | $ | 3,174 | |||||||||||||||||||||||||||
After 5 year but within 10 years | 6,470 | 6,558 | — | — | |||||||||||||||||||||||||||||
After 10 years | 8,753 | 8,753 | — | — | |||||||||||||||||||||||||||||
Mortgage-backed securities — residential | 349,216 | 339,695 | 3,133 | 3,382 | |||||||||||||||||||||||||||||
Total | $ | 541,056 | $ | 532,220 | $ | 6,238 | $ | 6,556 | |||||||||||||||||||||||||
Credit_Commitments_and_Concent
Credit Commitments and Concentrations of Credit Risk | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Credit Commitments and Concentrations of Credit Risk | ' | ||||||||||||
3 | Credit Commitments and Concentrations of Credit Risk | ||||||||||||
The Company has outstanding, at any time, a significant number of commitments to extend credit and also provide financial guarantees to third parties. Those arrangements are subject to strict credit control assessments. Guarantees specify limits to the Company’s obligations. The amounts of those loan commitments and guarantees are set out in the following table. Because many commitments and almost all guarantees expire without being funded in whole or in part, the contract amounts are not estimates of future cash flows. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Contract | Contract | ||||||||||||
Amount | Amount | ||||||||||||
(In thousands) | |||||||||||||
Credit commitments — variable | $ | 234,760 | $ | 211,332 | |||||||||
Credit commitments — fixed | 2,563 | 6,307 | |||||||||||
Guarantees written | 24,695 | 28,455 | |||||||||||
The majority of loan commitments have terms up to one year, with either a floating interest rate or contracted fixed interest rates, generally ranging from 2.00% to 16.00%. Guarantees written generally have terms up to one year. | |||||||||||||
Loan commitments and guarantees written have off-balance-sheet credit risk because only origination fees and accruals for probable losses are recognized in the balance sheet until the commitments are fulfilled or the guarantees expire. Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. The credit risk amounts are equal to the contractual amounts, assuming that the amounts are fully advanced and that collateral or other security would have no value. | |||||||||||||
The Company’s policy is to require customers to provide collateral prior to the disbursement of approved loans. For loans and financial guarantees, the Company usually retains a security interest in the property or products financed or other collateral which provides repossession rights in the event of default by the customer. | |||||||||||||
Concentrations of credit risk (whether on or off-balance-sheet) arising from financial instruments exist in relation to certain groups of customers. A group concentration arises when a number of counterparties have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. The Company does not have a significant exposure to any individual customer or counterparty. A geographic concentration arises because the Company operates principally in Westchester County and Bronx County, New York. Loans and credit commitments collateralized by real estate including all loans where real estate is either primary or secondary collateral were as follows at December 31: | |||||||||||||
2013 | Residential | Commercial | Total | ||||||||||
Property | Property | ||||||||||||
(In thousands) | |||||||||||||
Loans | $ | 446,424 | $ | 975,096 | $ | 1,421,520 | |||||||
Credit commitments | 51,302 | 38,500 | 89,802 | ||||||||||
Total | $ | 497,726 | $ | 1,013,596 | $ | 1,511,322 | |||||||
2012 | Residential | Commercial | Total | ||||||||||
Property | Property | ||||||||||||
(In thousands) | |||||||||||||
Loans | $ | 334,340 | $ | 1,044,462 | $ | 1,378,802 | |||||||
Credit commitments | 55,347 | 55,308 | 110,655 | ||||||||||
Total | $ | 389,687 | $ | 1,099,770 | $ | 1,489,457 | |||||||
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
4 | Loans | ||||||||||||||||||||||||
The loan portfolio, excluding loans held for sale, is comprised of the following: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||
Commercial | $ | 593,476 | $ | 550,786 | |||||||||||||||||||||
Construction | 88,311 | 74,727 | |||||||||||||||||||||||
Residential Multi-Family | 226,898 | 196,199 | |||||||||||||||||||||||
Residential Other | 432,999 | 325,774 | |||||||||||||||||||||||
Commercial & Industrial | 258,578 | 288,809 | |||||||||||||||||||||||
Individuals & Lease Financing | 30,528 | 33,488 | |||||||||||||||||||||||
Total loans | 1,630,790 | 1,469,783 | |||||||||||||||||||||||
Deferred loan costs (fees), net | 1,379 | (2,411 | ) | ||||||||||||||||||||||
Allowance for loan losses | (25,990 | ) | (26,612 | ) | |||||||||||||||||||||
Loans, net | $ | 1,606,179 | $ | 1,440,760 | |||||||||||||||||||||
During 2013, the Company purchased $142,860 of fixed and adjustable rate 1-4 family residential real estate loans. In March 2012, the Company purchased $65,795 of adjustable rate 1-4 family residential loans. All purchases were made as a partial redeployment of excess liquidity. | |||||||||||||||||||||||||
The Company has established credit policies applicable to each type of lending activity in which it engages. The Bank evaluates the credit worthiness of each customer and extends credit based on credit history, ability to repay and market value of collateral. The customers’ credit worthiness is monitored on an ongoing basis. Additional collateral is obtained when warranted. Real estate is the primary form of collateral. Other important forms of collateral are bank deposits and marketable securities. While collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of payment to be based on the borrower’s ability to generate continuing cash flows. | |||||||||||||||||||||||||
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 years indicated: | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||
Charge-offs | (5,602 | ) | (1,084 | ) | (793 | ) | (2,216 | ) | (1,103 | ) | (406 | ) | |||||||||||||
Recoveries | 2,504 | 113 | 15 | 1,746 | 561 | 69 | |||||||||||||||||||
Net Charge-offs | (3,098 | ) | (971 | ) | (778 | ) | (470 | ) | (542 | ) | (337 | ) | |||||||||||||
Provision for loan losses | 2,476 | 2,112 | 1,470 | (1,413 | ) | (99 | ) | 406 | |||||||||||||||||
Net change during the year | (622 | ) | 1,141 | 692 | (1,883 | ) | (641 | ) | 69 | ||||||||||||||||
Balance at end of year | $ | 25,990 | $ | 11,231 | $ | 4,641 | $ | 6,236 | $ | 3,436 | $ | 446 | |||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 30,685 | $ | 12,776 | $ | 6,470 | $ | 8,093 | $ | 2,650 | $ | 696 | |||||||||||||
Charge-offs | (15,847 | ) | (5,002 | ) | (3,509 | ) | (3,018 | ) | (3,744 | ) | (574 | ) | |||||||||||||
Recoveries | 3,267 | 957 | 179 | 437 | 1,171 | 523 | |||||||||||||||||||
Net Charge-offs | (12,580 | ) | (4,045 | ) | (3,330 | ) | (2,581 | ) | (2,573 | ) | (51 | ) | |||||||||||||
Provision for loan losses | 8,507 | 1,359 | 809 | 2,607 | 4,000 | (268 | ) | ||||||||||||||||||
Net change during the period | (4,073 | ) | (2,686 | ) | (2,521 | ) | 26 | 1,427 | (319 | ) | |||||||||||||||
Balance at end of year | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 38,949 | $ | 16,736 | $ | 7,140 | $ | 9,851 | $ | 4,290 | $ | 932 | |||||||||||||
Charge-offs | (78,236 | ) | (39,168 | ) | (10,026 | ) | (22,692 | ) | (6,225 | ) | (125 | ) | |||||||||||||
Recoveries | 5,818 | 1,424 | 622 | 2,571 | 992 | 209 | |||||||||||||||||||
Net (Charge-offs) Recoveries | (72,418 | ) | (37,744 | ) | (9,404 | ) | (20,121 | ) | (5,233 | ) | 84 | ||||||||||||||
Provision for loan losses | 64,154 | 33,784 | 8,734 | 18,363 | 3,593 | (320 | ) | ||||||||||||||||||
Net change during the year | (8,264 | ) | (3,960 | ) | (670 | ) | (1,758 | ) | (1,640 | ) | (236 | ) | |||||||||||||
Balance at end of year | $ | 30,685 | $ | 12,776 | $ | 6,470 | $ | 8,093 | $ | 2,650 | $ | 696 | |||||||||||||
In 2011, approximately $60,200 of net charge-offs and $48,100 of the provision for loan losses were directly related to the transfer of loans to held for sale status. | |||||||||||||||||||||||||
The following tables present the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method at the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending balance attributed to loans: | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 25,990 | $ | 11,231 | $ | 4,641 | $ | 6,236 | $ | 3,436 | $ | 446 | |||||||||||||
Individually evaluated for impairment | — | — | — | — | — | — | |||||||||||||||||||
Total ending balance of allowance | $ | 25,990 | $ | 11,231 | $ | 4,641 | $ | 6,236 | $ | 3,436 | $ | 446 | |||||||||||||
Total loans: | |||||||||||||||||||||||||
Ending balance of loans: | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,589,738 | $ | 580,561 | $ | 87,432 | $ | 642,957 | $ | 248,260 | $ | 30,528 | |||||||||||||
Individually evaluated for impairment | 41,052 | 12,915 | 879 | 16,940 | 10,318 | — | |||||||||||||||||||
Total ending balance of loans | $ | 1,630,790 | $ | 593,476 | $ | 88,311 | $ | 659,897 | $ | 258,578 | $ | 30,528 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 | |||||||||||||
Non-accrual loans at December 31, 2013, 2012 and 2011 are summarized as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total non-accrual loans | $ | 23,489 | $ | 34,808 | $ | 29,892 | |||||||||||||||||||
Interest income that would have been recorded under the original contract terms | 805 | 1,401 | 3,216 | ||||||||||||||||||||||
There was no income recorded on non-accrual loans during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||
The following table presents the recorded investments in non-accrual loans and loans past due 90 days and still accruing by class of loans as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Non-Accrual | Past Due | Non-Accrual | Past Due | ||||||||||||||||||||||
90 Days and | 90 Days and | ||||||||||||||||||||||||
Still Accruing | Still Accruing | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 3,768 | — | $ | 15,670 | — | |||||||||||||||||||
Non owner occupied | 2,861 | — | 2,717 | — | |||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 879 | — | 2,478 | — | |||||||||||||||||||||
Residential | — | — | 2,242 | — | |||||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 1,282 | — | — | — | |||||||||||||||||||||
1-4 family | 12,164 | — | 8,470 | — | |||||||||||||||||||||
Home equity | 1,113 | — | 1,212 | — | |||||||||||||||||||||
Commercial & Industrial | 1,422 | — | 2,019 | — | |||||||||||||||||||||
Other: | |||||||||||||||||||||||||
Lease financing & other | — | — | — | — | |||||||||||||||||||||
Overdrafts | — | — | — | — | |||||||||||||||||||||
Total | $ | 23,489 | — | $ | 34,808 | — | |||||||||||||||||||
The following tables present the aging of loans (including past due and non-accrual loans) as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | 31-60 Days | 61-89 Days | 90 Days Or | Total | Current | ||||||||||||||||||||
Past Due | Past Due | More Past Due | Past Due | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 168,371 | — | $ | 158 | $ | 704 | $ | 862 | $ | 167,509 | ||||||||||||||
Non owner occupied | 425,105 | $ | 200 | — | 2,861 | 3,061 | 422,044 | ||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 47,039 | — | — | 879 | 879 | 46,160 | |||||||||||||||||||
Residential | 41,272 | 1 | — | — | 1 | 41,271 | |||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 226,898 | — | — | — | — | 226,898 | |||||||||||||||||||
1-4 family | 320,641 | 1,012 | 190 | 11,841 | 13,043 | 307,598 | |||||||||||||||||||
Home equity | 112,358 | 408 | 540 | 1,113 | 2,061 | 110,297 | |||||||||||||||||||
Commercial & Industrial | 258,578 | 1,606 | 321 | 1,365 | 3,292 | 255,286 | |||||||||||||||||||
Other: | |||||||||||||||||||||||||
Lease financing & other | 29,626 | 185 | 4 | — | 189 | 29,437 | |||||||||||||||||||
Overdrafts | 902 | — | — | — | — | 902 | |||||||||||||||||||
Total | $ | 1,630,790 | $ | 3,412 | $ | 1,213 | $ | 18,763 | $ | 23,388 | $ | 1,607,402 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | 31-60 Days | 61-89 Days | 90 Days Or | Total | Current | ||||||||||||||||||||
Past Due | Past Due | More Past Due | Past Due | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 & 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 loans by class of loans were as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | Unpaid | Recorded | Allowance for | ||||||||||||||||||||
Principal | Investment | Loan Losses | Principal | Investment | Loan Losses | ||||||||||||||||||||
Balance | Allocated | Balance | Allocated | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 10,320 | $ | 10,054 | — | $ | 26,235 | $ | 22,022 | — | |||||||||||||||
Non owner occupied | 2,861 | 2,861 | — | 4,292 | 3,185 | — | |||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 1,231 | 879 | — | 2,735 | 2,478 | — | |||||||||||||||||||
Residential | — | — | — | 3,242 | 2,242 | — | |||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 2,921 | 2,921 | — | 2,994 | 2,994 | — | |||||||||||||||||||
1-4 family | 14,782 | 12,831 | — | 9,726 | 8,470 | — | |||||||||||||||||||
Home equity | 1,705 | 1,188 | — | 2,220 | 1,212 | — | |||||||||||||||||||
Commercial & Industrial | 11,421 | 10,318 | — | 13,218 | 12,145 | — | |||||||||||||||||||
Lease Financing & Other | — | — | — | — | — | — | |||||||||||||||||||
Total loans | $ | 45,241 | $ | 41,052 | — | $ | 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. | |||||||||||||||||||||||||
The following tables present the average recorded investment in impaired loans by class of loans and interest recognized on impaired loans for the years indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 19,227 | $ | 14 | $ | 23,006 | $ | 434 | |||||||||||||||||
Non owner occupied | 3,068 | 251 | 4,742 | 275 | |||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 1,127 | — | 2,219 | — | |||||||||||||||||||||
Residential | 1,574 | 37 | 1,745 | — | |||||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 3,202 | 72 | 1,788 | 69 | |||||||||||||||||||||
1-4 family | 12,544 | — | 6,208 | — | |||||||||||||||||||||
Home equity | 828 | 1 | 1,508 | — | |||||||||||||||||||||
Commercial & Industrial | 11,458 | 431 | 10,588 | — | |||||||||||||||||||||
Lease Financing & Other | — | — | 64 | — | |||||||||||||||||||||
Total | $ | 53,028 | $ | 806 | $ | 51,868 | $ | 778 | |||||||||||||||||
During the year ended December 31, 2013, the terms of certain loans were modified as troubled debt restructurings (“TDRs”). 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 Company is not committed to extending any additional credit to borrowers whose loans are classified as TDRs. Impaired loans at December 31, 2013 and 2012 included $30,864 and $27,183, respectively, of loans considered to be TDRs. The Company classifies all loans considered to be TDRs as impaired. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, ten TDRs with carrying amounts totaling $17,564 and seven TDRs with carrying amounts totaling $19,941 respectively, were on accrual status and performing in accordance with their modified terms. All other TDRs at December 31, 2013 and 2012, were on non-accrual status. A loan that has been on non-accrual status that is subsequently modified as a TDR will usually remain on non-accrual status until the borrower is able to demonstrate repayment performance in compliance with the modified terms for a sustained period. A loan that has not been placed on non-accrual status may be modified as a TDR and remain on accrual status. The Company’s policy states that a TDR is considered to be in payment default once it is 45 days contractually past due under the modified terms. | |||||||||||||||||||||||||
At December 31, 2013, there was one loan totaling $4,069 modified as a TDR that was in payment default within twelve months following the modification. At December 31, 2012, there were no TDRs in which there were payment defaults within twelve months following the modification. | |||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the years indicated: | |||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 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 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | |||||||||||||||||||
Non owner occupied | 1 | $ | 5,546 | $ | 5,546 | — | — | — | |||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||
Residential | — | — | — | — | — | — | |||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | — | — | — | 1 | $ | 2,159 | $ | 1,579 | |||||||||||||||||
1-4 family | 7 | 9,643 | 9,419 | — | — | — | |||||||||||||||||||
Home equity | 1 | 75 | 75 | 1 | 12,515 | 10,500 | |||||||||||||||||||
Commercial & Industrial | 2 | 569 | 538 | — | — | — | |||||||||||||||||||
Other: | |||||||||||||||||||||||||
Lease financing & other | — | — | — | — | — | — | |||||||||||||||||||
Overdrafts | — | — | — | — | — | — | |||||||||||||||||||
Total | 11 | $ | 15,833 | $ | 15,579 | 2 | $ | 14,674 | $ | 12,079 | |||||||||||||||
The troubled debt restructurings described above resulted in charge offs of $269 and $2,595 during the years ended December 31, 2013 and 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 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 tables present the risk category by class of loans at the dates indicated of non-homogeneous loans individually classified as to credit risk as of the most recent analysis performed: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 168,371 | $ | 139,108 | $ | 6,342 | $ | 22,921 | — | ||||||||||||||||
Non owner occupied | 425,105 | 399,009 | 14,024 | 12,072 | — | ||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 47,039 | 46,160 | — | 879 | — | ||||||||||||||||||||
Residential | 41,272 | 37,931 | 3,341 | — | — | ||||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 226,898 | 222,147 | 2,550 | 2,201 | — | ||||||||||||||||||||
1-4 family | 61,440 | 42,158 | 2,008 | 17,274 | — | ||||||||||||||||||||
Home equity | 1,146 | 34 | — | 1,112 | — | ||||||||||||||||||||
Commercial & Industrial | 258,578 | 249,238 | 5,207 | 4,133 | — | ||||||||||||||||||||
Lease Financing & Other | 28,661 | 28,391 | — | 270 | — | ||||||||||||||||||||
Total loans | $ | 1,258,510 | $ | 1,164,176 | $ | 33,472 | $ | 60,862 | — | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 payment history. | |||||||||||||||||||||||||
The following tables present delinquency categories by class of loans for loans evaluated for risk in groups of homogeneous loans as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days Or | Total | Current | ||||||||||||||||||||
Past Due | Past Due | More Past Due | Past Due | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||
1-4 family | $ | 259,201 | $ | 705 | $ | 115 | — | $ | 820 | $ | 258,381 | ||||||||||||||
Home equity | 111,212 | 408 | 540 | — | 948 | 110,264 | |||||||||||||||||||
Other: | |||||||||||||||||||||||||
Other loans | 965 | 23 | 4 | — | 27 | 938 | |||||||||||||||||||
Overdrafts | 902 | — | — | — | — | 902 | |||||||||||||||||||
Total loans | $ | 372,280 | $ | 1,136 | $ | 659 | — | $ | 1,795 | $ | 370,485 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days Or | Total | Current | ||||||||||||||||||||
Past Due | Past Due | More Past Due | Past Due | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 | ||||||||||||||
Loans made directly or indirectly to executive officers, directors or principal stockholders were approximately $36,642 and $31,338 at December 31, 2013 and 2012, respectively. During 2013, new loans granted to these individuals totaled $12,840 and payments and decreases due to changes in board composition totaled $7,536. During 2012, new loans granted to these individuals totaled $1,269 and payments and decreases due to changes in board composition totaled $15,047. | |||||||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||||||
There were no loans held-for-sale at December 31, 2013 and $2,317 of loans held-for-sale at December 31, 2012. On February 1, 2012, the Company announced plans to sell a total of $474 million in performing and nonperforming loans in two tranches by mid-2012, as a step towards reducing the Bank’s concentrations of commercial real estate loans and classified assets. These loans were transferred to loans held-for-sale at December 31, 2011 and both tranche sales were completed in March 2012, and the Company recognized a pretax gain of $15,935. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
5 | Premises and Equipment | ||||||||
A summary of premises and equipment is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land | $ | 1,085 | $ | 2,589 | |||||
Buildings | 15,175 | 23,550 | |||||||
Leasehold improvements | 10,571 | 11,774 | |||||||
Furniture, fixtures and equipment | 21,562 | 20,872 | |||||||
Automobiles | 818 | 800 | |||||||
Total | 49,211 | 59,584 | |||||||
Less: accumulated depreciation and amortization | (34,108 | ) | (35,589 | ) | |||||
Premises and equipment, net | $ | 15,103 | $ | 23,996 | |||||
During 2013, the Company sold three of its properties, all of which were locations of bank branches. Two of the branches were closed and the third continued to lease the branch space from the new owner. The total book value of the properties at the time of the sales was $6,270. Net proceeds from the sales totaled $6,411. In addition, during 2013, the Company recorded an impairment charge of $975 related to leasehold improvements of other closed branches. | |||||||||
Depreciation and amortization expense totaled $3,385, $3,926 and $3,968 in 2013, 2012 and 2011, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
6 | Goodwill and Other Intangible Assets | ||||||||||||||||
The carrying amount of goodwill was $5,142 and $23,842 at December 31, 2013 and 2012, respectively. The 2013 balance reflected the results of a goodwill impairment analysis performed in the fourth quarter of 2013. The analysis indicated pretax impairment of $18,700 which was recorded as a charge against earnings in December of 2013. The cumulative deferred tax benefit (liability) on goodwill deductible for tax purposes was $2,879 and ($3,959) at December 31, 2013 and 2012, respectively. | |||||||||||||||||
At December 31, 2013, the Company’s reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the carrying value of the reporting unit exceeded its fair value. Therefore, the Company proceeded to complete the two-step impairment test. Step 1 includes the determination of the carrying value of the reporting unit, including the existing goodwill and intangible assets, and estimating the fair value of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, we are required to perform a second step to the impairment test. Our annual impairment analysis as of December 31, 2013, indicated that the Step 2 analysis was necessary. Step 2 of the goodwill impairment test is performed to measure the impairment loss. Step 2 requires that the implied fair value of the reporting unit goodwill be compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. After performing Step 2 it was determined that the implied value of goodwill was less than the carrying costs, resulting in an impairment charge of $18,700 for the year ended December 31, 2013. The facts and circumstances that led to an impairment of goodwill included a recent loss of clients and a reduction in the projected earnings capacity of the Company’s asset management subsidiary. The fair value of the reporting unit at December 31, 2013 was determined based on a discounted cash flow model. Cumulative impairment charges were $18,700 as of December 31, 2013, and none as of December 31, 2012. | |||||||||||||||||
The following table sets forth the gross carrying amount and accumulated amortization for each of the Company’s intangible assets subject to amortization as of December 31: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Deposit Premium | $ | 3,907 | $ | 3,907 | $ | 3,907 | $ | 3,907 | |||||||||
Customer Relationships | 2,470 | 1,757 | 2,470 | 1,567 | |||||||||||||
Employment Related | 516 | 516 | 516 | 516 | |||||||||||||
Total | $ | 6,893 | $ | 6,180 | $ | 6,893 | $ | 5,990 | |||||||||
Intangible assets amortization expense was $190, $748, and $803 for 2013, 2012, and 2011, respectively. The estimated remaining annual intangible assets amortization expense in years subsequent to December 31, 2013 is as follows: | |||||||||||||||||
Year | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
2014 | $ | 190 | |||||||||||||||
2015 | 190 | ||||||||||||||||
2016 | 190 | ||||||||||||||||
2017 | 143 |
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
7 | Deposits | ||||||||
The following table presents a summary of deposits at December 31: | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Demand deposits | $ | 1,069,631 | $ | 1,035,847 | |||||
Money market accounts | 870,291 | 843,224 | |||||||
Savings accounts | 120,000 | 126,885 | |||||||
Time deposits of $100,000 or more | 85,205 | 97,704 | |||||||
Time deposits of less than $100,000 | 30,863 | 34,603 | |||||||
Checking with interest | 457,754 | 381,698 | |||||||
Total Deposits | $ | 2,633,744 | $ | 2,519,961 | |||||
The Company participates in a reciprocal sweep arrangement with other financial institutions through an intermediary which provides customers with balances in excess of FDIC insurance limits a vehicle to expand the insurable amount of their deposits. Money market and checking with interest deposit balances under this arrangement totaled $49,408 and $21,515 at December 31, 2013 and 2012, respectively. Deposits under this arrangement are considered brokered deposits for regulatory reporting purposes. The Company had no other brokered deposits at December 31, 2013 or 2012. | |||||||||
Scheduled maturities of time deposits for each of the five years subsequent to December 31, 2013 are as follows: | |||||||||
Year | Amount | ||||||||
(In thousands) | |||||||||
2014 | $ | 99,283 | |||||||
2015 | 5,505 | ||||||||
2016 | 4,859 | ||||||||
2017 | 4,108 | ||||||||
2018 | 2,313 |
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Borrowings | ' | ||||||||||||||||
8 | Borrowings | ||||||||||||||||
The Company’s borrowings with original maturities of one year or less totaled $34,379 and $34,624 at December 31, 2013 and 2012, respectively. Such short-term borrowings consisted entirely of customer repurchase agreements at December 31, 2013 and 2012. Other borrowings totaled $16,388 and $16,428 at December 31, 2013 and 2012, respectively, which included a $15,000 callable fixed rate FHLB borrowing with an initial stated maturity of ten years and a $1,300 non-callable FHLB borrowing with an initial maturity of thirty years at December 31, 2013 and 2012. The callable borrowing of $15,000 from FHLB matures in 2016. The FHLB has the right to call this borrowing at various dates in 2013 and quarterly thereafter. The non-callable borrowing of $1,300 matures in 2027. Our FHLB term borrowings are subject to prepayment penalties under certain circumstances in the event of prepayment. | |||||||||||||||||
In early January 2014, the Company prepaid all of its outstanding Federal Home Loan Bank borrowings. The borrowings totaled $16,400 and the related prepayment penalty totaled $1,900 which was recorded in earnings at the time of the prepayment. | |||||||||||||||||
Interest expense on all borrowings totaled $751, $826 and $2,028 in 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, these borrowings were collateralized by loans and securities with an estimated fair value of $50,767 and $51,226, respectively. | |||||||||||||||||
The following table summarizes the average balances, weighted average interest rates and the maximum month-end outstanding amounts of the Company’s borrowings for each of the following years: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Average balance: | Short-term | $ | 26,738 | $ | 45,619 | $ | 49,678 | ||||||||||
Other Borrowings | 16,407 | 16,446 | 40,184 | ||||||||||||||
Weighted average interest rate | Short-term | 0.1 | % | 0.2 | % | 0.5 | % | ||||||||||
(for the year): | |||||||||||||||||
Other Borrowings | 4.4 | 4.4 | 4.4 | ||||||||||||||
Weighted average interest rate | Short-term | 0.1 | % | 0.3 | % | 0.3 | % | ||||||||||
(at year end): | |||||||||||||||||
Other Borrowings | 4.4 | 4.4 | 4.4 | ||||||||||||||
Maximum month-end outstanding amount: | Short-term | $ | 34,379 | $ | 56,312 | $ | 61,897 | ||||||||||
Other Borrowings | 16,425 | 16,463 | 87,748 | ||||||||||||||
HVB is a member of the FHLB. As a member, HVB is able to participate in various FHLB borrowing programs which require certain investments in FHLB common stock as a prerequisite to obtaining funds. As of December 31, 2013, HVB had short-term borrowing lines with the FHLB of $200 million with no amounts outstanding. These, and various other FHLB borrowing programs available to members, are subject to availability of qualifying loan and/or investment securities collateral and other terms and conditions. | |||||||||||||||||
HVB also has unsecured overnight borrowing lines totaling $75 million with three major financial institutions which were all unused and available at December 31, 2013. In addition, HVB has approved lines under Retail Certificate of Deposit Agreements with three major financial institutions totaling $1.0 billion of which no balances were outstanding as at December 31, 2013. Utilization of these lines is subject to product availability and other restrictions. | |||||||||||||||||
Additional liquidity is also provided by the Company’s ability to borrow from the Federal Reserve Bank’s discount window. In response to the current economic crisis, the Federal Reserve Bank has increased the ability of banks to borrow from this source through its Borrower-in-Custody (“BIC”) program, which expanded the types of collateral which qualify as security for such borrowings. HVB has been approved to participate in the BIC program. There were no balances outstanding with the Federal Reserve at December 31, 2013. | |||||||||||||||||
As of December 31, 2013, the Company had qualifying loan and investment securities totaling approximately $556 million which could be utilized under available borrowing programs thereby increasing liquidity. | |||||||||||||||||
The various borrowing programs discussed above are subject to certain restrictions and terms and conditions which may include continued availability of such borrowing programs, the Company’s ability to pledge qualifying collateral in sufficient amounts, the Company’s maintenance of capital ratios acceptable to these lenders and other conditions which may be imposed on the Company. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
9 | Income Taxes | ||||||||||||||||||||||||
The reconciliation between the provision (benefit) for income taxes and the amount computed using the federal statutory rate is as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Income tax at statutory rate | $ | (1,223 | ) | 35 | % | $ | 16,144 | 35 | % | $ | (2,643 | ) | 35 | % | |||||||||||
State and local income tax, net of Federal benefit | (807 | ) | 23.1 | % | 2,446 | 5.3 | % | (3 | ) | 0.1 | % | ||||||||||||||
Tax-exempt interest income | (1,585 | ) | 45.3 | % | (1,712 | ) | (3.7 | )% | (1,873 | ) | 24.8 | % | |||||||||||||
Non-deductible expenses and other | (1,011 | ) | 28.9 | % | 67 | 0.1 | % | (894 | ) | 11.8 | % | ||||||||||||||
Provision (benefit) for income taxes | $ | (4,626 | ) | 132.3 | % | $ | 16,945 | 36.7 | % | $ | (5,413 | ) | 71.7 | % | |||||||||||
The components of the provision (benefit) for income taxes were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Federal: | |||||||||||||||||||||||||
Current | $ | 3,476 | $ | 13,457 | $ | (11,167 | ) | ||||||||||||||||||
Deferred | (6,860 | ) | (275 | ) | 5,759 | ||||||||||||||||||||
State and Local: | |||||||||||||||||||||||||
Current | 892 | 1,560 | 678 | ||||||||||||||||||||||
Deferred | (2,134 | ) | 2,203 | (683 | ) | ||||||||||||||||||||
Total | $ | (4,626 | ) | $ | 16,945 | $ | (5,413 | ) | |||||||||||||||||
The tax effect of temporary differences giving rise to deferred tax assets and liabilities were as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Allowance for loan losses | $ | 10,763 | — | $ | 10,953 | — | |||||||||||||||||||
Supplemental executive retirement benefit | 5,229 | — | 4,764 | — | |||||||||||||||||||||
Other-than-temporary impairment of investments | 4,655 | — | 4,123 | — | |||||||||||||||||||||
Other | 2,700 | $ | 597 | 2,816 | — | ||||||||||||||||||||
Unfunded SERP liability | 695 | — | 981 | — | |||||||||||||||||||||
Deferred compensation | 235 | — | 240 | — | |||||||||||||||||||||
Share based compensation costs | 287 | — | 194 | — | |||||||||||||||||||||
State net operating loss carryforward | 189 | — | — | — | |||||||||||||||||||||
Intangible assets | 2,820 | — | — | $ | 3,825 | ||||||||||||||||||||
Property and equipment | 1,198 | — | — | 780 | |||||||||||||||||||||
Unrealized gains/losses on available for sale securities | 3,259 | — | — | 203 | |||||||||||||||||||||
Total | $ | 32,030 | $ | 597 | $ | 24,071 | $ | 4,808 | |||||||||||||||||
Net deferred tax asset | $ | 31,433 | $ | 19,263 | |||||||||||||||||||||
The Company determined that it was not required to establish a valuation allowance for deferred tax assets in accordance with GAAP since it is more likely than not that the deferred tax asset will be realized through carryback to taxable income in prior years, future reversals of existing taxable temporary differences, and future taxable income. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, the Company had no unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company policy is to recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. There were no expenses accrued for interest and penalties on unrecognized tax benefits for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
In May 2013, the Internal Revenue Service (IRS) commenced a routine examination of the Company’s 2009, 2010 and 2011 income tax returns. In January 2014, the Company received preliminary results of the examinations and there were no significant adjustments noted. In September 2013, the examination of the Company’s New York State income tax returns for the years 2005 through 2008 were completed without adjustment. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Capital Requirements | ' | ||||||||||||||||||||||||
10 | Regulatory Capital Requirements | ||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory — and possibly additional discretionary — actions by regulators that, if undertaken, could have a direct material effect on the financial statements of the Company and the Bank. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Quantitative measures established by regulation to ensure capital adequacy require the Company and HVB to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). | |||||||||||||||||||||||||
Capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prior to October 31, 2013, due to the concentration of commercial real estate loans in our portfolio, the OCC required HVB to maintain a total risk-based capital ratio of at least 12.0 percent (compared to 10.0 percent for a well capitalized bank), a Tier 1 risk-based capital ratio of at least 10.0 percent (compared to 6.0 percent for a well capitalized bank), and a Tier 1 leverage ratio of at least 8.0 percent (compared to 5.0 percent for a well capitalized bank). In October 2013, this requirement was terminated. | |||||||||||||||||||||||||
The following summarizes the capital requirements and capital position at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Actual | Minimum for | Minimum to be | |||||||||||||||||||||||
Capital Adequacy | Well Capitalized | ||||||||||||||||||||||||
Under Prompt | |||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Capital Ratios: | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
HVB Only: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total Capital (To Risk Weighted Assets) | $ | 295,940 | 17.1 | % | $ | 138,533 | 8 | % | $ | 173,167 | 10 | % | |||||||||||||
Tier 1 Capital (To Risk Weighted Assets) | 274,239 | 15.8 | % | 69,267 | 4 | % | 103,900 | 6 | % | ||||||||||||||||
Tier 1 Capital (To Average Assets) | 274,239 | 9.3 | % | 118,062 | 4 | % | 147,578 | 5 | % | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total Capital (To Risk Weighted Assets) | $ | 281,681 | 17.4 | % | $ | 129,152 | 8 | % | $ | 161,439 | 10 | % | |||||||||||||
Tier 1 Capital (To Risk Weighted Assets) | 261,421 | 16.2 | % | 64,576 | 4 | % | 96,864 | 6 | % | ||||||||||||||||
Tier 1 Capital (To Average Assets) | 261,421 | 9.2 | % | 114,100 | 4 | % | 142,625 | 5 | % | ||||||||||||||||
Consolidated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total Capital (To Risk Weighted Assets) | $ | 303,059 | 17.5 | % | $ | 138,843 | 8 | % | |||||||||||||||||
Tier 1 Capital (To Risk Weighted Assets) | 281,310 | 16.2 | % | 69,422 | 4 | % | |||||||||||||||||||
Tier 1 Capital (To Average Assets) | 281,310 | 9.5 | % | 118,257 | 4 | % | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total Capital (To Risk Weighted Assets) | $ | 286,436 | 17.7 | % | $ | 129,318 | 8 | % | |||||||||||||||||
Tier 1 Capital (To Risk Weighted Assets) | 266,150 | 16.5 | % | 64,659 | 4 | % | |||||||||||||||||||
Tier 1 Capital (To Average Assets) | 266,150 | 9.3 | % | 114,259 | 4 | % | |||||||||||||||||||
Management believes, as of December 31, 2013, that the Bank had capital in excess of the minimum level required to meet the definition of “well capitalized”. At December 31, 2012, the Company and the Bank met all capital adequacy requirements to which they were subject. | |||||||||||||||||||||||||
In addition, pursuant to Rule 15c3-1 of the Securities and Exchange Commission, ARS as a broker-dealer is required to maintain minimum “net capital” as defined under such rule. As of December 31, 2013 and 2012, ARS exceeded its minimum capital requirement. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
11 | 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 2013: | |||||||||||||||||||||
Prior Option Plans (1): | Shares | Weighted | Aggregate | Weighted Average | |||||||||||||||||
Average Grant or | Intrinsic Value (2) | Remaining | |||||||||||||||||||
Exercise Price | (In thousands) | Contractual Term | |||||||||||||||||||
Outstanding at December 31, 2012 | 428,111 | $ | 20.21 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Exercised | (60,732 | ) | 17.16 | ||||||||||||||||||
Cancelled or Expired | (71,752 | ) | 16.99 | ||||||||||||||||||
Outstanding at December 31, 2013 | 295,627 | 21.62 | $ | 263 | 1.5 | ||||||||||||||||
Exercisable at December 31, 2013 | 295,627 | 21.62 | 263 | 1.5 | |||||||||||||||||
Non-vested at December 31, 2013 | — | — | |||||||||||||||||||
2010 Omnibus Incentive Plan: | |||||||||||||||||||||
Non-vested at December 31, 2012 | 202,005 | $ | 16.25 | ||||||||||||||||||
Granted at fair value | 155,853 | 16.29 | |||||||||||||||||||
Restriction released | (103,291 | ) | 16.17 | ||||||||||||||||||
Cancelled | (3,293 | ) | 17.22 | ||||||||||||||||||
Non-vested at December 31, 2013 | 251,274 | 16.3 | |||||||||||||||||||
Available for grant at December 31, 2012 | 1,121,322 | ||||||||||||||||||||
Restricted stock awards | (155,853 | ) | $ | 16.29 | |||||||||||||||||
Unissued or cancelled | 3,293 | 17.22 | |||||||||||||||||||
Available for future grant | 968,762 | ||||||||||||||||||||
-1 | Prior Option Plans did not include restricted stock awards. | ||||||||||||||||||||
-2 | The aggregate intrinsic value of a stock option in the table above represents the total pretax intrinsic value (the amount by which the current market 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 December 31, 2013. This amount changes based on changes in the market value of the Company’s stock. | ||||||||||||||||||||
The following table summarizes the range of exercise prices of the Company’s stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
Exercise Price | Number | Remaining | Exercise | ||||||||||||||||||
of Options | Life (Years) | Price | |||||||||||||||||||
$ | 17.94 | $ | 18.21 | 50,204 | 0.7 | $ | 18.2 | ||||||||||||||
18.21 | 23.77 | 175,483 | 1.4 | 20.91 | |||||||||||||||||
23.77 | 36.29 | 69,940 | 2.3 | 25.87 | |||||||||||||||||
Total Options Outstanding | 17.94 | 36.29 | 295,627 | 1.5 | 21.62 | ||||||||||||||||
Exercisable | 17.94 | 36.29 | 295,627 | 1.5 | 21.62 | ||||||||||||||||
Not Exercisable | — | — | — | — | — | ||||||||||||||||
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 non-vested options at December 31, 2013 and 292 non-vested options with a weighted average exercise price of $36.13 outstanding at December 31, 2012. There were no forfeitures of non-vested options during 2013. There were no stock options granted in the years ended December 31, 2013 and 2012. | |||||||||||||||||||||
There was no compensation expense related to the Company’s stock option plans included in net income for the year ended December 31, 2013. Compensation (benefit) expense of ($63) and $125 related to the Company’s stock option plans was included in net income for the years ended December 31, 2012 and 2011, respectively. The benefit in 2012 resulted from forfeiture reversals in excess of expense amortization. The total tax benefit related thereto was $0 and $5, respectively. There was no remaining unrecognized compensation expense related to stock options at December 31, 2013. Cash received from option exercises was $1,042, $547 and $1,223 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Compensation expense of $1,918 and $457 related to the Company’s restricted stock awards was included in net income and the related tax benefit was $794 and $189 for the years ended December 31, 2013 and 2012, respectively. There were no restricted stock awards prior to 2012. Unrecognized compensation expense related to restricted stock awards totaled $3,168 and $3,284 at December 31, 2013 and 2012, respectively. This expense is expected to be recognized over a remaining weighted average period of 2.3 years. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
12 | 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 December 31, 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 2 “Securities” for further discussion of pooled trust preferred securities. | |||||||||||||||||
Impaired Loans — At the time a loan is considered impaired, it is generally 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. | |||||||||||||||||
Assets and liabilities measured at fair value are summarized below: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical Assets | Observable Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(In thousands) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | — | $ | 93,692 | — | $ | 93,692 | |||||||||||
Mortgage-backed securities — residential | — | 339,695 | — | 339,695 | |||||||||||||
Obligations of states and political subdivisions | — | 89,304 | — | 89,304 | |||||||||||||
Other debt securities | — | 9,529 | — | 9,529 | |||||||||||||
Mutual funds and other equity securities | $ | 9,978 | — | — | 9,978 | ||||||||||||
Total assets at fair value | $ | 9,978 | $ | 532,220 | — | $ | 542,198 | ||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: (1) | |||||||||||||||||
Commercial Real Estate | — | — | — | — | |||||||||||||
Construction | — | — | — | — | |||||||||||||
Residential | — | — | $ | 380 | $ | 380 | |||||||||||
Commercial & Industrial | — | — | 895 | 895 | |||||||||||||
Total assets at fair value | — | — | $ | 1,275 | $ | 1,275 | |||||||||||
-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, 2013 was $1,275 for which no specific allowance has been established within the allowance for loan losses. During 2013, $31 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) | |||||||||||||||
(In thousands) | |||||||||||||||||
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, 2013 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 periods indicated: | |||||||||||||||||
Level 3 Assets Measured | |||||||||||||||||
on a Recurring Basis | |||||||||||||||||
For the Year Ended | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | 2,950 | $ | 2,816 | |||||||||||||
Additions to Level 3 | 263 | 441 | |||||||||||||||
Net unrealized gain (loss) included in other comprehensive income (1) | 7,571 | 1,267 | |||||||||||||||
Principal payments | (791 | ) | (1,046 | ) | |||||||||||||
Recognized impairment charge included in the statement of income (2) | (1,240 | ) | (528 | ) | |||||||||||||
Transfers out of Level 3 | (8,753 | ) | — | ||||||||||||||
Balance at end of period | $ | — | $ | 2,950 | |||||||||||||
-1 | Reported under “Gains recognized in comprehensive income” | ||||||||||||||||
-2 | Reported under “Net impairment loss recognized in earnings” | ||||||||||||||||
All of the Company’s pooled trust preferred securities, with a fair value of $8,753 as of December 31, 2013, were transferred from Level 3 to Level 2 because observable market data became available for the securities. | |||||||||||||||||
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 the dates indicated: | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
December 31, 2013 | Technique | Inputs | (Weighted Average) | ||||||||||||||
(In thousands) | |||||||||||||||||
Impaired loans — residential real estate | $ | 380 | Sales comparison approach | Discounts to appraisals | 0% (0%) | ||||||||||||
for market conditions | |||||||||||||||||
Impaired loans — commercial and industrial | 895 | Sales comparison approach | Discounts to appraisals | 0% (0%) | |||||||||||||
for market conditions | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
December 31, 2012 | Technique | Inputs | (Weighted Average) | ||||||||||||||
(In thousands) | |||||||||||||||||
Impaired loans — commercial real estate | $ | 6,835 | Sales comparison or | Discounts to appraisals | 0%-62% (8%) | ||||||||||||
income approach | for market conditions | ||||||||||||||||
Capitalization rate | 8% | ||||||||||||||||
Impaired loans — construction | 3,219 | Sales comparison approach | Discounts to appraisals | 0%-21% (6%) | |||||||||||||
for market conditions | |||||||||||||||||
Impaired loans — residential real estate | 8,514 | Sales comparison or income | Discounts to appraisals | 0%-47% (4%) | |||||||||||||
approach | for market conditions | ||||||||||||||||
Impaired loans — commercial and industrial | 1,737 | Sales comparison approach — | Discounts to appraisals | 7% (7%) | |||||||||||||
secondary collateral | for market conditions | ||||||||||||||||
Other real estate owned | 250 | Sales comparison approach | Discounts to appraisals | 0% (0%) | |||||||||||||
for market conditions | |||||||||||||||||
Loans held for sale | 2,317 | Third party bids | Bids from interested | 60%-65% (64%) | |||||||||||||
third parties |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Benefit Plans | ' | ||||||||||||
13 | Benefit Plans | ||||||||||||
The Hudson Valley Bank Employees’ Defined Contribution Pension Plan covers substantially all employees. Pension costs charged to current operations included 5.0 percent of each participant’s earnings in 2013 and 2012. Pension costs charged to operating expenses totaled $914, $1,219 and $1,265 in 2013, 2012 and 2011, respectively. | |||||||||||||
The Hudson Valley Bank Employees’ Savings Plan covers substantially all employees. The Company matches 25 percent of employee contributions annually, up to 4 percent of base salary. Savings Plan costs charged to expense totaled approximately $176, $180 and $168 in 2013, 2012 and 2011, respectively. | |||||||||||||
The Company’s matching contribution under the Employees’ Savings Plan as well as its contribution to the Defined Contribution Pension Plan is in the form of cash. Neither plan holds any shares of the Company’s stock. | |||||||||||||
Additional retirement benefits are provided to certain officers and directors of HVB pursuant to unfunded supplemental plans. Costs for the supplemental pension plans totaled $1,944, $1,586 and $1,397 in 2013, 2012 and 2011, respectively. The Company uses a December 31 measurement date for the supplemental plans and makes contributions to the plans only as benefit payments become due. | |||||||||||||
The following tables set forth the status of the Company’s supplemental plans as of December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 14,038 | $ | 12,688 | $ | 11,414 | |||||||
Service cost | 521 | 506 | 429 | ||||||||||
Interest cost | 673 | 642 | 638 | ||||||||||
Amendments | — | — | — | ||||||||||
Actuarial loss | 33 | 895 | 819 | ||||||||||
Benefits paid | (900 | ) | (693 | ) | (612 | ) | |||||||
Benefit obligation at end of year | $ | 14,365 | $ | 14,038 | $ | 12,688 | |||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | |||||||||||||
Actual return on assets | — | — | — | ||||||||||
Employer contribution | $ | 900 | $ | 693 | $ | 612 | |||||||
Benefits paid | (900 | ) | (693 | ) | (612 | ) | |||||||
Fair value of plan assets at end of year | — | — | — | ||||||||||
Funded status at year end | $ | (14,365 | ) | $ | (14,038 | ) | $ | (12,688 | ) | ||||
Amounts recognized in accumulated other comprehensive income at December 31 consist of: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net actuarial loss | $ | 1,738 | $ | 2,671 | $ | 2,447 | |||||||
Prior service cost | — | (216 | ) | (449 | ) | ||||||||
$ | 1,738 | $ | 2,455 | $ | 1,998 | ||||||||
The accumulated benefit obligation was $13,704 and $13,360 at December 31, 2013 and 2012, respectively. | |||||||||||||
The following table consists of the weighted average assumptions and components of net periodic benefit cost and other amounts recognized in other comprehensive income for the years indicated: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Weighted Average Assumptions: | |||||||||||||
Discount rate | 3.95 | % | 3.5 | % | 4.5 | % | |||||||
Expected return on plan assets | — | — | — | ||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive income: | |||||||||||||
Service cost | $ | 521 | $ | 506 | $ | 429 | |||||||
Interest cost | 673 | 642 | 638 | ||||||||||
Expected return on plan assets | — | — | — | ||||||||||
Amortization of transition obligation | — | — | — | ||||||||||
Amortization of prior service cost | (216 | ) | (233 | ) | (233 | ) | |||||||
Amortization of net loss | 966 | 671 | 557 | ||||||||||
Net periodic benefit cost | 1,944 | 1,586 | 1,391 | ||||||||||
Net (gain) loss | (933 | ) | 224 | 262 | |||||||||
Amortization of prior service cost | 216 | 233 | 233 | ||||||||||
Total recognized in other comprehensive income | (717 | ) | 457 | 495 | |||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 1,227 | $ | 2,043 | $ | 1,886 | |||||||
The estimated net loss and prior service costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2014 are $752 and $0, respectively. | |||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated: | |||||||||||||
Year | Pension Benefit | ||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 1,067 | |||||||||||
2015 | 1,362 | ||||||||||||
2016 | 1,221 | ||||||||||||
2017 | 1,181 | ||||||||||||
2018 | 1,198 | ||||||||||||
Years 2019-2023 | 6,169 |
Commitments_Contingent_Liabili
Commitments, Contingent Liabilities and Other Disclosures | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments, Contingent Liabilities and Other Disclosures | ' | ||||
14 | Commitments, Contingent Liabilities and Other Disclosures | ||||
The Company is obligated under leases and other contracts for certain of its branches and equipment. Minimum rental commitments for bank premises and equipment under non-cancelable operating leases are as follows: | |||||
Year | Amount | ||||
(In thousands) | |||||
2014 | $ | 5,129 | |||
2015 | 5,151 | ||||
2016 | 4,717 | ||||
2017 | 4,359 | ||||
2018 | 3,630 | ||||
Thereafter | 10,559 | ||||
Total minimum future payments | $ | 33,545 | |||
Rent expense for premises and equipment was $3,852, $3,832 and $4,254 in 2013, 2012 and 2011, respectively. | |||||
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, 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. | |||||
Cash Reserve Requirements | |||||
HVB is required to maintain average reserve balances under the Federal Reserve Act and Regulation D issued thereunder. Such reserves totaled $15,874 at December 31, 2013. | |||||
Restrictions on Funds Transfers | |||||
There are various restrictions which limit the ability of a bank subsidiary to transfer funds in the form of cash dividends, loans or advances to the parent company. Under federal law, the approval of the primary regulator is required if dividends declared by a bank in any year exceed the net profits of that year, as defined, combined with the retained net profits for the two preceding years. Under applicable banking statutes, at December 31, 2013, the Bank could have declared additional dividends of approximately $15,100 to the Company. |
Segment_Information
Segment Information | 12 Months Ended | |
Dec. 31, 2013 | ||
Segment Reporting [Abstract] | ' | |
Segment Information | ' | |
15 | Segment Information | |
The Company has one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, commercial lending is dependent upon the ability of the Company to fund itself with retail deposits and other borrowings and to manage interest rate and credit risk. This situation is also similar for consumer and residential mortgage lending. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. | ||
The Company operates only in the U.S. domestic market, primarily in the New York metropolitan area. For the years ended December 31, 2013, 2012 and 2011, there is no customer that accounted for more than 10% of the Company’s revenue. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
16 | Fair Value of Financial Instruments | ||||||||||||||||||||
The “Financial Instruments” topic of the FASB Accounting Standards Codification requires the disclosure of the estimated fair value of certain financial instruments. These estimated fair values as of December 31, 2013 and 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 were as follows: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
December 31, 2013 | 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) | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Financial assets for which carrying value approximates fair value | $ | 726.5 | $ | 726.5 | $ | 726.5 | — | — | |||||||||||||
Held to maturity securities and accrued interest | 6.2 | 6.6 | — | $ | 6.6 | — | |||||||||||||||
FHLB Stock | 3.5 | N/A | — | — | — | ||||||||||||||||
Loans and accrued interest | 1,637.30 | 1,655.60 | — | — | $ | 1,655.60 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits with no stated maturity and accrued interest | 2,517.80 | 2,517.80 | 2,517.80 | — | — | ||||||||||||||||
Time deposits and accrued interest | 116.1 | 116.1 | — | 116.1 | — | ||||||||||||||||
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 34.4 | 34.4 | 34.4 | — | — | ||||||||||||||||
Other borrowings and accrued interest | 16.5 | 14.6 | — | 14.6 | — | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
December 31, 2012 | 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) | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Financial assets for which carrying valueapproximates 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 amount 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 used 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. |
Condensed_Financial_Informatio
Condensed Financial Information of Hudson Valley Holding Corp. | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Financial Information of Hudson Valley Holding Corp. | ' | ||||||||||||
17 | Condensed Financial Information of Hudson Valley Holding Corp. | ||||||||||||
(Parent Company Only) | |||||||||||||
Condensed Balance Sheets | |||||||||||||
(In thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Due from banks | $ | 1,381 | $ | 975 | |||||||||
Investment in subsidiaries | 282,072 | 289,427 | |||||||||||
Equity securities | 1,223 | 952 | |||||||||||
Other assets | 71 | 27 | |||||||||||
Total Assets | $ | 284,747 | $ | 291,381 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Other liabilities | $ | 438 | $ | 410 | |||||||||
Stockholders’ equity | 284,309 | 290,971 | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | 284,747 | $ | 291,381 | |||||||||
Condensed Statements of Income | |||||||||||||
(In thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividends from subsidiaries | $ | 4,685 | $ | 7,040 | $ | 5 | |||||||
Dividends from equity securities | 50 | 105 | 76 | ||||||||||
Other income | — | — | 2 | ||||||||||
Operating expenses | 553 | 619 | 699 | ||||||||||
Income (loss) before equity in undistributed earnings of subsidiaries | 4,182 | 6,526 | (616 | ) | |||||||||
Equity in undistributed earnings of subsidiaries | (3,052 | ) | 22,655 | (1,521 | ) | ||||||||
Net Income (Loss) | $ | 1,130 | $ | 29,181 | $ | (2,137 | ) | ||||||
Condensed Statements of Cash Flows | |||||||||||||
(In thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Activities: | |||||||||||||
Net income (loss) | $ | 1,130 | $ | 29,181 | $ | (2,137 | ) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | 3,052 | (22,655 | ) | 1,521 | |||||||||
(Decrease) increase in other liabilities | (108 | ) | (113 | ) | 25 | ||||||||
(Increase) decrease in other assets | (44 | ) | (1 | ) | 3 | ||||||||
Other changes, net | (49 | ) | — | — | |||||||||
Net cash provided by (used in) operating activities | 3,981 | 6,412 | (588 | ) | |||||||||
Investing Activities: | |||||||||||||
Proceeds from sales of equity securities | 60 | 8 | 4 | ||||||||||
Net cash provided (used) by investing activities | 60 | 8 | 4 | ||||||||||
Financing Activities: | |||||||||||||
Proceeds from issuance of common stock and sale of treasury stock | 1,094 | 547 | 1,223 | ||||||||||
Cash dividends paid | (4,729 | ) | (14,125 | ) | (12,401 | ) | |||||||
Net cash used in financing activities | (3,635 | ) | (13,578 | ) | (11,178 | ) | |||||||
Increase (decrease) in cash and cash equivalents | 406 | (7,158 | ) | (11,762 | ) | ||||||||
Cash and cash equivalents, beginning of period | 975 | 8,133 | 19,895 | ||||||||||
Cash and cash equivalents, end of year | $ | 1,381 | $ | 975 | $ | 8,133 | |||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
18 | 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 non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. | |||||||||||||
The following is a reconciliation of earnings per share for the years indicated: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except share and per share data) | |||||||||||||
Net income (loss) | $ | 1,130 | $ | 29,181 | $ | (2,137 | ) | ||||||
Less: Dividends paid on and earnings allocated to participating securities | 13 | 115 | — | ||||||||||
Income (loss) attributable to common stock | $ | 1,117 | $ | 29,066 | $ | (2,137 | ) | ||||||
Weighted average common shares outstanding, including participating securities | 19,876,377 | 19,620,251 | 19,462,055 | ||||||||||
Less: Weighted average participating securities | 278,946 | 81,957 | — | ||||||||||
Weighted average common shares outstanding | 19,597,431 | 19,538,294 | 19,462,055 | ||||||||||
Basic earnings (loss) per common share | $ | 0.06 | $ | 1.49 | $ | (0.11 | ) | ||||||
Weighted average common shares outstanding | 19,597,431 | 19,538,294 | 19,462,055 | ||||||||||
Weighted average common equivalent shares outstanding | 282 | 6,743 | — | ||||||||||
Weighted average common and equivalent shares outstanding | 19,597,713 | 19,545,037 | 19,462,055 | ||||||||||
Diluted earnings per common share | $ | 0.06 | $ | 1.49 | $ | (0.11 | ) | ||||||
Dividends per common share | $ | 0.24 | $ | 0.72 | $ | 0.64 | |||||||
There were 295,627, 330,568 and 616,382 options outstanding at December 31, 2013, 2012 and 2011, respectively, which 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. The 2011 per share amounts reflect the 10 percent stock dividends paid in November 2011. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
19 | 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: | |||||||||||||
Securities | Defined | Accumulated | |||||||||||
Available | Benefit | Other | |||||||||||
For Sale | Plans | Comprehensive | |||||||||||
Income | |||||||||||||
(In thousands) | |||||||||||||
Balance at January 1, 2013 | $ | 624 | $ | (1,473 | ) | $ | (849 | ) | |||||
Other comprehensive loss before reclassification | (6,684 | ) | (20 | ) | (6,703 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 732 | 450 | 1,181 | ||||||||||
Net other comprehensive (loss) income during period | (5,952 | ) | 430 | (5,522 | ) | ||||||||
Balance at December 31, 2013 | $ | (5,328 | ) | $ | (1,043 | ) | $ | (6,371 | ) | ||||
Balance at January 1, 2012 | $ | 2,924 | $ | (1,198 | ) | $ | 1,726 | ||||||
Other comprehensive (loss) income before reclassification | (2,612 | ) | (539 | ) | (3,150 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 312 | 264 | 575 | ||||||||||
Net other comprehensive (loss) income during period | (2,300 | ) | (275 | ) | (2,575 | ) | |||||||
Balance at December 31, 2012 | $ | 624 | $ | (1,473 | ) | $ | (849 | ) | |||||
Balance at January 1, 2011 | $ | 1,828 | $ | (901 | ) | $ | 927 | ||||||
Other comprehensive (loss) income before reclassification | 892 | (491 | ) | 400 | |||||||||
Amounts reclassified from accumulated other comprehensive income | 204 | 194 | 398 | ||||||||||
Net other comprehensive (loss) income during period | 1,096 | (297 | ) | 799 | |||||||||
Balance at December 31, 2011 | $ | 2,924 | $ | (1,198 | ) | $ | 1,726 | ||||||
The following table represents the reclassification out of accumulated other comprehensive income for the years indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Unrealized gains (losses) on securities available for sale: | |||||||||||||
Realized gains (losses) on securities transactions | — | — | $ | 21 | |||||||||
Other-than-temporary impairment charges | $ | (1,240 | ) | $ | (528 | ) | (368 | ) | |||||
Income tax expense | 508 | 216 | 143 | ||||||||||
Net of tax | (732 | ) | (312 | ) | (204 | ) | |||||||
Amortization of pension and post-retirement benefit items: | |||||||||||||
Amortization of net actuarial loss | (966 | ) | (671 | ) | (966 | ) | |||||||
Amortization of prior service cost | 216 | 233 | 216 | ||||||||||
Income tax expense | 301 | 174 | 130 | ||||||||||
Net of tax | (449 | ) | (264 | ) | (620 | ) | |||||||
Total reclassifications, net of tax | $ | (1,180 | ) | $ | (575 | ) | $ | (825 | ) | ||||
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. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
20 | Subsequent Events | |
In early January 2014, the Company prepaid all of its outstanding Federal Home Loan Bank borrowings. The borrowings totaled $16,400 and the related prepayment penalty totaled $1,900. The effect of the prepayment will be reflected in the Company’s first quarter 2014 financial results. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Description of Operations and Basis of Presentation | ' |
Description of Operations and Basis of Presentation — The consolidated financial statements include the accounts of Hudson Valley Holding Corp. and its wholly owned subsidiaries, Hudson Valley Bank N.A. and its subsidiaries (the “Bank” or “HVB”) and HVHC Risk Management Corp (“HVHC RMC”) (collectively the “Company”). The Company offers a broad range of banking and related services to businesses, professionals, municipalities, not-for-profit organizations and individuals. HVB is a national banking association headquartered in Westchester County, New York. HVB has 28 branch offices, 17 in Westchester County, New York, 2 in Rockland County, New York, and 9 in New York City. The Company also provides investment management and broker-dealer services to its customers through the Bank’s wholly-owned subsidiary, A.R. Schmeidler & Co., Inc. (“ARS”), a Manhattan, New York based money management firm. During 2013, HVB formed HVB Capital Credit LLC to offer asset-based lending products. All significant intercompany balances and transactions have been eliminated in consolidation. | |
The consolidated financial statements have been prepared in accordance with generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and income and expenses for the period. Actual results could differ significantly from those estimates. Estimates that are particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses, valuation of goodwill, fair value of other real estate owned and fair value of financial instruments. In connection with the determination of the allowance for loan losses, management utilizes the work of professional appraisers for significant properties. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents — For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and interest bearing deposits in other banks (including the Federal Reserve Bank of New York). | |
Securities | ' |
Securities — Securities are classified as either available for sale, representing securities the Company may sell in the ordinary course of business, or as held to maturity, representing securities that the Company has determined that it is more likely than not that it would not be required to sell prior to maturity or recovery of cost. Securities available for sale are reported at fair value with unrealized gains and losses (net of tax) excluded from operations and reported in other comprehensive income. Securities held to maturity are stated at amortized cost. Interest income includes amortization of purchase premium and accretion of purchase discount. The amortization of premiums and accretion of discounts is determined by using the level yield method. Securities are not acquired for trading activities. Realized gains and losses from sales of securities are determined using the specific identification method. | |
The Company regularly reviews declines in the fair value of securities below their costs for purposes of determining whether such declines are other-than-temporary. In estimating other-than-temporary impairment (“OTTI”), management considers adverse changes in expected cash flows, the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. The Company also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized through earnings and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. | |
Loans Held for Sale | ' |
Loans Held for Sale — Loan sales occur in limited circumstances as part of strategic business or regulatory compliance initiatives. Loans held for sale, including deferred fees and costs, are reported at the lower of cost or fair value as determined by expected bid prices from potential investors. Loans held for sale are segregated into pools based on distinct criteria and the lower of cost or fair value analysis is performed at the pool level. Loans are sold without recourse and servicing released. When a loan is transferred from portfolio to held for sale and the fair value is less than cost, a charge off is recorded against the allowance for loan loss. Subsequent declines in fair value, if any, are recorded as a valuation allowance and charged against earnings. | |
Loans | ' |
Loans — Loans are reported at their outstanding principal balance, net of charge-offs, the allowance for loan losses, and deferred loan origination fees and costs. Loan origination fees and certain direct loan origination costs are deferred and recognized over the life of the related loan or commitment as an adjustment to yield, or taken directly into income when the related loan is sold or commitment expires. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses — The Company maintains an allowance for loan losses to absorb probable losses incurred in the loan portfolio based on ongoing quarterly assessments of the estimated losses. The Company’s methodology for assessing the appropriateness of the allowance consists of a specific component for identified problem loans, and a formula component which addresses historical loan loss experience together with other relevant risk factors affecting the portfolio. This methodology applies to all portfolio segments. | |
The specific component incorporates the Company’s analysis of impaired loans. These accounting standards prescribe the measurement methods, income recognition and disclosures related to impaired loans. A loan is recognized as impaired when it is probable that principal and/or interest are not collectible in accordance with the loan’s contractual terms. In addition, a loan which has been renegotiated with a borrower experiencing financial difficulties for which the terms of the loan have been modified with a concession that the Company would not otherwise have granted are considered troubled debt restructurings and are also recognized as impaired. Measurement of impairment can be based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral, taking into account estimated selling costs, if the loan is collateral dependent. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change. If the fair value of an impaired loan is less than the related recorded amount, a specific valuation component is established within the allowance for loan losses or, if the impairment is considered to be permanent, a full or partial charge-off is recorded against the allowance for loan losses. Triggering events that may impact the Company’s decision to record a specific reserve instead of a partial charge-off on impaired loans typically involve some uncertainty as to the amount of loss to be recorded. Examples include ongoing negotiations with a borrower, new appraisals or other collateral evaluations not yet received or completed and other factors where the decision to record a charge-off is considered premature. The Company has groups of smaller balance homogenous loans which are collectively reviewed for impairment. These groups include residential 1-4 family loans, home equity lines of credit and consumer loans. These loans are not individually risk rated while performing. They are either charged off or evaluated for impairment after 90 days delinquency. | |
The formula component is calculated by first applying historical loss experience factors to outstanding loans by type. The Company uses a three year average loss experience as the starting base for the formula component. This component is then adjusted to reflect additional risk factors not addressed by historical loss experience. These factors include the evaluation of then-existing economic and business conditions affecting the key lending areas of the Company and other conditions, such as new loan products, credit quality trends (including trends in nonperforming loans expected to result from existing conditions), collateral values, loan volumes and concentrations, recent charge-off and delinquency experience, specific industry conditions within portfolio segments that existed as of the balance sheet date and the impact that such conditions were believed to have had on the collectability of the loan portfolio. Senior management reviews these conditions quarterly. Management’s evaluation of the loss related to each of these conditions is quantified by portfolio segment and reflected in the formula component. The evaluations of the inherent loss with respect to these conditions is subject to a higher degree of uncertainty due to the subjective nature of such evaluations and because they are not identified with specific problem credits. | |
Actual losses can vary significantly from the estimated amounts. The Company’s methodology permits adjustments to the allowance in the event that, in management’s judgment, significant factors which affect the collectability of the loan portfolio as of the evaluation date have changed. | |
Management believes the allowance for loan losses is the best estimate of probable losses which have been incurred as of December 31, 2013 and 2012. There is no assurance that the Company will not be required to make future adjustments to the allowance in response to changing economic conditions, particularly in the Company’s service area, since the majority of the Company’s loans are collateralized by real estate. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments at the time of their examinations. | |
Loan Charge-Offs | ' |
Loan Charge-Offs — The Company’s charge-off policy covers all loan portfolio classes. Loans are generally fully or partially charged-off at the earlier of when it is determined that collection efforts are no longer productive or when they have been identified as permanent losses by management and/or bank examiners. Factors considered in determining whether collection efforts are no longer productive include any amounts currently being collected, the status of discussions or negotiations with the borrower, the principal and/or guarantors, the cost of continuing, efforts to collect, the status of any foreclosure or legal actions, the value of the collateral, and any other pertinent factors. For loans in groups that are collectively reviewed for impairment, actions taken after 90 days delinquency depend upon the principal balance. Consumer loans, loans and lines with balances of $100 thousand or less and other unsecured loans are charged off after 90 days delinquency. Residential 1-4 mortgages and home equity lines of credit greater than $100 thousand are placed on non-accrual status after 90 days delinquency and are immediately evaluated for collectability utilizing a collateral based impairment analysis. Full or partial charge-offs are taken for impairment recognition on these loans. The loans are then transferred to asset recovery or other legal channels for foreclosure or other resolution. | |
Income Recognition on Loans | ' |
Income Recognition on Loans — Interest on loans is accrued daily. Net loan origination and commitment fees are deferred and recognized as an adjustment of yield over the lives of the related loans. Loans, including impaired loans, are placed on a non-accrual status when management believes that interest or principal on such loans may not be collected in the normal course of business. When a loan is placed on non-accrual status, all interest previously accrued, but not collected, is reversed against interest income. Interest received on non-accrual loans generally is either applied against principal or reported as interest income, in accordance with management’s judgment as to the collectability of principal. Loans can be returned to accruing status when they become current as to principal and interest, demonstrate a period of performance under the contractual terms, and when, in management’s opinion, they are estimated to be fully collectible. This methodology applies to all loan classes. | |
Premises and Equipment | ' |
Premises and Equipment — Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, generally 3 to 5 years for furniture, fixtures and equipment and 31.5 years for buildings. Leasehold improvements are amortized over the lesser of the term of the lease or the estimated useful life of the asset. | |
Other Real Estate Owned ("OREO") | ' |
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. Credit losses arising at the time of foreclosure are charged against the allowance for loan losses. Subsequent valuations are periodically performed by management and the carrying value is adjusted by a charge to expense to reflect any subsequent declines in the estimated fair value. Routine holding costs are charged to expense as incurred. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets — Goodwill and identified intangible assets with indefinite useful lives are not subject to amortization. Identified intangible assets that have finite useful lives are amortized over those lives by a method which reflects the pattern in which the economic benefits of the intangible asset are used up. Goodwill is subject to impairment testing on an annual basis, or more often if events or circumstances indicate that impairment may exist. Identifiable intangible assets are subject to impairment if events or circumstances indicate that impairment may exist. If such testing indicates impairment in the values and/or remaining amortization periods of the intangible assets, adjustments are made to reflect such impairment. | |
Loss Contingencies | ' |
Loss Contingencies — Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Legal fees associated with loss contingencies are included in loss contingency accruals. | |
Income Taxes | ' |
Income Taxes — Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted. | |
At December 31, 2013 and 2012, the Company had no unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company policy is to recognize interest and penalties related to unrecognized taxes as a component of income tax expense. There were no expenses accrued for interest and penalties on unrecognized taxes for the years ended December 31, 2013 and 2012. | |
Stock-Based Compensation | ' |
Stock-Based Compensation — Compensation costs relating to share-based payment transactions are recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. Compensation costs related to share based payment transactions are expensed over their respective vesting periods. 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, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. See Note 11 “Stock-Based Compensation” herein for additional discussion. | |
Earnings per Common Share | ' |
Earnings per Common Share — ASC 260-10-45, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the calculation of earnings per share. Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per common share is similar to the computation of basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares, consisting solely of stock options, had been issued. | |
The 2011 per share amounts reflect the 10 percent stock dividends paid in November 2011. | |
Disclosures About Segments of an Enterprise and Related Information | ' |
Disclosures About Segments of an Enterprise and Related Information — “Segment Reporting” topic of the FASB Accounting Standards Codification establishes standards for the way business enterprises report information about operating segments and establishes standards for related disclosure about products and services, geographic areas, and major customers. The statement requires that a business enterprise report financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has one operating segment, “Community Banking.” | |
Bank Owned Life Insurance | ' |
Bank Owned Life Insurance — The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |
Retirement Plans | ' |
Retirement Plans — Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. Supplemental retirement plan expense allocates the benefits over years of service. | |
Other | ' |
Other — Certain 2012 and 2011 amounts have been reclassified to conform to the 2013 presentation. | |
Receivables - Troubled Debt Restructuring by Creditors | ' |
In January 2014, the FASB issued ASU 2014-04, “Receivables — Troubled Debt Restructuring by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure,” to clarify that when an in substance repossession or foreclosure occurs , a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014- 04 is effective for annual reporting periods beginning after December 15, 2014. The Company is in the process of evaluating the impact of ASU 2014-04 on its financial statements and processes. | |
Comprehensive Income | ' |
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. |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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 table sets 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 December 31: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | Amortized | Gross Unrealized | Estimated | ||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Classified as Available for Sale | |||||||||||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 94,427 | $ | 35 | $ | 770 | $ | 93,692 | $ | 53,197 | $ | 36 | $ | 10 | $ | 53,223 | |||||||||||||||||
Mortgage-backed securities — residential | 349,216 | 2,211 | 11,732 | 339,695 | 290,063 | 5,337 | 312 | 295,088 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 87,884 | 1,520 | 100 | 89,304 | 79,638 | 2,974 | 10 | 82,602 | |||||||||||||||||||||||||
Other debt securities | 9,529 | 4 | 4 | 9,529 | 11,319 | 1 | 7,572 | 3,748 | |||||||||||||||||||||||||
Total debt securities | 541,056 | 3,770 | 12,606 | 532,220 | 434,217 | 8,348 | 7,904 | 434,661 | |||||||||||||||||||||||||
Mutual funds and other equity securities | 9,729 | 636 | 387 | 9,978 | 10,026 | 507 | 124 | 10,409 | |||||||||||||||||||||||||
Total | $ | 550,785 | $ | 4,406 | $ | 12,993 | $ | 542,198 | $ | 444,243 | $ | 8,855 | $ | 8,028 | $ | 445,070 | |||||||||||||||||
Amortized | Gross Unrecognized | Estimated | Amortized | Gross Unrecognized | Estimated | ||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Classified as Held To Maturity | |||||||||||||||||||||||||||||||||
Mortgage-backed securities — residential | $ | 3,133 | $ | 249 | — | $ | 3,382 | $ | 5,083 | $ | 415 | — | $ | 5,498 | |||||||||||||||||||
Obligations of states and political subdivisions | 3,105 | 69 | — | 3,174 | 5,142 | 185 | — | 5,327 | |||||||||||||||||||||||||
Total | $ | 6,238 | $ | 318 | — | $ | 6,556 | $ | 10,225 | $ | 600 | — | $ | 10,825 | |||||||||||||||||||
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 periods indicated: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Balance at beginning of period: | |||||||||||||||||||||||||||||||||
Total OTTI credit related impairment charges beginning of period | $ | 10,002 | $ | 9,478 | $ | 9,110 | |||||||||||||||||||||||||||
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | 1,240 | 528 | 368 | ||||||||||||||||||||||||||||||
Credit related impairment dispositions | — | (4 | ) | — | |||||||||||||||||||||||||||||
Credit related impairment not previously recognized | — | — | — | ||||||||||||||||||||||||||||||
Balance at end of period: | $ | 11,242 | $ | 10,002 | $ | 9,478 | |||||||||||||||||||||||||||
Fair Value and Gross Unrealized Loss, Aggregated by Investment Category and Length of Time Individual Securities | ' | ||||||||||||||||||||||||||||||||
The following tables reflect the Company’s investments 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 at the dates indicated: | |||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||||||||||
December 31, 2013 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||
U.S. Treasuries and government agencies | $ | 53,299 | $ | 761 | $ | 3,469 | $ | 9 | $ | 56,768 | $ | 770 | |||||||||||||||||||||
Mortgage-backed securities — residential | 240,192 | 10,593 | 20,216 | 1,139 | 260,408 | 11,732 | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 8,060 | 94 | 1,322 | 6 | 9,382 | 100 | |||||||||||||||||||||||||||
Other debt securities | 203 | 2 | 98 | 2 | 301 | 4 | |||||||||||||||||||||||||||
Total debt securities | 301,754 | 11,450 | 25,105 | 1,156 | 326,859 | 12,606 | |||||||||||||||||||||||||||
Mutual funds and other equity securities | — | — | 8,785 | 387 | 8,785 | 387 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 301,754 | $ | 11,450 | $ | 33,890 | $ | 1,543 | $ | 335,644 | $ | 12,993 | |||||||||||||||||||||
Less Than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||||||||||
December 31, 2012 | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
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 December 31, 2013 is shown below. 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 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||||||||||
Within 1 year | $ | 24,731 | $ | 24,830 | — | — | |||||||||||||||||||||||||||
After 1 year but within 5 years | 151,886 | 152,384 | $ | 3,105 | $ | 3,174 | |||||||||||||||||||||||||||
After 5 year but within 10 years | 6,470 | 6,558 | — | — | |||||||||||||||||||||||||||||
After 10 years | 8,753 | 8,753 | — | — | |||||||||||||||||||||||||||||
Mortgage-backed securities — residential | 349,216 | 339,695 | 3,133 | 3,382 | |||||||||||||||||||||||||||||
Total | $ | 541,056 | $ | 532,220 | $ | 6,238 | $ | 6,556 | |||||||||||||||||||||||||
Credit_Commitments_and_Concent1
Credit Commitments and Concentrations of Credit Risk (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Schedule of Loan Commitments and Guarantees | ' | ||||||||||||
The amounts of those loan commitments and guarantees are set out in the following table. Because many commitments and almost all guarantees expire without being funded in whole or in part, the contract amounts are not estimates of future cash flows. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Contract | Contract | ||||||||||||
Amount | Amount | ||||||||||||
(In thousands) | |||||||||||||
Credit commitments — variable | $ | 234,760 | $ | 211,332 | |||||||||
Credit commitments — fixed | 2,563 | 6,307 | |||||||||||
Guarantees written | 24,695 | 28,455 | |||||||||||
Loans and Credit Commitments Collateralized by Real Estate | ' | ||||||||||||
Loans and credit commitments collateralized by real estate including all loans where real estate is either primary or secondary collateral were as follows at December 31: | |||||||||||||
2013 | Residential | Commercial | Total | ||||||||||
Property | Property | ||||||||||||
(In thousands) | |||||||||||||
Loans | $ | 446,424 | $ | 975,096 | $ | 1,421,520 | |||||||
Credit commitments | 51,302 | 38,500 | 89,802 | ||||||||||
Total | $ | 497,726 | $ | 1,013,596 | $ | 1,511,322 | |||||||
2012 | Residential | Commercial | Total | ||||||||||
Property | Property | ||||||||||||
(In thousands) | |||||||||||||
Loans | $ | 334,340 | $ | 1,044,462 | $ | 1,378,802 | |||||||
Credit commitments | 55,347 | 55,308 | 110,655 | ||||||||||
Total | $ | 389,687 | $ | 1,099,770 | $ | 1,489,457 | |||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loan Portfolio, Excluding Loans Held for Sale | ' | ||||||||||||||||||||||||
The loan portfolio, excluding loans held for sale, is comprised of the following: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||
Commercial | $ | 593,476 | $ | 550,786 | |||||||||||||||||||||
Construction | 88,311 | 74,727 | |||||||||||||||||||||||
Residential Multi-Family | 226,898 | 196,199 | |||||||||||||||||||||||
Residential Other | 432,999 | 325,774 | |||||||||||||||||||||||
Commercial & Industrial | 258,578 | 288,809 | |||||||||||||||||||||||
Individuals & Lease Financing | 30,528 | 33,488 | |||||||||||||||||||||||
Total loans | 1,630,790 | 1,469,783 | |||||||||||||||||||||||
Deferred loan costs (fees), net | 1,379 | (2,411 | ) | ||||||||||||||||||||||
Allowance for loan losses | (25,990 | ) | (26,612 | ) | |||||||||||||||||||||
Loans, net | $ | 1,606,179 | $ | 1,440,760 | |||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | ' | ||||||||||||||||||||||||
The following table presents the allowance for loan losses by portfolio segment for the years indicated: | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||
Charge-offs | (5,602 | ) | (1,084 | ) | (793 | ) | (2,216 | ) | (1,103 | ) | (406 | ) | |||||||||||||
Recoveries | 2,504 | 113 | 15 | 1,746 | 561 | 69 | |||||||||||||||||||
Net Charge-offs | (3,098 | ) | (971 | ) | (778 | ) | (470 | ) | (542 | ) | (337 | ) | |||||||||||||
Provision for loan losses | 2,476 | 2,112 | 1,470 | (1,413 | ) | (99 | ) | 406 | |||||||||||||||||
Net change during the year | (622 | ) | 1,141 | 692 | (1,883 | ) | (641 | ) | 69 | ||||||||||||||||
Balance at end of year | $ | 25,990 | $ | 11,231 | $ | 4,641 | $ | 6,236 | $ | 3,436 | $ | 446 | |||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 30,685 | $ | 12,776 | $ | 6,470 | $ | 8,093 | $ | 2,650 | $ | 696 | |||||||||||||
Charge-offs | (15,847 | ) | (5,002 | ) | (3,509 | ) | (3,018 | ) | (3,744 | ) | (574 | ) | |||||||||||||
Recoveries | 3,267 | 957 | 179 | 437 | 1,171 | 523 | |||||||||||||||||||
Net Charge-offs | (12,580 | ) | (4,045 | ) | (3,330 | ) | (2,581 | ) | (2,573 | ) | (51 | ) | |||||||||||||
Provision for loan losses | 8,507 | 1,359 | 809 | 2,607 | 4,000 | (268 | ) | ||||||||||||||||||
Net change during the period | (4,073 | ) | (2,686 | ) | (2,521 | ) | 26 | 1,427 | (319 | ) | |||||||||||||||
Balance at end of year | $ | 26,612 | $ | 10,090 | $ | 3,949 | $ | 8,119 | $ | 4,077 | $ | 377 | |||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 38,949 | $ | 16,736 | $ | 7,140 | $ | 9,851 | $ | 4,290 | $ | 932 | |||||||||||||
Charge-offs | (78,236 | ) | (39,168 | ) | (10,026 | ) | (22,692 | ) | (6,225 | ) | (125 | ) | |||||||||||||
Recoveries | 5,818 | 1,424 | 622 | 2,571 | 992 | 209 | |||||||||||||||||||
Net (Charge-offs) Recoveries | (72,418 | ) | (37,744 | ) | (9,404 | ) | (20,121 | ) | (5,233 | ) | 84 | ||||||||||||||
Provision for loan losses | 64,154 | 33,784 | 8,734 | 18,363 | 3,593 | (320 | ) | ||||||||||||||||||
Net change during the year | (8,264 | ) | (3,960 | ) | (670 | ) | (1,758 | ) | (1,640 | ) | (236 | ) | |||||||||||||
Balance at end of year | $ | 30,685 | $ | 12,776 | $ | 6,470 | $ | 8,093 | $ | 2,650 | $ | 696 | |||||||||||||
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 at the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Ending balance attributed to loans: | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 25,990 | $ | 11,231 | $ | 4,641 | $ | 6,236 | $ | 3,436 | $ | 446 | |||||||||||||
Individually evaluated for impairment | — | — | — | — | — | — | |||||||||||||||||||
Total ending balance of allowance | $ | 25,990 | $ | 11,231 | $ | 4,641 | $ | 6,236 | $ | 3,436 | $ | 446 | |||||||||||||
Total loans: | |||||||||||||||||||||||||
Ending balance of loans: | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,589,738 | $ | 580,561 | $ | 87,432 | $ | 642,957 | $ | 248,260 | $ | 30,528 | |||||||||||||
Individually evaluated for impairment | 41,052 | 12,915 | 879 | 16,940 | 10,318 | — | |||||||||||||||||||
Total ending balance of loans | $ | 1,630,790 | $ | 593,476 | $ | 88,311 | $ | 659,897 | $ | 258,578 | $ | 30,528 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | Commercial | Construction | Residential | Commercial & | Lease Financing | ||||||||||||||||||||
Real Estate | Real Estate | Industrial | & Other | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 | |||||||||||||
Summary of Non-Accrual Loans | ' | ||||||||||||||||||||||||
Non-accrual loans at December 31, 2013, 2012 and 2011 are summarized as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Total non-accrual loans | $ | 23,489 | $ | 34,808 | $ | 29,892 | |||||||||||||||||||
Interest income that would have been recorded under the original contract terms | 805 | 1,401 | 3,216 | ||||||||||||||||||||||
Recorded Investments in Non-Accrual Loans and Loans Past Due 90 Days and Still Accruing by Class of Loans | ' | ||||||||||||||||||||||||
The following table presents the recorded investments in non-accrual loans and loans past due 90 days and still accruing by class of loans as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Non-Accrual | Past Due | Non-Accrual | Past Due | ||||||||||||||||||||||
90 Days and | 90 Days and | ||||||||||||||||||||||||
Still Accruing | Still Accruing | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 3,768 | — | $ | 15,670 | — | |||||||||||||||||||
Non owner occupied | 2,861 | — | 2,717 | — | |||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 879 | — | 2,478 | — | |||||||||||||||||||||
Residential | — | — | 2,242 | — | |||||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 1,282 | — | — | — | |||||||||||||||||||||
1-4 family | 12,164 | — | 8,470 | — | |||||||||||||||||||||
Home equity | 1,113 | — | 1,212 | — | |||||||||||||||||||||
Commercial & Industrial | 1,422 | — | 2,019 | — | |||||||||||||||||||||
Other: | |||||||||||||||||||||||||
Lease financing & other | — | — | — | — | |||||||||||||||||||||
Overdrafts | — | — | — | — | |||||||||||||||||||||
Total | $ | 23,489 | — | $ | 34,808 | — | |||||||||||||||||||
Aging of Loans | ' | ||||||||||||||||||||||||
The following tables present the aging of loans (including past due and non-accrual loans) as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | 31-60 Days | 61-89 Days | 90 Days Or | Total | Current | ||||||||||||||||||||
Past Due | Past Due | More Past Due | Past Due | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 168,371 | — | $ | 158 | $ | 704 | $ | 862 | $ | 167,509 | ||||||||||||||
Non owner occupied | 425,105 | $ | 200 | — | 2,861 | 3,061 | 422,044 | ||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 47,039 | — | — | 879 | 879 | 46,160 | |||||||||||||||||||
Residential | 41,272 | 1 | — | — | 1 | 41,271 | |||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 226,898 | — | — | — | — | 226,898 | |||||||||||||||||||
1-4 family | 320,641 | 1,012 | 190 | 11,841 | 13,043 | 307,598 | |||||||||||||||||||
Home equity | 112,358 | 408 | 540 | 1,113 | 2,061 | 110,297 | |||||||||||||||||||
Commercial & Industrial | 258,578 | 1,606 | 321 | 1,365 | 3,292 | 255,286 | |||||||||||||||||||
Other: | |||||||||||||||||||||||||
Lease financing & other | 29,626 | 185 | 4 | — | 189 | 29,437 | |||||||||||||||||||
Overdrafts | 902 | — | — | — | — | 902 | |||||||||||||||||||
Total | $ | 1,630,790 | $ | 3,412 | $ | 1,213 | $ | 18,763 | $ | 23,388 | $ | 1,607,402 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | 31-60 Days | 61-89 Days | 90 Days Or | Total | Current | ||||||||||||||||||||
Past Due | Past Due | More Past Due | Past Due | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 & 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 Loans | ' | ||||||||||||||||||||||||
Impaired loans and the recorded investment in loans by class of loans were as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Unpaid | Recorded | Allowance for | Unpaid | Recorded | Allowance for | ||||||||||||||||||||
Principal | Investment | Loan Losses | Principal | Investment | Loan Losses | ||||||||||||||||||||
Balance | Allocated | Balance | Allocated | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 10,320 | $ | 10,054 | — | $ | 26,235 | $ | 22,022 | — | |||||||||||||||
Non owner occupied | 2,861 | 2,861 | — | 4,292 | 3,185 | — | |||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 1,231 | 879 | — | 2,735 | 2,478 | — | |||||||||||||||||||
Residential | — | — | — | 3,242 | 2,242 | — | |||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 2,921 | 2,921 | — | 2,994 | 2,994 | — | |||||||||||||||||||
1-4 family | 14,782 | 12,831 | — | 9,726 | 8,470 | — | |||||||||||||||||||
Home equity | 1,705 | 1,188 | — | 2,220 | 1,212 | — | |||||||||||||||||||
Commercial & Industrial | 11,421 | 10,318 | — | 13,218 | 12,145 | — | |||||||||||||||||||
Lease Financing & Other | — | — | — | — | — | — | |||||||||||||||||||
Total loans | $ | 45,241 | $ | 41,052 | — | $ | 64,662 | $ | 54,748 | — | |||||||||||||||
Average Recorded Investment in Impaired Loans by Class of Loans and Interest Recognized on Impaired Loans | ' | ||||||||||||||||||||||||
The following tables present the average recorded investment in impaired loans by class of loans and interest recognized on impaired loans for the years indicated: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 19,227 | $ | 14 | $ | 23,006 | $ | 434 | |||||||||||||||||
Non owner occupied | 3,068 | 251 | 4,742 | 275 | |||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 1,127 | — | 2,219 | — | |||||||||||||||||||||
Residential | 1,574 | 37 | 1,745 | — | |||||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 3,202 | 72 | 1,788 | 69 | |||||||||||||||||||||
1-4 family | 12,544 | — | 6,208 | — | |||||||||||||||||||||
Home equity | 828 | 1 | 1,508 | — | |||||||||||||||||||||
Commercial & Industrial | 11,458 | 431 | 10,588 | — | |||||||||||||||||||||
Lease Financing & Other | — | — | 64 | — | |||||||||||||||||||||
Total | $ | 53,028 | $ | 806 | $ | 51,868 | $ | 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 years indicated: | |||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 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 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | |||||||||||||||||||
Non owner occupied | 1 | $ | 5,546 | $ | 5,546 | — | — | — | |||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||
Residential | — | — | — | — | — | — | |||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | — | — | — | 1 | $ | 2,159 | $ | 1,579 | |||||||||||||||||
1-4 family | 7 | 9,643 | 9,419 | — | — | — | |||||||||||||||||||
Home equity | 1 | 75 | 75 | 1 | 12,515 | 10,500 | |||||||||||||||||||
Commercial & Industrial | 2 | 569 | 538 | — | — | — | |||||||||||||||||||
Other: | |||||||||||||||||||||||||
Lease financing & other | — | — | — | — | — | — | |||||||||||||||||||
Overdrafts | — | — | — | — | — | — | |||||||||||||||||||
Total | 11 | $ | 15,833 | $ | 15,579 | 2 | $ | 14,674 | $ | 12,079 | |||||||||||||||
Risk Category by Class of Loans | ' | ||||||||||||||||||||||||
The following tables present the risk category by class of loans at the dates indicated of non-homogeneous loans individually classified as to credit risk as of the most recent analysis performed: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Owner occupied | $ | 168,371 | $ | 139,108 | $ | 6,342 | $ | 22,921 | — | ||||||||||||||||
Non owner occupied | 425,105 | 399,009 | 14,024 | 12,072 | — | ||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Commercial | 47,039 | 46,160 | — | 879 | — | ||||||||||||||||||||
Residential | 41,272 | 37,931 | 3,341 | — | — | ||||||||||||||||||||
Residential: | |||||||||||||||||||||||||
Multifamily | 226,898 | 222,147 | 2,550 | 2,201 | — | ||||||||||||||||||||
1-4 family | 61,440 | 42,158 | 2,008 | 17,274 | — | ||||||||||||||||||||
Home equity | 1,146 | 34 | — | 1,112 | — | ||||||||||||||||||||
Commercial & Industrial | 258,578 | 249,238 | 5,207 | 4,133 | — | ||||||||||||||||||||
Lease Financing & Other | 28,661 | 28,391 | — | 270 | — | ||||||||||||||||||||
Total loans | $ | 1,258,510 | $ | 1,164,176 | $ | 33,472 | $ | 60,862 | — | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | Pass | Special Mention | Substandard | Doubtful | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 tables present delinquency categories by class of loans for loans evaluated for risk in groups of homogeneous loans as of the dates indicated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days Or | Total | Current | ||||||||||||||||||||
Past Due | Past Due | More Past Due | Past Due | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||
1-4 family | $ | 259,201 | $ | 705 | $ | 115 | — | $ | 820 | $ | 258,381 | ||||||||||||||
Home equity | 111,212 | 408 | 540 | — | 948 | 110,264 | |||||||||||||||||||
Other: | |||||||||||||||||||||||||
Other loans | 965 | 23 | 4 | — | 27 | 938 | |||||||||||||||||||
Overdrafts | 902 | — | — | — | — | 902 | |||||||||||||||||||
Total loans | $ | 372,280 | $ | 1,136 | $ | 659 | — | $ | 1,795 | $ | 370,485 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | 31-59 Days | 60-89 Days | 90 Days Or | Total | Current | ||||||||||||||||||||
Past Due | Past Due | More Past Due | Past Due | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
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 | ||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Premises and Equipment | ' | ||||||||
A summary of premises and equipment is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land | $ | 1,085 | $ | 2,589 | |||||
Buildings | 15,175 | 23,550 | |||||||
Leasehold improvements | 10,571 | 11,774 | |||||||
Furniture, fixtures and equipment | 21,562 | 20,872 | |||||||
Automobiles | 818 | 800 | |||||||
Total | 49,211 | 59,584 | |||||||
Less: accumulated depreciation and amortization | (34,108 | ) | (35,589 | ) | |||||
Premises and equipment, net | $ | 15,103 | $ | 23,996 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Amortization of Goodwill and Other Intangible Assets | ' | ||||||||||||||||
The following table sets forth the gross carrying amount and accumulated amortization for each of the Company’s intangible assets subject to amortization as of December 31: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Deposit Premium | $ | 3,907 | $ | 3,907 | $ | 3,907 | $ | 3,907 | |||||||||
Customer Relationships | 2,470 | 1,757 | 2,470 | 1,567 | |||||||||||||
Employment Related | 516 | 516 | 516 | 516 | |||||||||||||
Total | $ | 6,893 | $ | 6,180 | $ | 6,893 | $ | 5,990 | |||||||||
Estimated Annual Intangible Assets Amortization Expense | ' | ||||||||||||||||
Intangible assets amortization expense was $190, $748, and $803 for 2013, 2012, and 2011, respectively. The estimated remaining annual intangible assets amortization expense in years subsequent to December 31, 2013 is as follows: | |||||||||||||||||
Year | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
2014 | $ | 190 | |||||||||||||||
2015 | 190 | ||||||||||||||||
2016 | 190 | ||||||||||||||||
2017 | 143 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Summary of Deposits | ' | ||||||||
The following table presents a summary of deposits at December 31: | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Demand deposits | $ | 1,069,631 | $ | 1,035,847 | |||||
Money market accounts | 870,291 | 843,224 | |||||||
Savings accounts | 120,000 | 126,885 | |||||||
Time deposits of $100,000 or more | 85,205 | 97,704 | |||||||
Time deposits of less than $100,000 | 30,863 | 34,603 | |||||||
Checking with interest | 457,754 | 381,698 | |||||||
Total Deposits | $ | 2,633,744 | $ | 2,519,961 | |||||
Scheduled Maturities of Time Deposits | ' | ||||||||
Scheduled maturities of time deposits for each of the five years subsequent to December 31, 2013 are as follows: | |||||||||
Year | Amount | ||||||||
(In thousands) | |||||||||
2014 | $ | 99,283 | |||||||
2015 | 5,505 | ||||||||
2016 | 4,859 | ||||||||
2017 | 4,108 | ||||||||
2018 | 2,313 |
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Average Balances, Weighted Average Interest Rates and Maximum Month-End Outstanding Amounts of Company's Borrowings | ' | ||||||||||||||||
The following table summarizes the average balances, weighted average interest rates and the maximum month-end outstanding amounts of the Company’s borrowings for each of the following years: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Average balance: | Short-term | $ | 26,738 | $ | 45,619 | $ | 49,678 | ||||||||||
Other Borrowings | 16,407 | 16,446 | 40,184 | ||||||||||||||
Weighted average interest rate | Short-term | 0.1 | % | 0.2 | % | 0.5 | % | ||||||||||
(for the year): | |||||||||||||||||
Other Borrowings | 4.4 | 4.4 | 4.4 | ||||||||||||||
Weighted average interest rate | Short-term | 0.1 | % | 0.3 | % | 0.3 | % | ||||||||||
(at year end): | |||||||||||||||||
Other Borrowings | 4.4 | 4.4 | 4.4 | ||||||||||||||
Maximum month-end outstanding amount: | Short-term | $ | 34,379 | $ | 56,312 | $ | 61,897 | ||||||||||
Other Borrowings | 16,425 | 16,463 | 87,748 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Reconciliation between Provision (Benefit) for Income Taxes and Amount Computed Using Federal Statutory Rate | ' | ||||||||||||||||||||||||
The reconciliation between the provision (benefit) for income taxes and the amount computed using the federal statutory rate is as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Income tax at statutory rate | $ | (1,223 | ) | 35 | % | $ | 16,144 | 35 | % | $ | (2,643 | ) | 35 | % | |||||||||||
State and local income tax, net of Federal benefit | (807 | ) | 23.1 | % | 2,446 | 5.3 | % | (3 | ) | 0.1 | % | ||||||||||||||
Tax-exempt interest income | (1,585 | ) | 45.3 | % | (1,712 | ) | (3.7 | )% | (1,873 | ) | 24.8 | % | |||||||||||||
Non-deductible expenses and other | (1,011 | ) | 28.9 | % | 67 | 0.1 | % | (894 | ) | 11.8 | % | ||||||||||||||
Provision (benefit) for income taxes | $ | (4,626 | ) | 132.3 | % | $ | 16,945 | 36.7 | % | $ | (5,413 | ) | 71.7 | % | |||||||||||
Schedule of Provision (Benefit) for Income Taxes | ' | ||||||||||||||||||||||||
The components of the provision (benefit) for income taxes were as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Federal: | |||||||||||||||||||||||||
Current | $ | 3,476 | $ | 13,457 | $ | (11,167 | ) | ||||||||||||||||||
Deferred | (6,860 | ) | (275 | ) | 5,759 | ||||||||||||||||||||
State and Local: | |||||||||||||||||||||||||
Current | 892 | 1,560 | 678 | ||||||||||||||||||||||
Deferred | (2,134 | ) | 2,203 | (683 | ) | ||||||||||||||||||||
Total | $ | (4,626 | ) | $ | 16,945 | $ | (5,413 | ) | |||||||||||||||||
Schedule of Tax Effect of Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||
The tax effect of temporary differences giving rise to deferred tax assets and liabilities were as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Allowance for loan losses | $ | 10,763 | — | $ | 10,953 | — | |||||||||||||||||||
Supplemental executive retirement benefit | 5,229 | — | 4,764 | — | |||||||||||||||||||||
Other-than-temporary impairment of investments | 4,655 | — | 4,123 | — | |||||||||||||||||||||
Other | 2,700 | $ | 597 | 2,816 | — | ||||||||||||||||||||
Unfunded SERP liability | 695 | — | 981 | — | |||||||||||||||||||||
Deferred compensation | 235 | — | 240 | — | |||||||||||||||||||||
Share based compensation costs | 287 | — | 194 | — | |||||||||||||||||||||
State net operating loss carryforward | 189 | — | — | — | |||||||||||||||||||||
Intangible assets | 2,820 | — | — | $ | 3,825 | ||||||||||||||||||||
Property and equipment | 1,198 | — | — | 780 | |||||||||||||||||||||
Unrealized gains/losses on available for sale securities | 3,259 | — | — | 203 | |||||||||||||||||||||
Total | $ | 32,030 | $ | 597 | $ | 24,071 | $ | 4,808 | |||||||||||||||||
Net deferred tax asset | $ | 31,433 | $ | 19,263 | |||||||||||||||||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Summary of Capital Requirements and Capital Position | ' | ||||||||||||||||||||||||
The following summarizes the capital requirements and capital position at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Actual | Minimum for | Minimum to be | |||||||||||||||||||||||
Capital Adequacy | Well Capitalized | ||||||||||||||||||||||||
Under Prompt | |||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Capital Ratios: | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
HVB Only: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total Capital (To Risk Weighted Assets) | $ | 295,940 | 17.1 | % | $ | 138,533 | 8 | % | $ | 173,167 | 10 | % | |||||||||||||
Tier 1 Capital (To Risk Weighted Assets) | 274,239 | 15.8 | % | 69,267 | 4 | % | 103,900 | 6 | % | ||||||||||||||||
Tier 1 Capital (To Average Assets) | 274,239 | 9.3 | % | 118,062 | 4 | % | 147,578 | 5 | % | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total Capital (To Risk Weighted Assets) | $ | 281,681 | 17.4 | % | $ | 129,152 | 8 | % | $ | 161,439 | 10 | % | |||||||||||||
Tier 1 Capital (To Risk Weighted Assets) | 261,421 | 16.2 | % | 64,576 | 4 | % | 96,864 | 6 | % | ||||||||||||||||
Tier 1 Capital (To Average Assets) | 261,421 | 9.2 | % | 114,100 | 4 | % | 142,625 | 5 | % | ||||||||||||||||
Consolidated: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total Capital (To Risk Weighted Assets) | $ | 303,059 | 17.5 | % | $ | 138,843 | 8 | % | |||||||||||||||||
Tier 1 Capital (To Risk Weighted Assets) | 281,310 | 16.2 | % | 69,422 | 4 | % | |||||||||||||||||||
Tier 1 Capital (To Average Assets) | 281,310 | 9.5 | % | 118,257 | 4 | % | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total Capital (To Risk Weighted Assets) | $ | 286,436 | 17.7 | % | $ | 129,318 | 8 | % | |||||||||||||||||
Tier 1 Capital (To Risk Weighted Assets) | 266,150 | 16.5 | % | 64,659 | 4 | % | |||||||||||||||||||
Tier 1 Capital (To Average Assets) | 266,150 | 9.3 | % | 114,259 | 4 | % | |||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||
The following table summarizes stock based compensation activity for 2013: | |||||||||||||||||||||
Prior Option Plans (1): | Shares | Weighted | Aggregate | Weighted Average | |||||||||||||||||
Average Grant or | Intrinsic Value (2) | Remaining | |||||||||||||||||||
Exercise Price | (In thousands) | Contractual Term | |||||||||||||||||||
Outstanding at December 31, 2012 | 428,111 | $ | 20.21 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Exercised | (60,732 | ) | 17.16 | ||||||||||||||||||
Cancelled or Expired | (71,752 | ) | 16.99 | ||||||||||||||||||
Outstanding at December 31, 2013 | 295,627 | 21.62 | $ | 263 | 1.5 | ||||||||||||||||
Exercisable at December 31, 2013 | 295,627 | 21.62 | 263 | 1.5 | |||||||||||||||||
Non-vested at December 31, 2013 | — | — | |||||||||||||||||||
2010 Omnibus Incentive Plan: | |||||||||||||||||||||
Non-vested at December 31, 2012 | 202,005 | $ | 16.25 | ||||||||||||||||||
Granted at fair value | 155,853 | 16.29 | |||||||||||||||||||
Restriction released | (103,291 | ) | 16.17 | ||||||||||||||||||
Cancelled | (3,293 | ) | 17.22 | ||||||||||||||||||
Non-vested at December 31, 2013 | 251,274 | 16.3 | |||||||||||||||||||
Available for grant at December 31, 2012 | 1,121,322 | ||||||||||||||||||||
Restricted stock awards | (155,853 | ) | $ | 16.29 | |||||||||||||||||
Unissued or cancelled | 3,293 | 17.22 | |||||||||||||||||||
Available for future grant | 968,762 | ||||||||||||||||||||
-1 | Prior Option Plans did not include restricted stock awards. | ||||||||||||||||||||
-2 | The aggregate intrinsic value of a stock option in the table above represents the total pretax intrinsic value (the amount by which the current market 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 December 31, 2013. This amount changes based on changes in the market value of the Company’s stock. | ||||||||||||||||||||
Summary of Range of Exercise Prices of Stock Options Outstanding and Exercisable | ' | ||||||||||||||||||||
The following table summarizes the range of exercise prices of the Company’s stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
Exercise Price | Number | Remaining | Exercise | ||||||||||||||||||
of Options | Life (Years) | Price | |||||||||||||||||||
$ | 17.94 | $ | 18.21 | 50,204 | 0.7 | $ | 18.2 | ||||||||||||||
18.21 | 23.77 | 175,483 | 1.4 | 20.91 | |||||||||||||||||
23.77 | 36.29 | 69,940 | 2.3 | 25.87 | |||||||||||||||||
Total Options Outstanding | 17.94 | 36.29 | 295,627 | 1.5 | 21.62 | ||||||||||||||||
Exercisable | 17.94 | 36.29 | 295,627 | 1.5 | 21.62 | ||||||||||||||||
Not Exercisable | — | — | — | — | — |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||
Assets and liabilities measured at fair value are summarized below: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical Assets | Observable Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(In thousands) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
U.S. Treasury and government agencies | — | $ | 93,692 | — | $ | 93,692 | |||||||||||
Mortgage-backed securities — residential | — | 339,695 | — | 339,695 | |||||||||||||
Obligations of states and political subdivisions | — | 89,304 | — | 89,304 | |||||||||||||
Other debt securities | — | 9,529 | — | 9,529 | |||||||||||||
Mutual funds and other equity securities | $ | 9,978 | — | — | 9,978 | ||||||||||||
Total assets at fair value | $ | 9,978 | $ | 532,220 | — | $ | 542,198 | ||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: (1) | |||||||||||||||||
Commercial Real Estate | — | — | — | — | |||||||||||||
Construction | — | — | — | — | |||||||||||||
Residential | — | — | $ | 380 | $ | 380 | |||||||||||
Commercial & Industrial | — | — | 895 | 895 | |||||||||||||
Total assets at fair value | — | — | $ | 1,275 | $ | 1,275 | |||||||||||
-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, 2013 was $1,275 for which no specific allowance has been established within the allowance for loan losses. During 2013, $31 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) | |||||||||||||||
(In thousands) | |||||||||||||||||
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, 2013 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 periods indicated: | |||||||||||||||||
Level 3 Assets Measured | |||||||||||||||||
on a Recurring Basis | |||||||||||||||||
For the Year Ended | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | 2,950 | $ | 2,816 | |||||||||||||
Additions to Level 3 | 263 | 441 | |||||||||||||||
Net unrealized gain (loss) included in other comprehensive income (1) | 7,571 | 1,267 | |||||||||||||||
Principal payments | (791 | ) | (1,046 | ) | |||||||||||||
Recognized impairment charge included in the statement of income (2) | (1,240 | ) | (528 | ) | |||||||||||||
Transfers out of Level 3 | (8,753 | ) | — | ||||||||||||||
Balance at end of period | $ | — | $ | 2,950 | |||||||||||||
-1 | Reported under “Gains recognized in comprehensive income” | ||||||||||||||||
-2 | Reported under “Net impairment loss recognized in earnings” | ||||||||||||||||
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 the dates indicated: | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
December 31, 2013 | Technique | Inputs | (Weighted Average) | ||||||||||||||
(In thousands) | |||||||||||||||||
Impaired loans — residential real estate | $ | 380 | Sales comparison approach | Discounts to appraisals | 0% (0%) | ||||||||||||
for market conditions | |||||||||||||||||
Impaired loans — commercial and industrial | 895 | Sales comparison approach | Discounts to appraisals | 0% (0%) | |||||||||||||
for market conditions | |||||||||||||||||
Asset | Fair Value at | Valuation | Unobservable | Range | |||||||||||||
December 31, 2012 | Technique | Inputs | (Weighted Average) | ||||||||||||||
(In thousands) | |||||||||||||||||
Impaired loans — commercial real estate | $ | 6,835 | Sales comparison or | Discounts to appraisals | 0%-62% (8%) | ||||||||||||
income approach | for market conditions | ||||||||||||||||
Capitalization rate | 8% | ||||||||||||||||
Impaired loans — construction | 3,219 | Sales comparison approach | Discounts to appraisals | 0%-21% (6%) | |||||||||||||
for market conditions | |||||||||||||||||
Impaired loans — residential real estate | 8,514 | Sales comparison or income | Discounts to appraisals | 0%-47% (4%) | |||||||||||||
approach | for market conditions | ||||||||||||||||
Impaired loans — commercial and industrial | 1,737 | Sales comparison approach — | Discounts to appraisals | 7% (7%) | |||||||||||||
secondary collateral | for market conditions | ||||||||||||||||
Other real estate owned | 250 | Sales comparison approach | Discounts to appraisals | 0% (0%) | |||||||||||||
for market conditions | |||||||||||||||||
Loans held for sale | 2,317 | Third party bids | Bids from interested | 60%-65% (64%) | |||||||||||||
third parties |
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Status of Company's Supplemental Plans | ' | ||||||||||||
The following tables set forth the status of the Company’s supplemental plans as of December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 14,038 | $ | 12,688 | $ | 11,414 | |||||||
Service cost | 521 | 506 | 429 | ||||||||||
Interest cost | 673 | 642 | 638 | ||||||||||
Amendments | — | — | — | ||||||||||
Actuarial loss | 33 | 895 | 819 | ||||||||||
Benefits paid | (900 | ) | (693 | ) | (612 | ) | |||||||
Benefit obligation at end of year | $ | 14,365 | $ | 14,038 | $ | 12,688 | |||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | |||||||||||||
Actual return on assets | — | — | — | ||||||||||
Employer contribution | $ | 900 | $ | 693 | $ | 612 | |||||||
Benefits paid | (900 | ) | (693 | ) | (612 | ) | |||||||
Fair value of plan assets at end of year | — | — | — | ||||||||||
Funded status at year end | $ | (14,365 | ) | $ | (14,038 | ) | $ | (12,688 | ) | ||||
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ||||||||||||
Amounts recognized in accumulated other comprehensive income at December 31 consist of: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net actuarial loss | $ | 1,738 | $ | 2,671 | $ | 2,447 | |||||||
Prior service cost | — | (216 | ) | (449 | ) | ||||||||
$ | 1,738 | $ | 2,455 | $ | 1,998 | ||||||||
Schedule of Weighted Average Assumptions and Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | ' | ||||||||||||
The following table consists of the weighted average assumptions and components of net periodic benefit cost and other amounts recognized in other comprehensive income for the years indicated: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Weighted Average Assumptions: | |||||||||||||
Discount rate | 3.95 | % | 3.5 | % | 4.5 | % | |||||||
Expected return on plan assets | — | — | — | ||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | |||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive income: | |||||||||||||
Service cost | $ | 521 | $ | 506 | $ | 429 | |||||||
Interest cost | 673 | 642 | 638 | ||||||||||
Expected return on plan assets | — | — | — | ||||||||||
Amortization of transition obligation | — | — | — | ||||||||||
Amortization of prior service cost | (216 | ) | (233 | ) | (233 | ) | |||||||
Amortization of net loss | 966 | 671 | 557 | ||||||||||
Net periodic benefit cost | 1,944 | 1,586 | 1,391 | ||||||||||
Net (gain) loss | (933 | ) | 224 | 262 | |||||||||
Amortization of prior service cost | 216 | 233 | 233 | ||||||||||
Total recognized in other comprehensive income | (717 | ) | 457 | 495 | |||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 1,227 | $ | 2,043 | $ | 1,886 | |||||||
Benefit Payments Which Reflect Expected Future Service | ' | ||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated: | |||||||||||||
Year | Pension Benefit | ||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 1,067 | |||||||||||
2015 | 1,362 | ||||||||||||
2016 | 1,221 | ||||||||||||
2017 | 1,181 | ||||||||||||
2018 | 1,198 | ||||||||||||
Years 2019-2023 | 6,169 |
Commitments_Contingent_Liabili1
Commitments, Contingent Liabilities and Other Disclosures (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Commitments | ' | ||||
The Company is obligated under leases and other contracts for certain of its branches and equipment. Minimum rental commitments for bank premises and equipment under non-cancelable operating leases are as follows: | |||||
Year | Amount | ||||
(In thousands) | |||||
2014 | $ | 5,129 | |||
2015 | 5,151 | ||||
2016 | 4,717 | ||||
2017 | 4,359 | ||||
2018 | 3,630 | ||||
Thereafter | 10,559 | ||||
Total minimum future payments | $ | 33,545 | |||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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 were as follows: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
December 31, 2013 | 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) | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Financial assets for which carrying value approximates fair value | $ | 726.5 | $ | 726.5 | $ | 726.5 | — | — | |||||||||||||
Held to maturity securities and accrued interest | 6.2 | 6.6 | — | $ | 6.6 | — | |||||||||||||||
FHLB Stock | 3.5 | N/A | — | — | — | ||||||||||||||||
Loans and accrued interest | 1,637.30 | 1,655.60 | — | — | $ | 1,655.60 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits with no stated maturity and accrued interest | 2,517.80 | 2,517.80 | 2,517.80 | — | — | ||||||||||||||||
Time deposits and accrued interest | 116.1 | 116.1 | — | 116.1 | — | ||||||||||||||||
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 34.4 | 34.4 | 34.4 | — | — | ||||||||||||||||
Other borrowings and accrued interest | 16.5 | 14.6 | — | 14.6 | — | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
December 31, 2012 | 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) | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Financial assets for which carrying valueapproximates 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 | — |
Condensed_Financial_Informatio1
Condensed Financial Information of Hudson Valley Holding Corp. (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule of Condensed Balance Sheets | ' | ||||||||||||
Condensed Balance Sheets | |||||||||||||
(In thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Due from banks | $ | 1,381 | $ | 975 | |||||||||
Investment in subsidiaries | 282,072 | 289,427 | |||||||||||
Equity securities | 1,223 | 952 | |||||||||||
Other assets | 71 | 27 | |||||||||||
Total Assets | $ | 284,747 | $ | 291,381 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Other liabilities | $ | 438 | $ | 410 | |||||||||
Stockholders’ equity | 284,309 | 290,971 | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | 284,747 | $ | 291,381 | |||||||||
Schedule of Condensed Statement of Income | ' | ||||||||||||
Condensed Statements of Income | |||||||||||||
(In thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividends from subsidiaries | $ | 4,685 | $ | 7,040 | $ | 5 | |||||||
Dividends from equity securities | 50 | 105 | 76 | ||||||||||
Other income | — | — | 2 | ||||||||||
Operating expenses | 553 | 619 | 699 | ||||||||||
Income (loss) before equity in undistributed earnings of subsidiaries | 4,182 | 6,526 | (616 | ) | |||||||||
Equity in undistributed earnings of subsidiaries | (3,052 | ) | 22,655 | (1,521 | ) | ||||||||
Net Income (Loss) | $ | 1,130 | $ | 29,181 | $ | (2,137 | ) | ||||||
Schedule of Condensed Statements of Cash Flows | ' | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
(In thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Activities: | |||||||||||||
Net income (loss) | $ | 1,130 | $ | 29,181 | $ | (2,137 | ) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | 3,052 | (22,655 | ) | 1,521 | |||||||||
(Decrease) increase in other liabilities | (108 | ) | (113 | ) | 25 | ||||||||
(Increase) decrease in other assets | (44 | ) | (1 | ) | 3 | ||||||||
Other changes, net | (49 | ) | — | — | |||||||||
Net cash provided by (used in) operating activities | 3,981 | 6,412 | (588 | ) | |||||||||
Investing Activities: | |||||||||||||
Proceeds from sales of equity securities | 60 | 8 | 4 | ||||||||||
Net cash provided (used) by investing activities | 60 | 8 | 4 | ||||||||||
Financing Activities: | |||||||||||||
Proceeds from issuance of common stock and sale of treasury stock | 1,094 | 547 | 1,223 | ||||||||||
Cash dividends paid | (4,729 | ) | (14,125 | ) | (12,401 | ) | |||||||
Net cash used in financing activities | (3,635 | ) | (13,578 | ) | (11,178 | ) | |||||||
Increase (decrease) in cash and cash equivalents | 406 | (7,158 | ) | (11,762 | ) | ||||||||
Cash and cash equivalents, beginning of period | 975 | 8,133 | 19,895 | ||||||||||
Cash and cash equivalents, end of year | $ | 1,381 | $ | 975 | $ | 8,133 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of Earnings Per Share | ' | ||||||||||||
The following is a reconciliation of earnings per share for the years indicated: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except share and per share data) | |||||||||||||
Net income (loss) | $ | 1,130 | $ | 29,181 | $ | (2,137 | ) | ||||||
Less: Dividends paid on and earnings allocated to participating securities | 13 | 115 | — | ||||||||||
Income (loss) attributable to common stock | $ | 1,117 | $ | 29,066 | $ | (2,137 | ) | ||||||
Weighted average common shares outstanding, including participating securities | 19,876,377 | 19,620,251 | 19,462,055 | ||||||||||
Less: Weighted average participating securities | 278,946 | 81,957 | — | ||||||||||
Weighted average common shares outstanding | 19,597,431 | 19,538,294 | 19,462,055 | ||||||||||
Basic earnings (loss) per common share | $ | 0.06 | $ | 1.49 | $ | (0.11 | ) | ||||||
Weighted average common shares outstanding | 19,597,431 | 19,538,294 | 19,462,055 | ||||||||||
Weighted average common equivalent shares outstanding | 282 | 6,743 | — | ||||||||||
Weighted average common and equivalent shares outstanding | 19,597,713 | 19,545,037 | 19,462,055 | ||||||||||
Diluted earnings per common share | $ | 0.06 | $ | 1.49 | $ | (0.11 | ) | ||||||
Dividends per common share | $ | 0.24 | $ | 0.72 | $ | 0.64 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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: | |||||||||||||
Securities | Defined | Accumulated | |||||||||||
Available | Benefit | Other | |||||||||||
For Sale | Plans | Comprehensive | |||||||||||
Income | |||||||||||||
(In thousands) | |||||||||||||
Balance at January 1, 2013 | $ | 624 | $ | (1,473 | ) | $ | (849 | ) | |||||
Other comprehensive loss before reclassification | (6,684 | ) | (20 | ) | (6,703 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 732 | 450 | 1,181 | ||||||||||
Net other comprehensive (loss) income during period | (5,952 | ) | 430 | (5,522 | ) | ||||||||
Balance at December 31, 2013 | $ | (5,328 | ) | $ | (1,043 | ) | $ | (6,371 | ) | ||||
Balance at January 1, 2012 | $ | 2,924 | $ | (1,198 | ) | $ | 1,726 | ||||||
Other comprehensive (loss) income before reclassification | (2,612 | ) | (539 | ) | (3,150 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | 312 | 264 | 575 | ||||||||||
Net other comprehensive (loss) income during period | (2,300 | ) | (275 | ) | (2,575 | ) | |||||||
Balance at December 31, 2012 | $ | 624 | $ | (1,473 | ) | $ | (849 | ) | |||||
Balance at January 1, 2011 | $ | 1,828 | $ | (901 | ) | $ | 927 | ||||||
Other comprehensive (loss) income before reclassification | 892 | (491 | ) | 400 | |||||||||
Amounts reclassified from accumulated other comprehensive income | 204 | 194 | 398 | ||||||||||
Net other comprehensive (loss) income during period | 1,096 | (297 | ) | 799 | |||||||||
Balance at December 31, 2011 | $ | 2,924 | $ | (1,198 | ) | $ | 1,726 | ||||||
Schedule of Reclassification Out of Accumulated Other Comprehensive Income | ' | ||||||||||||
The following table represents the reclassification out of accumulated other comprehensive income for the years indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Unrealized gains (losses) on securities available for sale: | |||||||||||||
Realized gains (losses) on securities transactions | — | — | $ | 21 | |||||||||
Other-than-temporary impairment charges | $ | (1,240 | ) | $ | (528 | ) | (368 | ) | |||||
Income tax expense | 508 | 216 | 143 | ||||||||||
Net of tax | (732 | ) | (312 | ) | (204 | ) | |||||||
Amortization of pension and post-retirement benefit items: | |||||||||||||
Amortization of net actuarial loss | (966 | ) | (671 | ) | (966 | ) | |||||||
Amortization of prior service cost | 216 | 233 | 216 | ||||||||||
Income tax expense | 301 | 174 | 130 | ||||||||||
Net of tax | (449 | ) | (264 | ) | (620 | ) | |||||||
Total reclassifications, net of tax | $ | (1,180 | ) | $ | (575 | ) | $ | (825 | ) | ||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||
Branch | |||
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of branch offices | ' | 28 | ' |
Period for average loss experience | ' | '3 years | ' |
Loans charge off delinquent period | ' | '90 days | ' |
Consumer loans, loans and lines | ' | $100,000 | ' |
Equity lines of credit | ' | 100,000 | ' |
Unrecognized tax benefits | ' | 0 | 0 |
Accrued expenses interest and penalties on unrecognized | ' | $0 | $0 |
Significant increase in the total amount of unrecognized tax benefits period | ' | '12 months | ' |
Stock dividends | 10.00% | ' | ' |
Number of operating segment | ' | 1 | ' |
Board of Directors [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Stock dividends | 10.00% | ' | ' |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives of assets | ' | '3 years | ' |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives of assets | ' | '5 years | ' |
Buildings [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives of assets | ' | '31 years 6 months | ' |
Westchester County, New York [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of branch offices | ' | 17 | ' |
Rockland County, New York [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of branch offices | ' | 2 | ' |
New York City [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of branch offices | ' | 9 | ' |
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 $) | Dec. 31, 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 | $550,785 | $444,243 |
Available for Sale Securities, Gross Unrealized Gains | 4,406 | 8,855 |
Available for Sale Securities, Gross Unrealized Losses | 12,993 | 8,028 |
Available for Sale Securities, Estimated Fair Value | 542,198 | 445,070 |
Held To Maturity Securities, Amortized Cost | 6,238 | 10,225 |
Held To Maturity Securities, Gross Unrealized Gains | 318 | 600 |
Held To Maturity Securities, Gross Unrealized Losses | ' | ' |
Held To Maturity Securities, Estimated Fair Value | 6,556 | 10,825 |
Mortgage-Backed Securities-Residential [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 349,216 | 290,063 |
Available for Sale Securities, Gross Unrealized Gains | 2,211 | 5,337 |
Available for Sale Securities, Gross Unrealized Losses | 11,732 | 312 |
Available for Sale Securities, Estimated Fair Value | 339,695 | 295,088 |
Held To Maturity Securities, Amortized Cost | 3,133 | 5,083 |
Held To Maturity Securities, Gross Unrealized Gains | 249 | 415 |
Held To Maturity Securities, Gross Unrealized Losses | ' | ' |
Held To Maturity Securities, Estimated Fair Value | 3,382 | 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 | 87,884 | 79,638 |
Available for Sale Securities, Gross Unrealized Gains | 1,520 | 2,974 |
Available for Sale Securities, Gross Unrealized Losses | 100 | 10 |
Available for Sale Securities, Estimated Fair Value | 89,304 | 82,602 |
Held To Maturity Securities, Amortized Cost | 3,105 | 5,142 |
Held To Maturity Securities, Gross Unrealized Gains | 69 | 185 |
Held To Maturity Securities, Gross Unrealized Losses | ' | ' |
Held To Maturity Securities, Estimated Fair Value | 3,174 | 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 | 94,427 | 53,197 |
Available for Sale Securities, Gross Unrealized Gains | 35 | 36 |
Available for Sale Securities, Gross Unrealized Losses | 770 | 10 |
Available for Sale Securities, Estimated Fair Value | 93,692 | 53,223 |
Other Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 9,529 | 11,319 |
Available for Sale Securities, Gross Unrealized Gains | 4 | 1 |
Available for Sale Securities, Gross Unrealized Losses | 4 | 7,572 |
Available for Sale Securities, Estimated Fair Value | 9,529 | 3,748 |
Debt Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost | 541,056 | 434,217 |
Available for Sale Securities, Gross Unrealized Gains | 3,770 | 8,348 |
Available for Sale Securities, Gross Unrealized Losses | 12,606 | 7,904 |
Available for Sale Securities, Estimated Fair Value | 532,220 | 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 | 9,729 | 10,026 |
Available for Sale Securities, Gross Unrealized Gains | 636 | 507 |
Available for Sale Securities, Gross Unrealized Losses | 387 | 124 |
Available for Sale Securities, Estimated Fair Value | $9,978 | $10,409 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Securities | Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Sale of securities in portfolio | $8,753 | ' | ' |
Impairment charges on securities available-for-sale | 1,240 | 528 | 368 |
Proceed from sale of security available for sale | 789 | 9,997 | 1,298 |
Pretax gains on proceed from sale of security | 0 | 0 | 24 |
Pretax losses on proceed from sale of security | 0 | 0 | -3 |
Tax applicable on gross proceeds from sales of securities available for sale | ' | ' | 8 |
Carrying value of investment securities which are pledged | 216,051 | 195,142 | ' |
Held to maturity securities in unrealized loss position | ' | ' | ' |
Number of securities in unrealized loss position | 215 | 88 | ' |
Pooled Trust Preferred Securities [Member] | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' |
Impairment charges on securities available-for-sale | 1,240 | 528 | 368 |
Percentage of preferred security investment | 12.40% | 5.00% | 3.20% |
Income tax benefits to impairment charges | $513 | $217 | $151 |
Securities_Change_in_Pretax_OT
Securities - Change in Pretax OTTI Credit Related Losses on Securities Available for Sale (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Balance at beginning of period: | ' | ' | ' |
Total OTTI credit related impairment charges beginning of period | $10,002 | $9,478 | $9,110 |
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | 1,240 | 528 | 368 |
Credit related impairment dispositions | ' | -4 | ' |
Credit related impairment not previously recognized | ' | ' | ' |
Balance at end of period: | $11,242 | $10,002 | $9,478 |
Securities_Fair_Value_and_Gros
Securities - Fair Value and Gross Unrealized Loss, Aggregated by Investment Category and Length of Time Individual Securities (Detail) (USD $) | Dec. 31, 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 | $53,299 | $8,048 |
Less Than 12 Months, Gross Unrealized Loss | 761 | 10 |
Greater than 12 Months, Fair Value | 3,469 | ' |
Greater than 12 Months, Gross Unrealized Loss | 9 | ' |
Fair Value | 56,768 | 8,048 |
Gross Unrealized Loss | 770 | 10 |
Mortgage-Backed Securities-Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 240,192 | 47,211 |
Less Than 12 Months, Gross Unrealized Loss | 10,593 | 312 |
Greater than 12 Months, Fair Value | 20,216 | ' |
Greater than 12 Months, Gross Unrealized Loss | 1,139 | ' |
Fair Value | 260,408 | 47,211 |
Gross Unrealized Loss | 11,732 | 312 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 8,060 | 2,963 |
Less Than 12 Months, Gross Unrealized Loss | 94 | 10 |
Greater than 12 Months, Fair Value | 1,322 | ' |
Greater than 12 Months, Gross Unrealized Loss | 6 | ' |
Fair Value | 9,382 | 2,963 |
Gross Unrealized Loss | 100 | 10 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 203 | 367 |
Less Than 12 Months, Gross Unrealized Loss | 2 | 1 |
Greater than 12 Months, Fair Value | 98 | 2,950 |
Greater than 12 Months, Gross Unrealized Loss | 2 | 7,571 |
Fair Value | 301 | 3,317 |
Gross Unrealized Loss | 4 | 7,572 |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 301,754 | 58,589 |
Less Than 12 Months, Gross Unrealized Loss | 11,450 | 333 |
Greater than 12 Months, Fair Value | 25,105 | 2,950 |
Greater than 12 Months, Gross Unrealized Loss | 1,156 | 7,571 |
Fair Value | 326,859 | 61,539 |
Gross Unrealized Loss | 12,606 | 7,904 |
Mutual Funds and Other Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | ' | 12 |
Less Than 12 Months, Gross Unrealized Loss | ' | 1 |
Greater than 12 Months, Fair Value | 8,785 | 96 |
Greater than 12 Months, Gross Unrealized Loss | 387 | 123 |
Fair Value | 8,785 | 108 |
Gross Unrealized Loss | 387 | 124 |
Temporarily Impaired Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 301,754 | 58,601 |
Less Than 12 Months, Gross Unrealized Loss | 11,450 | 334 |
Greater than 12 Months, Fair Value | 33,890 | 3,046 |
Greater than 12 Months, Gross Unrealized Loss | 1,543 | 7,694 |
Fair Value | 335,644 | 61,647 |
Gross Unrealized Loss | $12,993 | $8,028 |
Securities_Contractual_Maturit
Securities - Contractual Maturity of All Debt Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available for Sale | ' | ' |
Within 1 year, Amortized Cost | $24,731 | ' |
After 1 year but within 5 years, Amortized Cost | 151,886 | ' |
After 5 year but within 10 years, Amortized Cost | 6,470 | ' |
After 10 years, Amortized Cost | 8,753 | ' |
Mortgage-backed securities-residential, Amortized Cost | 349,216 | ' |
Total, Amortized Cost | 541,056 | ' |
Within 1 year, Fair Value | 24,830 | ' |
After 1 year but within 5 years, Fair Value | 152,384 | ' |
After 5 year but within 10 years, Fair Value | 6,558 | ' |
After 10 years, Fair Value | 8,753 | ' |
Mortgage-backed securities-residential, Fair Value | 339,695 | ' |
Total, Fair Value | 532,220 | ' |
Held to Maturity | ' | ' |
Within 1 year, Amortized Cost | ' | ' |
After 1 year but within 5 years, Amortized Cost | 3,105 | ' |
After 5 year but within 10 years, Amortized Cost | ' | ' |
After 10 years, Amortized Cost | ' | ' |
Mortgage-backed securities-residential, Amortized Cost | 3,133 | ' |
Total, Amortized Cost | 6,238 | 10,225 |
Within 1 year, Fair Value | ' | ' |
After 1 year but within 5 years, Fair Value | 3,174 | ' |
After 5 year but within 10 years, Fair Value | ' | ' |
After 10 years, Fair Value | ' | ' |
Mortgage-backed securities-residential, Fair Value | 3,382 | ' |
Held To Maturity Securities, Estimated Fair Value | $6,556 | $10,825 |
Credit_Commitments_and_Concent2
Credit Commitments and Concentrations of Credit Risk - Schedule of Loan Commitments and Guarantees (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments And Guarantee Obligations [Line Items] | ' | ' |
Guarantees written | $24,695 | $28,455 |
Variable Rate [Member] | ' | ' |
Commitments And Guarantee Obligations [Line Items] | ' | ' |
Credit commitments | 234,760 | 211,332 |
Fixed Rate [Member] | ' | ' |
Commitments And Guarantee Obligations [Line Items] | ' | ' |
Credit commitments | $2,563 | $6,307 |
Credit_Commitments_and_Concent3
Credit Commitments and Concentrations of Credit Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Concentration Risk [Line Items] | ' |
Floating interest rate or contracted fixed interest rates | 2.00% |
Floating interest rate or contracted fixed interest rates | 16.00% |
Maximum [Member] | ' |
Concentration Risk [Line Items] | ' |
Maximum term of loan commitments | '1 year |
Maximum term of guarantees written | '1 year |
Credit_Commitments_and_Concent4
Credit Commitments and Concentrations of Credit Risk - Loans and Credit Commitments Collateralized by Real Estate (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments And Guarantee Obligations [Line Items] | ' | ' |
Loans | $1,421,520 | $1,378,802 |
Credit commitments | 89,802 | 110,655 |
Loans and Credit commitments, Total | 1,511,322 | 1,489,457 |
Residential Property [Member] | ' | ' |
Commitments And Guarantee Obligations [Line Items] | ' | ' |
Loans | 446,424 | 334,340 |
Credit commitments | 51,302 | 55,347 |
Loans and Credit commitments, Total | 497,726 | 389,687 |
Commercial Property [Member] | ' | ' |
Commitments And Guarantee Obligations [Line Items] | ' | ' |
Loans | 975,096 | 1,044,462 |
Credit commitments | 38,500 | 55,308 |
Loans and Credit commitments, Total | $1,013,596 | $1,099,770 |
Loans_Loan_Portfolio_Excluding
Loans - Loan Portfolio, Excluding Loans Held for Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $1,630,790 | $1,469,783 |
Deferred loan costs (fees), net | 1,379 | -2,411 |
Allowance for loan losses | -25,990 | -26,612 |
Loans, net | 1,606,179 | 1,440,760 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 593,476 | 550,786 |
Construction Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 88,311 | 74,727 |
Residential Real Estate Multifamily [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 226,898 | 196,199 |
Other Real Estate Residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 432,999 | 325,774 |
Commercial & Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 258,578 | 288,809 |
Individuals & Lease Financing [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $30,528 | $33,488 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 01, 2012 | |
TDRs | TDRs | ||||
Loan | Loan | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Adjustable rate loans | $65,795,000 | ' | ' | ' | ' |
Fixed and adjustable rate loans | ' | 142,860,000 | ' | ' | ' |
Net charge-offs | ' | ' | ' | 60,200,000 | ' |
Provision for loan losses | ' | ' | ' | 48,100,000 | ' |
Income recorded on non-accrual loans | ' | 0 | 0 | 0 | ' |
Troubled debt restructurings impaired loans | ' | 30,864,000 | 27,183,000 | ' | ' |
Number of TDR's on accrual status | ' | 10 | 7 | ' | ' |
Troubled debt restructurings carrying amount accrual status | ' | 17,564,000 | 19,941,000 | ' | ' |
Payment default under modified terms | ' | '45 days | ' | ' | ' |
Number of loan modified as TDR's | ' | 1 | 0 | ' | ' |
Loan totaling modified as TDR's | ' | 4,069,000 | 0 | ' | ' |
Trouble debt restructuring charge offs | ' | 269,000 | 2,595,000 | ' | ' |
Due from officers or stockholders | ' | 36,642,000 | 31,338,000 | ' | ' |
Loans for individuals | ' | 12,840,000 | 1,269,000 | ' | ' |
Decreases due to changes in composition | ' | 7,536,000 | 15,047,000 | ' | ' |
Performing and non performing loans held for sale | ' | ' | ' | ' | 474,000,000 |
Loans held for sale | ' | 0 | 2,317,000 | ' | ' |
Pretax gain on sale | 15,935,000 | ' | ' | ' | ' |
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 | ' | ' | ' |
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 | ' | ' | ' |
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 | ' | ' | ' |
Loans_Allowance_for_Loan_Losse
Loans - Allowance for Loan Losses by Portfolio Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of year | $26,612 | $30,685 | $38,949 |
Charge-offs | -5,602 | -15,847 | -78,236 |
Recoveries | 2,504 | 3,267 | 5,818 |
Net (Charge-offs) Recoveries | -3,098 | -12,580 | -72,418 |
Provision for loan losses | 2,476 | 8,507 | 64,154 |
Net change during the period | -622 | -4,073 | -8,264 |
Balance at end of year | 25,990 | 26,612 | 30,685 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of year | 10,090 | 12,776 | 16,736 |
Charge-offs | -1,084 | -5,002 | -39,168 |
Recoveries | 113 | 957 | 1,424 |
Net (Charge-offs) Recoveries | -971 | -4,045 | -37,744 |
Provision for loan losses | 2,112 | 1,359 | 33,784 |
Net change during the period | 1,141 | -2,686 | -3,960 |
Balance at end of year | 11,231 | 10,090 | 12,776 |
Construction Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of year | 3,949 | 6,470 | 7,140 |
Charge-offs | -793 | -3,509 | -10,026 |
Recoveries | 15 | 179 | 622 |
Net (Charge-offs) Recoveries | -778 | -3,330 | -9,404 |
Provision for loan losses | 1,470 | 809 | 8,734 |
Net change during the period | 692 | -2,521 | -670 |
Balance at end of year | 4,641 | 3,949 | 6,470 |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of year | 8,119 | 8,093 | 9,851 |
Charge-offs | -2,216 | -3,018 | -22,692 |
Recoveries | 1,746 | 437 | 2,571 |
Net (Charge-offs) Recoveries | -470 | -2,581 | -20,121 |
Provision for loan losses | -1,413 | 2,607 | 18,363 |
Net change during the period | -1,883 | 26 | -1,758 |
Balance at end of year | 6,236 | 8,119 | 8,093 |
Commercial & Industrial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of year | 4,077 | 2,650 | 4,290 |
Charge-offs | -1,103 | -3,744 | -6,225 |
Recoveries | 561 | 1,171 | 992 |
Net (Charge-offs) Recoveries | -542 | -2,573 | -5,233 |
Provision for loan losses | -99 | 4,000 | 3,593 |
Net change during the period | -641 | 1,427 | -1,640 |
Balance at end of year | 3,436 | 4,077 | 2,650 |
Lease Financing & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of year | 377 | 696 | 932 |
Charge-offs | -406 | -574 | -125 |
Recoveries | 69 | 523 | 209 |
Net (Charge-offs) Recoveries | -337 | -51 | 84 |
Provision for loan losses | 406 | -268 | -320 |
Net change during the period | 69 | -319 | -236 |
Balance at end of year | $446 | $377 | $696 |
Loans_Allowance_for_Loan_Losse1
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | $25,990 | $26,612 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 25,990 | 26,612 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 1,589,738 | 1,415,035 |
Individually evaluated for impairment | 41,052 | 54,748 |
Total ending balance of loans | 1,630,790 | 1,469,783 |
Commercial Real Estate [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 11,231 | 10,090 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 11,231 | 10,090 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 580,561 | 525,579 |
Individually evaluated for impairment | 12,915 | 25,207 |
Total ending balance of loans | 593,476 | 550,786 |
Construction [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 4,641 | 3,949 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 4,641 | 3,949 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 87,432 | 70,007 |
Individually evaluated for impairment | 879 | 4,720 |
Total ending balance of loans | 88,311 | 74,727 |
Residential Real Estate [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 6,236 | 8,119 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 6,236 | 8,119 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 642,957 | 509,297 |
Individually evaluated for impairment | 16,940 | 12,676 |
Total ending balance of loans | 659,897 | 521,973 |
Commercial & Industrial [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 3,436 | 4,077 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 3,436 | 4,077 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 248,260 | 276,664 |
Individually evaluated for impairment | 10,318 | 12,145 |
Total ending balance of loans | 258,578 | 288,809 |
Lease Financing & Other [Member] | ' | ' |
Ending balance attributed to loans: | ' | ' |
Collectively evaluated for impairment | 446 | 377 |
Individually evaluated for impairment | ' | ' |
Total ending balance of allowance | 446 | 377 |
Ending balance of loans: | ' | ' |
Collectively evaluated for impairment | 30,528 | 33,488 |
Individually evaluated for impairment | ' | ' |
Total ending balance of loans | $30,528 | $33,488 |
Loans_Summary_of_NonAccrual_Lo
Loans - Summary of Non-Accrual Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Total Non-Accrual Loans | $23,489 | $34,808 | $29,892 |
Interest income that would have been recorded under the original contract terms | $805 | $1,401 | $3,216 |
Loans_Recorded_Investments_in_
Loans - Recorded Investments in Non-Accrual Loans and Loans Past Due 90 Days and Still Accruing by Class of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
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 | $23,489 | $34,808 | $29,892 |
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 | 3,768 | 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 | 2,861 | 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 | ' | 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 | 1,282 | ' | ' |
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 | 12,164 | 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 | 1,422 | 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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | $1,630,790 | $1,469,783 |
31-60 Days Past Due | 3,412 | 13,436 |
61-89 Days Past Due | 1,213 | 583 |
90 Days Or More Past Due | 18,763 | 25,584 |
Total Past Due | 23,388 | 39,603 |
Current | 1,607,402 | 1,430,180 |
Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 168,371 | 181,541 |
31-60 Days Past Due | ' | 472 |
61-89 Days Past Due | 158 | ' |
90 Days Or More Past Due | 704 | 9,464 |
Total Past Due | 862 | 9,936 |
Current | 167,509 | 171,605 |
Non Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 425,105 | 369,245 |
31-60 Days Past Due | 200 | 802 |
61-89 Days Past Due | ' | ' |
90 Days Or More Past Due | 2,861 | 2,717 |
Total Past Due | 3,061 | 3,519 |
Current | 422,044 | 365,726 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 47,039 | 40,708 |
31-60 Days Past Due | ' | 1,421 |
61-89 Days Past Due | ' | ' |
90 Days Or More Past Due | 879 | ' |
Total Past Due | 879 | 1,421 |
Current | 46,160 | 39,287 |
Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 41,272 | 34,019 |
31-60 Days Past Due | 1 | 455 |
61-89 Days Past Due | ' | ' |
90 Days Or More Past Due | ' | 2,242 |
Total Past Due | 1 | 2,697 |
Current | 41,271 | 31,322 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 226,898 | 196,199 |
31-60 Days Past Due | ' | ' |
61-89 Days Past Due | ' | ' |
90 Days Or More Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 226,898 | 196,199 |
1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 320,641 | 215,771 |
31-60 Days Past Due | 1,012 | 4,506 |
61-89 Days Past Due | 190 | 91 |
90 Days Or More Past Due | 11,841 | 8,470 |
Total Past Due | 13,043 | 13,067 |
Current | 307,598 | 202,704 |
Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 112,358 | 110,003 |
31-60 Days Past Due | 408 | 3,411 |
61-89 Days Past Due | 540 | 321 |
90 Days Or More Past Due | 1,113 | 1,212 |
Total Past Due | 2,061 | 4,944 |
Current | 110,297 | 105,059 |
Commercial & Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 258,578 | 288,809 |
31-60 Days Past Due | 1,606 | 1,938 |
61-89 Days Past Due | 321 | 170 |
90 Days Or More Past Due | 1,365 | 1,479 |
Total Past Due | 3,292 | 3,587 |
Current | 255,286 | 285,222 |
Lease Financing & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 29,626 | 32,104 |
31-60 Days Past Due | 185 | 431 |
61-89 Days Past Due | 4 | 1 |
90 Days Or More Past Due | ' | ' |
Total Past Due | 189 | 432 |
Current | 29,437 | 31,672 |
Overdrafts [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Net, Total | 902 | 1,384 |
31-60 Days Past Due | ' | ' |
61-89 Days Past Due | ' | ' |
90 Days Or More Past Due | ' | ' |
Total Past Due | ' | ' |
Current | $902 | $1,384 |
Loans_Impaired_Loans_and_Recor
Loans - Impaired Loans and Recorded Investment in Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, Total | $45,241 | $64,662 |
Recorded Investment, Total | 41,052 | 54,748 |
Allowance for Loan Losses Allocated, Total | ' | ' |
Owner Occupied [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 10,320 | 26,235 |
Recorded Investment, With no related allowance recorded | 10,054 | 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 | 2,861 | 4,292 |
Recorded Investment, With no related allowance recorded | 2,861 | 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 |
Recorded Investment, With no related allowance recorded | ' | 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 | 2,921 | 2,994 |
Recorded Investment, With no related allowance recorded | 2,921 | 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 | 14,782 | 9,726 |
Recorded Investment, With no related allowance recorded | 12,831 | 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 | 11,421 | 13,218 |
Recorded Investment, With no related allowance recorded | 10,318 | 12,145 |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Lease Financing & Other [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | ' | ' |
Recorded Investment, With no related allowance recorded | ' | ' |
Allowance for Loan Losses Allocated, With no related allowance recorded | ' | ' |
Loans_Average_Recorded_Investm
Loans - Average Recorded Investment in Impaired Loans by Class of Loans and Interest Recognized on Impaired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | $53,028 | $51,868 |
Interest Income | 806 | 778 |
Owner Occupied [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | 19,227 | 23,006 |
Interest Income | 14 | 434 |
Non Owner Occupied [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | 3,068 | 4,742 |
Interest Income | 251 | 275 |
Commercial [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | 1,127 | 2,219 |
Interest Income | ' | ' |
Residential [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | 1,574 | 1,745 |
Interest Income | 37 | ' |
Multifamily [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | 3,202 | 1,788 |
Interest Income | 72 | 69 |
1-4 family [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | 12,544 | 6,208 |
Interest Income | ' | ' |
Home Equity [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | 828 | 1,508 |
Interest Income | 1 | ' |
Commercial & Industrial [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | 11,458 | 10,588 |
Interest Income | 431 | ' |
Lease Financing & Other [Member] | ' | ' |
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans | ' | ' |
Average Recorded Investment | ' | 64 |
Interest Income | ' | ' |
Loans_Loans_by_Class_Modified_
Loans - Loans by Class Modified as Troubled Debt Restructurings (Detail) (Troubled Debt Restructurings [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Security | Security | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 11 | 2 |
Pre-Modification Outstanding Recorded Investment | $15,833 | $14,674 |
Post-Modification Outstanding Recorded Investment | 15,579 | 12,079 |
Owner Occupied [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' |
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 | ' |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' |
Residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' |
Multifamily [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 2,159 |
Post-Modification Outstanding Recorded Investment | ' | 1,579 |
1-4 family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 7 | ' |
Pre-Modification Outstanding Recorded Investment | 9,643 | ' |
Post-Modification Outstanding Recorded Investment | 9,419 | ' |
Home Equity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | 75 | 12,515 |
Post-Modification Outstanding Recorded Investment | 75 | 10,500 |
Commercial & Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 2 | ' |
Pre-Modification Outstanding Recorded Investment | 569 | ' |
Post-Modification Outstanding Recorded Investment | 538 | ' |
Lease Financing & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' |
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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | $1,258,510 | $1,231,994 |
Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 168,371 | 181,541 |
Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 425,105 | 369,245 |
Commercial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 47,039 | 40,708 |
Residential [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 41,272 | 34,019 |
Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 226,898 | 196,199 |
1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 61,440 | 89,246 |
Home Equity [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 1,146 | 1,212 |
Commercial & Industrial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 258,578 | 288,809 |
Lease Financing & Other [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 28,661 | 31,015 |
Pass [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 1,164,176 | 1,099,147 |
Pass [Member] | Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 139,108 | 132,181 |
Pass [Member] | Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 399,009 | 356,960 |
Pass [Member] | Commercial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 46,160 | 29,303 |
Pass [Member] | Residential [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 37,931 | 28,936 |
Pass [Member] | Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 222,147 | 193,083 |
Pass [Member] | 1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 42,158 | 58,480 |
Pass [Member] | Home Equity [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 34 | ' |
Pass [Member] | Commercial & Industrial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 249,238 | 270,362 |
Pass [Member] | Lease Financing & Other [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 28,391 | 29,842 |
Special Mention [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 33,472 | 41,778 |
Special Mention [Member] | Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 6,342 | 6,447 |
Special Mention [Member] | Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 14,024 | 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 | 3,341 | 891 |
Special Mention [Member] | Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 2,550 | ' |
Special Mention [Member] | 1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 2,008 | 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 | 5,207 | 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 | 60,862 | 91,069 |
Substandard [Member] | Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 22,921 | 42,913 |
Substandard [Member] | Non Owner Occupied [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 12,072 | 7,847 |
Substandard [Member] | Commercial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 879 | 6,056 |
Substandard [Member] | Residential [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | ' | 4,192 |
Substandard [Member] | Multifamily [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 2,201 | 3,116 |
Substandard [Member] | 1-4 family [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 17,274 | 10,327 |
Substandard [Member] | Home Equity [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 1,112 | 1,212 |
Substandard [Member] | Commercial & Industrial [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 4,133 | 15,079 |
Substandard [Member] | Lease Financing & Other [Member] | ' | ' |
Risk category by class of loans | ' | ' |
Financing Receivable Risk Category | 270 | 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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | $23,489 | $34,808 | $29,892 |
31-59 Days Past Due | 3,412 | 13,436 | ' |
60-89 Days Past Due | 1,213 | 583 | ' |
90 Days Or More Past Due | 18,763 | 25,584 | ' |
Total Past Due | 23,388 | 39,603 | ' |
Current | 1,607,402 | 1,430,180 | ' |
1-4 family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 12,164 | 8,470 | ' |
31-59 Days Past Due | 1,012 | 4,506 | ' |
60-89 Days Past Due | 190 | 91 | ' |
90 Days Or More Past Due | 11,841 | 8,470 | ' |
Total Past Due | 13,043 | 13,067 | ' |
Current | 307,598 | 202,704 | ' |
Home Equity [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 1,113 | 1,212 | ' |
31-59 Days Past Due | 408 | 3,411 | ' |
60-89 Days Past Due | 540 | 321 | ' |
90 Days Or More Past Due | 1,113 | 1,212 | ' |
Total Past Due | 2,061 | 4,944 | ' |
Current | 110,297 | 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 | 902 | 1,384 | ' |
Delinquency Categories [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 372,280 | 237,789 | ' |
31-59 Days Past Due | 1,136 | 3,441 | ' |
60-89 Days Past Due | 659 | 413 | ' |
90 Days Or More Past Due | ' | ' | ' |
Total Past Due | 1,795 | 3,854 | ' |
Current | 370,485 | 233,935 | ' |
Delinquency Categories [Member] | 1-4 family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 259,201 | 126,525 | ' |
31-59 Days Past Due | 705 | ' | ' |
60-89 Days Past Due | 115 | 91 | ' |
90 Days Or More Past Due | ' | ' | ' |
Total Past Due | 820 | 91 | ' |
Current | 258,381 | 126,434 | ' |
Delinquency Categories [Member] | Home Equity [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 111,212 | 108,791 | ' |
31-59 Days Past Due | 408 | 3,411 | ' |
60-89 Days Past Due | 540 | 321 | ' |
90 Days Or More Past Due | ' | ' | ' |
Total Past Due | 948 | 3,732 | ' |
Current | 110,264 | 105,059 | ' |
Delinquency Categories [Member] | Other Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 965 | 1,089 | ' |
31-59 Days Past Due | 23 | 30 | ' |
60-89 Days Past Due | 4 | 1 | ' |
90 Days Or More Past Due | ' | ' | ' |
Total Past Due | 27 | 31 | ' |
Current | 938 | 1,058 | ' |
Delinquency Categories [Member] | Overdrafts [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 902 | 1,384 | ' |
31-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
90 Days Or More Past Due | ' | ' | ' |
Total Past Due | ' | ' | ' |
Current | $902 | $1,384 | ' |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | $49,211 | $59,584 |
Less: accumulated depreciation and amortization | -34,108 | -35,589 |
Premises and equipment, net | 15,103 | 23,996 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 1,085 | 2,589 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 15,175 | 23,550 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 10,571 | 11,774 |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 21,562 | 20,872 |
Automobiles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | $818 | $800 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property | |||
Branch | |||
Property Plant And Equipment [Abstract] | ' | ' | ' |
Number of properties sold | 3 | ' | ' |
Number of branches closed | 2 | ' | ' |
Book value of properties | $6,270 | ' | ' |
Net proceeds from sale of properties | 6,411 | ' | ' |
Impairment on leasehold improvements | 975 | ' | ' |
Depreciation and amortization expense | $3,385 | $3,926 | $3,968 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Carrying amount of goodwill | $5,142 | $23,842 | ' |
Deferred tax on goodwill | 2,879 | -3,959 | ' |
Pretax impairment | 18,700 | ' | ' |
Goodwill accumulated impairment | 18,700 | 0 | ' |
Intangible assets amortization expense | $190 | $748 | $803 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Amortization of Goodwill and Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $6,893 | $6,893 |
Accumulated Amortization | 6,180 | 5,990 |
Deposit Premium [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 3,907 | 3,907 |
Accumulated Amortization | 3,907 | 3,907 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 2,470 | 2,470 |
Accumulated Amortization | 1,757 | 1,567 |
Employment Related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 516 | 516 |
Accumulated Amortization | $516 | $516 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Estimated Annual Intangible Assets Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $190 |
2015 | 190 |
2016 | 190 |
2017 | $143 |
Deposits_Summary_of_Deposits_D
Deposits - Summary of Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
Demand deposits | $1,069,631 | $1,035,847 |
Money market accounts | 870,291 | 843,224 |
Savings accounts | 120,000 | 126,885 |
Time deposits of $100,000 or more | 85,205 | 97,704 |
Time deposits of less than $100,000 | 30,863 | 34,603 |
Checking with interest | 457,754 | 381,698 |
Total deposits | $2,633,744 | $2,519,961 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
Brokered deposits | $0 | $0 |
Money market and checking with interest deposits | $49,408 | $21,515 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Banking And Thrift [Abstract] | ' |
2014 | $99,283 |
2015 | 5,505 |
2016 | 4,859 |
2017 | 4,108 |
2018 | $2,313 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Subsequent Event [Member] | Repurchase Agreements [Member] | Repurchase Agreements [Member] | Callable FHLB Borrowings [Member] | Callable FHLB Borrowings [Member] | Non-Callable FHLB Borrowings [Member] | Non-Callable FHLB Borrowings [Member] | Hudson Valley Bank [Member] | ||||
Institution | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | $34,379,000 | $34,624,000 | ' | ' | $34,379,000 | $34,624,000 | ' | ' | ' | ' | ' |
Short-term borrowings maturity period | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other borrowings | 16,388,000 | 16,428,000 | ' | ' | ' | ' | 15,000,000 | 15,000,000 | 1,300,000 | 1,300,000 | ' |
Borrowing maturity date | ' | ' | ' | ' | ' | ' | '2016 | ' | '2027 | ' | ' |
Borrowing maturity period | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '30 years | '30 years | ' |
Prepaid and short-term FHLB borrowings | 200,000,000 | ' | ' | 16,400,000 | ' | ' | ' | ' | ' | ' | ' |
FHLB prepayment penalty | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' |
Interest expense on borrowings | 751,000 | 826,000 | 2,028,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and securities estimated fair value | 50,767,000 | 51,226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts outstanding with the FHLB | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured borrowing total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 |
Certificate of deposit agreements, total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 |
Number of major financial institutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Line of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Balances outstanding with federal reserve | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan and investment securities total | $556,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Summary_of_Average_
Borrowings - Summary of Average Balances, Weighted Average Interest Rates and Maximum Month-End Outstanding Amounts of Company's Borrowings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Short-Term [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Average balance | $26,738 | $45,619 | $49,678 |
Weighted average interest rate (for the year) | 0.10% | 0.20% | 0.50% |
Weighted average interest rate (at year end) | 0.10% | 0.30% | 0.30% |
Maximum month-end outstanding amount | 34,379 | 56,312 | 61,897 |
Other Borrowings [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Average balance | 16,407 | 16,446 | 40,184 |
Weighted average interest rate (for the year) | 4.40% | 4.40% | 4.40% |
Weighted average interest rate (at year end) | 4.40% | 4.40% | 4.40% |
Maximum month-end outstanding amount | $16,425 | $16,463 | $87,748 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation between Provision (Benefit) for Income Taxes and Amount Computed Using Federal Statutory Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax at statutory rate | ($1,223) | $16,144 | ($2,643) |
State and local income tax, net of Federal benefit | -807 | 2,446 | -3 |
Tax-exempt interest income | -1,585 | -1,712 | -1,873 |
Non-deductible expenses and other | -1,011 | 67 | -894 |
Provision (benefit) for income taxes | ($4,626) | $16,945 | ($5,413) |
Income tax at statutory rate | 35.00% | 35.00% | 35.00% |
State and local income tax, net of Federal benefit | 23.10% | 5.30% | 0.10% |
Tax-exempt interest income | 45.30% | -3.70% | 24.80% |
Non-deductible expenses and other | 28.90% | 0.10% | 11.80% |
Provision (benefit) for income taxes | 132.30% | 36.70% | 71.70% |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Federal: | ' | ' | ' |
Current | $3,476 | $13,457 | ($11,167) |
Deferred | -6,860 | -275 | 5,759 |
State and Local: | ' | ' | ' |
Current | 892 | 1,560 | 678 |
Deferred | -2,134 | 2,203 | -683 |
Provision (benefit) for income taxes | ($4,626) | $16,945 | ($5,413) |
Income_Taxes_Schedule_of_Tax_E
Income Taxes - Schedule of Tax Effect of Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Allowance for loan losses | $10,763 | $10,953 |
Supplemental executive retirement benefit | 5,229 | 4,764 |
Other-than-temporary impairment of investments | 4,655 | 4,123 |
Other | 2,700 | 2,816 |
Unfunded SERP liability | 695 | 981 |
Deferred compensation | 235 | 240 |
Share based compensation costs | 287 | 194 |
State net operating loss carryforward | 189 | ' |
Intangible assets | 2,820 | ' |
Property and equipment | 1,198 | ' |
Unrealized gains/losses on available for sale securities | 3,259 | ' |
Deferred tax assets, Total | 32,030 | 24,071 |
Net deferred tax asset | 31,433 | 19,263 |
Other | 597 | ' |
Intangible assets | ' | 3,825 |
Property and equipment | ' | 780 |
Unrealized gains/losses on available for sale securities | ' | 203 |
Deferred tax liabilities, Total | $597 | $4,808 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits | $0 | $0 |
Accrued expenses interest and penalties on unrecognized | $0 | $0 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements - Additional Information (Detail) | Oct. 31, 2013 |
Banking And Thrift [Abstract] | ' |
Total risk-base capital ratio | 12.00% |
Total Capital (To Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action, Ratio | 10.00% |
Tier 1 risk-based capital ratio | 10.00% |
Tier 1 Capital (To Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action, Ratio | 6.00% |
Tier 1 leverage ratio | 8.00% |
Tier 1 Capital (To Average Assets), Minimum to be Well Capitalized Under Prompt Corrective Action, Ratio | 5.00% |
Regulatory_Capital_Requirement3
Regulatory Capital Requirements - Summary of Capital Requirements and Capital Position (Detail) (USD $) | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Parent Company [Member] | Parent Company [Member] | Consolidated [Member] | Consolidated [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' | ' | ' |
Total Capital (To Risk Weighted Assets), Actual Amount | ' | $295,940 | $281,681 | $303,059 | $286,436 |
Tier 1 Capital (To Risk Weight Assets), Actual Amount | ' | 274,239 | 261,421 | 281,310 | 266,150 |
Tier 1 Capital (To Average Assets), Actual Amount | ' | 274,239 | 261,421 | 281,310 | 266,150 |
Total Capital (To Risk Weighted assets), Actual Ratio | ' | 17.10% | 17.40% | 17.50% | 17.70% |
Tier 1 Capital (To Risk Weighted Assets), Actual Ratio | ' | 15.80% | 16.20% | 16.20% | 16.50% |
Tier 1 Capital (To Average Assets), Actual Ratio | ' | 9.30% | 9.20% | 9.50% | 9.30% |
Total Capital (To Risk Weighted Assets), Minimum for Capital Adequacy, Amount | ' | 138,533 | 129,152 | 138,843 | 129,318 |
Tier 1 Capital (To Risk Weighted Assets), Minimum for Capital Adequacy, Amount | ' | 69,267 | 64,576 | 69,422 | 64,659 |
Tier 1 Capital (To Average assets), Minimum for Capital Adequacy, Amount | ' | 118,062 | 114,100 | 118,257 | 114,259 |
Total Capital (To Risk Weighted Assets), Minimum for Capital Adequacy, Ratio | ' | 8.00% | 8.00% | 8.00% | 8.00% |
Tier 1 Capital (To Risk Weighted Assets), Minimum for Capital Adequacy, Ratio | ' | 4.00% | 4.00% | 4.00% | 4.00% |
Tier 1 Capital (To Average Assets), Minimum for Capital Adequacy, Ratio | ' | 4.00% | 4.00% | 4.00% | 4.00% |
Total Capital (To Risk Weighted Assets) ,Minimum to be Well Capitalized Under Prompt Corrective Action, Amount | ' | 173,167 | 161,439 | ' | ' |
Tier 1 Capital (To Risk Weighted Assets) , Minimum to be Well Capitalized Under Prompt Corrective Action, Amount | ' | 103,900 | 96,864 | ' | ' |
Tier 1 Capital (To Average Assets), Minimum to be Well Capitalized Under Prompt Corrective Action, Amount | ' | $147,578 | $142,625 | ' | ' |
Total Capital (To Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action, Ratio | 10.00% | 10.00% | 10.00% | ' | ' |
Tier 1 Capital (To Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action, Ratio | 6.00% | 6.00% | 6.00% | ' | ' |
Tier 1 Capital (To Average Assets), Minimum to be Well Capitalized Under Prompt Corrective Action, Ratio | 5.00% | 5.00% | 5.00% | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested options outstanding | 0 | 292 | ' |
Outstanding non-vested options, weighted average exercise price | ' | $36.13 | ' |
Forfeited non-vested options | 0 | ' | ' |
Stock options granted | 0 | 0 | ' |
Compensation (benefit) expense | $0 | ($63) | $125 |
Compensation expense, total tax benefit | ' | 0 | 5 |
Unrecognized compensation expense related to stock options | 0 | ' | ' |
Cash received from option exercises | 1,042 | 547 | 1,223 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation (benefit) expense | 1,918 | 457 | ' |
Compensation expense, total tax benefit | 794 | 189 | ' |
Unrecognized compensation expense related to stock options | $3,168 | $3,284 | ' |
Cash option exercise remaining period | '2 years 3 months 18 days | ' | ' |
Restricted stock awards | ' | 0 | ' |
2010 Omnibus Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Issuance of common stock | 1,331,000 | ' | ' |
Non-vested options outstanding | 251,274 | 202,005 | ' |
Stock options granted | 155,853 | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance, Non-vested Shares | 292 | ' |
Granted at fair value, Shares | 0 | 0 |
Exercisable, Shares | 295,627 | ' |
Ending Balance, Non-vested Shares | 0 | 292 |
Prior Option Plans [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance, Outstanding Shares | 428,111 | ' |
Granted at fair value, Shares | ' | ' |
Exercise, Shares | -60,732 | ' |
Cancelled, Shares | -71,752 | ' |
Ending Balance, Outstanding Shares | 295,627 | ' |
Exercisable, Shares | 295,627 | ' |
Ending Balance, Non-vested 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 | 17.16 | ' |
Cancelled or Expired, Weighted Average Grant or Exercise Price | 16.99 | ' |
Ending Balance, Weighted Average Grant or Exercise Price, Outstanding | 21.62 | ' |
Exercisable, Weighted Average Grant or Exercise Price | 21.62 | ' |
Non-vested, Weighted Average Grant or Exercise Price | ' | ' |
Outstanding at December 31, 2013, Aggregate Intrinsic Value | 263 | ' |
Exercisable at December 31, 2013, Aggregate Intrinsic Value | 263 | ' |
Outstanding at December 31, 2013, Weighted Average Remaining Contractual Term | '1 year 6 months | ' |
Exercisable at December 31, 2013, Weighted Average Remaining Contractual Term | '1 year 6 months | ' |
2010 Omnibus Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance, Non-vested Shares | 202,005 | ' |
Granted at fair value, Shares | 155,853 | ' |
Restriction released, Shares | -103,291 | ' |
Cancelled, Shares | -3,293 | ' |
Ending Balance, Non-vested Shares | 251,274 | ' |
Beginning Balance, Weighted Average Grant or Exercise Price, Outstanding | 16.25 | ' |
Granted, Weighted Average Grant or Exercise Price | 16.29 | ' |
Restriction Released, Weighted Average Grant or Exercise Price | 16.17 | ' |
Cancelled or Expired, Weighted Average Grant or Exercise Price | 17.22 | ' |
Non-vested, Weighted Average Grant or Exercise Price | 16.3 | ' |
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 | 16.29 | ' |
Restricted stock awards, Shares | -155,853 | ' |
Cancelled, Shares | 3,293 | ' |
Ending Balance, Available for grant | 968,762 | ' |
Cancelled or Expired, Weighted Average Grant or Exercise Price | 17.22 | ' |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Range of Exercise Prices of Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Outstanding, Exercise Price, Lower Range Limit | $17.94 |
Exercisable, Exercise Price, Lower Range Limit | $17.94 |
Not Exercisable, Exercise Price, Lower Range Limit | ' |
Options Outstanding, Exercise Price, Upper Range Limit | $36.29 |
Exercisable, Exercise Price, Upper Range Limit | $36.29 |
Not Exercisable, Exercise Price, Upper Range Limit | ' |
Options Outstanding, Number of Options | 295,627 |
Exercisable, Number of Options | 295,627 |
Not Exercisable, Number of Options | ' |
Options Outstanding, Weighted Average Remaining Life (years) | '1 year 6 months |
Exercisable, Weighted Average Remaining Life (years) | '1 year 6 months |
Not Exercisable, Weighted Average Remaining Life (years) | '0 years |
Options Outstanding, Weighted Average Exercise Price | $21.62 |
Exercisable, Weighted Average Exercise Price | $21.62 |
Not Exercisable, Weighted Average Exercise Price | ' |
Exercise Price Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Outstanding, Exercise Price, Lower Range Limit | $17.94 |
Options Outstanding, Exercise Price, Upper Range Limit | $18.21 |
Options Outstanding, Number of Options | 50,204 |
Options Outstanding, Weighted Average Remaining Life (years) | '8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $18.20 |
Exercise Price Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Outstanding, Exercise Price, Lower Range Limit | $18.21 |
Options Outstanding, Exercise Price, Upper Range Limit | $23.77 |
Options Outstanding, Number of Options | 175,483 |
Options Outstanding, Weighted Average Remaining Life (years) | '1 year 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $20.91 |
Exercise Price Range Three [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option Outstanding, Exercise Price, Lower Range Limit | $23.77 |
Options Outstanding, Exercise Price, Upper Range Limit | $36.29 |
Options Outstanding, Number of Options | 69,940 |
Options Outstanding, Weighted Average Remaining Life (years) | '2 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $25.87 |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 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 | $542,198 | $445,070 |
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 | 93,692 | 53,223 |
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 | 9,529 | 3,748 |
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 | 9,978 | 10,409 |
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 | 542,198 | 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 | 93,692 | 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 | 339,695 | 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 | 89,304 | 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 | 9,529 | 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 | 9,978 | 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 | 9,978 | 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 | 9,978 | 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 | 532,220 | 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 | 93,692 | 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 | 339,695 | 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 | 89,304 | 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 | 9,529 | 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 | ' | 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 | ' | 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 | 1,275 | 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 | ' | 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 | ' | 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 | 380 | 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 | 895 | 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 | 1,275 | 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 | ' | 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 | ' | 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 | 380 | 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 | 895 | 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 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 | $41,052 | $54,748 |
Specific allowance within the allowance for loan losses | 0 | 0 |
Charge-offs related to impaired loans | 31 | 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 | $1,275 | $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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Balance at beginning of period | $2,950 | $2,816 |
Additions to Level 3 | 263 | 441 |
Net unrealized gain (loss) included in other comprehensive income (1) | 7,571 | 1,267 |
Principal payments | -791 | -1,046 |
Recognized impairment charge included in the statement of income (2) | -1,240 | -528 |
Transfers out of Level 3 | -8,753 | ' |
Balance at end of period | ' | $2,950 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' |
Transfers out of Level 3 | $8,753 |
Fair_Value_Quantitative_Inform
Fair Value - Quantitative Information about Level 3 Fair Value Measurements (Detail) (Fair Value, Measurements, Non-recurring [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | $1,275 | $22,872 |
Residential Real Estate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 380 | 8,514 |
Valuation Technique | 'Sales comparison approach | 'Sales comparison or income approach |
Discounts to appraisals for market conditions | 0.00% | ' |
Commercial & Industrial [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | 895 | 1,737 |
Valuation Technique | 'Sales comparison approach | 'Sales comparison approach - secondary collateral |
Discounts to appraisals for market conditions | 0.00% | 7.00% |
Commercial Real Estate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | ' | 6,835 |
Valuation Technique | ' | 'Sales comparison or income approach |
Capitalization rate | ' | 8.00% |
Construction [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | ' | 3,219 |
Valuation Technique | ' | 'Sales comparison approach |
Other Real Estate Owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | ' | 250 |
Valuation Technique | ' | 'Sales comparison approach |
Discounts to appraisals for market conditions | ' | 0.00% |
Loans Held for Sale [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value | ' | $2,317 |
Valuation Technique | ' | 'Third party bids |
Weighted Average [Member] | Residential Real Estate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 0.00% | 4.00% |
Weighted Average [Member] | Commercial & Industrial [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | 0.00% | 7.00% |
Weighted Average [Member] | Commercial Real Estate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 8.00% |
Weighted Average [Member] | Construction [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 6.00% |
Weighted Average [Member] | Other Real Estate Owned [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 Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Bids from interested third parties | ' | 64.00% |
Minimum [Member] | Residential Real Estate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 0.00% |
Minimum [Member] | Commercial Real Estate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions, percentage | ' | 0.00% |
Minimum [Member] | Construction [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions, percentage | ' | 0.00% |
Minimum [Member] | Loans Held for Sale [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Bids from interested third parties | ' | 60.00% |
Maximum [Member] | Residential Real Estate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 47.00% |
Maximum [Member] | Commercial Real Estate [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 62.00% |
Maximum [Member] | Construction [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Discounts to appraisals for market conditions | ' | 21.00% |
Maximum [Member] | Loans Held for Sale [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Bids from interested third parties | ' | 65.00% |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Scenario, Forecast [Member] | Supplemental Pension Plans, Additional Retirement Benefits [Member] | Supplemental Pension Plans, Additional Retirement Benefits [Member] | Supplemental Pension Plans, Additional Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution of Pension Plan | 5.00% | 5.00% | ' | ' | ' | ' | ' |
Pension costs charged to operating expenses | $914 | $1,219 | $1,265 | ' | ' | ' | ' |
Matching percent of employee contribution annually | 25.00% | ' | ' | ' | ' | ' | ' |
Employee contribution as a percent of base salary | 4.00% | ' | ' | ' | ' | ' | ' |
Saving Plan cost charged to expenses | 176 | 180 | 168 | ' | ' | ' | ' |
Total supplemental pension plans | ' | ' | ' | ' | 1,944 | 1,586 | 1,397 |
Accumulated benefit obligation | 13,704 | 13,360 | ' | ' | ' | ' | ' |
Estimated net loss | ' | ' | ' | 752 | ' | ' | ' |
Prior service cost | ' | ($216) | ($449) | $0 | ' | ' | ' |
Benefit_Plans_Status_of_Compan
Benefit Plans - Status of Company's Supplemental Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $14,038 | $12,688 | $11,414 |
Service cost | 521 | 506 | 429 |
Interest cost | 673 | 642 | 638 |
Amendments | ' | ' | ' |
Actuarial loss | 33 | 895 | 819 |
Benefits paid | -900 | -693 | -612 |
Benefit obligation at end of year | 14,365 | 14,038 | 12,688 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | ' |
Actual return on assets | ' | ' | ' |
Employer contribution | 900 | 693 | 612 |
Benefits paid | -900 | -693 | -612 |
Fair value of plan assets at end of year | ' | ' | ' |
Funded status at year end | ($14,365) | ($14,038) | ($12,688) |
Benefit_Plans_Amounts_Recogniz
Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Net actuarial loss | $1,738 | $2,671 | $2,447 |
Prior service cost | ' | -216 | -449 |
Total | $1,738 | $2,455 | $1,998 |
Benefit_Plans_Schedule_of_Weig
Benefit Plans - Schedule of Weighted Average Assumptions and Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted Average Assumptions: | ' | ' | ' |
Discount rate | 3.95% | 3.50% | 4.50% |
Expected return on plan assets | ' | ' | ' |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Components of net periodic benefit cost and other amounts recognized in other comprehensive income: | ' | ' | ' |
Service cost | $521 | $506 | $429 |
Interest cost | 673 | 642 | 638 |
Expected return on plan assets | ' | ' | ' |
Amortization of transition obligation | ' | ' | ' |
Amortization of prior service cost | -216 | -233 | -233 |
Amortization of net loss | 966 | 671 | 557 |
Net periodic benefit cost | 1,944 | 1,586 | 1,391 |
Net (gain) loss | -933 | 224 | 262 |
Amortization of prior service cost | 216 | 233 | 233 |
Total recognized in other comprehensive income | -717 | 457 | 495 |
Total recognized in net periodic benefit cost and other comprehensive income | $1,227 | $2,043 | $1,886 |
Benefit_Plans_Benefit_Payments
Benefit Plans - Benefit Payments Which Reflect Expected Future Service (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Compensation And Retirement Disclosure [Abstract] | ' |
2014 | $1,067 |
2015 | 1,362 |
2016 | 1,221 |
2017 | 1,181 |
2018 | 1,198 |
Years 2019-2023 | $6,169 |
Commitments_Contingent_Liabili2
Commitments, Contingent Liabilities and Other Disclosures - Schedule of Future Minimum Rental Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $5,129 |
2015 | 5,151 |
2016 | 4,717 |
2017 | 4,359 |
2018 | 3,630 |
Thereafter | 10,559 |
Total minimum future payments | $33,545 |
Commitments_Contingent_Liabili3
Commitments, Contingent Liabilities and Other Disclosures - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Rent expense for premises and equipment | ' | $3,852 | $3,832 | $4,254 |
Legal and other expenses | 1,200 | 2,900 | ' | 1,700 |
Required average cash reserve to be maintain | ' | 15,874 | ' | ' |
Declaration of additional dividend | ' | $15,100 | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | |||
Segment Reporting [Abstract] | ' | ' | ' |
Reportable segment | 1 | ' | ' |
Operating segment or unit | 1 | ' | ' |
Percentage of company's revenue for customer accounted | 10.00% | 10.00% | 10.00% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 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 | $726.50 | $846.80 |
Liabilities: | ' | ' |
Deposits with no stated maturity and accrued interest | 2,517.80 | 2,387.70 |
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 34.4 | 34.6 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
ASSETS | ' | ' |
Held to maturity securities and accrued interest | 6.6 | 10.8 |
Liabilities: | ' | ' |
Time deposits and accrued interest | 116.1 | 132.7 |
Other borrowings and accrued interest | 14.6 | 14.2 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
ASSETS | ' | ' |
Loans and accrued interest | 1,655.60 | 1,490.20 |
Carrying Amount [Member] | ' | ' |
ASSETS | ' | ' |
Financial assets for which carrying value approximates fair value | 726.5 | 846.8 |
Held to maturity securities and accrued interest | 6.2 | 10.2 |
FHLB Stock | 3.5 | 4.8 |
Loans and accrued interest | 1,637.30 | 1,453.20 |
Liabilities: | ' | ' |
Deposits with no stated maturity and accrued interest | 2,517.80 | 2,387.70 |
Time deposits and accrued interest | 116.1 | 132.4 |
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 34.4 | 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 | 726.5 | 846.8 |
Held to maturity securities and accrued interest | 6.6 | 10.8 |
FHLB Stock | ' | ' |
Loans and accrued interest | 1,655.60 | 1,490.20 |
Liabilities: | ' | ' |
Deposits with no stated maturity and accrued interest | 2,517.80 | 2,387.70 |
Time deposits and accrued interest | 116.1 | 132.7 |
Securities sold under repurchase agreements and other short-term borrowing and accrued interest | 34.4 | 34.6 |
Other borrowings and accrued interest | $14.60 | $14.20 |
Condensed_Financial_Informatio2
Condensed Financial Information of Hudson Valley Holding Corp. - Schedule of Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Other assets | $6,340 | $8,937 | ' | ' |
Total Assets | 2,999,199 | 2,891,246 | ' | ' |
Liabilities and Stockholders' Equity | ' | ' | ' | ' |
Stockholders' equity | 284,309 | 290,971 | 277,562 | 289,917 |
Total Liabilities and Stockholders' Equity | 2,999,199 | 2,891,246 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Due from banks | 1,381 | 975 | ' | ' |
Investment in subsidiaries | 282,072 | 289,427 | ' | ' |
Equity securities | 1,223 | 952 | ' | ' |
Other assets | 71 | 27 | ' | ' |
Total Assets | 284,747 | 291,381 | ' | ' |
Liabilities and Stockholders' Equity | ' | ' | ' | ' |
Other liabilities | 438 | 410 | ' | ' |
Stockholders' equity | 284,309 | 290,971 | ' | ' |
Total Liabilities and Stockholders' Equity | $284,747 | $291,381 | ' | ' |
Condensed_Financial_Informatio3
Condensed Financial Information of Hudson Valley Holding Corp. - Schedule of Condensed Statement of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Operating expenses | $914 | $1,219 | $1,265 |
Net Income (Loss) | 1,130 | 29,181 | -2,137 |
Parent Company [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Dividends from subsidiaries | 4,685 | 7,040 | 5 |
Dividends from equity securities | 50 | 105 | 76 |
Other income | ' | ' | 2 |
Operating expenses | 553 | 619 | 699 |
Income (loss) before equity in undistributed earnings of subsidiaries | 4,182 | 6,526 | -616 |
Equity in undistributed earnings of subsidiaries | -3,052 | 22,655 | -1,521 |
Net Income (Loss) | $1,130 | $29,181 | ($2,137) |
Condensed_Financial_Informatio4
Condensed Financial Information of Hudson Valley Holding Corp. - Schedule of Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income (loss) | $1,130 | $29,181 | ($2,137) |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
(Increase) decrease in other assets | 2,597 | 3,959 | 2,618 |
Net Cash Provided by Operating Activities | 30,979 | 51,465 | 57,730 |
Investing Activities: | ' | ' | ' |
Net Cash (Used In) Provided by Investing Activities | -269,177 | 635,285 | -388,687 |
Financing Activities: | ' | ' | ' |
Proceeds from issuance of common stock and sale of treasury stock | 1,094 | 547 | 1,223 |
Cash dividends paid | -4,729 | -14,125 | -12,401 |
Net Cash Provided by Financing Activities | 110,029 | 62,669 | 124,905 |
Increase (decrease) in cash and cash equivalents | -128,169 | 749,419 | -206,052 |
Cash and Cash Equivalents, Beginning of Period | 827,523 | 78,104 | 284,156 |
Cash and Cash Equivalents, End of Period | 699,354 | 827,523 | 78,104 |
Parent Company [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net income (loss) | 1,130 | 29,181 | -2,137 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed earnings of subsidiaries | 3,052 | -22,655 | 1,521 |
(Decrease) increase in other liabilities | -108 | -113 | 25 |
(Increase) decrease in other assets | -44 | -1 | 3 |
Other changes, net | -49 | ' | ' |
Net Cash Provided by Operating Activities | 3,981 | 6,412 | -588 |
Investing Activities: | ' | ' | ' |
Proceeds from sales of equity securities | 60 | 8 | 4 |
Net Cash (Used In) Provided by Investing Activities | 60 | 8 | 4 |
Financing Activities: | ' | ' | ' |
Proceeds from issuance of common stock and sale of treasury stock | 1,094 | 547 | 1,223 |
Cash dividends paid | -4,729 | -14,125 | -12,401 |
Net Cash Provided by Financing Activities | -3,635 | -13,578 | -11,178 |
Increase (decrease) in cash and cash equivalents | 406 | -7,158 | -11,762 |
Cash and Cash Equivalents, Beginning of Period | 975 | 8,133 | 19,895 |
Cash and Cash Equivalents, End of Period | $1,381 | $975 | $8,133 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Net income (loss) | $1,130 | $29,181 | ($2,137) |
Less: Dividends paid on and earnings allocated to participating securities | 13 | 115 | ' |
Income (loss) attributable to common stock | $1,117 | $29,066 | ($2,137) |
Weighted average common shares outstanding, including participating securities | 19,876,377 | 19,620,251 | 19,462,055 |
Less: Weighted average participating securities | 278,946 | 81,957 | ' |
Weighted average common shares outstanding | 19,597,431 | 19,538,294 | 19,462,055 |
Basic earnings (loss) per common share | $0.06 | $1.49 | ($0.11) |
Weighted average common shares outstanding | 19,597,431 | 19,538,294 | 19,462,055 |
Weighted average common equivalent shares outstanding | 282 | 6,743 | ' |
Weighted average common and equivalent shares outstanding | 19,597,713 | 19,545,037 | 19,462,055 |
Diluted earnings (loss) per common share | $0.06 | $1.49 | ($0.11) |
Dividends per common share | $0.24 | $0.72 | $0.64 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Stock options not considered in computing diluted earnings per share | ' | 295,627 | 330,568 | 616,382 |
Stock dividend paid | 10.00% | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | ($849) | $1,726 | $927 |
Other comprehensive (loss) income before reclassification | -6,703 | -3,150 | 400 |
Other comprehensive (loss) income | -5,522 | -2,575 | 799 |
Ending balance | -6,371 | -849 | 1,726 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 1,181 | 575 | 398 |
Securities Available for Sale [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | 624 | 2,924 | 1,828 |
Other comprehensive (loss) income before reclassification | -6,684 | -2,612 | 892 |
Other comprehensive (loss) income | -5,952 | -2,300 | 1,096 |
Ending balance | -5,328 | 624 | 2,924 |
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 | 732 | 312 | 204 |
Defined Benefit Plans [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -1,473 | -1,198 | -901 |
Other comprehensive (loss) income before reclassification | -20 | -539 | -491 |
Other comprehensive (loss) income | 430 | -275 | -297 |
Ending balance | -1,043 | -1,473 | -1,198 |
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 | $450 | $264 | $194 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Schedule of Reclassification Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other-than-temporary impairment charges | $1,240 | $528 | $1,256 |
Income tax expense | -4,626 | 16,945 | -5,413 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net of tax | -1,180 | -575 | -825 |
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 | ' | ' | 21 |
Other-than-temporary impairment charges | -1,240 | -528 | -368 |
Income tax expense | 508 | 216 | 143 |
Net of tax | -732 | -312 | -204 |
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 | -966 | -671 | -966 |
Amortization of prior service cost | 216 | 233 | 216 |
Income tax expense | 301 | 174 | 130 |
Net of tax | ($449) | ($264) | ($620) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | Jan. 31, 2014 |
In Thousands, unless otherwise specified | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Prepaid FHLB borrowings | $16,400 |
FHLB prepayment penalty | $1,900 |