Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 06, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-32964 | ||
Entity Registrant Name | THE FIRST OF LONG ISLAND CORPORATION | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 11-2672906 | ||
Entity Address, Address Line One | 10 Glen Head Road | ||
Entity Address, City or Town | Glen Head | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11545 | ||
City Area Code | 516 | ||
Local Phone Number | 671-4900 | ||
Title of 12(b) Security | Common stock, $0.10 par value per share | ||
Trading Symbol | FLIC | ||
Security Exchange Name | NASDAQ | ||
Entity Central Index Key | 0000740663 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 474.2 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 23,793,128 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held April 21, 2020 are incorporated by reference into Part III. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and cash equivalents | $ 38,968 | $ 47,358 |
Investment securities: | ||
Held-to-maturity, at amortized cost (fair value of $5,552) | 5,504 | |
Available-for-sale, at fair value | 697,544 | 758,015 |
Total securities | 697,544 | 763,519 |
Loans | 3,188,249 | 3,263,399 |
Allowance for loan losses | (29,289) | (30,838) |
Total | 3,158,960 | 3,232,561 |
Restricted stock, at cost | 30,899 | 40,686 |
Bank premises and equipment, net | 40,017 | 41,267 |
Right-of-use asset - operating leases | 14,343 | |
Bank-owned life insurance | 83,119 | 80,925 |
Pension plan assets, net | 18,275 | 15,154 |
Deferred income tax benefit | 317 | 3,447 |
Other assets | 15,401 | 16,143 |
Total assets | 4,097,843 | 4,241,060 |
Deposits: | ||
Checking | 911,978 | 935,574 |
Savings, NOW and money market | 1,720,599 | 1,590,341 |
Time, $100,000 and over | 242,359 | 309,165 |
Time, other | 269,080 | 249,892 |
Total | 3,144,016 | 3,084,972 |
Short-term borrowings | 190,710 | 388,923 |
Long-term debt | 337,472 | 362,027 |
Operating lease liability | 15,220 | |
Accrued expenses and other liabilities | 21,317 | 16,951 |
Total liabilities | 3,708,735 | 3,852,873 |
Commitments and Contingent Liabilities (Note L) | ||
Stockholders' Equity: | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 23,934,632 and 25,422,740 shares | 2,393 | 2,542 |
Surplus | 111,744 | 145,163 |
Retained earnings | 274,376 | 249,922 |
Total | 388,513 | 397,627 |
Accumulated other comprehensive income (loss), net of tax | 595 | (9,440) |
Total | 389,108 | 388,187 |
Total | 4,097,843 | 4,241,060 |
Commercial And Industrial [Member] | ||
Investment securities: | ||
Loans | 103,879 | 98,785 |
Allowance for loan losses | (1,493) | (1,158) |
Commercial Mortgages [Member] | ||
Investment securities: | ||
Loans | 1,401,289 | 1,281,295 |
Consumer And Other [Member] | ||
Investment securities: | ||
Loans | 2,431 | 5,958 |
Allowance for loan losses | (13) | (49) |
Closed-end [Member] | Residential Mortgages [Member] | ||
Investment securities: | ||
Loans | 1,621,419 | 1,809,651 |
Allowance for loan losses | (15,698) | (18,844) |
Revolving Home Equity [Member] | Residential Mortgages [Member] | ||
Investment securities: | ||
Loans | 59,231 | 67,710 |
Allowance for loan losses | $ (515) | $ (410) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Held-to-Maturity Securities, Fair Value | $ 5,552 | |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 23,934,632 | 25,422,740 |
Common stock, shares outstanding (in shares) | 23,934,632 | 25,422,740 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income: | |||
Loans | $ 117,171 | $ 112,784 | $ 97,027 |
Taxable | 15,212 | 12,040 | 7,754 |
Nontaxable | 11,467 | 13,413 | 13,484 |
Total interest and dividend income | 143,850 | 138,237 | 118,265 |
Interest expense: | |||
Savings, NOW and money market deposits | 18,563 | 12,105 | 7,113 |
Time deposits | 14,494 | 10,452 | 5,479 |
Short-term borrowings | 3,261 | 4,858 | 1,345 |
Long-term debt | 7,363 | 8,315 | 7,772 |
Total interest expense | 43,681 | 35,730 | 21,709 |
Net interest income | 100,169 | 102,507 | 96,556 |
Provision (credit) for loan losses | 33 | (1,755) | 4,854 |
Net interest income after provision (credit) for loan losses | 100,136 | 104,262 | 91,702 |
Noninterest income: | |||
Investment Management Division income | 2,010 | 2,175 | 2,090 |
Service charges on deposit accounts | 3,214 | 2,634 | 2,792 |
Net gains (losses) on sales of securities | 14 | (10,406) | (1,866) |
Other | 5,373 | 7,876 | 5,145 |
Total | 10,611 | 2,279 | 8,161 |
Noninterest expense: | |||
Salaries and employee benefits | 37,111 | 36,465 | 32,641 |
Occupancy and equipment | 11,904 | 11,686 | 10,245 |
Other | 11,949 | 11,755 | 11,966 |
Total noninterest expense | 60,964 | 59,906 | 54,852 |
Income before income taxes | 49,783 | 46,635 | 45,011 |
Income tax expense | 8,228 | 5,062 | 9,889 |
Net income | $ 41,555 | $ 41,573 | $ 35,122 |
Earnings per share: | |||
Basic | $ 1.68 | $ 1.64 | $ 1.44 |
Diluted | 1.67 | 1.63 | 1.43 |
Cash dividends declared per share | $ 0.70 | $ 0.64 | $ 0.58 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 41,555 | $ 41,573 | $ 35,122 |
Other comprehensive income (loss): | |||
Change in net unrealized holding gains (losses) on available-for-sale securities | 14,142 | (8,485) | 1,631 |
Change in funded status of pension plan | 3,525 | (4,316) | 1,718 |
Change in net unrealized loss on derivative instruments | (3,289) | (1,130) | |
Other comprehensive income (loss) before income taxes | 14,378 | (13,931) | 3,349 |
Income tax expense (benefit) | 4,343 | (4,222) | 1,199 |
Other comprehensive income (loss) | 10,035 | (9,709) | 2,150 |
Comprehensive income | $ 51,590 | $ 31,864 | $ 37,272 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 23,699,107 | ||||
Balance at Dec. 31, 2016 | $ 2,370 | $ 101,738 | $ 203,326 | $ (1,604) | $ 305,830 |
Net income | 35,122 | 35,122 | |||
Other comprehensive income (loss) | 2,150 | 2,150 | |||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (19,339) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (2) | (525) | (527) | ||
Common stock issued under stock compensation plans (in shares) | 164,720 | ||||
Common stock issued under stock compensation plans | $ 17 | 959 | 976 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 823,902 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 82 | 22,516 | 22,598 | ||
Stock-based compensation | 2,434 | 2,434 | |||
Cash dividends declared | (14,133) | (14,133) | |||
Balance (in shares) at Dec. 31, 2017 | 24,668,390 | ||||
Balance at Dec. 31, 2017 | $ 2,467 | 127,122 | 224,315 | 546 | 354,450 |
Net income | 41,573 | 41,573 | |||
Other comprehensive income (loss) | (9,709) | (9,709) | |||
Reclassification of stranded tax effects upon the adoption of ASU 2018-02 | 277 | (277) | |||
Repurchase of common stock (in shares) | (77,300) | ||||
Repurchase of common stock | $ (8) | (1,533) | (1,541) | ||
Shares tendered upon the exercise of stock options | $ (1) | (365) | (366) | ||
Shares tendered upon the exercise of stock options (in shares) | 14,549 | ||||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (27,591) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (3) | (771) | (774) | ||
Common stock issued under stock compensation plans (in shares) | 174,164 | ||||
Common stock issued under stock compensation plans | $ 17 | 727 | 744 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 699,626 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 70 | 18,169 | 18,239 | ||
Stock-based compensation | 1,814 | 1,814 | |||
Cash dividends declared | (16,243) | (16,243) | |||
Balance (in shares) at Dec. 31, 2018 | 25,422,740 | ||||
Balance at Dec. 31, 2018 | $ 2,542 | 145,163 | 249,922 | (9,440) | 388,187 |
Net income | 41,555 | 41,555 | |||
Other comprehensive income (loss) | 10,035 | 10,035 | |||
Repurchase of common stock (in shares) | (1,686,100) | ||||
Repurchase of common stock | $ (169) | (38,002) | (38,171) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (41,018) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (4) | (850) | (854) | ||
Common stock issued under stock compensation plans (in shares) | 150,988 | ||||
Common stock issued under stock compensation plans | $ 15 | 570 | 585 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 88,022 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 9 | 1,813 | 1,822 | ||
Stock-based compensation | 3,050 | 3,050 | |||
Cash dividends declared | (17,101) | (17,101) | |||
Balance (in shares) at Dec. 31, 2019 | 23,934,632 | ||||
Balance at Dec. 31, 2019 | $ 2,393 | $ 111,744 | $ 274,376 | $ 595 | $ 389,108 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash Flows From Operating Activities: | |||
Net income | $ 41,555 | $ 41,573 | $ 35,122 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision (credit) for loan losses | 33 | (1,755) | 4,854 |
Provision (credit) for deferred income taxes | (1,212) | (1,601) | 1,114 |
Depreciation and amortization of premises and equipment | 4,078 | 4,068 | 3,604 |
Amortization of right of use asset - operating leases | 2,140 | ||
Premium amortization on investment securities, net | 1,264 | 1,714 | 3,045 |
Net (gain) loss on sales of securities | (14) | 10,406 | 1,866 |
Net gain on sale of premises and equipment | (1,176) | ||
Stock-based compensation expense | 3,050 | 1,814 | 2,434 |
Accretion of cash surrender value on bank-owned life insurance | (2,194) | (2,134) | (1,568) |
Pension expense (credit) | 404 | (319) | (118) |
Increase (decrease) in other liabilities | (38) | 4,002 | 1,031 |
Other decreases (increases) | 921 | 2,782 | (4,212) |
Net cash provided by operating activities | 49,987 | 59,374 | 47,172 |
Available-for-sale securities: | |||
Proceeds from sales | 21,983 | 263,994 | 135,695 |
Proceeds from maturities and redemptions | 151,214 | 74,639 | 100,994 |
Purchases | (95,905) | (397,174) | (144,885) |
Held-to-maturity securities: | |||
Proceeds from sales | 355 | ||
Proceeds from maturities and redemptions | 3,184 | 5,240 | 6,089 |
Purchases | (1,609) | (3,059) | (2,606) |
Proceeds from sales of real estate and loans held-for-sale | 8,043 | ||
Net decrease (increase) in loans | 73,568 | (315,389) | (411,908) |
Net decrease (increase) in restricted stock | 9,787 | (3,372) | (5,551) |
Purchases of bank-owned life insurance, net of proceeds | (18,561) | (25,000) | |
Purchases of premises and equipment, net | (2,875) | (5,687) | (8,891) |
Net cash provided by (used in) investing activities | 159,347 | (391,326) | (355,708) |
Cash Flows From Financing Activities: | |||
Net increase in deposits | 59,044 | 262,975 | 213,280 |
Net increase (decrease) in short-term borrowings | (198,213) | 107,782 | 74,129 |
Proceeds from long-term debt | 48,945 | 39,680 | 71,635 |
Repayment of long-term debt | (73,500) | (101,450) | (27,050) |
Proceeds from issuance of common stock, net of shares withheld | 1,420 | 17,777 | 22,988 |
Repurchase of common stock | (38,171) | (1,541) | |
Cash dividends paid | (17,249) | (15,585) | (13,703) |
Net cash (used in) provided by financing activities | (217,724) | 309,638 | 341,279 |
Net (decrease) increase in cash and cash equivalents | (8,390) | (22,314) | 32,743 |
Cash and cash equivalents, beginning of year | 47,358 | 69,672 | 36,929 |
Cash and cash equivalents, end of period | 38,968 | 47,358 | 69,672 |
Supplemental Cash Flow Disclosures: | |||
Cash paid for interest | 43,520 | 35,274 | 21,545 |
Cash paid for income taxes | 8,867 | 2,490 | 12,838 |
Operating cash flows from operating leases | 2,547 | ||
Noncash investing and financing activities: | |||
Right-of-use assets obtained in exchange for operating lease liabilities | 16,483 | ||
Cash dividends payable | 4,308 | 4,456 | 3,798 |
Held-to-maturity securities transferred to available-for-sale | $ 3,949 | ||
Loans transferred from portfolio to held-for-sale | $ 1,151 | ||
Additions to other real estate owned | $ 5,850 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements include the accounts of The First of Long Island Corporation and its wholly-owned subsidiary, The First National Bank of Long Island, and subsidiaries wholly-owned by the Bank, either directly or indirectly: The First of Long Island Agency, Inc.; FNY Service Corp. (“FNY”); and The First of Long Island REIT, Inc. (“REIT”). The Corporation’s financial condition and operating results principally reflect those of the Bank and its subsidiaries. The consolidated entity is referred to as the “Corporation,” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. In preparing the consolidated financial statements, management is required to make estimates, such as the allowance for loan losses, and assumptions that affect the reported asset and liability balances, revenue and expense amounts and the disclosure of contingent assets and liabilities. Actual results could differ significantly from those estimates. The accounting and reporting policies of the Corporation reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States. The following is a summary of the Corporation’s significant accounting policies. Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions that generally mature within 90 days. Investment Securities Current accounting standards require that investment securities be classified as held-to-maturity, available-for-sale or trading. The trading category is not applicable to any securities in the Bank's portfolio because the Bank does not buy or hold debt or equity securities principally for the purpose of selling in the near term. Held-to-maturity securities, or debt securities which the Bank has the intent and ability to hold to maturity, are reported at amortized cost. Available-for-sale securities, or debt securities which are neither held-to-maturity securities nor trading securities, are reported at fair value, with unrealized gains and losses, net of the related income tax effect, included in other comprehensive income (loss). Equity securities, if any, are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. Interest income includes amortization or accretion of purchase premium or discount. Premiums and discounts on securities are amortized or accreted using the level-yield method. Prepayments are anticipated for mortgage-backed securities. Premiums on municipal securities are amortized to the earlier of the stated maturity date or the first call date, while discounts on municipal securities are accreted to the stated maturity date. Realized gains and losses on the sale of securities are determined using the specific identification method. Investment securities are evaluated for other-than-temporary impairment (“OTTI”) no less often than quarterly. In determining OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost; (2) the financial condition and near-term prospects of the issuer; (3) whether the market decline was affected by macroeconomic conditions; and (4) whether management has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. When OTTI occurs, management considers whether it intends to sell, or, more likely than not, 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 in earnings. For securities that do not meet the aforementioned criteria, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income (loss). Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or fair value. Any subsequent declines in fair value below the initial carrying value are recorded as a valuation allowance established through a charge to noninterest income. Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance less any chargeoffs and the allowance for loan losses and plus or minus net deferred loan costs and fees, respectively. Interest on loans is credited to income based on the principal amount outstanding. Direct loan origination costs, net of loan origination fees, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. The past due status of a loan is based on the contractual terms in the loan agreement. Unless a loan is well secured and in the process of collection, the accrual of interest income is discontinued when a loan becomes 90 days past due as to principal or interest payments. The accrual of interest income on a loan is also discontinued when it is determined that the borrower will not be able to make principal and interest payments according to the contractual terms of the current loan agreement. When the accrual of interest income is discontinued on a loan, any accrued but unpaid interest is reversed against current period income. Interest received on nonaccrual loans is applied to the outstanding principal balance until the loans qualify for return to an accrual status, if ever. Return to an accrual status occurs when all the principal and interest amounts contractually past due are brought current and all future payments are reasonably assured. The allowance for loan losses is established through provisions for loan losses charged against income. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is an amount that management currently believes will be adequate to absorb probable incurred losses in the Bank’s loan portfolio. The process for estimating credit losses and determining the allowance for loan losses as of any balance sheet date is subjective in nature and requires material estimates. Actual results could differ significantly from those estimates. The allowance for loan losses is comprised of specific reserves allocated to individually impaired loans plus estimated losses on pools of loans that are collectively reviewed. Although the allowance for loan losses has two separate components, one for impairment losses on individual loans and one for collective impairment losses on pools of loans, the entire allowance for loan losses is available to absorb realized losses as they occur whether they relate to individual loans or pools of loans. Estimated losses for loans individually deemed to be impaired are based on either the fair value of collateral or the discounted value of expected future cash flows. For all collateral dependent impaired loans, impairment losses are measured based on the fair value of the collateral. A loan is considered to be impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled principal and interest when due according to the contractual terms of the current loan agreement. Loans that experience insignificant payment delays and payment shortfalls are not automatically considered to be impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and financial condition and the amount of the shortfall in relation to the principal and interest owed. In addition to estimating losses for loans individually deemed to be impaired, management also estimates collective impairment losses for pools of loans that are not specifically reviewed. Loan pools include: commercial and industrial loans; small business credit scored loans; owner-occupied commercial mortgages; multifamily commercial mortgages; other commercial mortgages; construction and land development loans; first-lien residential mortgages; junior-lien residential mortgages; first-lien home equity lines; junior-lien home equity lines; and consumer loans. The Bank’s highest average annualized loss experience over periods of 24, 36, 48 or 60 months is generally the starting point in determining the allowance for loan losses for each pool of loans. Management believes that this approach appropriately reflects losses from the current economic cycle and those incurred losses in the Bank’s loan portfolio. However, since future losses could vary significantly from those experienced in the past, on a quarterly basis management adjusts its historical loss experience to reflect current conditions. In doing so, management considers a variety of general qualitative factors and then subjectively determines the weight to assign to each in estimating losses. The factors include, among others: (1) delinquencies, (2) economic conditions as judged by things such as national and local unemployment levels, (3) changes in value of underlying collateral as judged by things such as median home prices, commercial vacancy rates and forecasted vacancy and rental rates in the Bank’s service area, (4) trends in the nature and volume of loans, (5) concentrations of credit, (6) changes in lending policies and procedures, (7) experience, ability and depth of lending staff, (8) changes in the quality of the loan review function, (9) environmental risks, and (10) loan risk ratings. Substantially all of the Bank’s allowance for loan losses allocable to pools of loans that are collectively evaluated for impairment results from these qualitative adjustments to historical loss experience. Because of the nature of the qualitative factors and the difficulty in assessing their impact, management’s resulting estimate of losses may not accurately reflect actual losses in the portfolio. Troubled debt restructurings are by definition impaired loans and are generally reported at the present value of estimated future cash flows using the loan’s effective rate at inception. However, if a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Corporation, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Bank Premises and Equipment and Operating Leases Land is carried at cost. Other bank premises and equipment are carried at cost less accumulated depreciation and amortization. Buildings are depreciated using the straight-line method over their estimated useful lives, which range from 31 to 40 years. Building and leasehold improvements are depreciated using the straight-line method over the remaining lives of the buildings or leases, as applicable, or their estimated useful lives, whichever is shorter. The lives of the respective leases range from five years to twenty years . Furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives, which range from three years to ten years . Premises and equipment held-for-sale, if any, is included in Other Assets on the Corporation’s consolidated balance sheet and carried at the lower of cost or fair value. The Bank determines if an arrangement is a lease at inception and recognizes a right-of-use (“ROU”) asset and lease liability at the commencement date based on the present value of lease payments over the lease term. As most of the Bank’s leases do not provide an implicit interest rate, the Bank uses its incremental borrowing rate to determine the present value of the lease payments. For leases entered into beginning in 2019, the Bank’s ROU asset and lease liability may include options to extend the lease when it is reasonably certain that the Bank will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Bank-owned Life Insurance The Bank is the owner and beneficiary of insurance policies on the lives of certain officers. Bank-owned life insurance (“BOLI”) is recorded at the amount that can be realized under the contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement, if any. Restricted Stock The Bank is a member of and is required to own stock in the Federal Home Loan Bank of New York (“FHLBNY”) and the Federal Reserve Bank of New York (“FRBNY”). The amount of FHLBNY stock held is based on membership and the level of FHLBNY advances. The amount of FRBNY stock held is based on the Bank’s capital and surplus balances. These stocks do not have a readily determinable fair value, are carried at cost, classified as restricted stock and periodically evaluated for impairment based on the prospects for the ultimate recovery of cost. Cash dividends, if any, are reported as interest income on taxable investment securities. Other Real Estate Owned Real estate acquired through foreclosure or by deed-in-lieu of foreclosure is initially recorded at the lower of cost or fair value, less estimated selling costs and is included in other assets on the consolidated balance sheet. Chargeoffs recorded at the time of acquisition are charged to the allowance for loan losses. Thereafter, decreases in the property’s estimated fair value are charged to earnings and credited to a valuation allowance and subsequent recoveries in fair value are credited to earnings and charged to the valuation allowance. Such adjustments to earnings are included in other noninterest expense along with any additional property maintenance costs incurred in owning the property. Rental income received from tenants of other real estate owned is included in other noninterest income. Long-term Assets Premises and equipment, intangible assets, BOLI and other long-term assets, if any, are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Loan Commitments and Related Financial Instruments Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans, commercial letters of credit and standby letters of credit. The face amount of these items represents the exposure to loss, before considering collateral held or ability to repay. The Bank maintains a reserve for losses on off-balance-sheet credit exposures which is included on the consolidated balance sheets in the line item “accrued expenses and other liabilities”. Off-balance-sheet credit instruments are recorded on the balance sheet when they are funded or drawn down. Derivatives The Corporation records cash flow hedges at the inception of a derivative contract based on management’s intentions and belief as to the likely effectiveness of the hedge. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is recorded in other comprehensive income (loss) and is reclassified into earnings in the same period during which the hedged transaction affects earnings. The changes in the fair value of a derivative that is not highly effective in hedging the expected cash flows of the hedged item are recognized immediately as interest expense in the consolidated statements of income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income or noninterest expense. Cash flows from hedges are classified in the consolidated statements of cash flows in the same manner as the items being hedged. The Corporation formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Corporation also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged item. The Corporation discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as interest expense. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income (loss) are amortized into earnings over the same periods which the hedged transactions will affect earnings. Checking Deposits The Bank’s commercial checking accounts generally have a related noninterest-bearing sweep account. The sole purpose of the sweep accounts is to reduce the reserve balances that the Bank is required to maintain with the FRBNY, and thereby increase funds available for investment. Although the sweep accounts are classified as savings accounts for regulatory purposes, they are included in checking deposits in the accompanying consolidated balance sheets. Income Taxes A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law. The effects of future changes in tax laws or rates are not considered. The Corporation recognizes interest and/or penalties related to income tax matters in noninterest income or noninterest expense as appropriate. Retirement Plans Pension expense is the sum of service cost, interest cost, amortization of actuarial gains and losses and plan expenses, net of the expected return on plan assets and participant contributions. The service cost component of pension expense is included in salaries and employee benefits on the consolidated statement of income. All other components of pension expense are included in other noninterest income. Employee 401(k) plan expense is equal to the amount of the Corporation’s matching contributions and is included in salaries and employee benefits in the consolidated statements of income. 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. Stockholders’ Equity Earnings Per Share . Beginning in 2019, the Corporation calculates basic and diluted earnings per share (“EPS”) using the treasury stock method. During 2018 and 2017, EPS was calculated using the two-class method, as restricted stock units (“RSUs”) awarded in 2016 were considered to participate with common stock in the earnings of the Corporation. Basic EPS excludes the dilutive effect of outstanding stock options and RSUs and is computed by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if outstanding stock options and RSUs were converted into shares of common stock that then shared in the earnings of the Corporation. Diluted EPS is computed by dividing net income allocated to common stockholders by the weighted average number of common shares and dilutive stock options and RSUs. 6,122 RSUs were excluded from the calculation of EPS at December 31, 2018 because their inclusion would be anti-dilutive. There were no anti-dilutive stock options or RSUs at December 31, 2019 and December 31, 2017. Other than the stock options and RSUs described in “Note I – Stock-Based Compensation”, the Corporation has no securities that could be converted into common stock nor does the Corporation have any contracts that could result in the issuance of common stock. The following table is a calculation of basic and diluted EPS for the periods indicated. (dollars in thousands, except per share data) 2019 2018 2017 Net income $ 41,555 $ 41,573 $ 35,122 Income allocated to participating securities (1) — 115 128 Income allocated to common stockholders $ 41,555 $ 41,458 $ 34,994 Weighted average: Common shares 24,663,726 25,293,698 24,219,813 Dilutive stock options and restricted stock units (1) 184,800 164,301 255,333 24,848,526 25,457,999 24,475,146 Earnings per share: Basic $ 1.68 $ 1.64 $ 1.44 Diluted $ 1.67 $ 1.63 $ 1.43 (1) RSUs awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, during 2018 and 2017, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS using the trea sury stock method. Stock-based Compensation The Corporation’s stock-based compensation plans are described in “Note I – Stock-Based Compensation.” Compensation cost is determined for stock options and RSUs issued to employees and non-employee directors based on the grant date fair value of the award. Compensation expense for RSUs is recognized over the applicable performance or service period, which is usually the vesting period, or the period from the grant date to the participant’s eligible retirement date, whichever is shorter. Compensation expense is adjusted at the end of the performance period, if applicable, to reflect the actual number of shares of the Corporation’s common stock into which the RSUs will be converted. Compensation expense for stock options is recognized over the five year vesting period or the period from the grant date to the participant’s eligible retirement date, whichever is shorter. The Corporation accounts for forfeitures as they occur. Comprehensive Income Comprehensive income includes net income and other comprehensive income (loss) (“OCI”). Other comprehensive income (loss) includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. Other comprehensive income (loss) for the Corporation consists of net unrealized holding gains or losses on available-for-sale securities and derivative instruments and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity. The components of other comprehensive income (loss) and the related tax effects are as follows: (in thousands) 2019 2018 2017 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ 14,156 $ ( 18,891 ) $ ( 236 ) Reclassification adjustment for losses (gains) included in net income (1) ( 14 ) 10,406 1,867 14,142 ( 8,485 ) 1,631 Tax effect 4,242 ( 2,569 ) 685 9,900 ( 5,916 ) 946 Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period 3,173 ( 4,316 ) 1,700 Amortization of net actuarial loss included in pension expense (2) 352 — 18 3,525 ( 4,316 ) 1,718 Tax effect 1,083 ( 1,312 ) 514 2,442 ( 3,004 ) 1,204 Change in unrealized loss on derivative instruments: Amount of loss recognized during the period ( 4,116 ) ( 1,607 ) — Reclassification adjustment for net interest expense included in net income (3) 827 477 — ( 3,289 ) ( 1,130 ) — Tax effect ( 982 ) ( 341 ) — ( 2,307 ) ( 789 ) — Other comprehensive income (loss) $ 10,035 $ ( 9,709 ) $ 2,150 (1) Represents net realized gains and losses arising from the sale of available-for-sale securities. These net realized gains and losses are included in the consolidated statements of income in the line item “Net gains (losses) on sales of securities.” See “Note B – Investment Securities” for the income tax expense or benefit related to these net realized gains and losses, which is included in the consolidated statements of income in the line item “Income tax expense.” (2) Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost (see “Note J – Retirement Plans”) and included in the consolidated statements of income in the line item “Other noninterest income.” (3) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” The following sets forth the components of accumulated other comprehensive income (loss), net of tax: Current Period Change due to Other Balance Comprehensive Balance (in thousands) 12/31/18 Income (Loss) 12/31/19 Unrealized holding gains (losses) on available-for-sale securities $ ( 2,955 ) $ 9,900 $ 6,945 Unrealized actuarial losses on pension plan ( 5,696 ) 2,442 ( 3,254 ) Unrealized loss on derivative instruments ( 789 ) ( 2,307 ) ( 3,096 ) Accumulated other comprehensive income (loss), net of tax $ ( 9,440 ) $ 10,035 $ 595 Operating Segments While management monitors the revenue streams of the Bank’s various products and services, the identifiable segments are not material and operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the financial operations of the Bank are aggregated in one reportable operating segment. Investment Management Division Assets held in a fiduciary capacity are not assets of the Corporation and, accordingly, are not included in the accompanying consolidated financial statements. The Investment Management Division records fees on the accrual basis. Reclassifications When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02 “Leases.” ASU 2016-02 affects any entity that enters into a lease and is intended to increase the transparency and comparability of financial statements among organizations. The ASU requires, among other changes, a lessee to recognize on its balance sheet a lease asset and a lease liability for those leases previously classified as operating leases. The lease asset represents the right to use the underlying asset for the lease term and the lease liability represents the discounted value of the required lease payments to the lessor. The ASU also requires entities to disclose key information about leasing arrangements. ASU 2016-02, as amended, is effective for interim and annual reporting periods beginning after December 15, 2018. The Corporation utilized the transition method described in ASU 2018-11 “Leases – Targeted Improvements” to implement ASU 2016-02 on January 1, 2019. Upon adoption of the ASU, the Corporation recorded a ROU asset and lease liability of $ 15.7 million and $ 16.5 million, respectively for its outstanding operating leases. Implementation did not significantly impact the Corporation’s results of operations or regulatory capital ratios. The Corporation elected the package of practical expedients permitted in ASU 2016-02. Accordingly, the Bank accounted for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASU 2016-02, (b) whether classification of the operating leases would be different in accordance with ASU 2016-02, or (c) whether the unamortized initial direct costs before transition adjustments (as of December 31, 2018) would have met the definition of initial direct costs in ASU 2016-02 at lease commencement. See “Note D – Premises and Equipment and Operating Leases” for disclosures required by ASU 2016-02. In July 2019, the FASB issued ASU 2019-07 “Codification Updates to SEC Sections” which discusses amendments pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification. The ASU provides, among other changes, updated disclosure rules with regards to the Statement of Changes in Stockholders’ Equity and was effective immediately for interim financial statements. The Corporation adopted ASU 2019-07 for the interim periods beginning with September 2019. In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815)”. The ASU provides targeted improvements in accounting for hedging activities and became effective for the Bank on January 1, 2019. In April 2019, the FASB issued additional accounting guidance under ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” Among other things, the new guidance allows companies a one-time option to transfer qualifying debt securities from held-to-maturity to available-for-sale if the debt security is eligible to be hedged under the last-of-layer guidance, provided there was no such transfer made upon the adoption of ASU 2017-12. During the fourth quarter of 2019, the Bank adopted ASU 2019-04 and reclassified $ 3,949,000 in debt securities from held-to-maturity to available-for-sale. Implementation of ASU 2017-12 and 2019-04 did not materially impact the Corporation’s financial position or results of operations. In December 2019, the FASB issued ASU 2019-12 “Simplifying the Accounting for Income Taxes” which is a continuation of the FASB’s Simplification Initiative as it pertains to the accounting for income taxes. Management early-adopted the ASU for the year ended December 31, 2019. The adoption did not significantly impact the Corporation’s financial position or results of operations. Impact of Issued But Not Yet Effective Accounting Standards The pronouncements discussed in this section are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have an impact on the Corporation’s financial position, results of operations or disclosures. In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” This standard changes the accounting methodology used to determine the allowance for loan losses from an incurred loss model to a current expected credit loss |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investment Securities [Abstract] | |
Investment Securities | NOTE B – INVESTMENT SECURITIES The following tables set forth the amortized cost and estimated fair values of the Bank’s investment securities at December 31, 2019 and 2018. 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-Sale Securities: State and municipals $ 372,113 $ 10,269 $ ( 239 ) $ 382,143 Pass-through mortgage securities 60,307 1,104 ( 39 ) 61,372 Collateralized mortgage obligations 136,211 2,247 ( 259 ) 138,199 Corporate bonds 119,000 — ( 3,170 ) 115,830 $ 687,631 $ 13,620 $ ( 3,707 ) $ 697,544 2018 Held-to-Maturity Securities: State and municipals $ 5,142 $ 36 $ — $ 5,178 Pass-through mortgage securities 267 11 — 278 Collateralized mortgage obligations 95 1 — 96 $ 5,504 $ 48 $ — $ 5,552 Available-for-Sale Securities: State and municipals $ 422,235 $ 3,220 $ ( 5,417 ) $ 420,038 Pass-through mortgage securities 66,631 24 ( 1,169 ) 65,486 Collateralized mortgage obligations 154,378 886 ( 363 ) 154,901 Corporate bonds 119,000 — ( 1,410 ) 117,590 $ 762,244 $ 4,130 $ ( 8,359 ) $ 758,015 As described in “Note A- Summary of Significant Accounting Policies” the Corporation adopted ASU 2019-04 in the fourth quarter of 2019. Upon implementation the Bank transferred $ 3,949,000 of held-to-maturity securities to available-for-sale. The transfer occurred at amortized cost. Any gain or loss was de minimis. At December 31, 2019 and 2018, investment securities with a carrying value of $ 382,963,000 and $ 342,712,000 , respectively, were pledged as collateral to secure public deposits and borrowed funds. There were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at December 31, 2019 and 2018. Securities With Unrealized Losses. The following tables set forth securities with unrealized losses at December 31, 2019 and 2018 presented by length of time the securities had been in a continuous unrealized loss position. 2019 Less than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipals $ 6,662 $ ( 83 ) $ 5,084 $ ( 156 ) $ 11,746 $ ( 239 ) Pass-through mortgage securities 5,287 ( 14 ) 4,084 ( 25 ) 9,371 ( 39 ) Collateralized mortgage obligations 30,886 ( 259 ) — — 30,886 ( 259 ) Corporate bonds 51,020 ( 980 ) 64,810 ( 2,190 ) 115,830 ( 3,170 ) Total temporarily impaired $ 93,855 $ ( 1,336 ) $ 73,978 $ ( 2,371 ) $ 167,833 $ ( 3,707 ) 2018 State and municipals $ 102,882 $ ( 1,639 ) $ 62,995 $ ( 3,778 ) $ 165,877 $ ( 5,417 ) Pass-through mortgage securities 38,421 ( 142 ) 23,425 ( 1,027 ) 61,846 ( 1,169 ) Collateralized mortgage obligations 32,577 ( 89 ) 7,342 ( 274 ) 39,919 ( 363 ) Corporate bonds 97,590 ( 1,410 ) — — 97,590 ( 1,410 ) Total temporarily impaired $ 271,470 $ ( 3,280 ) $ 93,762 $ ( 5,079 ) $ 365,232 $ ( 8,359 ) Because the unrealized losses reflected in the preceding tables are deemed by management to be attributable to changes in interest rates and not credit losses, and because management does not have the intent to sell these securities and it is not more likely than not that it will be required to sell these securities before their anticipated recovery, the Bank does not consider these securities to be other-than-temporarily impaired at December 31, 2019. Sales of Available-for-Sale Securities. Sales of available-for-sale securities were as follows: (in thousands) 2019 2018 2017 Proceeds $ 21,983 $ 263,994 $ 135,695 Gains $ 138 $ 300 $ 382 Losses ( 124 ) ( 10,706 ) ( 2,249 ) Net gain (loss) $ 14 $ ( 10,406 ) $ ( 1,867 ) The income tax expense (benefit) related to these net realized gains (losses) was $ 4,000 , ($ 2,907,000 ) and ($ 782,000 ) in 2019, 2018 and 2017, respectively, and is included in the consolidated statements of income in the line item “Income tax expense.” Sales of Held-to-Maturity Securities. During 2019 and 2018, the Bank did no t sell any securities that were classified as held-to-maturity. During 2017, the Bank sold one municipal security that was classified as held-to-maturity. The sale was in response to a deterioration in the creditworthiness of the issuer. The security sold had a carrying value of $ 354,000 at the time of sale and the Bank realized a gain upon sale of $ 1,000 . Maturities. The following table sets forth by maturity the amortized cost and fair value of the Bank’s state and municipal securities and corporate bonds at December 31, 2019 based on the earlier of their stated maturity or, if applicable, their pre-refunded date. The remaining securities in the Bank’s investment securities portfolio are mortgage-backed securities, consisting of pass-through mortgage securities and collateralized mortgage obligations. Although these securities are expected to have substantial periodic repayments they are reflected in the table below in aggregate amounts. (in thousands) Amortized Cost Fair Value Available-for-Sale Securities: Within one year $ 9,084 $ 9,144 After 1 through 5 years 66,698 68,040 After 5 through 10 years 267,448 268,203 After 10 years 147,883 152,586 Mortgage-backed securities 196,518 199,571 $ 687,631 $ 697,544 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2019 | |
Loans [Abstract] | |
Loans | NOTE C – LOANS The following tables set forth by class of loans as of December 31, 2019 and 2018 the amount of loans individually and collectively evaluated for impairment and the portion of the allowance for loan losses allocable to such loans. December 31, 2019 Loans Allowance for Loan Losses (in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Ending Balance Individually Evaluated for Impairment Collectively Evaluated for Impairment Ending Balance Commercial and industrial $ — $ 103,879 $ 103,879 $ — $ 1,493 $ 1,493 Commercial mortgages: Multifamily — 835,013 835,013 — 7,151 7,151 Other — 447,484 447,484 — 3,498 3,498 Owner-occupied 501 118,291 118,792 — 921 921 Residential mortgages: Closed end 1,189 1,620,230 1,621,419 14 15,684 15,698 Revolving home equity — 59,231 59,231 — 515 515 Consumer and other 268 2,163 2,431 — 13 13 $ 1,958 $ 3,186,291 $ 3,188,249 $ 14 $ 29,275 $ 29,289 December 31, 2018 Commercial and industrial $ 22 $ 98,763 $ 98,785 $ — $ 1,158 $ 1,158 Commercial mortgages: Multifamily — 756,714 756,714 — 5,851 5,851 Other — 433,330 433,330 — 3,783 3,783 Owner-occupied 520 90,731 91,251 — 743 743 Residential mortgages: Closed end 1,814 1,807,837 1,809,651 16 18,828 18,844 Revolving home equity 743 66,967 67,710 — 410 410 Consumer and other 324 5,634 5,958 — 49 49 $ 3,423 $ 3,259,976 $ 3,263,399 $ 16 $ 30,822 $ 30,838 The following tables present the activity in the allowance for loan losses for the years ended December 31, 2019, 2018 and 2017. (in thousands) Balance at 1/1/19 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 12/31/19 Commercial and industrial $ 1,158 $ 841 $ 39 $ 1,137 $ 1,493 Commercial mortgages: Multifamily 5,851 — — 1,300 7,151 Other 3,783 — — ( 285 ) 3,498 Owner-occupied 743 — — 178 921 Residential mortgages: Closed end 18,844 433 1 ( 2,714 ) 15,698 Revolving home equity 410 358 — 463 515 Consumer and other 49 1 11 ( 46 ) 13 $ 30,838 $ 1,633 $ 51 $ 33 $ 29,289 (in thousands) Balance at 1/1/18 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 12/31/18 Commercial and industrial $ 1,441 $ 683 $ 34 $ 366 $ 1,158 Commercial mortgages: Multifamily 6,423 — — ( 572 ) 5,851 Other 4,734 — — ( 951 ) 3,783 Owner-occupied 1,076 — — ( 333 ) 743 Residential mortgages: Closed end 19,347 552 118 ( 69 ) 18,844 Revolving home equity 689 253 150 ( 176 ) 410 Consumer and other 74 9 4 ( 20 ) 49 $ 33,784 $ 1,497 $ 306 $ ( 1,755 ) $ 30,838 (in thousands) Balance at 1/1/17 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 12/31/17 Commercial and industrial $ 1,408 $ 102 $ 13 $ 122 $ 1,441 Commercial mortgages: Multifamily 6,119 — — 304 6,423 Other 4,296 — — 438 4,734 Owner-occupied 959 820 — 937 1,076 Residential mortgages: Closed end 15,740 97 3 3,701 19,347 Revolving home equity 1,401 100 — ( 612 ) 689 Consumer and other 134 27 3 ( 36 ) 74 $ 30,057 $ 1,146 $ 19 $ 4,854 $ 33,784 For individually impaired loans, the following tables set forth by class of loans at December 31, 2019, 2018 and 2017 the recorded investment, unpaid principal balance and related allowance. The tables also set forth the average recorded investment of individually impaired loans and interest income recognized while the loans were impaired during the years ended December 31, 2019, 2018 and 2017. The recorded investment is the unpaid principal balance of the loans less any interest payments applied to principal and any direct chargeoffs plus or minus net deferred loan costs and fees. Any principal and interest payments received on nonaccrual impaired loans are applied to the recorded investment in the loans. The Bank recognizes interest income on other impaired loans using the accrual method of accounting. 2019 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial mortgages - owner-occupied $ 501 $ 585 $ — $ 510 $ 30 Residential mortgages - closed end 1,039 1,058 — 1,064 8 Consumer and other 268 268 — 289 19 With an allowance recorded: Residential mortgages - closed end 150 150 14 153 7 Total: Commercial mortgages - owner-occupied 501 585 — 510 30 Residential mortgages - closed end 1,189 1,208 14 1,217 15 Consumer and other 268 268 — 289 19 $ 1,958 $ 2,061 $ 14 $ 2,016 $ 64 2018 With no related allowance recorded: Commercial and industrial $ 22 $ 22 $ — $ 48 $ 3 Commercial mortgages - owner-occupied 520 604 — 530 25 Residential mortgages: Closed end 1,561 1,573 — 1,566 5 Revolving home equity 743 747 — 754 — Consumer and other 324 324 — 339 17 With an allowance recorded: Residential mortgages - closed end 253 253 16 266 12 Total: Commercial and industrial 22 22 — 48 3 Commercial mortgages - owner-occupied 520 604 — 530 25 Residential mortgages: Closed end 1,814 1,826 16 1,832 17 Revolving home equity 743 747 — 754 — Consumer and other 324 324 — 339 17 $ 3,423 $ 3,523 $ 16 $ 3,503 $ 62 2017 With no related allowance recorded: Commercial and industrial $ 48 $ 48 $ — $ 67 $ 5 Commercial mortgages - owner-occupied 531 615 — 654 21 Residential mortgages - closed end 1,095 1,102 — 1,122 7 With an allowance recorded: Residential mortgages - closed end 273 272 18 280 13 Total: Commercial and industrial 48 48 — 67 5 Commercial mortgages - owner-occupied 531 615 — 654 21 Residential mortgages - closed end 1,368 1,374 18 1,402 20 $ 1,947 $ 2,037 $ 18 $ 2,123 $ 46 Aging of Loans . The following tables present the aging of the recorded investment in loans by class of loans. December 31, 2019 (in thousands) 30-59 Days Past Due 60-89 Days Past Due Past Due 90 Days or More and Still Accruing Nonaccrual Loans Total Past Due Loans & Nonaccrual Loans Current Total Loans Commercial and industrial $ 196 $ — $ — $ — $ 196 $ 103,683 $ 103,879 Commercial mortgages: Multifamily — — — — — 835,013 835,013 Other — — — — — 447,484 447,484 Owner-occupied — — — — — 118,792 118,792 Residential mortgages: Closed end 2,316 — — 888 3,204 1,618,215 1,621,419 Revolving home equity — 414 — — 414 58,817 59,231 Consumer and other 2 — — — 2 2,429 2,431 $ 2,514 $ 414 $ — $ 888 $ 3,816 $ 3,184,433 $ 3,188,249 December 31, 2018 Commercial and industrial $ — $ 43 $ — $ — $ 43 $ 98,742 $ 98,785 Commercial mortgages: Multifamily — — — — — 756,714 756,714 Other — — — — — 433,330 433,330 Owner-occupied — — — — — 91,251 91,251 Residential mortgages: Closed end 864 — — 1,392 2,256 1,807,395 1,809,651 Revolving home equity — — — 743 743 66,967 67,710 Consumer and other 2 — — — 2 5,956 5,958 $ 866 $ 43 $ — $ 2,135 $ 3,044 $ 3,260,355 $ 3,263,399 There were no loans in the process of foreclosure no r did the Bank hold any foreclosed residential real estate property at December 31, 2019 or 2018. In 2017, the Bank took a deed-in-lieu of foreclosure for one commercial real estate property. The property was recorded as other real estate owned at December 31, 2017 and had a carrying value of $ 5,125,000 , which was net of a valuation allowance of $ 725,000 . The Bank sold the property for its carrying value in the first quarter of 2018. Troubled Debt Restructurings. A restructuring constitutes a troubled debt restructuring when it includes a concession by the Bank and the borrower is experiencing financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. The Bank performs the evaluation under its internal underwriting policy. The following table presents information about loans modified in troubled debt restructurings during the year ended December 31, 2018. The Bank did not modify any loans in troubled debt restructurings during 2019 and 2017. Outstanding Recorded Investment Interest Rates (dollars in thousands) Number of Loans Pre- Modification Post- Modification Pre- Modification Post- Modification 2018: Residential mortgages - closed end 1 $ 432 $ 472 5.86 % 4.50 % Consumer and other 1 350 350 6.50 % 6.50 % 2 $ 782 $ 822 In 2018, the Bank consolidated an unsecured business line of credit, residential mortgage and home equity line of credit to a single borrower into a new first lien residential mortgage. The restructured residential mortgage resulted in a below market interest rate and extended term. Also in 2018, the Bank modified two consumer loans to a single borrower into one loan. The term of the restructured loan was extended for 12 months and the post-modification interest rate was lower than the current market rate for new debt with similar risk. At December 31, 2019, 2018 and 2017, the Bank had an allowance for loan losses of $ 14,000 , $ 16,000 and $ 18,000 , respectively, allocated to specific troubled debt restructurings. The Bank had no commitments to lend additional amounts to loans that were classified as troubled debt restructurings. There were no troubled debt restructurings for which there was a payment default during 2019, 2018 and 2017 that were modified during the twelve-month period prior to default. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. Risk Characteristics. Credit risk within the Bank’s loan portfolio primarily stems from factors such as changes in the borrower’s financial condition, credit concentrations, changes in collateral values, economic conditions, rent regulation and environmental contamination of properties securing mortgage loans. The Bank’s commercial loans, including those secured by mortgages, are primarily made to small and medium-sized businesses. Such loans sometimes involve a higher degree of risk than those to larger companies because such businesses may have shorter operating histories, higher debt-to-equity ratios and may lack sophistication in internal record keeping and financial and operational controls. In addition, most of the Bank’s loans are made to businesses and consumers on Long Island and in the boroughs of New York City, and a large percentage of these loans are mortgage loans secured by properties located in those areas. The primary sources of repayment for residential and commercial mortgage loans include employment and other income of the borrowers, the businesses of the borrowers and cash flows from the underlying properties. In the case of multifamily mortgage loans, a substantial portion of the underlying properties are rent stabilized or rent controlled. These sources of repayment are dependent on, among other things, the strength of the local economy. Credit Quality Indicators. The Corporation categorizes loans into risk categories based on relevant information about the borrower’s ability to service their debt including, but not limited to, current financial information of the borrower and any guarantors, payment experience, credit underwriting, documentation, public records, due diligence checks and current economic trends. Commercial and industrial loans and commercial mortgage loans are risk rated utilizing a ten point rating system. The ten point risk rating system is described hereinafter. Internally Assigned Risk Rating 1 – 2 Cash flow is of high quality and stable. Borrower has very good liquidity and ready access to traditional sources of credit. This category also includes loans to borrowers secured by cash and/or marketable securities within approved margin requirements. 3 – 4 Cash flow quality is strong, but shows some variability. Borrower has good liquidity and asset quality. Borrower has access to traditional sources of credit with minimal restrictions. 5 – 6 Cash flow quality is acceptable but shows some variability. Liquidity varies with operating cycle and assets provide an adequate margin of protection. Borrower has access to traditional sources of credit, but generally on a secured basis. 7 Watch - Cash flow has a high degree of variability and subject to economic downturns. Liquidity is strained and the ability of the borrower to access traditional sources of credit is diminished. 8 Special Mention - The borrower has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Bank’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Bank to risk sufficient to warrant adverse classification. 9 Substandard - Loans are inadequately protected by the current sound worth and paying capacity of the borrower or the collateral pledged, if any. Loans so classified 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. 10 Doubtful - Loans have all the inherent weaknesses of those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Risk ratings on commercial and industrial loans and commercial mortgages are initially assigned during the underwriting process and affirmed as part of the approval process. The ratings are periodically reviewed and evaluated based upon borrower contact, credit department review or independent loan review. The Bank's loan risk rating and review policy establishes requirements for the annual review of commercial real estate and commercial and industrial loans. The requirements include details of the scope of coverage and selection process based on loan-type and risk rating. Among other things, at least 80 % of the recorded investment of commercial real estate loans as of December 31 of the prior year must be reviewed annually. Lines of credit are also reviewed annually at each proposed reaffirmation. The frequency of the review of other loans is determined by the Bank’s ongoing assessments of the borrower’s condition. Residential mortgage loans, revolving home equity lines and other consumer loans are risk rated utilizing a three point rating system. In most cases, the borrower’s credit score dictates the risk rating. However, regardless of credit score, loans that are on management’s watch list or have been criticized or classified by management are assigned a risk rating of 3. A credit score is a tool used in the Bank’s loan approval process, and a minimum score of 680 is generally required for new loans. Credit scores for each borrower are updated at least annually. The risk ratings along with their definitions are as follows: Internally Assigned Risk Rating 1 Credit score is equal to or greater than 680. 2 Credit score is 635 to 679. 3 Credit score is below 635 or, regardless of credit score, the loan has been classified, criticized or placed on watch by management. The following tables present the recorded investment in commercial and industrial loans and commercial real estate loans by class of loans and risk rating. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. December 31, 2019 Internally Assigned Risk Rating Special (in thousands) Pass Watch Mention Substandard Doubtful Total Commercial and industrial $ 100,095 $ — $ 3,493 $ 291 $ — $ 103,879 Commercial mortgages: Multifamily 831,360 — 3,653 — — 835,013 Other 437,655 — 9,829 — — 447,484 Owner-occupied 113,534 — 4,757 501 — 118,792 $ 1,482,644 $ — $ 21,732 $ 792 $ — $ 1,505,168 December 31, 2018 Commercial and industrial $ 97,684 $ — $ 667 $ 434 $ — $ 98,785 Commercial mortgages: Multifamily 756,714 — — — — 756,714 Other 417,838 14,194 1,298 — — 433,330 Owner-occupied 85,710 1,090 3,911 540 — 91,251 $ 1,357,946 $ 15,284 $ 5,876 $ 974 $ — $ 1,380,080 The following tables present the recorded investment in residential mortgage loans, home equity lines and other consumer loans by class of loans and risk rating. Loans shown as Pass are all loans other than those risk rated by management as Watch, Special Mention, Substandard or Doubtful. December 31, 2019 Internally Assigned Risk Rating Special (in thousands) Pass Watch Mention Substandard Doubtful Total Residential mortgages: Closed end $ 1,619,034 $ 306 $ 890 $ 1,189 $ — $ 1,621,419 Revolving home equity 58,816 415 — — — 59,231 Consumer and other 1,644 — — 268 — 1,912 $ 1,679,494 $ 721 $ 890 $ 1,457 $ — $ 1,682,562 December 31, 2018 Residential mortgages: Closed end $ 1,807,525 $ 312 $ — $ 1,814 $ — $ 1,809,651 Revolving home equity 66,718 — 249 743 — 67,710 Consumer and other 4,958 — — 324 — 5,282 $ 1,879,201 $ 312 $ 249 $ 2,881 $ — $ 1,882,643 Deposit account overdrafts were $ 519,000 and $ 676,000 at December 31, 2019 and 2018, respectively. They are not assigned a risk rating and are therefore excluded from consumer loans in the tables above. Loans to Directors and Executive Officers. At December 31, 2019 and 2018, there were no outstanding loans to directors, including their immediate families and companies in which they are principal owners, or executive officers. |
Premises And Equipment And Oper
Premises And Equipment And Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Premises And Equipment [Abstract] | |
Premises And Equipment And Operating Leases | NOTE D – PREMISES AND EQUIPMENT AND OPERATING LEASES Premises and equipment. Bank premises and equipment consist of the following: December 31, (in thousands) 2019 2018 Land $ 9,038 $ 9,038 Buildings and improvements 29,545 28,201 Leasehold improvements 14,629 14,175 Furniture and equipment 34,065 32,026 Construction in process 2,327 3,412 89,604 86,852 Accumulated depreciation and amortization ( 49,587 ) ( 45,585 ) $ 40,017 $ 41,267 Operating Leases. The Bank leases certain branch and back-office locations under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2032 and have a weighted average remaining term of 7. 42 years at December 31, 2019. Many of the Bank’s leases include renewal options of up to 10 years. The exercise of lease renewal options is at the Bank’s sole discretion. The weighted average discount rate for leases in place at December 31, 2019 was 3.07 % . Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Bank had one such lease during 2019 and recognized rent expense for this lease on a straight-line basis over the lease term. No short-term leases were in effect at December 31, 2019. Rental payments required by the Bank’s lease agreements may increase over time based on certain variable components such as real estate taxes and common area maintenance charges. The components of rent expense for the year ended December 31, 2019 are as follows: (in thousands) Operating lease cost $ 2,632 Variable lease cost 455 Short-term lease cost 3 $ 3,090 The following is a maturity analysis of the operating lease liability as of December 31, 2019. Year (dollars in thousands) 2020 $ 2,549 2021 2,451 2022 2,426 2023 2,093 2024 1,980 Thereafter 5,578 Total lease payments 17,077 Less: interest 1,857 $ 15,220 Related Party Leases. Buildings occupied by two of the Bank’s branch offices are leased from a director of the Corporation and the Bank with a net lease liability of $ 105,000 at December 31, 2019. One lease expires on October 31, 2022 with one remaining option to renew. The second lease was renewed effective January 1, 2020 and will expire on December 31, 2024. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits | NOTE E – DEPOSITS The following table sets forth the remaining maturities of the Bank’s time deposits at December 31, 2019. Year (dollars in thousands) Less than $100,000 $100,000 or More Total 2020 $ 188,888 $ 102,034 $ 290,922 2021 30,655 66,384 97,039 2022 10,482 18,267 28,749 2023 8,512 12,692 21,204 2024 10,441 12,391 22,832 Thereafter 20,102 30,591 50,693 $ 269,080 $ 242,359 $ 511,439 Time deposits less than $100,000 in the table above include brokered certificates of deposit (“CDs”) amounting to $150 million which mature in 2020. The total amount of time deposits that meet or exceed the FDIC insurance limit of $250,000 at December 31, 2019 and 2018 was $ 105.2 million and $ 128.1 million, respectively. Deposits from executive officers, directors and their affiliates at December 31, 2019 and 2018 were approximately $ 7.4 million and $ 9.2 million, respectively. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2019 | |
Borrowed Funds [Abstract] | |
Borrowed Funds | NOTE F – BORROWED FUNDS The following table summarizes borrowed funds at December 31, 2019 and 2018. December 31, (in thousands) 2019 2018 Short-term borrowings: Securities sold under repurchase agreements $ 10,710 $ 8,923 Federal Home Loan Bank advances 180,000 380,000 190,710 388,923 Long-term debt: Federal Home Loan Bank advances 337,472 362,027 $ 528,182 $ 750,950 Accrued interest payable on borrowed funds is included in “accrued expenses and other liabilities” in the consolidated balance sheets and amounted to $ 806,000 and $ 1,076,000 at December 31, 2019 and 2018, respectively. Securities Sold Under Repurchase Agreements. Securities sold under repurchase agreements are short-term, fixed rate financing arrangements as of December 31, 2019. The following table sets forth information concerning securities sold under repurchase agreements. (dollars in thousands) 2019 2018 Average daily balance during the year $ 10,466 $ 15,790 Average interest rate during the year 0.05 % 1.31 % Maximum month-end balance during the year $ 13,525 $ 18,548 Weighted average interest rate at year-end 0.05 % 0.05 % At December 31, 2019, securities sold under repurchase agreements amounted to $ 10,710,000 with overnight contractual maturities and weighted average interest rates of 0.05 %. The repurchase agreements are collateralized by $ 3.0 million of municipal securities. Federal Home Loan Bank Advances. FHLB advances are collateralized by a blanket lien on residential and commercial mortgage loans with a lendable value of $ 2.4 billion and $ 2.3 billion at December 31, 2019 and 2018, respectively. Each advance is non-amortizing and, for those advances with a term greater than one day, subject to a prepayment penalty. The following table sets forth information concerning FHLB advances. (dollars in thousands) 2019 2018 Average daily balance during the year $ 484,319 $ 607,797 Average interest rate during the year 2.17 % 2.05 % Maximum month-end balance during the year $ 782,027 $ 742,027 Weighted average interest rate at year-end 2.00 % 2.34 % The following table sets forth as of December 31, 2019 the contractual maturities and weighted average interest rates of FHLB advances for each of the next five years and the period thereafter. Contractual Maturity (dollars in thousands) Amount Weighted Average Rate Overnight $ 130,000 1.81 % 2020 132,750 1.87 2021 54,225 1.90 2022 124,817 2.14 2023 55,680 2.54 2024 10,000 1.89 After 2024 10,000 2.12 387,472 2.06 $ 517,472 2.00 % Other Borrowings. The Bank had no other borrowings at December 31, 2019 or 2018. In 2019 and 2018, the average balance of other borrowings was de minimus. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE G – INCOME TAXES The Corporation, the Bank and the Bank’s subsidiaries, except for the REIT, file a consolidated federal income tax return. Income taxes charged to earnings in 2019, 2018 and 2017 had effective tax rates of 16.5 %, 10.9 % and 22.0 %, respectively. The following table sets forth a reconciliation of the statutory federal income tax rate to the Corporation’s effective tax rate. Year Ended December 31, 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal income tax benefit 0.5 ( 0.8 ) 2.0 Tax-exempt income, net of disallowed cost of funding ( 4.6 ) ( 5.8 ) ( 10.2 ) BOLI income ( 0.9 ) ( 1.2 ) ( 1.2 ) Excess tax benefit of stock-based compensation ( 0.1 ) ( 0.9 ) ( 1.7 ) Non-deductible officer compensation 0.5 — — Impact of cost segregation study — ( 1.5 ) — Impact of federal tax reform on deferred taxes — — ( 2.0 ) Other 0.1 0.1 0.1 16.5 % 10.9 % 22.0 % During 2018, the Corporation completed a cost segregation study which enabled the acceleration of tax depreciation and resulted in a credit to income tax expense of $ 717,000 . Upon enactment of the Tax Cuts and Jobs Act on December 22, 2017, the Corporation recorded a $ 909,000 credit to income tax expense to reflect a decrease in its net deferred tax liability. Provision for Income Taxes . The following table sets forth the components of the provision for income taxes. Year Ended December 31, (in thousands) 2019 2018 2017 Current: Federal $ 8,799 $ 5,975 $ 8,139 State and local 641 688 636 9,440 6,663 8,775 Deferred: Federal ( 876 ) ( 458 ) 335 State and local ( 336 ) ( 1,143 ) 779 ( 1,212 ) ( 1,601 ) 1,114 $ 8,228 $ 5,062 $ 9,889 Net Deferred Tax Asset . The following table sets forth the components of the Corporation’s net deferred tax asset. December 31, (in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses and off-balance-sheet credit exposure $ 8,803 $ 9,312 Operating lease liability 4,547 239 Unrealized loss on interest rate swaps 1,323 341 Stock-based compensation 1,317 1,384 Accrued bonuses and severance 1,308 686 Contract incentive 719 680 Asset writedown 121 80 Net operating loss carryforwards 77 371 Retirement expense 60 81 Interest on nonperforming loans 20 16 Unrealized losses on available-for-sale securities — 1,274 18,295 14,464 Valuation allowance — — 18,295 14,464 Deferred tax liabilities: Prepaid pension 5,462 4,545 Right-of-use asset 4,285 — Deferred loan costs 4,138 5,462 Unrealized gains on available-for-sale securities 2,967 — Depreciation 1,050 951 Prepaid expenses 76 59 17,978 11,017 Net deferred tax asset $ 317 $ 3,447 The Corporation had no material unrecognized tax benefits at December 31, 2019, 2018 or 2017. The Corporation has not taken any tax positions for which it is reasonably possible that unrecognized tax benefits will significantly increase within the next twelve months. The Corporation is subject to Federal, New York State, New York City, New Jersey and Connecticut income taxes. The Corporation did no t incur any amounts for interest and penalties due taxing authorities for calendar years 2019, 2018 or 2017. The Corporation’s 2016, 2017, and 2018 New York State income tax returns are currently under examination. During 2018, the Internal Revenue Service completed an examination of the Corporation’s 2015 federal income tax return with no changes. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE H – REGULATORY MATTERS Minimum Regulatory Capital Requirements . The Corporation and the Bank are subject to the Basel III regulatory capital requirements issued by the FRBNY and the Office of the Comptroller of the Currency. These requirements are intended to ensure that the Corporation and the Bank maintain minimum ratios of Tier 1 capital to average assets as well as Common Equity Tier 1 capital, Tier 1 capital and Total capital to risk weighted assets. Failure to meet the minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on the financial statements of the Corporation and Bank. Basel III includes guidelines with respect to the components of regulatory capital and calculation of risk weighted assets for balance sheet assets and liabilities and off-balance-sheet positions. The Corporation and the Bank exclude accumulated other comprehensive income (loss) components from Tier 1 and Total regulatory capital. Basel III sets forth prompt corrective action (“PCA”) requirements for all banks and establishes a capital conservation buffer. The Corporation and the Bank exceeded the Basel III minimum capital adequacy requirements, including the capital conservation buffer of 2.50 % applicable to the Bank. The most recent regulatory notifications categorized the Bank as well capitalized under the PCA provisions and there are no conditions or events since that notification that management believes have changed that category. The Corporation’s and the Bank’s actual capital amounts and ratios under the Basel III rules at December 31, 2019 and 2018 are presented in the table below. 2019 Actual Capital Minimum Capital Adequacy Requirement Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital to average assets: Consolidated $ 388,293 9.42 % $ 164,964 4.00 % N/A N/A Bank 388,150 9.42 164,885 4.00 $ 206,106 5.00 % Common equity tier 1 capital to risk weighted assets: Consolidated 388,293 14.93 117,048 4.50 N/A N/A Bank 388,150 14.93 117,001 4.50 169,002 6.50 Tier 1 capital to risk weighted assets: Consolidated 388,293 14.93 156,064 6.00 N/A N/A Bank 388,150 14.93 156,002 6.00 208,003 8.00 Total capital to risk weighted assets: Consolidated 417,757 16.06 208,085 8.00 N/A N/A Bank 417,614 16.06 208,003 8.00 260,003 10.00 2018 Tier 1 capital to average assets: Consolidated $ 397,036 9.40 % $ 169,015 4.00 % N/A N/A Bank 399,237 9.45 168,916 4.00 $ 211,145 5.00 % Common equity tier 1 capital to risk weighted assets: Consolidated 397,036 15.29 116,840 4.50 N/A N/A Bank 399,237 15.38 116,820 4.50 168,741 6.50 Tier 1 capital to risk weighted assets: Consolidated 397,036 15.29 155,786 6.00 N/A N/A Bank 399,237 15.38 155,761 6.00 207,681 8.00 Total capital to risk weighted assets: Consolidated 428,020 16.48 207,715 8.00 N/A N/A Bank 430,221 16.57 207,681 8.00 259,601 10.00 Other Matters. A source of funds for dividend payments to shareholders is dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid by the Bank without prior approval of regulatory agencies. Under these regulations, the amount of dividends that the Bank may pay in any calendar year is limited to the current year’s net profits, combined with the retained net profits of the preceding two years , subject to the minimum capital requirements described above. During 2020, the Bank could, without prior approval, declare dividends of approximately $ 15,305,000 plus any 2020 net profits retained to the date of the dividend declaration. Regulation D of the Board of Governors of The Federal Reserve System requires banks to maintain reserves against certain deposit balances. The Bank’s average reserve requirement for 2019 was approximately $ 27,259,000 . |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | NOTE I – STOCK-BASED COMPENSATION On April 22, 2014, the stockholders of the Corporation approved the 2014 Equity Incentive Plan (“2014 Plan”). Upon approval of the 2014 Plan, no further awards could be made under the 2006 Stock Compensation Plan (“2006 Plan”). 2014 Plan. Under the 2014 Plan, awards may be granted to employees and non-employee directors as non-qualified stock options (“NQSOs”), stock appreciation rights (“SARs”), restricted stock awards, RSUs, or any combination thereof, any of which may be subject to performance-based vesting conditions. Awards may also be granted to employees as incentive stock options (“ISOs”). The exercise price of stock options and SARs granted under the 2014 Plan may not be less than the fair market value of the Corporation’s common stock on the date the stock option or SAR is granted. The 2014 Plan is administered by the Compensation Committee of the Board of Directors. Substantially all of the awards granted to date under the 2014 Plan are RSUs. All awards granted under the 2014 Plan will immediately vest upon an involuntary termination following a change in control, total and permanent disability, as defined, or death, and with certain exceptions, will immediately vest in the event of retirement, as defined. The Corporation has 2,250,000 shares of common stock reserved for awards under the 2014 Plan. Awards granted under the 2006 Plan that expire or are forfeited after April 22, 2014 will be added to the number of shares of common stock reserved for issuance of awards under the 2014 Plan. All of the 2,250,000 shares may be issued pursuant to the exercise of stock options or SARs. A maximum of 787,500 shares may be issued as restricted stock awards or RSUs. At December 31, 2019, 1,701,441 equity awards remain available to be granted under the 2014 Plan of which 259,262 may be granted as restricted stock awards or RSUs. Details of RSUs. The following table summarizes the vesting schedule of RSUs outstanding at December 31, 2019. Granted During the Year Ended December 31, Total 2019 2018 2017 Number of RSUs : Granted 315,406 150,389 70,688 94,329 Outstanding at December 31, 2019 254,591 146,515 42,168 65,908 Vested and convertible at December 31, 2019 117,881 43,159 20,573 54,149 Scheduled to vest during: 2020 74,173 54,537 11,127 8,509 2021 39,650 25,932 10,468 3,250 2022 20,887 20,887 — — 2023 1,000 1,000 — — 2024 1,000 1,000 — — 254,591 146,515 42,168 65,908 The RSUs in the table above include performance-based RSUs with vesting based on the financial performance of the Corporation in 2019, 2020 and 2021 and service-based RSUs with various service-based vesting periods. The grant date fair value of RSUs is equal to the market price of the shares underlying the awards on the grant date, discounted for dividends that are not paid on these RSUs. The fair values of awards made in 2019, 2018 and 2017, as well as the assumptions utilized in determining such values, is presented below. 2019 Performance-Based Service-Based Vesting Vesting Grant date fair value $ 19.48 to $ 22.00 $ 19.40 to $ 22.00 Market price on grant date $ 20.85 to $ 22.71 $ 20.85 to $ 22.71 Expected annual dividend $ 0.68 to $ 0.72 $ 0.68 to $ 0.72 Expected term (in years) 2.0 2.0 to 5.0 Risk-free interest rate 1.43 % to 2.56 % 1.43 % to 2.56 % 2018 Grant date fair value $ 27.09 $ 27.09 to $ 27.33 Market price on grant date $ 28.25 $ 28.25 to $ 28.50 Expected annual dividend $ 0.60 $ 0.60 Expected term (in years) 2.0 2.0 to 3.0 Risk-free interest rate 2.02 % 1.89 % to 2.02 % 2017 Grant date fair value $ 26.27 $ 25.35 to $ 26.00 Market price on grant date $ 27.90 $ 27.50 to $ 28.15 Expected annual dividend $ 0.56 $ 0.56 Expected term (in years) 3.0 3.0 to 4.0 Risk-free interest rate 1.49 % 1.60 % to 1.67 % In January 2020, 68,383 RSUs were awarded under the 2014 Plan, including 45,578 performance-based RSUs and 22,805 service-based RSUs. The following table presents a summary of RSUs outstanding at December 31, 2019 and changes during the year then ended. Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2019 215,084 $ 23.79 Granted 150,389 20.12 Converted ( 104,338 ) 20.83 Forfeited ( 6,544 ) 22.52 Outstanding at December 31, 2019 254,591 $ 22.87 0.74 $ 6,385 Vested and Convertible at December 31, 2019 117,881 $ 24.13 — $ 2,956 The performance-based RSUs granted in 2019 and 2018 have a maximum payout potential of 1.50 shares of the Corporation’s common stock for each RSU awarded. Performance-based RSUs granted in 2017 have a maximum payout potential of 1.25 shares for each RSU awarded. Based on the performance of 2019, an additional 2,670 shares were earned on the performance-based RSUs granted in 2019 and 2017. These shares are not reflected in the table above. All other RSUs outstanding at December 31, 2019 have a maximum payout potential of one share of the Corporation’s common stock for each RSU awarded. The RSUs granted in the table above include 38,245 RSUs earned by retiring executives for 2019 service. RSUs outstanding at December 31, 2019 include 117,881 RSUs that were vested and convertible into common stock at year-end and 136,710 RSUs that are currently expected to vest and become convertible in the future. The total intrinsic value of RSUs converted in 2019, 2018 and 2017 was $ 2,174,000 , $ 3,035,000 and $ 1,779,000 , respectively. 2006 Plan. The 2006 Plan was approved by the stockholders of the Corporation on April 18, 2006. The 2006 Plan permitted the granting of stock options, SARs, restricted stock awards and RSUs to employees and non-employee directors. Under the terms of the 2006 Plan, stock options and SARs could not have an exercise price that was less than 100 % of the fair market value of one share of the underlying common stock on the date of grant. Through December 31, 2011, equity grants to executive officers and directors under the 2006 Plan consisted of a combination of NQSOs and RSUs, while equity grants to other officers consisted solely of NQSOs. Beginning in 2012, equity grants under the 2006 Plan consisted solely of RSUs. Stock options granted under the 2006 Plan have a five year vesting period and a ten year term. Fair Value of Stock Options. The grant date fair value of options was estimated on the date of grant using the Black-Scholes option pricing model. Substantially all outstanding stock options were expensed in prior years. Stock Option Activity. The following table presents a summary of options outstanding at December 31, 2019 and changes during the year then ended. Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (yrs.) (in thousands) Outstanding at January 1, 2019 96,112 $ 11.80 Exercised ( 40,766 ) 11.07 Outstanding at December 31, 2019 55,346 $ 12.34 0.78 $ 705 Exercisable at December 31, 2019 55,196 $ 12.33 0.77 $ $ 704 All options outstanding at December 31, 2019 are either fully vested or expected to vest. The total intrinsic value of options exercised in 2019, 2018 and 2017 was $ 453,000 , $ 900,000 and $ 1,833,000 , respectively. Cash received from option exercises in 2019, 2018 and 2017, was $ 452,000 , $ 312,000 and $ 917,000 , respectively. Tax benefits from stock option exercises were $ 136,000 , $ 271,000 and $ 767,000 in 2019, 2018 and 2017, respectively. Compensation Expense. The Corporation recorded compensation expense for share-based payments of $ 3,050,000 , $ 1,814,000 and $ 2,434,000 in 2019, 2018 and 2017, respectively, and related income tax benefits of $ 913,000 , $ 547,000 and $ 1,019,000 , respectively. Unrecognized Compensation Cost. As of December 31, 2019, there was $ 893,000 of total unrecognized compensation cost related to non-vested equity awards comprised substantially of RSUs. The total cost is expected to be recognized over a weighted-average period of 1.55 years. Other. No cash was used to settle stock options in 2019, 2018 or 2017. The Corporation uses newly issued shares to settle stock option exercises and for the conversion of RSUs. During 2019 and 2018, 5,884 and 2,747 shares, respectively, of the Corporation’s common stock were issued to members of the Board of Directors in payment of director fees. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Plans [Abstract] | |
Retirement Plans | NOTE J – RETIREMENT PLANS The Bank has a 401(k) plan, defined benefit pension plan and a legacy Supplemental Executive Retirement Plan (“SERP”) that was applicable only to the Bank’s former Chief Executive Officer (“CEO”). Employees are immediately eligible to participate in the 401(k) plan provided they are at least 18 years of age. Participants may elect to contribute, on a tax-deferred basis, up to 100% of gross compensation, as defined, subject to the limitations of Section 401(k) of the Internal Revenue Code. The Bank may, at its sole discretion, make matching contributions to each participant's account based on the amount of the participant's tax deferred contributions. Participants are fully vested in their elective contributions and, after five years of participation in the 401(k) plan, are fully vested ( 20 % vesting per year) in the matching contributions, if any, made by the Bank. The Bank’s expense for matching contributions was $ 459,000 , $ 486,000 and $ 441,000 for 2019, 2018 and 2017, respectively. The Bank has a defined benefit pension plan (“Pension Plan” or “Plan”). An internal management committee (the “Committee”) oversees the affairs of the Plan and acts as named fiduciary. The Committee has retained Vanguard Group, Inc., including its subsidiaries and affiliates (“Vanguard”), to act as discretionary investment agent, trustee and custodian for the Plan. Vanguard has formulated investment recommendations customized to meet the Committee’s objectives and, after approval by the Committee, such investment recommendations are incorporated into the investment guidelines and policies contained in the investment management agreement between the Bank and Vanguard (the “Investment Management Agreement”). The Committee utilizes a formal Investment Policy Statement which includes, among other things, the investment guidelines and policies contained in the Investment Management Agreement. The Investment Policy Statement is periodically revised by the Committee as deemed appropriate. Employees are eligible to participate in the Pension Plan after attaining 21 years of age and completing 12 full months of service. Pension benefits are generally based on a percentage of average annual compensation during the period of creditable service. The Bank makes contributions to the Pension Plan which, when taken together with participant contributions equal to 2 % of their compensation, will be sufficient to fund these benefits. The Bank’s funding method, the unit credit actuarial cost method, is consistent with the funding requirements of applicable federal laws and regulations which set forth both minimum required and maximum tax deductible contributions. Employees become fully vested after four years of participation in the Pension Plan ( no vesting occurs during the four-year period). Significant Actuarial Assumptions . The following table sets forth the significant actuarial assumptions used to determine the benefit obligation at December 31, 2019, 2018 and 2017 and the benefit cost for each of the Plan years then ended. 2019 2018 2017 Weighted average assumptions used to determine the benefit obligation at year end: Discount rate 3.55 % 4.53 % 3.93 % Rate of increase in compensation levels 3.50 % 3.50 % 3.50 % Weighted average assumptions used to determine net pension cost: Discount rate 4.53 % 3.93 % 4.40 % Rate of increase in compensation levels 3.50 % 3.50 % 3.50 % Expected long-term rate of return on plan assets 5.50 % 5.50 % 5.50 % The decrease in the discount rate from 4.53 % in 2018 to 3.55 % in 2019 increased the projected benefit obligation at December 31, 2019 by approximately $ 5,399,000 . In calculating the benefit obligation at December 31, 2019, the mortality table previously utilized, RP-2014 Healthy Annuitant/Employee Mortality Table with Projection Scale MP-2018, was adjusted to reflect Scale MP-2019. The updated mortality table decreased the projected benefit obligation at December 31, 2019 by approximately $ 199,000 . The increase in the discount rate from 3.93 % in 2017 to 4.53 % in 2018 decreased the projected benefit obligation at December 31, 2018 by approximately $ 3,093,000 . In calculating the benefit obligation at December 31, 2018, the mortality table previously utilized, RP-2014 Healthy Annuitant/Employee Mortality Table with Projection Scale MP-2017, was adjusted to reflect Scale MP-2018. The updated mortality table decreased the projected benefit obligation at December 31, 2018 by approximately $ 133,000 . The decrease in the discount rate from 4.40 % in 2016 to 3.93 % in 2017 increased the projected benefit obligation at December 31, 2017 by approximately $ 2,377,000 . In calculating the benefit obligation at December 31, 2017, the mortality table previously utilized, RP-2014 Healthy Annuitant/Employee Mortality Table with Projection Scale MP-2016, was adjusted to reflect Scale MP-2017. The updated mortality table decreased the projected benefit obligation at December 31, 2017 by approximately $ 277,000 . Net Pension Cost. The following table sets forth the components of net periodic pension cost. (in thousands) 2019 2018 2017 Service cost plus expected expenses and net of expected plan participant contributions $ 1,268 $ 1,369 $ 1,214 Interest cost 1,785 1,587 1,590 Expected return on plan assets ( 3,001 ) ( 3,275 ) ( 2,940 ) Amortization of net actuarial loss 352 — 18 Net pension cost (credit) $ 404 $ ( 319 ) $ ( 118 ) The components of net pension credit other than the service cost component were included in the line item “Other noninterest income” in the consolidated statements of income. The service cost component was included in the line item “Salaries and employee benefits” in the consolidated statements of income. No portion of the net actuarial loss for the defined benefit plan will be amortized from accumulated other comprehensive income (loss) into net periodic pension cost in 2020. Funded Status of the Plan . The following table sets forth the change in the projected benefit obligation and Plan assets for each year and, as of the end of each year, the funded status of the Plan and accumulated benefit obligation. (in thousands) 2019 2018 2017 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 40,470 $ 41,384 $ 37,016 Service cost 1,447 1,533 1,386 Interest cost 1,785 1,587 1,590 Benefits paid ( 1,985 ) ( 1,574 ) ( 1,510 ) Assumption changes 5,200 ( 3,226 ) 2,100 Experience loss and other 554 766 802 Projected benefit obligation at end of year 47,471 40,470 41,384 Change in fair value of plan assets: Fair value of plan assets at beginning of year 55,624 60,536 54,332 Actual return on plan assets 11,854 ( 3,563 ) 7,497 Employer contributions — — — Plan participant contributions 356 333 321 Benefits paid ( 1,985 ) ( 1,574 ) ( 1,510 ) Expenses ( 103 ) ( 108 ) ( 104 ) Fair value of plan assets at end of year 65,746 55,624 60,536 Funded status at end of year $ 18,275 $ 15,154 $ 19,152 Accumulated benefit obligation $ 44,544 $ 38,042 $ 38,544 During 2019, the Bank did not make a contribution to the Plan and the Bank has no minimum required pension contribution for the Plan year ending September 30, 2020. It’s maximum tax-deductible contribution for the tax year beginning January 1, 2020 is $ 1,362,000 . The contribution the Bank will make in 2020, if any, has not yet been determined. Plan Assets. The objective for the Plan’s assets is to generate long-term investment returns from both income and capital appreciation which outpaces the rate of inflation, while maintaining sufficient liquidity to ensure the Plan’s ability to pay all anticipated benefit and expense obligations when due. The Plan will maintain a de minimis amount of cash equivalents, with the remaining assets allocated across two broadly-defined financial asset categories: (1) equity, both domestic and international; and (2) fixed income of various durations and issuer type. The goal of the equity allocation is to supplement the Bank’s contributions to the Plan when the Plan is underfunded and increase surplus when the Plan is overfunded. The fixed income component will include longer-duration bonds designed to match and hedge the characteristics of the Plan’s liabilities. Cash equivalents, under normal circumstances, will be temporary holdings for the purpose of paying expenses and monthly benefits. For fixed income investments: (1) the minimum average credit quality shall be investment grade (Standard & Poor’s BBB or Moody’s Baa) or higher; and (2) no more than 5 % of the portfolio may be invested in securities with ratings below investment grade, and none may be rated below investment grade at the time of purchase. Reasonable precautions are taken to avoid excessive concentrations to protect the portfolio against unfavorable outcomes within an asset class. Specifically, the following guidelines are in place: With the exception of fixed income investments explicitly guaranteed by the U.S. government, no single investment security shall represent more than 5 % of total Plan assets; and With the exception of passively managed investment vehicles seeking to match the returns of broadly diversified market indices or diversified investment vehicles chosen specifically to hedge the interest rate risk embedded in Plan liabilities, no single investment pool or investment company (mutual fund) shall comprise more than 10 % of total plan assets. The portfolio will be rebalanced to the target asset allocation, if needed, no less often than quarterly. Unless expressly authorized in writing by the Committee, the following investing activities are prohibited: Purchasing securities on margin; Pledging or hypothecating securities, except for loans of securities that are fully collateralized; Purchasing or selling derivative securities for speculation or leverage; and Engaging in investment strategies that have the potential to amplify or distort the risk of loss beyond a level that is reasonably expected given the objectives of the portfolio. The Plan’s actual asset allocations, target allocations and expected long-term rates of return by asset category at December 31, 2019 and 2018 are set forth in the tables that follow. December 31, 2019 Target Allocation Percentage of Plan Assets Weighted Average Expected Long-term Rates of Return Cash equivalents 0 % - 1 % 0.2 % <1.00% Equity mutual funds 20 % - 30 % 26.4 % 6.2 % to 8.7 % Fixed income mutual funds 70 % - 80 % 73.4 % 3.3 % to 4.4 % 100.0 % 4.1 % to 5.5 % December 31, 2018 Cash equivalents 0 % - 1 % 0.2 % <1.00% Equity mutual funds 15 % - 25 % 18.1 % 5.9 % to 8.3 % Fixed income mutual funds 75 % - 85 % 81.7 % 3.8 % to 5.0 % 100.0 % 4.2 % to 5.6 % The ranges for the weighted average expected long-term rates of return for equity funds, bond funds and total plan assets set forth in the preceding table represent expected 25 th to 75 th percentile returns provided by Vanguard. For these purposes Vanguard utilizes a proprietary capital markets model (the “model”) developed and maintained by Vanguard’s primary investment research and advice teams. The model forecasts distributions of future returns for a wide array of broad asset classes. The theoretical and empirical foundation of the model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk. At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available historical monthly financial and economic data. At December 31, 2019, the equity and fixed income components of Plan assets consist of the following Vanguard institutional funds: Equity Vanguard Total Stock Market Index Fund (VITSX). This fund seeks to track the performance of the Center for Research in Security Prices (CRSP) U.S. Total Market Index. The fund is passively managed using index sampling and consists of large, small and mid-cap equity securities diversified across growth and value styles. Vanguard Total International Stock Index Fund (VTSNX). This fund seeks to track the performance of the Financial Times Stock Exchange (FTSE) Global All Cap ex U.S. Index. The fund is passively managed and includes broad exposure across developed and emerging non-U.S. equity markets. Fixed Income Vanguard Long-Term Investment-Grade Fund (VWETX). This fund seeks high and sustainable current income. Investments are selected using a fundamental, bottom-up credit selection process and consist of long-term, high-quality bonds broadly diversified by issuer and industry sector. Vanguard Long-Term Treasury Index Fund (VLGIX). This fund seeks to track the performance of the Bloomberg Barclays U.S. Long Treasury Bond Index. The fund is passively managed using index sampling and includes long-term, fixed income securities issued by the U.S. Treasury. Fair Value of Plan Assets. The fair value of the Plan assets at December 31, 2019 and 2018, by asset category, is summarized below. Fair Value Measurements Using: (in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 160 $ — $ 160 $ — Total cash equivalents 160 — 160 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 10,374 10,374 — — Vanguard Total International Stock Index Fund (VTSNX) 6,983 6,983 — — Total equity mutual funds 17,357 17,357 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 35,694 35,694 — — Vanguard Long-Term Treasury Index Fund (VLGIX) 12,535 12,535 — — Total fixed income mutual funds 48,229 48,229 — — Total Plan Assets $ 65,746 $ 65,586 $ 160 $ — December 31, 2018: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 137 $ — $ 137 $ — Total cash equivalents 137 — 137 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 5,513 5,513 — — Vanguard Total International Stock Index Fund (VTSNX) 4,539 4,539 — — Total equity mutual funds 10,052 10,052 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 27,260 27,260 — — Vanguard Long-Term Bond Index Fund (VBLLX) 18,175 18,175 — — Total fixed income mutual funds 45,435 45,435 — — Total Plan Assets $ 55,624 $ 55,487 $ 137 $ — The fair values of the Vanguard mutual funds represent their net asset values (“NAV”) at December 31, 2019 and 2018. On an ongoing basis, the Plan has the ability to readily redeem its investments in these funds at their NAV per share with no advance notification. An explanation of matrix pricing and the definitions of Level 1, 2 and 3 fair value measurements are included in “Note M – Fair Value of Financial Instruments” to these consolidated financial statements. At both December 31, 2019 and 2018, the Plan’s cash and cash equivalents amounted to 0.2 % of the Plan’s total assets and represented investments in the Vanguard Prime Money Market Mutual Fund. Estimated Future Benefit Payments. The following benefit payments, which reflect expected future service as appropriate, are expected to be made by the Plan. Year (dollars in thousands) Amount 2020 $ 2,047 2021 2,125 2022 2,331 2023 2,533 2024 2,686 2025 - 2029 15,039 The Bank’s SERP covered the Bank’s former CEO. The benefit under the SERP was equal to the additional amount that the former CEO would be entitled to under the Pension and 401(k) plans in the absence of Internal Revenue Code limitations. SERP expense was de minimus in 2019 and $ 285,000 and $ 31,000 in 2018 and 2017, respectively. Upon the retirement of the former CEO on December 31, 2019, the SERP was discontinued. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Other Operating Expenses [Abstract] | |
Other Operating Expenses | NOTE K – OTHER OPERATING EXPENSES Expenses included in other operating expenses that exceed one percent of the aggregate of total interest income and noninterest income in one or more of the years shown are as follows: (in thousands) 2019 2018 2017 Computer services $ 2,202 $ 1,987 $ 1,888 Marketing 904 1,414 1,442 FDIC assessment 568 1,222 1,178 Consultants 996 542 702 |
Commitments And Contingent Liab
Commitments And Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingent Liabilities [Abstract] | |
Commitments And Contingent Liabilities | NOTE L – COMMITMENTS AND CONTINGENT LIABILITIES Financial Instruments With Off-Balance-Sheet Risk. In the normal course of business, the Bank enters into various types of off-balance-sheet arrangements to meet the financing needs of its customers. These off-balance-sheet financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. These instruments involve varying degrees of credit risk in excess of the amount recognized in the consolidated balance sheets and expose the Bank to credit loss in the event of nonperformance by the Bank’s customers. The Bank's exposure to credit loss is represented by the contractual notional amount of these instruments. The Bank uses the same credit policies in making commitments to extend credit, and generally uses the same credit policies for letters of credit, as it does for on-balance sheet instruments such as loans. At December 31, 2019 and 2018, financial instruments whose contract amounts represent credit risk are as follows: 2019 2018 (in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 23,914 $ 163,898 $ 31,496 $ 204,072 Standby letters of credit 3,704 — 3,670 — A commitment to extend credit is a legally binding agreement to lend to a customer as long as there is no violation of any condition established in the contract. Unused home equity, small business and commercial lines of credit are a large component of the Bank’s variable rate loan commitments. Since some of the commitments to extend credit and letters of credit are expected to expire without being drawn upon and, with respect to unused lines of credit, can be frozen, reduced or terminated by the Bank based on the financial condition of the borrower, the total commitment amounts do not necessarily represent future cash requirements. Home equity lines generally expire ten years from their date of origination and small business lines generally have a three year term. Other real estate loan commitments generally expire within 60 days and commercial line commitments generally expire within one year . At December 31, 2019, the Bank’s fixed rate loan commitments are to make loans with interest rates ranging from 3.0 % to 4.75 % and maturities of ten years or more. The amount of collateral obtained, if any, by the Bank upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include mortgages on commercial and residential real estate, securities, deposit accounts with the Bank or other financial institutions and security interests in business assets and equipment. Standby letters of credit are conditional commitments issued by the Bank to assure the performance or financial obligations of a customer to a third party. The Bank's standby letters of credit extend through January 2022. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The Bank generally holds collateral and/or obtains personal guarantees supporting these commitments. The extent of collateral held for these commitments at December 31, 2019 varied from 50 % to 100 % of the contractual notional amount of each instrument, with the average amount of collateral totaling 94 % of the aggregate outstanding notional amount. Standby letters of credit are considered financial guarantees and are recorded at fair value. Employment Agreements. At December 31, 2019, the successor chief executive officer and the Corporation’s executive vice presidents, collectively referred to as the senior executives, had employment agreements with the Corporation under which they are entitled to severance compensation in the event that their employment is terminated without cause or they terminate their employment following an event constituting Good Reason, as defined. The chief executive officer’s employment agreement has a term of three years beginning January 1, 2020. Each of the other senior executives has an employment agreement with a term of two years and various effective dates. These two-year employment agreements automatically renew for an additional period of one year on January 1 of each year unless the Corporation gives written notice of non-renewal at least 30 days prior to such date. Notwithstanding the foregoing, each of these two-year employment agreements expire on December 31 of the calendar year in which the executive attains normal retirement age (“Retirement Age Termination Date”), which for these purposes is age 65. At the appropriate time and at its option, the Corporation can extend the two year employment agreements for two years beyond their retirement age termination dates. The current aggregate annual salaries provided for in these employment agreements is $ 1,890,000 . Litigation. The Corporation is a named defendant in several legal actions incidental to the business. For some of these actions there is a possibility that the Corporation will sustain a financial loss. Management believes that none of the possible losses are material. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | NOTE M – FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments Recorded at Fair Value . When measuring fair value, the Corporation uses a fair value hierarchy, which is designed to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy involves three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect the Corporation’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Corporation deems transfers between levels of the fair value hierarchy to have occurred on the date of the event or change in circumstance that caused the transfer. There were no transfers between levels of the fair value hierarchy in either 2019 or 2018. The fair values of the Corporation’s financial assets and liabilities measured at fair value on a recurring basis are set forth in the table that follows. The fair values of available-for-sale securities are determined on a recurring basis using matrix pricing (Level 2 inputs). Matrix pricing, which is a mathematical technique widely used in the industry to value debt securities, does not rely exclusively on quoted prices for the specific securities but rather on the relationship of such securities to other benchmark quoted securities. Where no significant other observable inputs were available, Level 3 inputs were used. The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date resulting in a Level 2 classification. Fair Value Measurements Using: (in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019: Financial Assets: Available-for-Sale Securities: State and municipals $ 382,143 $ — $ 380,299 $ 1,844 Pass-through mortgage securities 61,372 — 61,372 — Collateralized mortgage obligations 138,199 — 138,199 — Corporate bonds 115,830 — 115,830 — $ 697,544 $ — $ 695,700 $ 1,844 Financial Liabilities: Derivative - interest rate swaps $ 4,418 $ — $ 4,418 $ — December 31, 2018: Financial Assets: Available-for-Sale Securities: State and municipals $ 420,038 $ — $ 420,038 $ — Pass-through mortgage securities 65,486 — 65,486 — Collateralized mortgage obligations 154,901 — 154,901 — Corporate bonds 117,590 — 117,590 — $ 758,015 $ — $ 758,015 $ — Financial Liabilities: Derivative - interest rate swap $ 1,130 $ — $ 1,130 $ — There were no assets measured at fair value on a nonrecurring basis at December 31, 2019 and 2018. Financial Instruments Not Recorded at Fair Value. Fair value estimates are made at a specific point in time. Such estimates are generally subjective in nature and dependent upon a number of significant assumptions associated with each financial instrument or group of similar financial instruments, including estimates of discount rates, liquidity, risks associated with specific financial instruments, estimates of future cash flows, and relevant available market information. Changes in assumptions could significantly affect the estimates. In addition, fair value estimates do not reflect the value of anticipated future business, premiums or discounts that could result from offering for sale at one time the Corporation’s entire holdings of a particular financial instrument, or the income tax consequences of realizing gains or losses on the sale of financial instruments. The following table sets forth the carrying amounts and estimated fair values of financial instruments that are not recorded at fair value in the Corporation’s financial statements at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 (in thousands) Level of Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 38,968 $ 38,968 $ 47,358 $ 47,358 Held-to-maturity securities Level 2 — — 2,445 2,493 Held-to-maturity securities Level 3 — — 3,059 3,059 Loans Level 3 3,158,960 3,113,442 3,232,561 3,079,946 Restricted stock Level 1 30,899 30,899 40,686 40,686 Financial Liabilities: Checking deposits Level 1 911,978 911,978 935,574 935,574 Savings, NOW and money market deposits Level 1 1,720,599 1,720,599 1,590,341 1,590,341 Time deposits Level 2 511,439 515,019 559,057 553,900 Short-term borrowings Level 1 190,710 190,710 388,923 388,923 Long-term debt Level 2 337,472 339,445 362,027 354,651 |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue From Contracts With Customers | NOTE N – REVENUE FROM CONTRACTS WITH CUSTOMERS The noninterest income section of the consolidated statements of income includes the following types of revenues earned from the Bank's contracts with customers. Investment Management Division Revenues. The Bank holds customer assets in a fiduciary capacity and provides various services, including trust account services, estate settlement, custody and asset management. The services are performed for customers over time, requiring a time-based measure of progress. Fees are assessed based on market values of customer assets held or under management as of a certain point in time, and income cannot be estimated prior to the end of the measurement period. Volatility in equity and other market values will impact the amount of revenue that will be earned. Fees are generally earned and collected on a monthly or quarterly basis, accrued to income as earned and included in the consolidated statements of income in the line item "Investment Management Division income." Deposit Account Revenues. Fees are earned and collected on a monthly basis for account maintenance and activity-based service charges on deposit accounts. The services are performed for customers over time, requiring a time-based measure of progress. Customers may be required to maintain minimum balances and average balances. Additional fees may also be earned for overdrafts, replacement of debit cards, bill payment, lockbox services and ACH services, among others, and are earned and collected as transactions take place. All deposit account fees are accrued to income as earned, either monthly or at the point of sale, and included in the consolidated statements of income in the line item "Service charges on deposit accounts." Transaction and Branch Service Fees. The following revenue streams are components of “Other noninterest income” on the consolidated statements of income. These components totaled $ 2,078,000 and $ 2,089,000 for the years ended December 31, 2019 and 2018, respectively. Other items included in “Other noninterest income,” such as BOLI income, non-service components of net pension cost, real estate tax refunds and gains on sales of fixed assets are outside of the scope of ASC 606. Debit/Credit Card Revenues . The Bank earns a fee when its customers use their debit or credit cards in point-of-sale transactions. These fees are generally known as interchange fees. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recorded daily, concurrently with the transaction processing services provided to the cardholder. Branch Services Revenues. The Bank charges fees for safe deposit box rentals, wire transfers, money orders, checkbook printing, official checks and ATM usage. Fees are earned, collected and generally recorded as revenue when the service is provided. Investment Advisory Services. The Bank provides branch space to a third party who sells financial products to the Bank’s customers and pays commissions to the Bank based on the products sold. Commissions are variable and based on the market values of financial assets sold. Commissions are accrued to income as earned and collected. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivatives [Abstract] | |
Derivatives | NOTE O – DERIVATIVES As part of its asset liability management activities, the Corporation utilizes interest rate swaps to help manage its interest rate risk position. The notional amount of an interest rate swap does not represent the amount exchanged by the parties. The exchange of cash flows is determined by reference to the notional amount and the other terms of the interest rate swap agreements. The Bank entered into an interest rate swap with a notional amount totaling $ 150 million on May 22, 2018 and a second interest rate swap with a notional amount of $ 50 million on January 17, 2019. The interest rate swaps were designated as cash flow hedges of certain FHLB advances and brokered CDs. The swaps were determined to be fully effective during the period presented and therefore no amount of ineffectiveness has been included in net income. The aggregate fair value of the swaps is recorded in other liabilities, with changes in fair value net of related income taxes recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Corporation expects the hedges to remain fully effective during the remaining term of the swaps. The following table summarizes information about the interest rate swaps designated as cash flow hedges. December 31, 2019 December 31, 2018 Notional amount $ 200 million $ 150 million Weighted average fixed pay rate 2.83 % 2.90 % Weighted average 3-month LIBOR receive rate 2.04 % 2.38 % Weighted average maturity 2.06 Years 2.43 Years Interest expense recorded on the swap transactions, which totaled $ 827,000 for 2019, is recorded as a component of interest expense in the consolidated statements of income. Amounts reported in accumulated other comprehensive income (loss) related to the swaps will be reclassified to interest expense as interest payments are made on the Bank’s variable rate liabilities. During 2019, the Corporation had $ 827,000 of reclassifications to interest expense. During the next 12 months, the Corporation estimates that $ 2,237,000 will be reclassified as an increase to interest expense. The following table presents the net gains (losses) recorded in the consolidated statements of income and the consolidated statements of comprehensive income relating to the interest rate swaps for the years ended 2019 and 2018. Twelve Months Ended December 31, (in thousands) 2019 2018 Interest rate contracts: Amount of loss recognized in OCI (effective portion) $ ( 4,116 ) $ ( 1,607 ) Amount of loss reclassified from OCI to interest expense 827 477 Amount of loss recognized in other noninterest income (ineffective portion) — — The following table reflects the amounts relating to interest rate swaps included in the consolidated balance sheet at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other assets or other liabilities $ — $ 4,418 $ — $ 1,130 Interest rate swap hedging brokered CDs $ 150,000 $ — Interest rate swap hedging FHLB advances $ 50,000 $ 150,000 Credit Risk Related Contingent Features. The Bank’s agreement with its interest rate swap counterparty sets forth minimum collateral posting thresholds. If the termination value of the swaps is a net asset position, the counterparty may be required to post collateral against its obligations to the Bank under the agreement. However, if the termination value of the swaps is a net liability position, the Bank may be required to post collateral to the counterparty. At December 31, 2019, the Bank is in compliance with the collateral posting provisions to its counterparty. The amount of collateral posted amounts to approximately $ 6.6 million. If the Bank had breached any of these provisions at December 31, 2019, it could have been required to settle its obligations under the agreement at the termination value. |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Parent Company Financial Information [Abstract] | |
Parent Company Financial Information | NOTE P – PARENT COMPANY FINANCIAL INFORMATION Condensed financial information for the Corporation (parent company only) is as follows: CONDENSED BALANCE SHEETS December 31, (in thousands) 2019 2018 Assets: Cash and due from banks $ 1,719 $ 583 Investment in subsidiary bank, at equity 388,965 390,388 Prepaid income taxes 805 — Deferred income tax benefits 1,917 1,924 Other assets 25 80 $ 393,431 $ 392,975 Liabilities: Other liabilities $ 15 $ 332 Cash dividends payable 4,308 4,456 4,323 4,788 Stockholders' equity: Common stock 2,393 2,542 Surplus 111,744 145,163 Retained earnings 274,376 249,922 388,513 397,627 Accumulated other comprehensive income (loss), net of tax 595 ( 9,440 ) 389,108 388,187 $ 393,431 $ 392,975 CONDENSED STATEMENTS OF INCOME Year ended December 31, (in thousands) 2019 2018 2017 Income: Dividends from subsidiary bank $ 55,750 $ 15,525 $ 11,150 Expenses: Salaries 3,050 1,814 2,434 Other operating expenses 442 343 406 3,492 2,157 2,840 Income before income taxes 52,258 13,368 8,310 Income tax benefit ( 755 ) ( 1,442 ) ( 1,235 ) Income before undistributed earnings of subsidiary bank 53,013 14,810 9,545 Equity in undistributed earnings ( 11,458 ) 26,763 25,577 Net income $ 41,555 $ 41,573 $ 35,122 Comprehensive income $ 51,590 $ 31,864 $ 37,272 CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, (in thousands) 2019 2018 2017 Cash Flows From Operating Activities: Net income $ 41,555 $ 41,573 $ 35,122 Adjustments to reconcile net income to net cash provided by operating activities: Dividends in excess of earnings of subsidiary bank 11,458 — — Undistributed earnings of subsidiary bank — ( 26,763 ) ( 25,577 ) Deferred income tax provision (credit) 7 ( 543 ) 167 Stock-based compensation expense 3,050 1,814 2,434 Increase (decrease) in other liabilities ( 119 ) 307 5 Other decreases (increases) ( 815 ) 1,619 ( 1,383 ) Net cash provided by operating activities 55,136 18,007 10,768 Cash Flows From Investing Activities: Capital contributions to Bank subsidiary — ( 19,000 ) ( 20,500 ) Cash Flows From Financing Activities: Repurchase of common stock ( 38,171 ) ( 1,541 ) — Shares withheld upon the vesting and conversion of RSUs ( 854 ) ( 774 ) ( 527 ) Proceeds from exercise of stock options 452 312 917 Proceeds from issuance of common stock, net 1,822 18,239 22,598 Cash dividends paid ( 17,249 ) ( 15,585 ) ( 13,703 ) Net cash provided by (used in) financing activities ( 54,000 ) 651 9,285 Net increase (decrease) in cash and cash equivalents* 1,136 ( 342 ) ( 447 ) Cash and cash equivalents, beginning of year 583 925 1,372 Cash and cash equivalents, end of year $ 1,719 $ 583 $ 925 Supplemental Schedule of Noncash Financing Activities: Cash dividends payable $ 4,308 $ 4,456 $ 3,798 * Cash and cash equivalents is defined as cash and due from banks and includes, among other things, the checking and money market accounts with the Corporation’s wholly-owned bank subsidiary. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | NOTE Q – QUARTERLY FINANCIAL DATA (Unaudited) (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total 2019 Interest income $ 36,553 $ 36,490 $ 35,884 $ 34,923 $ 143,850 Interest expense 11,143 11,211 10,990 10,337 43,681 Net interest income 25,410 25,279 24,894 24,586 100,169 Provision (credit) for loan losses ( 457 ) 422 314 ( 246 ) 33 Noninterest income before net securities gains 2,444 2,717 2,720 2,716 10,597 Net gains on sales of securities — — — 14 14 Noninterest expense 15,135 14,776 14,330 16,723 60,964 Income before income taxes 13,176 12,798 12,970 10,839 49,783 Income tax expense 2,335 2,054 2,187 1,652 8,228 Net income 10,841 10,744 10,783 9,187 41,555 Earnings per share: Basic 0.43 0.43 0.44 0.38 1.68 Diluted 0.43 0.43 0.44 0.38 1.67 Comprehensive income 15,703 14,064 11,246 10,577 51,590 2018 Interest income $ 32,304 $ 34,946 $ 34,859 $ 36,128 $ 138,237 Interest expense 7,148 9,061 9,568 9,953 35,730 Net interest income 25,156 25,885 25,291 26,175 102,507 Provision (credit) for loan losses 1,512 803 ( 1,768 ) ( 2,302 ) ( 1,755 ) Noninterest income before net securities losses 3,292 2,679 2,735 3,979 12,685 Net losses on sales of securities — — ( 4,960 ) ( 5,446 ) ( 10,406 ) Noninterest expense 14,868 15,707 14,242 15,089 59,906 Income before income taxes 12,068 12,054 10,592 11,921 46,635 Income tax expense 957 1,739 535 1,831 5,062 Net income 11,111 10,315 10,057 10,090 41,573 Earnings per share: Basic 0.44 0.41 0.39 0.40 1.64 Diluted 0.44 0.40 0.39 0.39 1.63 Comprehensive income 2,925 7,869 8,952 12,118 31,864 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | The consolidated financial statements include the accounts of The First of Long Island Corporation and its wholly-owned subsidiary, The First National Bank of Long Island, and subsidiaries wholly-owned by the Bank, either directly or indirectly: The First of Long Island Agency, Inc.; FNY Service Corp. (“FNY”); and The First of Long Island REIT, Inc. (“REIT”). The Corporation’s financial condition and operating results principally reflect those of the Bank and its subsidiaries. The consolidated entity is referred to as the “Corporation,” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. In preparing the consolidated financial statements, management is required to make estimates, such as the allowance for loan losses, and assumptions that affect the reported asset and liability balances, revenue and expense amounts and the disclosure of contingent assets and liabilities. Actual results could differ significantly from those estimates. The accounting and reporting policies of the Corporation reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States. The following is a summary of the Corporation’s significant accounting policies. |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and deposits with other financial institutions that generally mature within 90 days. |
Investment Securities | Investment Securities Current accounting standards require that investment securities be classified as held-to-maturity, available-for-sale or trading. The trading category is not applicable to any securities in the Bank's portfolio because the Bank does not buy or hold debt or equity securities principally for the purpose of selling in the near term. Held-to-maturity securities, or debt securities which the Bank has the intent and ability to hold to maturity, are reported at amortized cost. Available-for-sale securities, or debt securities which are neither held-to-maturity securities nor trading securities, are reported at fair value, with unrealized gains and losses, net of the related income tax effect, included in other comprehensive income (loss). Equity securities, if any, are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. Interest income includes amortization or accretion of purchase premium or discount. Premiums and discounts on securities are amortized or accreted using the level-yield method. Prepayments are anticipated for mortgage-backed securities. Premiums on municipal securities are amortized to the earlier of the stated maturity date or the first call date, while discounts on municipal securities are accreted to the stated maturity date. Realized gains and losses on the sale of securities are determined using the specific identification method. Investment securities are evaluated for other-than-temporary impairment (“OTTI”) no less often than quarterly. In determining OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost; (2) the financial condition and near-term prospects of the issuer; (3) whether the market decline was affected by macroeconomic conditions; and (4) whether management has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. When OTTI occurs, management considers whether it intends to sell, or, more likely than not, 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 in earnings. For securities that do not meet the aforementioned criteria, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income (loss). |
Loans Held-For-Sale | Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or fair value. Any subsequent declines in fair value below the initial carrying value are recorded as a valuation allowance established through a charge to noninterest income. |
Loans And Allowance For Loan Losses | Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance less any chargeoffs and the allowance for loan losses and plus or minus net deferred loan costs and fees, respectively. Interest on loans is credited to income based on the principal amount outstanding. Direct loan origination costs, net of loan origination fees, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. The past due status of a loan is based on the contractual terms in the loan agreement. Unless a loan is well secured and in the process of collection, the accrual of interest income is discontinued when a loan becomes 90 days past due as to principal or interest payments. The accrual of interest income on a loan is also discontinued when it is determined that the borrower will not be able to make principal and interest payments according to the contractual terms of the current loan agreement. When the accrual of interest income is discontinued on a loan, any accrued but unpaid interest is reversed against current period income. Interest received on nonaccrual loans is applied to the outstanding principal balance until the loans qualify for return to an accrual status, if ever. Return to an accrual status occurs when all the principal and interest amounts contractually past due are brought current and all future payments are reasonably assured. The allowance for loan losses is established through provisions for loan losses charged against income. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is an amount that management currently believes will be adequate to absorb probable incurred losses in the Bank’s loan portfolio. The process for estimating credit losses and determining the allowance for loan losses as of any balance sheet date is subjective in nature and requires material estimates. Actual results could differ significantly from those estimates. The allowance for loan losses is comprised of specific reserves allocated to individually impaired loans plus estimated losses on pools of loans that are collectively reviewed. Although the allowance for loan losses has two separate components, one for impairment losses on individual loans and one for collective impairment losses on pools of loans, the entire allowance for loan losses is available to absorb realized losses as they occur whether they relate to individual loans or pools of loans. Estimated losses for loans individually deemed to be impaired are based on either the fair value of collateral or the discounted value of expected future cash flows. For all collateral dependent impaired loans, impairment losses are measured based on the fair value of the collateral. A loan is considered to be impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled principal and interest when due according to the contractual terms of the current loan agreement. Loans that experience insignificant payment delays and payment shortfalls are not automatically considered to be impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and financial condition and the amount of the shortfall in relation to the principal and interest owed. In addition to estimating losses for loans individually deemed to be impaired, management also estimates collective impairment losses for pools of loans that are not specifically reviewed. Loan pools include: commercial and industrial loans; small business credit scored loans; owner-occupied commercial mortgages; multifamily commercial mortgages; other commercial mortgages; construction and land development loans; first-lien residential mortgages; junior-lien residential mortgages; first-lien home equity lines; junior-lien home equity lines; and consumer loans. The Bank’s highest average annualized loss experience over periods of 24, 36, 48 or 60 months is generally the starting point in determining the allowance for loan losses for each pool of loans. Management believes that this approach appropriately reflects losses from the current economic cycle and those incurred losses in the Bank’s loan portfolio. However, since future losses could vary significantly from those experienced in the past, on a quarterly basis management adjusts its historical loss experience to reflect current conditions. In doing so, management considers a variety of general qualitative factors and then subjectively determines the weight to assign to each in estimating losses. The factors include, among others: (1) delinquencies, (2) economic conditions as judged by things such as national and local unemployment levels, (3) changes in value of underlying collateral as judged by things such as median home prices, commercial vacancy rates and forecasted vacancy and rental rates in the Bank’s service area, (4) trends in the nature and volume of loans, (5) concentrations of credit, (6) changes in lending policies and procedures, (7) experience, ability and depth of lending staff, (8) changes in the quality of the loan review function, (9) environmental risks, and (10) loan risk ratings. Substantially all of the Bank’s allowance for loan losses allocable to pools of loans that are collectively evaluated for impairment results from these qualitative adjustments to historical loss experience. Because of the nature of the qualitative factors and the difficulty in assessing their impact, management’s resulting estimate of losses may not accurately reflect actual losses in the portfolio. Troubled debt restructurings are by definition impaired loans and are generally reported at the present value of estimated future cash flows using the loan’s effective rate at inception. However, if a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. |
Transfers Of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Corporation, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Bank Premises And Equipment And Operating Leases | Bank Premises and Equipment and Operating Leases Land is carried at cost. Other bank premises and equipment are carried at cost less accumulated depreciation and amortization. Buildings are depreciated using the straight-line method over their estimated useful lives, which range from 31 to 40 years. Building and leasehold improvements are depreciated using the straight-line method over the remaining lives of the buildings or leases, as applicable, or their estimated useful lives, whichever is shorter. The lives of the respective leases range from five years to twenty years . Furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives, which range from three years to ten years . Premises and equipment held-for-sale, if any, is included in Other Assets on the Corporation’s consolidated balance sheet and carried at the lower of cost or fair value. The Bank determines if an arrangement is a lease at inception and recognizes a right-of-use (“ROU”) asset and lease liability at the commencement date based on the present value of lease payments over the lease term. As most of the Bank’s leases do not provide an implicit interest rate, the Bank uses its incremental borrowing rate to determine the present value of the lease payments. For leases entered into beginning in 2019, the Bank’s ROU asset and lease liability may include options to extend the lease when it is reasonably certain that the Bank will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. |
Bank-Owned Life Insurance | Bank-owned Life Insurance The Bank is the owner and beneficiary of insurance policies on the lives of certain officers. Bank-owned life insurance (“BOLI”) is recorded at the amount that can be realized under the contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement, if any. |
Restricted Stock | Restricted Stock The Bank is a member of and is required to own stock in the Federal Home Loan Bank of New York (“FHLBNY”) and the Federal Reserve Bank of New York (“FRBNY”). The amount of FHLBNY stock held is based on membership and the level of FHLBNY advances. The amount of FRBNY stock held is based on the Bank’s capital and surplus balances. These stocks do not have a readily determinable fair value, are carried at cost, classified as restricted stock and periodically evaluated for impairment based on the prospects for the ultimate recovery of cost. Cash dividends, if any, are reported as interest income on taxable investment securities. |
Other Real Estate Owned | Other Real Estate Owned Real estate acquired through foreclosure or by deed-in-lieu of foreclosure is initially recorded at the lower of cost or fair value, less estimated selling costs and is included in other assets on the consolidated balance sheet. Chargeoffs recorded at the time of acquisition are charged to the allowance for loan losses. Thereafter, decreases in the property’s estimated fair value are charged to earnings and credited to a valuation allowance and subsequent recoveries in fair value are credited to earnings and charged to the valuation allowance. Such adjustments to earnings are included in other noninterest expense along with any additional property maintenance costs incurred in owning the property. Rental income received from tenants of other real estate owned is included in other noninterest income. |
Long-term Assets | Long-term Assets Premises and equipment, intangible assets, BOLI and other long-term assets, if any, are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Loan Commitments And Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans, commercial letters of credit and standby letters of credit. The face amount of these items represents the exposure to loss, before considering collateral held or ability to repay. The Bank maintains a reserve for losses on off-balance-sheet credit exposures which is included on the consolidated balance sheets in the line item “accrued expenses and other liabilities”. Off-balance-sheet credit instruments are recorded on the balance sheet when they are funded or drawn down. |
Derivatives | Derivatives The Corporation records cash flow hedges at the inception of a derivative contract based on management’s intentions and belief as to the likely effectiveness of the hedge. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is recorded in other comprehensive income (loss) and is reclassified into earnings in the same period during which the hedged transaction affects earnings. The changes in the fair value of a derivative that is not highly effective in hedging the expected cash flows of the hedged item are recognized immediately as interest expense in the consolidated statements of income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income or noninterest expense. Cash flows from hedges are classified in the consolidated statements of cash flows in the same manner as the items being hedged. The Corporation formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Corporation also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged item. The Corporation discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as interest expense. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income (loss) are amortized into earnings over the same periods which the hedged transactions will affect earnings. |
Checking Deposits | Checking Deposits The Bank’s commercial checking accounts generally have a related noninterest-bearing sweep account. The sole purpose of the sweep accounts is to reduce the reserve balances that the Bank is required to maintain with the FRBNY, and thereby increase funds available for investment. Although the sweep accounts are classified as savings accounts for regulatory purposes, they are included in checking deposits in the accompanying consolidated balance sheets. |
Income Taxes | Income Taxes A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law. The effects of future changes in tax laws or rates are not considered. The Corporation recognizes interest and/or penalties related to income tax matters in noninterest income or noninterest expense as appropriate. |
Retirement Plans | Retirement Plans Pension expense is the sum of service cost, interest cost, amortization of actuarial gains and losses and plan expenses, net of the expected return on plan assets and participant contributions. The service cost component of pension expense is included in salaries and employee benefits on the consolidated statement of income. All other components of pension expense are included in other noninterest income. Employee 401(k) plan expense is equal to the amount of the Corporation’s matching contributions and is included in salaries and employee benefits in the consolidated statements of income. |
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. |
Stockholders’ Equity | Stockholders’ Equity Earnings Per Share . Beginning in 2019, the Corporation calculates basic and diluted earnings per share (“EPS”) using the treasury stock method. During 2018 and 2017, EPS was calculated using the two-class method, as restricted stock units (“RSUs”) awarded in 2016 were considered to participate with common stock in the earnings of the Corporation. Basic EPS excludes the dilutive effect of outstanding stock options and RSUs and is computed by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if outstanding stock options and RSUs were converted into shares of common stock that then shared in the earnings of the Corporation. Diluted EPS is computed by dividing net income allocated to common stockholders by the weighted average number of common shares and dilutive stock options and RSUs. 6,122 RSUs were excluded from the calculation of EPS at December 31, 2018 because their inclusion would be anti-dilutive. There were no anti-dilutive stock options or RSUs at December 31, 2019 and December 31, 2017. Other than the stock options and RSUs described in “Note I – Stock-Based Compensation”, the Corporation has no securities that could be converted into common stock nor does the Corporation have any contracts that could result in the issuance of common stock. The following table is a calculation of basic and diluted EPS for the periods indicated. (dollars in thousands, except per share data) 2019 2018 2017 Net income $ 41,555 $ 41,573 $ 35,122 Income allocated to participating securities (1) — 115 128 Income allocated to common stockholders $ 41,555 $ 41,458 $ 34,994 Weighted average: Common shares 24,663,726 25,293,698 24,219,813 Dilutive stock options and restricted stock units (1) 184,800 164,301 255,333 24,848,526 25,457,999 24,475,146 Earnings per share: Basic $ 1.68 $ 1.64 $ 1.44 Diluted $ 1.67 $ 1.63 $ 1.43 (1) RSUs awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, during 2018 and 2017, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS using the trea sury stock method. |
Stock-based Compensation | Stock-based Compensation The Corporation’s stock-based compensation plans are described in “Note I – Stock-Based Compensation.” Compensation cost is determined for stock options and RSUs issued to employees and non-employee directors based on the grant date fair value of the award. Compensation expense for RSUs is recognized over the applicable performance or service period, which is usually the vesting period, or the period from the grant date to the participant’s eligible retirement date, whichever is shorter. Compensation expense is adjusted at the end of the performance period, if applicable, to reflect the actual number of shares of the Corporation’s common stock into which the RSUs will be converted. Compensation expense for stock options is recognized over the five year vesting period or the period from the grant date to the participant’s eligible retirement date, whichever is shorter. The Corporation accounts for forfeitures as they occur. |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income and other comprehensive income (loss) (“OCI”). Other comprehensive income (loss) includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. Other comprehensive income (loss) for the Corporation consists of net unrealized holding gains or losses on available-for-sale securities and derivative instruments and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity. The components of other comprehensive income (loss) and the related tax effects are as follows: (in thousands) 2019 2018 2017 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ 14,156 $ ( 18,891 ) $ ( 236 ) Reclassification adjustment for losses (gains) included in net income (1) ( 14 ) 10,406 1,867 14,142 ( 8,485 ) 1,631 Tax effect 4,242 ( 2,569 ) 685 9,900 ( 5,916 ) 946 Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period 3,173 ( 4,316 ) 1,700 Amortization of net actuarial loss included in pension expense (2) 352 — 18 3,525 ( 4,316 ) 1,718 Tax effect 1,083 ( 1,312 ) 514 2,442 ( 3,004 ) 1,204 Change in unrealized loss on derivative instruments: Amount of loss recognized during the period ( 4,116 ) ( 1,607 ) — Reclassification adjustment for net interest expense included in net income (3) 827 477 — ( 3,289 ) ( 1,130 ) — Tax effect ( 982 ) ( 341 ) — ( 2,307 ) ( 789 ) — Other comprehensive income (loss) $ 10,035 $ ( 9,709 ) $ 2,150 (1) Represents net realized gains and losses arising from the sale of available-for-sale securities. These net realized gains and losses are included in the consolidated statements of income in the line item “Net gains (losses) on sales of securities.” See “Note B – Investment Securities” for the income tax expense or benefit related to these net realized gains and losses, which is included in the consolidated statements of income in the line item “Income tax expense.” (2) Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost (see “Note J – Retirement Plans”) and included in the consolidated statements of income in the line item “Other noninterest income.” (3) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” The following sets forth the components of accumulated other comprehensive income (loss), net of tax: Current Period Change due to Other Balance Comprehensive Balance (in thousands) 12/31/18 Income (Loss) 12/31/19 Unrealized holding gains (losses) on available-for-sale securities $ ( 2,955 ) $ 9,900 $ 6,945 Unrealized actuarial losses on pension plan ( 5,696 ) 2,442 ( 3,254 ) Unrealized loss on derivative instruments ( 789 ) ( 2,307 ) ( 3,096 ) Accumulated other comprehensive income (loss), net of tax $ ( 9,440 ) $ 10,035 $ 595 |
Operating Segments | Operating Segments While management monitors the revenue streams of the Bank’s various products and services, the identifiable segments are not material and operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the financial operations of the Bank are aggregated in one reportable operating segment. |
Investment Management Division | Investment Management Division Assets held in a fiduciary capacity are not assets of the Corporation and, accordingly, are not included in the accompanying consolidated financial statements. The Investment Management Division records fees on the accrual basis. |
Reclassifications | Reclassifications When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02 “Leases.” ASU 2016-02 affects any entity that enters into a lease and is intended to increase the transparency and comparability of financial statements among organizations. The ASU requires, among other changes, a lessee to recognize on its balance sheet a lease asset and a lease liability for those leases previously classified as operating leases. The lease asset represents the right to use the underlying asset for the lease term and the lease liability represents the discounted value of the required lease payments to the lessor. The ASU also requires entities to disclose key information about leasing arrangements. ASU 2016-02, as amended, is effective for interim and annual reporting periods beginning after December 15, 2018. The Corporation utilized the transition method described in ASU 2018-11 “Leases – Targeted Improvements” to implement ASU 2016-02 on January 1, 2019. Upon adoption of the ASU, the Corporation recorded a ROU asset and lease liability of $ 15.7 million and $ 16.5 million, respectively for its outstanding operating leases. Implementation did not significantly impact the Corporation’s results of operations or regulatory capital ratios. The Corporation elected the package of practical expedients permitted in ASU 2016-02. Accordingly, the Bank accounted for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASU 2016-02, (b) whether classification of the operating leases would be different in accordance with ASU 2016-02, or (c) whether the unamortized initial direct costs before transition adjustments (as of December 31, 2018) would have met the definition of initial direct costs in ASU 2016-02 at lease commencement. See “Note D – Premises and Equipment and Operating Leases” for disclosures required by ASU 2016-02. In July 2019, the FASB issued ASU 2019-07 “Codification Updates to SEC Sections” which discusses amendments pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification. The ASU provides, among other changes, updated disclosure rules with regards to the Statement of Changes in Stockholders’ Equity and was effective immediately for interim financial statements. The Corporation adopted ASU 2019-07 for the interim periods beginning with September 2019. In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815)”. The ASU provides targeted improvements in accounting for hedging activities and became effective for the Bank on January 1, 2019. In April 2019, the FASB issued additional accounting guidance under ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” Among other things, the new guidance allows companies a one-time option to transfer qualifying debt securities from held-to-maturity to available-for-sale if the debt security is eligible to be hedged under the last-of-layer guidance, provided there was no such transfer made upon the adoption of ASU 2017-12. During the fourth quarter of 2019, the Bank adopted ASU 2019-04 and reclassified $ 3,949,000 in debt securities from held-to-maturity to available-for-sale. Implementation of ASU 2017-12 and 2019-04 did not materially impact the Corporation’s financial position or results of operations. In December 2019, the FASB issued ASU 2019-12 “Simplifying the Accounting for Income Taxes” which is a continuation of the FASB’s Simplification Initiative as it pertains to the accounting for income taxes. Management early-adopted the ASU for the year ended December 31, 2019. The adoption did not significantly impact the Corporation’s financial position or results of operations. |
Impact Of Issued But Not Yet Effective Accounting Standards | Impact of Issued But Not Yet Effective Accounting Standards The pronouncements discussed in this section are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have an impact on the Corporation’s financial position, results of operations or disclosures. In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” This standard changes the accounting methodology used to determine the allowance for loan losses from an incurred loss model to a current expected credit loss (“CECL”) model. The CECL model requires the Bank to maintain at each periodic reporting date an allowance for credit losses in an amount that is equal to its estimate of expected lifetime credit losses on the loans in its portfolio. Management established an internal committee to manage the implementation of ASU 2016-13. The committee is led by the Bank’s Chief Accounting Officer and includes the Chief Executive Officer, Chief Financial Officer, Chief Risk Officer, Chief Credit Officer, Controller, Manager of Accounting Controls and Chief Auditor. The committee is finalizing the implementation effort, including an independent third-party model validation. ASU 2016-13 became effective for the Bank on January 1, 2020. Implementation of the ASU is expected to result in an allowance for credit losses that is less than 10% higher than the Bank’s December 31, 2019 allowance for loan losses. This estimate is subject to further refinement based on continuing reviews and testing of management’s judgements, current and forecasted economic conditions and the composition of the loan portfolio, as well as the finalization of internal controls to ensure model effectiveness. The Bank will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of January 1, 2020, the beginning of the first reporting period in which the guidance is adopted. In August 2018, the FASB issued ASU 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” and ASU 2018-14 “Changes to the Disclosure Requirements for Defined Benefit Plans.” These ASUs modify certain disclosure requirements pertaining to fair value measurements and defined benefit plans, respectively, as part of the FASB’s disclosure framework project intended to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The adoption of these ASUs may modify the Corporation’s disclosures but will not impact its financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Calculation Of Earnings Per Share | (dollars in thousands, except per share data) 2019 2018 2017 Net income $ 41,555 $ 41,573 $ 35,122 Income allocated to participating securities (1) — 115 128 Income allocated to common stockholders $ 41,555 $ 41,458 $ 34,994 Weighted average: Common shares 24,663,726 25,293,698 24,219,813 Dilutive stock options and restricted stock units (1) 184,800 164,301 255,333 24,848,526 25,457,999 24,475,146 Earnings per share: Basic $ 1.68 $ 1.64 $ 1.44 Diluted $ 1.67 $ 1.63 $ 1.43 (1) RSUs awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, during 2018 and 2017, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS using the trea sury stock method. |
Components Of Other Comprehensive Income (Loss) And Related Tax Effects | (in thousands) 2019 2018 2017 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ 14,156 $ ( 18,891 ) $ ( 236 ) Reclassification adjustment for losses (gains) included in net income (1) ( 14 ) 10,406 1,867 14,142 ( 8,485 ) 1,631 Tax effect 4,242 ( 2,569 ) 685 9,900 ( 5,916 ) 946 Change in funded status of pension plan: Unrecognized net gain (loss) arising during the period 3,173 ( 4,316 ) 1,700 Amortization of net actuarial loss included in pension expense (2) 352 — 18 3,525 ( 4,316 ) 1,718 Tax effect 1,083 ( 1,312 ) 514 2,442 ( 3,004 ) 1,204 Change in unrealized loss on derivative instruments: Amount of loss recognized during the period ( 4,116 ) ( 1,607 ) — Reclassification adjustment for net interest expense included in net income (3) 827 477 — ( 3,289 ) ( 1,130 ) — Tax effect ( 982 ) ( 341 ) — ( 2,307 ) ( 789 ) — Other comprehensive income (loss) $ 10,035 $ ( 9,709 ) $ 2,150 (1) Represents net realized gains and losses arising from the sale of available-for-sale securities. These net realized gains and losses are included in the consolidated statements of income in the line item “Net gains (losses) on sales of securities.” See “Note B – Investment Securities” for the income tax expense or benefit related to these net realized gains and losses, which is included in the consolidated statements of income in the line item “Income tax expense.” (2) Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost (see “Note J – Retirement Plans”) and included in the consolidated statements of income in the line item “Other noninterest income.” (3) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax | Current Period Change due to Other Balance Comprehensive Balance (in thousands) 12/31/18 Income (Loss) 12/31/19 Unrealized holding gains (losses) on available-for-sale securities $ ( 2,955 ) $ 9,900 $ 6,945 Unrealized actuarial losses on pension plan ( 5,696 ) 2,442 ( 3,254 ) Unrealized loss on derivative instruments ( 789 ) ( 2,307 ) ( 3,096 ) Accumulated other comprehensive income (loss), net of tax $ ( 9,440 ) $ 10,035 $ 595 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investment Securities [Abstract] | |
Amortization Cost And Estimated Fair Value Of Investment Securities | 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-Sale Securities: State and municipals $ 372,113 $ 10,269 $ ( 239 ) $ 382,143 Pass-through mortgage securities 60,307 1,104 ( 39 ) 61,372 Collateralized mortgage obligations 136,211 2,247 ( 259 ) 138,199 Corporate bonds 119,000 — ( 3,170 ) 115,830 $ 687,631 $ 13,620 $ ( 3,707 ) $ 697,544 2018 Held-to-Maturity Securities: State and municipals $ 5,142 $ 36 $ — $ 5,178 Pass-through mortgage securities 267 11 — 278 Collateralized mortgage obligations 95 1 — 96 $ 5,504 $ 48 $ — $ 5,552 Available-for-Sale Securities: State and municipals $ 422,235 $ 3,220 $ ( 5,417 ) $ 420,038 Pass-through mortgage securities 66,631 24 ( 1,169 ) 65,486 Collateralized mortgage obligations 154,378 886 ( 363 ) 154,901 Corporate bonds 119,000 — ( 1,410 ) 117,590 $ 762,244 $ 4,130 $ ( 8,359 ) $ 758,015 |
Securities With A Continuous Unrealized Losses Position | 2019 Less than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipals $ 6,662 $ ( 83 ) $ 5,084 $ ( 156 ) $ 11,746 $ ( 239 ) Pass-through mortgage securities 5,287 ( 14 ) 4,084 ( 25 ) 9,371 ( 39 ) Collateralized mortgage obligations 30,886 ( 259 ) — — 30,886 ( 259 ) Corporate bonds 51,020 ( 980 ) 64,810 ( 2,190 ) 115,830 ( 3,170 ) Total temporarily impaired $ 93,855 $ ( 1,336 ) $ 73,978 $ ( 2,371 ) $ 167,833 $ ( 3,707 ) 2018 State and municipals $ 102,882 $ ( 1,639 ) $ 62,995 $ ( 3,778 ) $ 165,877 $ ( 5,417 ) Pass-through mortgage securities 38,421 ( 142 ) 23,425 ( 1,027 ) 61,846 ( 1,169 ) Collateralized mortgage obligations 32,577 ( 89 ) 7,342 ( 274 ) 39,919 ( 363 ) Corporate bonds 97,590 ( 1,410 ) — — 97,590 ( 1,410 ) Total temporarily impaired $ 271,470 $ ( 3,280 ) $ 93,762 $ ( 5,079 ) $ 365,232 $ ( 8,359 ) |
Sales Of Available-For-Sale Securities | (in thousands) 2019 2018 2017 Proceeds $ 21,983 $ 263,994 $ 135,695 Gains $ 138 $ 300 $ 382 Losses ( 124 ) ( 10,706 ) ( 2,249 ) Net gain (loss) $ 14 $ ( 10,406 ) $ ( 1,867 ) |
Maturities | (in thousands) Amortized Cost Fair Value Available-for-Sale Securities: Within one year $ 9,084 $ 9,144 After 1 through 5 years 66,698 68,040 After 5 through 10 years 267,448 268,203 After 10 years 147,883 152,586 Mortgage-backed securities 196,518 199,571 $ 687,631 $ 697,544 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Loans [Abstract] | |
Loans Individually And Collectively Evaluated For Impairment | December 31, 2019 Loans Allowance for Loan Losses (in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Ending Balance Individually Evaluated for Impairment Collectively Evaluated for Impairment Ending Balance Commercial and industrial $ — $ 103,879 $ 103,879 $ — $ 1,493 $ 1,493 Commercial mortgages: Multifamily — 835,013 835,013 — 7,151 7,151 Other — 447,484 447,484 — 3,498 3,498 Owner-occupied 501 118,291 118,792 — 921 921 Residential mortgages: Closed end 1,189 1,620,230 1,621,419 14 15,684 15,698 Revolving home equity — 59,231 59,231 — 515 515 Consumer and other 268 2,163 2,431 — 13 13 $ 1,958 $ 3,186,291 $ 3,188,249 $ 14 $ 29,275 $ 29,289 December 31, 2018 Commercial and industrial $ 22 $ 98,763 $ 98,785 $ — $ 1,158 $ 1,158 Commercial mortgages: Multifamily — 756,714 756,714 — 5,851 5,851 Other — 433,330 433,330 — 3,783 3,783 Owner-occupied 520 90,731 91,251 — 743 743 Residential mortgages: Closed end 1,814 1,807,837 1,809,651 16 18,828 18,844 Revolving home equity 743 66,967 67,710 — 410 410 Consumer and other 324 5,634 5,958 — 49 49 $ 3,423 $ 3,259,976 $ 3,263,399 $ 16 $ 30,822 $ 30,838 |
Allowance For Loan Losses | (in thousands) Balance at 1/1/19 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 12/31/19 Commercial and industrial $ 1,158 $ 841 $ 39 $ 1,137 $ 1,493 Commercial mortgages: Multifamily 5,851 — — 1,300 7,151 Other 3,783 — — ( 285 ) 3,498 Owner-occupied 743 — — 178 921 Residential mortgages: Closed end 18,844 433 1 ( 2,714 ) 15,698 Revolving home equity 410 358 — 463 515 Consumer and other 49 1 11 ( 46 ) 13 $ 30,838 $ 1,633 $ 51 $ 33 $ 29,289 (in thousands) Balance at 1/1/18 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 12/31/18 Commercial and industrial $ 1,441 $ 683 $ 34 $ 366 $ 1,158 Commercial mortgages: Multifamily 6,423 — — ( 572 ) 5,851 Other 4,734 — — ( 951 ) 3,783 Owner-occupied 1,076 — — ( 333 ) 743 Residential mortgages: Closed end 19,347 552 118 ( 69 ) 18,844 Revolving home equity 689 253 150 ( 176 ) 410 Consumer and other 74 9 4 ( 20 ) 49 $ 33,784 $ 1,497 $ 306 $ ( 1,755 ) $ 30,838 (in thousands) Balance at 1/1/17 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 12/31/17 Commercial and industrial $ 1,408 $ 102 $ 13 $ 122 $ 1,441 Commercial mortgages: Multifamily 6,119 — — 304 6,423 Other 4,296 — — 438 4,734 Owner-occupied 959 820 — 937 1,076 Residential mortgages: Closed end 15,740 97 3 3,701 19,347 Revolving home equity 1,401 100 — ( 612 ) 689 Consumer and other 134 27 3 ( 36 ) 74 $ 30,057 $ 1,146 $ 19 $ 4,854 $ 33,784 |
Impaired Loans | 2019 (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial mortgages - owner-occupied $ 501 $ 585 $ — $ 510 $ 30 Residential mortgages - closed end 1,039 1,058 — 1,064 8 Consumer and other 268 268 — 289 19 With an allowance recorded: Residential mortgages - closed end 150 150 14 153 7 Total: Commercial mortgages - owner-occupied 501 585 — 510 30 Residential mortgages - closed end 1,189 1,208 14 1,217 15 Consumer and other 268 268 — 289 19 $ 1,958 $ 2,061 $ 14 $ 2,016 $ 64 2018 With no related allowance recorded: Commercial and industrial $ 22 $ 22 $ — $ 48 $ 3 Commercial mortgages - owner-occupied 520 604 — 530 25 Residential mortgages: Closed end 1,561 1,573 — 1,566 5 Revolving home equity 743 747 — 754 — Consumer and other 324 324 — 339 17 With an allowance recorded: Residential mortgages - closed end 253 253 16 266 12 Total: Commercial and industrial 22 22 — 48 3 Commercial mortgages - owner-occupied 520 604 — 530 25 Residential mortgages: Closed end 1,814 1,826 16 1,832 17 Revolving home equity 743 747 — 754 — Consumer and other 324 324 — 339 17 $ 3,423 $ 3,523 $ 16 $ 3,503 $ 62 2017 With no related allowance recorded: Commercial and industrial $ 48 $ 48 $ — $ 67 $ 5 Commercial mortgages - owner-occupied 531 615 — 654 21 Residential mortgages - closed end 1,095 1,102 — 1,122 7 With an allowance recorded: Residential mortgages - closed end 273 272 18 280 13 Total: Commercial and industrial 48 48 — 67 5 Commercial mortgages - owner-occupied 531 615 — 654 21 Residential mortgages - closed end 1,368 1,374 18 1,402 20 $ 1,947 $ 2,037 $ 18 $ 2,123 $ 46 |
Aging Of The Recorded Investment In Loans | December 31, 2019 (in thousands) 30-59 Days Past Due 60-89 Days Past Due Past Due 90 Days or More and Still Accruing Nonaccrual Loans Total Past Due Loans & Nonaccrual Loans Current Total Loans Commercial and industrial $ 196 $ — $ — $ — $ 196 $ 103,683 $ 103,879 Commercial mortgages: Multifamily — — — — — 835,013 835,013 Other — — — — — 447,484 447,484 Owner-occupied — — — — — 118,792 118,792 Residential mortgages: Closed end 2,316 — — 888 3,204 1,618,215 1,621,419 Revolving home equity — 414 — — 414 58,817 59,231 Consumer and other 2 — — — 2 2,429 2,431 $ 2,514 $ 414 $ — $ 888 $ 3,816 $ 3,184,433 $ 3,188,249 December 31, 2018 Commercial and industrial $ — $ 43 $ — $ — $ 43 $ 98,742 $ 98,785 Commercial mortgages: Multifamily — — — — — 756,714 756,714 Other — — — — — 433,330 433,330 Owner-occupied — — — — — 91,251 91,251 Residential mortgages: Closed end 864 — — 1,392 2,256 1,807,395 1,809,651 Revolving home equity — — — 743 743 66,967 67,710 Consumer and other 2 — — — 2 5,956 5,958 $ 866 $ 43 $ — $ 2,135 $ 3,044 $ 3,260,355 $ 3,263,399 |
Loans Modified In Trouble Debt Restructurings | Outstanding Recorded Investment Interest Rates (dollars in thousands) Number of Loans Pre- Modification Post- Modification Pre- Modification Post- Modification 2018: Residential mortgages - closed end 1 $ 432 $ 472 5.86 % 4.50 % Consumer and other 1 350 350 6.50 % 6.50 % 2 $ 782 $ 822 |
Risk Ratings | The following tables present the recorded investment in commercial and industrial loans and commercial real estate loans by class of loans and risk rating. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. December 31, 2019 Internally Assigned Risk Rating Special (in thousands) Pass Watch Mention Substandard Doubtful Total Commercial and industrial $ 100,095 $ — $ 3,493 $ 291 $ — $ 103,879 Commercial mortgages: Multifamily 831,360 — 3,653 — — 835,013 Other 437,655 — 9,829 — — 447,484 Owner-occupied 113,534 — 4,757 501 — 118,792 $ 1,482,644 $ — $ 21,732 $ 792 $ — $ 1,505,168 December 31, 2018 Commercial and industrial $ 97,684 $ — $ 667 $ 434 $ — $ 98,785 Commercial mortgages: Multifamily 756,714 — — — — 756,714 Other 417,838 14,194 1,298 — — 433,330 Owner-occupied 85,710 1,090 3,911 540 — 91,251 $ 1,357,946 $ 15,284 $ 5,876 $ 974 $ — $ 1,380,080 The following tables present the recorded investment in residential mortgage loans, home equity lines and other consumer loans by class of loans and risk rating. Loans shown as Pass are all loans other than those risk rated by management as Watch, Special Mention, Substandard or Doubtful. December 31, 2019 Internally Assigned Risk Rating Special (in thousands) Pass Watch Mention Substandard Doubtful Total Residential mortgages: Closed end $ 1,619,034 $ 306 $ 890 $ 1,189 $ — $ 1,621,419 Revolving home equity 58,816 415 — — — 59,231 Consumer and other 1,644 — — 268 — 1,912 $ 1,679,494 $ 721 $ 890 $ 1,457 $ — $ 1,682,562 December 31, 2018 Residential mortgages: Closed end $ 1,807,525 $ 312 $ — $ 1,814 $ — $ 1,809,651 Revolving home equity 66,718 — 249 743 — 67,710 Consumer and other 4,958 — — 324 — 5,282 $ 1,879,201 $ 312 $ 249 $ 2,881 $ — $ 1,882,643 |
Premises And Equipment And Op_2
Premises And Equipment And Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Premises And Equipment [Abstract] | |
Components Of Premises And Equipment | December 31, (in thousands) 2019 2018 Land $ 9,038 $ 9,038 Buildings and improvements 29,545 28,201 Leasehold improvements 14,629 14,175 Furniture and equipment 34,065 32,026 Construction in process 2,327 3,412 89,604 86,852 Accumulated depreciation and amortization ( 49,587 ) ( 45,585 ) $ 40,017 $ 41,267 |
Components Of Lease Cost | (in thousands) Operating lease cost $ 2,632 Variable lease cost 455 Short-term lease cost 3 $ 3,090 |
Maturity Analysis For Operating Lease Liability | Year (dollars in thousands) 2020 $ 2,549 2021 2,451 2022 2,426 2023 2,093 2024 1,980 Thereafter 5,578 Total lease payments 17,077 Less: interest 1,857 $ 15,220 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Schedule Of Remaining Maturities Of Banks Time Deposits | Year (dollars in thousands) Less than $100,000 $100,000 or More Total 2020 $ 188,888 $ 102,034 $ 290,922 2021 30,655 66,384 97,039 2022 10,482 18,267 28,749 2023 8,512 12,692 21,204 2024 10,441 12,391 22,832 Thereafter 20,102 30,591 50,693 $ 269,080 $ 242,359 $ 511,439 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Borrowed Funds [Abstract] | |
Summary Of Borrowed Funds | December 31, (in thousands) 2019 2018 Short-term borrowings: Securities sold under repurchase agreements $ 10,710 $ 8,923 Federal Home Loan Bank advances 180,000 380,000 190,710 388,923 Long-term debt: Federal Home Loan Bank advances 337,472 362,027 $ 528,182 $ 750,950 |
Securities Sold Under Repurchase Agreements | (dollars in thousands) 2019 2018 Average daily balance during the year $ 10,466 $ 15,790 Average interest rate during the year 0.05 % 1.31 % Maximum month-end balance during the year $ 13,525 $ 18,548 Weighted average interest rate at year-end 0.05 % 0.05 % |
Federal Home Loan Advances | (dollars in thousands) 2019 2018 Average daily balance during the year $ 484,319 $ 607,797 Average interest rate during the year 2.17 % 2.05 % Maximum month-end balance during the year $ 782,027 $ 742,027 Weighted average interest rate at year-end 2.00 % 2.34 % |
Contractual Maturity And Weighted Average Interest Rates On FHLB Advances | Contractual Maturity (dollars in thousands) Amount Weighted Average Rate Overnight $ 130,000 1.81 % 2020 132,750 1.87 2021 54,225 1.90 2022 124,817 2.14 2023 55,680 2.54 2024 10,000 1.89 After 2024 10,000 2.12 387,472 2.06 $ 517,472 2.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Reconciliation Of Statutory Federal Income Tax Rate | Year Ended December 31, 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal income tax benefit 0.5 ( 0.8 ) 2.0 Tax-exempt income, net of disallowed cost of funding ( 4.6 ) ( 5.8 ) ( 10.2 ) BOLI income ( 0.9 ) ( 1.2 ) ( 1.2 ) Excess tax benefit of stock-based compensation ( 0.1 ) ( 0.9 ) ( 1.7 ) Non-deductible officer compensation 0.5 — — Impact of cost segregation study — ( 1.5 ) — Impact of federal tax reform on deferred taxes — — ( 2.0 ) Other 0.1 0.1 0.1 16.5 % 10.9 % 22.0 % |
Provision For Income Taxes | Year Ended December 31, (in thousands) 2019 2018 2017 Current: Federal $ 8,799 $ 5,975 $ 8,139 State and local 641 688 636 9,440 6,663 8,775 Deferred: Federal ( 876 ) ( 458 ) 335 State and local ( 336 ) ( 1,143 ) 779 ( 1,212 ) ( 1,601 ) 1,114 $ 8,228 $ 5,062 $ 9,889 |
Net Deferred Tax Asset | December 31, (in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses and off-balance-sheet credit exposure $ 8,803 $ 9,312 Operating lease liability 4,547 239 Unrealized loss on interest rate swaps 1,323 341 Stock-based compensation 1,317 1,384 Accrued bonuses and severance 1,308 686 Contract incentive 719 680 Asset writedown 121 80 Net operating loss carryforwards 77 371 Retirement expense 60 81 Interest on nonperforming loans 20 16 Unrealized losses on available-for-sale securities — 1,274 18,295 14,464 Valuation allowance — — 18,295 14,464 Deferred tax liabilities: Prepaid pension 5,462 4,545 Right-of-use asset 4,285 — Deferred loan costs 4,138 5,462 Unrealized gains on available-for-sale securities 2,967 — Depreciation 1,050 951 Prepaid expenses 76 59 17,978 11,017 Net deferred tax asset $ 317 $ 3,447 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Matters [Abstract] | |
Schedule Of Capital Amounts And Ratios | 2019 Actual Capital Minimum Capital Adequacy Requirement Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital to average assets: Consolidated $ 388,293 9.42 % $ 164,964 4.00 % N/A N/A Bank 388,150 9.42 164,885 4.00 $ 206,106 5.00 % Common equity tier 1 capital to risk weighted assets: Consolidated 388,293 14.93 117,048 4.50 N/A N/A Bank 388,150 14.93 117,001 4.50 169,002 6.50 Tier 1 capital to risk weighted assets: Consolidated 388,293 14.93 156,064 6.00 N/A N/A Bank 388,150 14.93 156,002 6.00 208,003 8.00 Total capital to risk weighted assets: Consolidated 417,757 16.06 208,085 8.00 N/A N/A Bank 417,614 16.06 208,003 8.00 260,003 10.00 2018 Tier 1 capital to average assets: Consolidated $ 397,036 9.40 % $ 169,015 4.00 % N/A N/A Bank 399,237 9.45 168,916 4.00 $ 211,145 5.00 % Common equity tier 1 capital to risk weighted assets: Consolidated 397,036 15.29 116,840 4.50 N/A N/A Bank 399,237 15.38 116,820 4.50 168,741 6.50 Tier 1 capital to risk weighted assets: Consolidated 397,036 15.29 155,786 6.00 N/A N/A Bank 399,237 15.38 155,761 6.00 207,681 8.00 Total capital to risk weighted assets: Consolidated 428,020 16.48 207,715 8.00 N/A N/A Bank 430,221 16.57 207,681 8.00 259,601 10.00 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock-based Compensation [Abstract] | |
Summary Of RSU Vested And Expected To Vest | Granted During the Year Ended December 31, Total 2019 2018 2017 Number of RSUs : Granted 315,406 150,389 70,688 94,329 Outstanding at December 31, 2019 254,591 146,515 42,168 65,908 Vested and convertible at December 31, 2019 117,881 43,159 20,573 54,149 Scheduled to vest during: 2020 74,173 54,537 11,127 8,509 2021 39,650 25,932 10,468 3,250 2022 20,887 20,887 — — 2023 1,000 1,000 — — 2024 1,000 1,000 — — 254,591 146,515 42,168 65,908 |
Schedule Of Share-based Payment Award Equity Instruments Other Than Options Valuation Assumptions | 2019 Performance-Based Service-Based Vesting Vesting Grant date fair value $ 19.48 to $ 22.00 $ 19.40 to $ 22.00 Market price on grant date $ 20.85 to $ 22.71 $ 20.85 to $ 22.71 Expected annual dividend $ 0.68 to $ 0.72 $ 0.68 to $ 0.72 Expected term (in years) 2.0 2.0 to 5.0 Risk-free interest rate 1.43 % to 2.56 % 1.43 % to 2.56 % 2018 Grant date fair value $ 27.09 $ 27.09 to $ 27.33 Market price on grant date $ 28.25 $ 28.25 to $ 28.50 Expected annual dividend $ 0.60 $ 0.60 Expected term (in years) 2.0 2.0 to 3.0 Risk-free interest rate 2.02 % 1.89 % to 2.02 % 2017 Grant date fair value $ 26.27 $ 25.35 to $ 26.00 Market price on grant date $ 27.90 $ 27.50 to $ 28.15 Expected annual dividend $ 0.56 $ 0.56 Expected term (in years) 3.0 3.0 to 4.0 Risk-free interest rate 1.49 % 1.60 % to 1.67 % |
RSU Activity | Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2019 215,084 $ 23.79 Granted 150,389 20.12 Converted ( 104,338 ) 20.83 Forfeited ( 6,544 ) 22.52 Outstanding at December 31, 2019 254,591 $ 22.87 0.74 $ 6,385 Vested and Convertible at December 31, 2019 117,881 $ 24.13 — $ 2,956 |
Stock Option Activity | Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (yrs.) (in thousands) Outstanding at January 1, 2019 96,112 $ 11.80 Exercised ( 40,766 ) 11.07 Outstanding at December 31, 2019 55,346 $ 12.34 0.78 $ 705 Exercisable at December 31, 2019 55,196 $ 12.33 0.77 $ $ 704 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Plans [Abstract] | |
Projected Benefit Obligation | 2019 2018 2017 Weighted average assumptions used to determine the benefit obligation at year end: Discount rate 3.55 % 4.53 % 3.93 % Rate of increase in compensation levels 3.50 % 3.50 % 3.50 % Weighted average assumptions used to determine net pension cost: Discount rate 4.53 % 3.93 % 4.40 % Rate of increase in compensation levels 3.50 % 3.50 % 3.50 % Expected long-term rate of return on plan assets 5.50 % 5.50 % 5.50 % |
Net Pension Cost (Credit) | (in thousands) 2019 2018 2017 Service cost plus expected expenses and net of expected plan participant contributions $ 1,268 $ 1,369 $ 1,214 Interest cost 1,785 1,587 1,590 Expected return on plan assets ( 3,001 ) ( 3,275 ) ( 2,940 ) Amortization of net actuarial loss 352 — 18 Net pension cost (credit) $ 404 $ ( 319 ) $ ( 118 ) |
Schedule Of Net Funded Status And Accumulated Benefit Obligation | (in thousands) 2019 2018 2017 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 40,470 $ 41,384 $ 37,016 Service cost 1,447 1,533 1,386 Interest cost 1,785 1,587 1,590 Benefits paid ( 1,985 ) ( 1,574 ) ( 1,510 ) Assumption changes 5,200 ( 3,226 ) 2,100 Experience loss and other 554 766 802 Projected benefit obligation at end of year 47,471 40,470 41,384 Change in fair value of plan assets: Fair value of plan assets at beginning of year 55,624 60,536 54,332 Actual return on plan assets 11,854 ( 3,563 ) 7,497 Employer contributions — — — Plan participant contributions 356 333 321 Benefits paid ( 1,985 ) ( 1,574 ) ( 1,510 ) Expenses ( 103 ) ( 108 ) ( 104 ) Fair value of plan assets at end of year 65,746 55,624 60,536 Funded status at end of year $ 18,275 $ 15,154 $ 19,152 Accumulated benefit obligation $ 44,544 $ 38,042 $ 38,544 |
Schedule Of Allocation Of Plan Assets | December 31, 2019 Target Allocation Percentage of Plan Assets Weighted Average Expected Long-term Rates of Return Cash equivalents 0 % - 1 % 0.2 % <1.00% Equity mutual funds 20 % - 30 % 26.4 % 6.2 % to 8.7 % Fixed income mutual funds 70 % - 80 % 73.4 % 3.3 % to 4.4 % 100.0 % 4.1 % to 5.5 % December 31, 2018 Cash equivalents 0 % - 1 % 0.2 % <1.00% Equity mutual funds 15 % - 25 % 18.1 % 5.9 % to 8.3 % Fixed income mutual funds 75 % - 85 % 81.7 % 3.8 % to 5.0 % 100.0 % 4.2 % to 5.6 % |
Schedule Of Fair Value Of Plan Assets | Fair Value Measurements Using: (in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 160 $ — $ 160 $ — Total cash equivalents 160 — 160 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 10,374 10,374 — — Vanguard Total International Stock Index Fund (VTSNX) 6,983 6,983 — — Total equity mutual funds 17,357 17,357 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 35,694 35,694 — — Vanguard Long-Term Treasury Index Fund (VLGIX) 12,535 12,535 — — Total fixed income mutual funds 48,229 48,229 — — Total Plan Assets $ 65,746 $ 65,586 $ 160 $ — December 31, 2018: Cash equivalents: Vanguard Prime Money Market Mutual Fund $ 137 $ — $ 137 $ — Total cash equivalents 137 — 137 — Equity mutual funds: Vanguard Total Stock Market Index Fund (VITSX) 5,513 5,513 — — Vanguard Total International Stock Index Fund (VTSNX) 4,539 4,539 — — Total equity mutual funds 10,052 10,052 — — Fixed income mutual funds: Vanguard Long-Term Investment Grade Fund (VWETX) 27,260 27,260 — — Vanguard Long-Term Bond Index Fund (VBLLX) 18,175 18,175 — — Total fixed income mutual funds 45,435 45,435 — — Total Plan Assets $ 55,624 $ 55,487 $ 137 $ — |
Schedule Of Estimated Future Benefit Payments | Year (dollars in thousands) Amount 2020 $ 2,047 2021 2,125 2022 2,331 2023 2,533 2024 2,686 2025 - 2029 15,039 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Operating Expenses [Abstract] | |
Schedule Of Other Operating Expenses | (in thousands) 2019 2018 2017 Computer services $ 2,202 $ 1,987 $ 1,888 Marketing 904 1,414 1,442 FDIC assessment 568 1,222 1,178 Consultants 996 542 702 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingent Liabilities [Abstract] | |
Off-Balance Sheet Risks | 2019 2018 (in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 23,914 $ 163,898 $ 31,496 $ 204,072 Standby letters of credit 3,704 — 3,670 — |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Assets Measured On Recurring Basis | Fair Value Measurements Using: (in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019: Financial Assets: Available-for-Sale Securities: State and municipals $ 382,143 $ — $ 380,299 $ 1,844 Pass-through mortgage securities 61,372 — 61,372 — Collateralized mortgage obligations 138,199 — 138,199 — Corporate bonds 115,830 — 115,830 — $ 697,544 $ — $ 695,700 $ 1,844 Financial Liabilities: Derivative - interest rate swaps $ 4,418 $ — $ 4,418 $ — December 31, 2018: Financial Assets: Available-for-Sale Securities: State and municipals $ 420,038 $ — $ 420,038 $ — Pass-through mortgage securities 65,486 — 65,486 — Collateralized mortgage obligations 154,901 — 154,901 — Corporate bonds 117,590 — 117,590 — $ 758,015 $ — $ 758,015 $ — Financial Liabilities: Derivative - interest rate swap $ 1,130 $ — $ 1,130 $ — |
Financial Instruments | December 31, 2019 December 31, 2018 (in thousands) Level of Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 38,968 $ 38,968 $ 47,358 $ 47,358 Held-to-maturity securities Level 2 — — 2,445 2,493 Held-to-maturity securities Level 3 — — 3,059 3,059 Loans Level 3 3,158,960 3,113,442 3,232,561 3,079,946 Restricted stock Level 1 30,899 30,899 40,686 40,686 Financial Liabilities: Checking deposits Level 1 911,978 911,978 935,574 935,574 Savings, NOW and money market deposits Level 1 1,720,599 1,720,599 1,590,341 1,590,341 Time deposits Level 2 511,439 515,019 559,057 553,900 Short-term borrowings Level 1 190,710 190,710 388,923 388,923 Long-term debt Level 2 337,472 339,445 362,027 354,651 |
Derivatives (Tables)
Derivatives (Tables) - Cash Flow Hedging [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swaps | December 31, 2019 December 31, 2018 Notional amount $ 200 million $ 150 million Weighted average fixed pay rate 2.83 % 2.90 % Weighted average 3-month LIBOR receive rate 2.04 % 2.38 % Weighted average maturity 2.06 Years 2.43 Years |
Schedule Of Gains (Losses) Recorded In Accumulated Other Comprehensive Income And The Consolidated Statements Of Income | Twelve Months Ended December 31, (in thousands) 2019 2018 Interest rate contracts: Amount of loss recognized in OCI (effective portion) $ ( 4,116 ) $ ( 1,607 ) Amount of loss reclassified from OCI to interest expense 827 477 Amount of loss recognized in other noninterest income (ineffective portion) — — |
Schedule Of Cash Flow Hedges Included In the Consolidated Balance Sheets | December 31, 2019 December 31, 2018 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other assets or other liabilities $ — $ 4,418 $ — $ 1,130 Interest rate swap hedging brokered CDs $ 150,000 $ — Interest rate swap hedging FHLB advances $ 50,000 $ 150,000 |
Parent Company Financial Info_2
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Parent Company Financial Information [Abstract] | |
Condensed Balance Sheets | December 31, (in thousands) 2019 2018 Assets: Cash and due from banks $ 1,719 $ 583 Investment in subsidiary bank, at equity 388,965 390,388 Prepaid income taxes 805 — Deferred income tax benefits 1,917 1,924 Other assets 25 80 $ 393,431 $ 392,975 Liabilities: Other liabilities $ 15 $ 332 Cash dividends payable 4,308 4,456 4,323 4,788 Stockholders' equity: Common stock 2,393 2,542 Surplus 111,744 145,163 Retained earnings 274,376 249,922 388,513 397,627 Accumulated other comprehensive income (loss), net of tax 595 ( 9,440 ) 389,108 388,187 $ 393,431 $ 392,975 |
Condensed Statements Of Income | Year ended December 31, (in thousands) 2019 2018 2017 Income: Dividends from subsidiary bank $ 55,750 $ 15,525 $ 11,150 Expenses: Salaries 3,050 1,814 2,434 Other operating expenses 442 343 406 3,492 2,157 2,840 Income before income taxes 52,258 13,368 8,310 Income tax benefit ( 755 ) ( 1,442 ) ( 1,235 ) Income before undistributed earnings of subsidiary bank 53,013 14,810 9,545 Equity in undistributed earnings ( 11,458 ) 26,763 25,577 Net income $ 41,555 $ 41,573 $ 35,122 Comprehensive income $ 51,590 $ 31,864 $ 37,272 |
Condensed Statements Of Cash Flows | Year ended December 31, (in thousands) 2019 2018 2017 Cash Flows From Operating Activities: Net income $ 41,555 $ 41,573 $ 35,122 Adjustments to reconcile net income to net cash provided by operating activities: Dividends in excess of earnings of subsidiary bank 11,458 — — Undistributed earnings of subsidiary bank — ( 26,763 ) ( 25,577 ) Deferred income tax provision (credit) 7 ( 543 ) 167 Stock-based compensation expense 3,050 1,814 2,434 Increase (decrease) in other liabilities ( 119 ) 307 5 Other decreases (increases) ( 815 ) 1,619 ( 1,383 ) Net cash provided by operating activities 55,136 18,007 10,768 Cash Flows From Investing Activities: Capital contributions to Bank subsidiary — ( 19,000 ) ( 20,500 ) Cash Flows From Financing Activities: Repurchase of common stock ( 38,171 ) ( 1,541 ) — Shares withheld upon the vesting and conversion of RSUs ( 854 ) ( 774 ) ( 527 ) Proceeds from exercise of stock options 452 312 917 Proceeds from issuance of common stock, net 1,822 18,239 22,598 Cash dividends paid ( 17,249 ) ( 15,585 ) ( 13,703 ) Net cash provided by (used in) financing activities ( 54,000 ) 651 9,285 Net increase (decrease) in cash and cash equivalents* 1,136 ( 342 ) ( 447 ) Cash and cash equivalents, beginning of year 583 925 1,372 Cash and cash equivalents, end of year $ 1,719 $ 583 $ 925 Supplemental Schedule of Noncash Financing Activities: Cash dividends payable $ 4,308 $ 4,456 $ 3,798 * Cash and cash equivalents is defined as cash and due from banks and includes, among other things, the checking and money market accounts with the Corporation’s wholly-owned bank subsidiary. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Unaudited Quarterly Financial Data | (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total 2019 Interest income $ 36,553 $ 36,490 $ 35,884 $ 34,923 $ 143,850 Interest expense 11,143 11,211 10,990 10,337 43,681 Net interest income 25,410 25,279 24,894 24,586 100,169 Provision (credit) for loan losses ( 457 ) 422 314 ( 246 ) 33 Noninterest income before net securities gains 2,444 2,717 2,720 2,716 10,597 Net gains on sales of securities — — — 14 14 Noninterest expense 15,135 14,776 14,330 16,723 60,964 Income before income taxes 13,176 12,798 12,970 10,839 49,783 Income tax expense 2,335 2,054 2,187 1,652 8,228 Net income 10,841 10,744 10,783 9,187 41,555 Earnings per share: Basic 0.43 0.43 0.44 0.38 1.68 Diluted 0.43 0.43 0.44 0.38 1.67 Comprehensive income 15,703 14,064 11,246 10,577 51,590 2018 Interest income $ 32,304 $ 34,946 $ 34,859 $ 36,128 $ 138,237 Interest expense 7,148 9,061 9,568 9,953 35,730 Net interest income 25,156 25,885 25,291 26,175 102,507 Provision (credit) for loan losses 1,512 803 ( 1,768 ) ( 2,302 ) ( 1,755 ) Noninterest income before net securities losses 3,292 2,679 2,735 3,979 12,685 Net losses on sales of securities — — ( 4,960 ) ( 5,446 ) ( 10,406 ) Noninterest expense 14,868 15,707 14,242 15,089 59,906 Income before income taxes 12,068 12,054 10,592 11,921 46,635 Income tax expense 957 1,739 535 1,831 5,062 Net income 11,111 10,315 10,057 10,090 41,573 Earnings per share: Basic 0.44 0.41 0.39 0.40 1.64 Diluted 0.44 0.40 0.39 0.39 1.63 Comprehensive income 2,925 7,869 8,952 12,118 31,864 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)segmentshares | Dec. 31, 2018shares | Dec. 31, 2017shares | Jan. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of reportable segments | segment | 1 | ||||
Operating Lease, Right-of-Use Asset | $ 14,343,000 | $ 14,343,000 | |||
Operating Lease, Liability | 15,220,000 | 15,220,000 | |||
Held-to-maturity securities transferred to available-for-sale | $ 3,949,000 | ||||
Accounting Standards Update 2018-11 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 15,700,000 | ||||
Operating Lease, Liability | $ 16,500,000 | ||||
Accounting Standards Update 2019-04 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Held-to-maturity securities transferred to available-for-sale | $ 3,949,000 | ||||
RSUs [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Anti-dilutive securities | shares | 0 | 6,122 | 0 | ||
Employee Stock Option [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Anti-dilutive securities | shares | 0 | 0 | |||
Award vesting period | 5 years | ||||
Building [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 31 years | ||||
Building [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 40 years | ||||
Leasehold Improvements [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 5 years | ||||
Leasehold Improvements [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 20 years | ||||
Furniture and Equipment [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Furniture and Equipment [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 10 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Calculation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Summary Of Significant Accounting Policies [Abstract] | ||||||||||||
Net income | $ 9,187 | $ 10,783 | $ 10,744 | $ 10,841 | $ 10,090 | $ 10,057 | $ 10,315 | $ 11,111 | $ 41,555 | $ 41,573 | $ 35,122 | |
Income allocated to participating securities | [1] | 115 | 128 | |||||||||
Income allocated to common stockholders | $ 41,555 | $ 41,458 | $ 34,994 | |||||||||
Common shares | 24,663,726 | 25,293,698 | 24,219,813 | |||||||||
Dilutive stock options and restricted stock units | [1] | 184,800 | 164,301 | 255,333 | ||||||||
Total | 24,848,526 | 25,457,999 | 24,475,146 | |||||||||
Earnings per share: | ||||||||||||
Basic | $ 0.38 | $ 0.44 | $ 0.43 | $ 0.43 | $ 0.40 | $ 0.39 | $ 0.41 | $ 0.44 | $ 1.68 | $ 1.64 | $ 1.44 | |
Diluted | $ 0.38 | $ 0.44 | $ 0.43 | $ 0.43 | $ 0.39 | $ 0.39 | $ 0.40 | $ 0.44 | $ 1.67 | $ 1.63 | $ 1.43 | |
[1] | RSUs awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, during 2018 and 2017, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS using the trea sury stock method. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Components Of Other Comprehensive Income (Loss) And Related Tax Effects) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Change in net unrealized holding gains (losses) on available-for-sale securities: | ||||
Change arising during the period | $ 14,156 | $ (18,891) | $ (236) | |
Reclassification adjustment for losses (gains) included in net income | [1] | (14) | 10,406 | 1,867 |
Change in net unrealized holding gains (losses) on available-for-sale securities | 14,142 | (8,485) | 1,631 | |
Tax effect | 4,242 | (2,569) | 685 | |
Total | 9,900 | (5,916) | 946 | |
Change in funded status of pension plan: | ||||
Unrecognized net gain (loss) arising during the period | 3,173 | (4,316) | 1,700 | |
Amortization of net actuarial loss included in net pension expense | [2] | 352 | 18 | |
Total | 3,525 | (4,316) | 1,718 | |
Tax effect | 1,083 | (1,312) | 514 | |
Total | 2,442 | (3,004) | 1,204 | |
Change in unrealized loss on derivative instruments: | ||||
Amount of loss recognized during the period | (4,116) | (1,607) | ||
Reclassification adjustment for net interest expense included in net income | [3] | 827 | 477 | |
Change in unrealized loss on derivative instruments | (3,289) | (1,130) | ||
Tax effect | (982) | (341) | ||
Total | (2,307) | (789) | ||
Other comprehensive income (loss) | $ 10,035 | $ (9,709) | $ 2,150 | |
[1] | Represents net realized gains and losses arising from the sale of available-for-sale securities. These net realized gains and losses are included in the consolidated statements of income in the line item “Net gains (losses) on sales of securities.” See “Note B – Investment Securities” for the income tax expense or benefit related to these net realized gains and losses, which is included in the consolidated statements of income in the line item “Income tax expense.” | |||
[2] | Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost (see “Note J – Retirement Plans”) and included in the consolidated statements of income in the line item “Other noninterest income.” | |||
[3] | Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 388,187 | $ 354,450 | $ 305,830 |
Other Comprehensive Income (Loss) | 10,035 | (9,709) | 2,150 |
Balance | 389,108 | 388,187 | 354,450 |
Unrealized Holding Gains (Losses) On Available-For-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (2,955) | ||
Other Comprehensive Income (Loss) | 9,900 | ||
Balance | 6,945 | (2,955) | |
Unrealized Actuarial Loss On Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (5,696) | ||
Other Comprehensive Income (Loss) | 2,442 | ||
Balance | (3,254) | (5,696) | |
Unrealized Losses On Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (789) | ||
Other Comprehensive Income (Loss) | (2,307) | ||
Balance | (3,096) | (789) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (9,440) | 546 | (1,604) |
Other Comprehensive Income (Loss) | 10,035 | (9,709) | 2,150 |
Balance | $ 595 | $ (9,440) | $ 546 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2019USD ($)securityitem | Dec. 31, 2018USD ($)securityitem | Dec. 31, 2017USD ($)security | |
Investment Securities [Line Items] | ||||
Number of holdings greater than 10 percent of stockholders equity | item | 0 | 0 | 0 | |
Income tax expense (benefit) related to net realized gains (losses) | $ 4,000 | $ (2,907,000) | $ (782,000) | |
Restricted investment securities | $ 382,963,000 | 382,963,000 | $ 342,712,000 | |
Held-to-maturity securities, gain or loss | 0 | |||
Held-to-maturity securities transferred to available-for-sale | $ 3,949,000 | |||
Accounting Standards Update 2019-04 [Member] | ||||
Investment Securities [Line Items] | ||||
Held-to-maturity securities transferred to available-for-sale | $ 3,949,000 | |||
Municipal Security [Member] | ||||
Investment Securities [Line Items] | ||||
Held-to-maturity securities, Number of sales | security | 1 | |||
Mortgage-Backed Securities [Member] | ||||
Investment Securities [Line Items] | ||||
Held-to-maturity securities, Number of sales | security | 0 | 0 | ||
State And Municipals [Member] | ||||
Investment Securities [Line Items] | ||||
Held-to-maturity securities, Carrying value | $ 354,000 | |||
Held-to-maturity securities, Realized gain | $ 1,000 |
Investment Securities (Amortiza
Investment Securities (Amortization Cost And Estimated Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | $ 5,504 | |
Held-to-Maturity Securities, Gross Unrealized Gains | 48 | |
Held-to-Maturity Securities, Fair Value | 5,552 | |
Available-for-Sale Securities, Amortized Cost | $ 687,631 | 762,244 |
Available-for-Sale Securities, Gross Unrealized Gains | 13,620 | 4,130 |
Available-for-Sale Securities, Gross Unrealized Losses | (3,707) | (8,359) |
Available-for-Sale Securities, Fair value | 697,544 | 758,015 |
Corporate Bonds [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 119,000 | 119,000 |
Available-for-Sale Securities, Gross Unrealized Losses | (3,170) | (1,410) |
Available-for-Sale Securities, Fair value | 115,830 | 117,590 |
State And Municipals [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | 5,142 | |
Held-to-Maturity Securities, Gross Unrealized Gains | 36 | |
Held-to-Maturity Securities, Fair Value | 5,178 | |
Available-for-Sale Securities, Amortized Cost | 372,113 | 422,235 |
Available-for-Sale Securities, Gross Unrealized Gains | 10,269 | 3,220 |
Available-for-Sale Securities, Gross Unrealized Losses | (239) | (5,417) |
Available-for-Sale Securities, Fair value | 382,143 | 420,038 |
Pass-Through Mortgage Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | 267 | |
Held-to-Maturity Securities, Gross Unrealized Gains | 11 | |
Held-to-Maturity Securities, Fair Value | 278 | |
Available-for-Sale Securities, Amortized Cost | 60,307 | 66,631 |
Available-for-Sale Securities, Gross Unrealized Gains | 1,104 | 24 |
Available-for-Sale Securities, Gross Unrealized Losses | (39) | (1,169) |
Available-for-Sale Securities, Fair value | 61,372 | 65,486 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | 95 | |
Held-to-Maturity Securities, Gross Unrealized Gains | 1 | |
Held-to-Maturity Securities, Fair Value | 96 | |
Available-for-Sale Securities, Amortized Cost | 136,211 | 154,378 |
Available-for-Sale Securities, Gross Unrealized Gains | 2,247 | 886 |
Available-for-Sale Securities, Gross Unrealized Losses | (259) | (363) |
Available-for-Sale Securities, Fair value | $ 138,199 | $ 154,901 |
Investment Securities (Securiti
Investment Securities (Securities With A Continuous Unrealized Losses Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | $ 93,855 | $ 271,470 |
Less than 12 months, Unrealized Loss | (1,336) | (3,280) |
12 months or more, Fair Value | 73,978 | 93,762 |
12 months or more, Unrealized Loss | (2,371) | (5,079) |
Total, Fair Value | 167,833 | 365,232 |
Total, Unrealized Loss | (3,707) | (8,359) |
State And Municipals [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 6,662 | 102,882 |
Less than 12 months, Unrealized Loss | (83) | (1,639) |
12 months or more, Fair Value | 5,084 | 62,995 |
12 months or more, Unrealized Loss | (156) | (3,778) |
Total, Fair Value | 11,746 | 165,877 |
Total, Unrealized Loss | (239) | (5,417) |
Pass-Through Mortgage Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 5,287 | 38,421 |
Less than 12 months, Unrealized Loss | (14) | (142) |
12 months or more, Fair Value | 4,084 | 23,425 |
12 months or more, Unrealized Loss | (25) | (1,027) |
Total, Fair Value | 9,371 | 61,846 |
Total, Unrealized Loss | (39) | (1,169) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 30,886 | 32,577 |
Less than 12 months, Unrealized Loss | (259) | (89) |
12 months or more, Fair Value | 7,342 | |
12 months or more, Unrealized Loss | (274) | |
Total, Fair Value | 30,886 | 39,919 |
Total, Unrealized Loss | (259) | (363) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 51,020 | 97,590 |
Less than 12 months, Unrealized Loss | (980) | (1,410) |
12 months or more, Fair Value | 64,810 | |
12 months or more, Unrealized Loss | (2,190) | |
Total, Fair Value | 115,830 | 97,590 |
Total, Unrealized Loss | $ (3,170) | $ (1,410) |
Investment Securities (Sales Of
Investment Securities (Sales Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment Securities [Abstract] | |||
Proceeds | $ 21,983 | $ 263,994 | $ 135,695 |
Gains | 138 | 300 | 382 |
Losses | (124) | (10,706) | (2,249) |
Net gain (loss) | $ 14 | $ (10,406) | $ (1,867) |
Investment Securities (Maturiti
Investment Securities (Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-Sale Securities: | ||
Available-for-sale securities, Amortized Cost, Within one year | $ 9,084 | |
Available-for-sale securities, Fair Value, Within one year | 9,144 | |
Available-for-sale securities, Amortized Cost, After 1 through 5 years | 66,698 | |
Available-for-sale securities, Fair Value, After 1 through 5 years | 68,040 | |
Available-for-sale securities, Amortized Cost, After 5 through 10 years | 267,448 | |
Available-for-sale securities, Fair Value, After 5 through 10 years | 268,203 | |
Available-for-sale securities, Amortized Cost, After 10 years | 147,883 | |
Available-for-sale securities, Fair Value, After 10 years | 152,586 | |
Available-for-sale securities, Amortized Cost, Mortgage-backed securities | 196,518 | |
Available-for-sale securities, Fair Value, Mortgage-backed securities | 199,571 | |
Available-for-sale securities, Amortized Cost | 687,631 | |
Available-for-sale securities, Fair Value | $ 697,544 | $ 758,015 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)itemloancontract | Dec. 31, 2018USD ($)contractloanitem | Dec. 31, 2017USD ($)contractitemproperty | |
Financing Receivable, Past Due [Line Items] | |||
Allowance for loan losses, TDR | $ 14,000 | $ 16,000 | $ 18,000 |
Number of days past due to be considered default | 90 days | ||
Minimum prior year principal balance of commercial Real estate loans required to be reviewed annually | 80.00% | ||
Deposit liabilities reclassified as loans receivable | $ 519,000 | $ 676,000 | |
Number of contracts with payment default | contract | 0 | 0 | 0 |
Number of commitments to lend | item | 0 | 0 | 0 |
Number of loans in the process of foreclosure | loan | 0 | 0 | |
Number of loans modified | loan | 2 | ||
Residential Mortgages [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real estate acquired through foreclosure | $ 0 | $ 0 | |
Commercial Mortgages [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Number of OREO properties | property | 1 | ||
Other real estate owned | $ 5,125,000 | ||
OREO Valuation allowance | $ 725,000 |
Loans (Loans Individually And C
Loans (Loans Individually And Collectively Evaluated For Impairment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually Evaluated for Impairment - Loans | $ 1,958 | $ 3,423 | ||
Collectively Evaluated for Impairment - Loans | 3,186,291 | 3,259,976 | ||
Total Loans | 3,188,249 | 3,263,399 | ||
Individually Evaluated for Impairment - Allowance for Loan Losses | 14 | 16 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 29,275 | 30,822 | ||
Ending balance, allowance | 29,289 | 30,838 | $ 33,784 | $ 30,057 |
Commercial And Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually Evaluated for Impairment - Loans | 22 | |||
Collectively Evaluated for Impairment - Loans | 103,879 | 98,763 | ||
Total Loans | 103,879 | 98,785 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 1,493 | 1,158 | ||
Ending balance, allowance | 1,493 | 1,158 | 1,441 | 1,408 |
Commercial Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total Loans | 1,401,289 | 1,281,295 | ||
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Collectively Evaluated for Impairment - Loans | 835,013 | 756,714 | ||
Total Loans | 835,013 | 756,714 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 7,151 | 5,851 | ||
Ending balance, allowance | 7,151 | 5,851 | 6,423 | 6,119 |
Commercial Mortgages [Member] | Other Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Collectively Evaluated for Impairment - Loans | 447,484 | 433,330 | ||
Total Loans | 447,484 | 433,330 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 3,498 | 3,783 | ||
Ending balance, allowance | 3,498 | 3,783 | 4,734 | 4,296 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually Evaluated for Impairment - Loans | 501 | 520 | ||
Collectively Evaluated for Impairment - Loans | 118,291 | 90,731 | ||
Total Loans | 118,792 | 91,251 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 921 | 743 | ||
Ending balance, allowance | 921 | 743 | 1,076 | 959 |
Residential Mortgages [Member] | Closed-end [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually Evaluated for Impairment - Loans | 1,189 | 1,814 | ||
Collectively Evaluated for Impairment - Loans | 1,620,230 | 1,807,837 | ||
Total Loans | 1,621,419 | 1,809,651 | ||
Individually Evaluated for Impairment - Allowance for Loan Losses | 14 | 16 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 15,684 | 18,828 | ||
Ending balance, allowance | 15,698 | 18,844 | 19,347 | 15,740 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually Evaluated for Impairment - Loans | 743 | |||
Collectively Evaluated for Impairment - Loans | 59,231 | 66,967 | ||
Total Loans | 59,231 | 67,710 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 515 | 410 | ||
Ending balance, allowance | 515 | 410 | 689 | 1,401 |
Consumer And Other [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually Evaluated for Impairment - Loans | 268 | 324 | ||
Collectively Evaluated for Impairment - Loans | 2,163 | 5,634 | ||
Total Loans | 2,431 | 5,958 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 13 | 49 | ||
Ending balance, allowance | $ 13 | $ 49 | $ 74 | $ 134 |
Loans (Allowance For Loan Losse
Loans (Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance, beginning balance | $ 30,838 | $ 33,784 | $ 30,057 |
Chargeoffs | 1,633 | 1,497 | 1,146 |
Recoveries | 51 | 306 | 19 |
Provision for Loan Losses (Credit) | 33 | (1,755) | 4,854 |
Allowance, ending balance | 29,289 | 30,838 | 33,784 |
Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance, beginning balance | 1,158 | 1,441 | 1,408 |
Chargeoffs | 841 | 683 | 102 |
Recoveries | 39 | 34 | 13 |
Provision for Loan Losses (Credit) | 1,137 | 366 | 122 |
Allowance, ending balance | 1,493 | 1,158 | 1,441 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance, beginning balance | 5,851 | 6,423 | 6,119 |
Provision for Loan Losses (Credit) | 1,300 | (572) | 304 |
Allowance, ending balance | 7,151 | 5,851 | 6,423 |
Commercial Mortgages [Member] | Other Loan [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance, beginning balance | 3,783 | 4,734 | 4,296 |
Provision for Loan Losses (Credit) | (285) | (951) | 438 |
Allowance, ending balance | 3,498 | 3,783 | 4,734 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance, beginning balance | 743 | 1,076 | 959 |
Chargeoffs | 820 | ||
Provision for Loan Losses (Credit) | 178 | (333) | 937 |
Allowance, ending balance | 921 | 743 | 1,076 |
Residential Mortgages [Member] | Closed-end [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance, beginning balance | 18,844 | 19,347 | 15,740 |
Chargeoffs | 433 | 552 | 97 |
Recoveries | 1 | 118 | 3 |
Provision for Loan Losses (Credit) | (2,714) | (69) | 3,701 |
Allowance, ending balance | 15,698 | 18,844 | 19,347 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance, beginning balance | 410 | 689 | 1,401 |
Chargeoffs | 358 | 253 | 100 |
Recoveries | 150 | ||
Provision for Loan Losses (Credit) | 463 | (176) | (612) |
Allowance, ending balance | 515 | 410 | 689 |
Consumer And Other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance, beginning balance | 49 | 74 | 134 |
Chargeoffs | 1 | 9 | 27 |
Recoveries | 11 | 4 | 3 |
Provision for Loan Losses (Credit) | (46) | (20) | (36) |
Allowance, ending balance | $ 13 | $ 49 | $ 74 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | $ 14 | $ 16 | $ 18 |
Total, recorded investment | 1,958 | 3,423 | 1,947 |
Total, unpaid principal balance | 2,061 | 3,523 | 2,037 |
Total, average recorded investment | 2,016 | 3,503 | 2,123 |
Total, interest income recognized | 64 | 62 | 46 |
Commercial And Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment with no related allowance recorded | 22 | 48 | |
Unpaid principal balance with no related allowance recorded | 22 | 48 | |
Average recorded investment with no related allowance recorded | 48 | 67 | |
Interest income recognized with no related allowance recorded | 3 | 5 | |
Total, recorded investment | 22 | 48 | |
Total, unpaid principal balance | 22 | 48 | |
Total, average recorded investment | 48 | 67 | |
Total, interest income recognized | 3 | 5 | |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment with no related allowance recorded | 501 | 520 | 531 |
Unpaid principal balance with no related allowance recorded | 585 | 604 | 615 |
Average recorded investment with no related allowance recorded | 510 | 530 | 654 |
Interest income recognized with no related allowance recorded | 30 | 25 | 21 |
Total, recorded investment | 501 | 520 | 531 |
Total, unpaid principal balance | 585 | 604 | 615 |
Total, average recorded investment | 510 | 530 | 654 |
Total, interest income recognized | 30 | 25 | 21 |
Residential Mortgages [Member] | Closed-end [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment with no related allowance recorded | 1,039 | 1,561 | 1,095 |
Unpaid principal balance with no related allowance recorded | 1,058 | 1,573 | 1,102 |
Related Allowance | 14 | 16 | 18 |
Average recorded investment with no related allowance recorded | 1,064 | 1,566 | 1,122 |
Interest income recognized with no related allowance recorded | 8 | 5 | 7 |
Recorded investment with an allowance recorded | 150 | 253 | 273 |
Unpaid principal balance with an allowance recorded | 150 | 253 | 272 |
Average recorded investment with an allowance recorded | 153 | 266 | 280 |
Interest income recognized with an allowance recorded | 7 | 12 | 13 |
Total, recorded investment | 1,189 | 1,814 | 1,368 |
Total, unpaid principal balance | 1,208 | 1,826 | 1,374 |
Total, average recorded investment | 1,217 | 1,832 | 1,402 |
Total, interest income recognized | 15 | 17 | $ 20 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment with no related allowance recorded | 743 | ||
Unpaid principal balance with no related allowance recorded | 747 | ||
Average recorded investment with no related allowance recorded | 754 | ||
Total, recorded investment | 743 | ||
Total, unpaid principal balance | 747 | ||
Total, average recorded investment | 754 | ||
Consumer And Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment with no related allowance recorded | 268 | 324 | |
Unpaid principal balance with no related allowance recorded | 268 | 324 | |
Average recorded investment with no related allowance recorded | 289 | 339 | |
Interest income recognized with no related allowance recorded | 19 | 17 | |
Total, recorded investment | 268 | 324 | |
Total, unpaid principal balance | 268 | 324 | |
Total, average recorded investment | 289 | 339 | |
Total, interest income recognized | $ 19 | $ 17 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 888 | $ 2,135 |
Total Past Due Loans & Nonaccrual Loans | 3,816 | 3,044 |
Current | 3,184,433 | 3,260,355 |
Loans | 3,188,249 | 3,263,399 |
Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due Loans & Nonaccrual Loans | 196 | 43 |
Current | 103,683 | 98,742 |
Loans | 103,879 | 98,785 |
Commercial Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,401,289 | 1,281,295 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 835,013 | 756,714 |
Loans | 835,013 | 756,714 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 447,484 | 433,330 |
Loans | 447,484 | 433,330 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 118,792 | 91,251 |
Loans | 118,792 | 91,251 |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 888 | 1,392 |
Total Past Due Loans & Nonaccrual Loans | 3,204 | 2,256 |
Current | 1,618,215 | 1,807,395 |
Loans | 1,621,419 | 1,809,651 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 743 | |
Total Past Due Loans & Nonaccrual Loans | 414 | 743 |
Current | 58,817 | 66,967 |
Loans | 59,231 | 67,710 |
Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due Loans & Nonaccrual Loans | 2 | 2 |
Current | 2,429 | 5,956 |
Loans | 2,431 | 5,958 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,514 | 866 |
30 to 59 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 196 | |
30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,316 | 864 |
30 to 59 Days Past Due [Member] | Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | 2 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 414 | 43 |
60 to 89 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 43 | |
60 to 89 Days Past Due [Member] | Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 414 |
Loans (Loans Modified In Troubl
Loans (Loans Modified In Trouble Debt Restructurings) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Outstanding Recorded Investment, Number of Loans | loan | 2 |
Outstanding Recorded Investment, Pre-Modification | $ 782 |
Outstanding Recorded Investment, Post-Modification | $ 822 |
Residential Mortgages [Member] | Closed-end [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Outstanding Recorded Investment, Number of Loans | loan | 1 |
Outstanding Recorded Investment, Pre-Modification | $ 432 |
Outstanding Recorded Investment, Post-Modification | $ 472 |
Interest Rates, Pre-Modification | 5.86% |
Interest Rates, Post-Modification | 4.50% |
Consumer And Other [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Outstanding Recorded Investment, Number of Loans | loan | 1 |
Outstanding Recorded Investment, Pre-Modification | $ 350 |
Outstanding Recorded Investment, Post-Modification | $ 350 |
Interest Rates, Pre-Modification | 6.50% |
Interest Rates, Post-Modification | 6.50% |
Loans (Risk Ratings) (Details)
Loans (Risk Ratings) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 3,188,249 | $ 3,263,399 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 103,879 | 98,785 |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 100,095 | 97,684 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,493 | 667 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 291 | 434 |
Commercial And Industrial [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 103,879 | 98,785 |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,621,419 | 1,809,651 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 59,231 | 67,710 |
Residential Mortgages [Member] | Pass [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,619,034 | 1,807,525 |
Residential Mortgages [Member] | Pass [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 58,816 | 66,718 |
Residential Mortgages [Member] | Watch [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 306 | 312 |
Residential Mortgages [Member] | Watch [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 415 | |
Residential Mortgages [Member] | Special Mention [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 890 | |
Residential Mortgages [Member] | Special Mention [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 249 | |
Residential Mortgages [Member] | Substandard [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,189 | 1,814 |
Residential Mortgages [Member] | Substandard [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 743 | |
Residential Mortgages [Member] | Internal Investment Grade [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,621,419 | 1,809,651 |
Residential Mortgages [Member] | Internal Investment Grade [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 59,231 | 67,710 |
Commercial Mortgages [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,401,289 | 1,281,295 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 835,013 | 756,714 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 447,484 | 433,330 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 118,792 | 91,251 |
Commercial Mortgages [Member] | Pass [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 831,360 | 756,714 |
Commercial Mortgages [Member] | Pass [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 437,655 | 417,838 |
Commercial Mortgages [Member] | Pass [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 113,534 | 85,710 |
Commercial Mortgages [Member] | Watch [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 14,194 | |
Commercial Mortgages [Member] | Watch [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,090 | |
Commercial Mortgages [Member] | Special Mention [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,653 | |
Commercial Mortgages [Member] | Special Mention [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 9,829 | 1,298 |
Commercial Mortgages [Member] | Special Mention [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,757 | 3,911 |
Commercial Mortgages [Member] | Substandard [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 501 | 540 |
Commercial Mortgages [Member] | Internal Investment Grade [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 835,013 | 756,714 |
Commercial Mortgages [Member] | Internal Investment Grade [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 447,484 | 433,330 |
Commercial Mortgages [Member] | Internal Investment Grade [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 118,792 | 91,251 |
Consumer And Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,431 | 5,958 |
Consumer And Other [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,644 | 4,958 |
Consumer And Other [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 268 | 324 |
Consumer And Other [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,912 | 5,282 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,679,494 | 1,879,201 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 721 | 312 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 890 | 249 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,457 | 2,881 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,682,562 | 1,882,643 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,482,644 | 1,357,946 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,284 | |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 21,732 | 5,876 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 792 | 974 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 1,505,168 | $ 1,380,080 |
Premises And Equipment And Op_3
Premises And Equipment And Operating Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)item | |
Related Party Transaction [Line Items] | |
Renewal term | 10 years |
Weighted-average remaining lease term | 7 years 5 months 1 day |
Weighted-average discount rate | 3.07% |
Operating lease liability | $ 15,220,000 |
Related Party Leases [Member] | |
Related Party Transaction [Line Items] | |
Number of buildings occupied and leased from related party | item | 2 |
Operating lease liability | $ 105,000 |
Premises And Equipment And Op_4
Premises And Equipment And Operating Leases (Components Of Premises And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 89,604 | $ 86,852 |
Accumulated depreciation and amortization | (49,587) | (45,585) |
Total | 40,017 | 41,267 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 9,038 | 9,038 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 29,545 | 28,201 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 14,629 | 14,175 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 34,065 | 32,026 |
Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 2,327 | $ 3,412 |
Premises And Equipment And Op_5
Premises And Equipment And Operating Leases (Components Of Lease Cost) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Premises And Equipment [Abstract] | |
Operating lease cost | $ 2,632 |
Variable lease cost | 455 |
Short-term lease cost | 3 |
Total lease expense | $ 3,090 |
Premises And Equipment And Op_6
Premises And Equipment And Operating Leases (Maturity Analysis For Operating Lease Liability) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Premises And Equipment [Abstract] | |
2020 | $ 2,549 |
2021 | 2,451 |
2022 | 2,426 |
2023 | 2,093 |
2024 | 1,980 |
Thereafter | 5,578 |
Total lease payments | 17,077 |
Less: interest | 1,857 |
Present value of lease payments | $ 15,220 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Time deposits, at or above FDIC insurance limit | $ 105.2 | $ 128.1 |
Related party deposit | $ 7.4 | $ 9.2 |
Deposits (Schedule Of Remaining
Deposits (Schedule Of Remaining Maturities Of Banks Time Deposits) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Time Deposit Maturities [Line Items] | |
2020 | $ 290,922 |
2021 | 97,039 |
2022 | 28,749 |
2023 | 21,204 |
2024 | 22,832 |
Thereafter | 50,693 |
Total time deposits | 511,439 |
Less than $100,000 [Member] | |
Time Deposit Maturities [Line Items] | |
2020 | 188,888 |
2021 | 30,655 |
2022 | 10,482 |
2023 | 8,512 |
2024 | 10,441 |
Thereafter | 20,102 |
Total time deposits | 269,080 |
Deposits $100,000 or More [Member] | |
Time Deposit Maturities [Line Items] | |
2020 | 102,034 |
2021 | 66,384 |
2022 | 18,267 |
2023 | 12,692 |
2024 | 12,391 |
Thereafter | 30,591 |
Total time deposits | $ 242,359 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Interest payable | $ 806,000 | $ 1,076,000 |
Federal home loan bank advances | 2,400,000,000 | 2,300,000,000 |
Other borrowings | 0 | $ 0 |
Municipal Securities [Member] | ||
Debt Instrument [Line Items] | ||
Collateral amount | $ 3,000,000 | |
Securities Sold Under Repurchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate at year-end | 0.05% | 0.05% |
Proceeds from securities sold | $ 10,710,000 |
Borrowed Funds (Summary of Borr
Borrowed Funds (Summary of Borrowed Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term borrowings: | ||
Short-term borrowings | $ 190,710 | $ 388,923 |
Long-term debt: | ||
Long-term debt | 337,472 | 362,027 |
Total | 528,182 | 750,950 |
Securities Sold Under Repurchase Agreements [Member] | ||
Short-term borrowings: | ||
Short-term borrowings | 10,710 | 8,923 |
Federal Home Loan Bank Advances [Member] | ||
Short-term borrowings: | ||
Short-term borrowings | 180,000 | 380,000 |
Federal Home Loan Bank Advances [Member] | ||
Long-term debt: | ||
Long-term debt | $ 337,472 | $ 362,027 |
Borrowed Funds (Securities Sold
Borrowed Funds (Securities Sold Under Repurchase Agreements) (Details) - Securities Sold Under Repurchase Agreements [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Average daily balance during the year | $ 10,466 | $ 15,790 |
Average interest rate during the year | 0.05% | 1.31% |
Maximum month-end balance during the year | $ 13,525 | $ 18,548 |
Weighted average interest rate at year-end | 0.05% | 0.05% |
Borrowed Funds (Federal Home Lo
Borrowed Funds (Federal Home Loan Advances) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Borrowed Funds [Abstract] | ||
Average daily balance during the year | $ 484,319 | $ 607,797 |
Average interest rate during the year | 2.17% | 2.05% |
Maximum month-end balance during the year | $ 782,027 | $ 742,027 |
Weighted average interest rate at year-end | 2.00% | 2.34% |
Borrowed Funds (Contractual Mat
Borrowed Funds (Contractual Maturity And Weighted Average Interest Rates On FHLB Advances) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Borrowed Funds [Abstract] | |
Overnight Amount | $ 130,000 |
Overnight Weighted Average Rate | 1.81% |
2020 Amount | $ 132,750 |
2020 Weighted Average Rate | 1.87% |
2021 Amount | $ 54,225 |
2021 Weighted Average Rate | 1.90% |
2022 Amount | $ 124,817 |
2022 Weighted Average Rate | 2.14% |
2023 Amount | $ 55,680 |
2023 Weighted Average Rate | 2.54% |
2024 Amount | $ 10,000 |
2024 Weighted Average Rate | 1.89% |
After 2024 Amount | $ 10,000 |
After 2024 Weighted Average Rate | 2.12% |
Long-term Amount | $ 387,472 |
Long-term Weighted Average Rate | 2.06% |
Amount | $ 517,472 |
Weighted Average Rate | 2.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Effective tax rate | 16.50% | 10.90% | 22.00% |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Tax interest and penalties expense | $ 0 | 0 | 0 |
Credit to income tax expense | $ 909,000 | ||
Cost of segregation study | $ 717,000 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
State and local income taxes, net of federal income tax benefit | 0.50% | (0.80%) | 2.00% |
Tax-exempt income, net of disallowed cost of funding | (4.60%) | (5.80%) | (10.20%) |
BOLI income | (0.90%) | (1.20%) | (1.20%) |
Excess tax benefit of stock-based compensation | (0.10%) | (0.90%) | (1.70%) |
Nondeductible officer compensation | 0.50% | ||
Impact of cost segregation study | (1.50%) | ||
Impact of federal tax reform on deferred taxes | (2.00%) | ||
Other | 0.10% | 0.10% | 0.10% |
Total | 16.50% | 10.90% | 22.00% |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Federal | $ 8,799 | $ 5,975 | $ 8,139 | ||||||||
State and local | 641 | 688 | 636 | ||||||||
Total | 9,440 | 6,663 | 8,775 | ||||||||
Deferred: | |||||||||||
Federal | (876) | (458) | 335 | ||||||||
State and local | (336) | (1,143) | 779 | ||||||||
Total deferred income tax expense (benefit) | (1,212) | (1,601) | 1,114 | ||||||||
Total income tax expense (benefit) | $ 1,652 | $ 2,187 | $ 2,054 | $ 2,335 | $ 1,831 | $ 535 | $ 1,739 | $ 957 | $ 8,228 | $ 5,062 | $ 9,889 |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Asset) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses and off-balance-sheet credit exposure | $ 8,803 | $ 9,312 |
Operating lease liability | 4,547 | 239 |
Unrealized loss on interest rate swaps | 1,323 | 341 |
Stock-based compensation | 1,317 | 1,384 |
Accrued bonuses and severance | 1,308 | 686 |
Contract incentive | 719 | 680 |
Asset writedown | 121 | 80 |
Net operating loss carryforwards | 77 | 371 |
Retirement expense | 60 | 81 |
Interest on nonperforming loans | 20 | 16 |
Unrealized losses on available-for-sale securities | 1,274 | |
Total deferred tax assets gross | 18,295 | 14,464 |
Total deferred tax assets net | 18,295 | 14,464 |
Deferred tax liabilities: | ||
Prepaid pension | 5,462 | 4,545 |
Right-of-use asset | 4,285 | |
Deferred loan costs | 4,138 | 5,462 |
Unrealized gains on available-for-sale securities | 2,967 | |
Depreciation | 1,050 | 951 |
Prepaid expenses | 76 | 59 |
Total deferred income tax liabilities | 17,978 | 11,017 |
Net deferred tax asset | $ 317 | $ 3,447 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Regulatory Matters [Abstract] | |
Capital conservation buffer | 2.50% |
Number of preceding years of retained net profits | 2 years |
Dividends declared without prior approval | $ 15,305,000 |
Average reserve requirement | $ 27,259,000 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Capital Amounts And Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Tier 1 Capital to Average Assets: | ||
Tier 1 Capital to Average Assets, Actual Capital, Amount | $ 388,293 | $ 397,036 |
Tier 1 Capital to Average Assets, Actual Capital, Ratio | 9.42% | 9.40% |
Tier 1 Capital to Average Assets, Minimum Capital Adequacy Requirement, Amount | $ 164,964 | $ 169,015 |
Tier 1 Capital to Average Assets, Minimum Capital Adequacy Requirement, Ratio | 4.00% | 4.00% |
Common Equity Tier 1 to Risk Weighted Assets | ||
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Capital, Amount | $ 388,293 | $ 397,036 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Capital, Ratio | 14.93% | 15.29% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Amount | $ 117,048 | $ 116,840 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Risk Weighted Assets: | ||
Tier 1 Capital to Risk Weighted Assets, Actual Capital, Amount | $ 388,293 | $ 397,036 |
Tier 1 Capital to Risk Weighted Assets, Actual Capital, Ratio | 14.93% | 15.29% |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Amount | $ 156,064 | $ 155,786 |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Ratio | 6.00% | 6.00% |
Total Capital to Risk Weighted Assets: | ||
Total Capital to Risk Weighted Assets, Actual Capital, Amount | $ 417,757 | $ 428,020 |
Total Capital to Risk Weighted Assets, Actual Capital, Ratio | 16.06% | 16.48% |
Total Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Amount | $ 208,085 | $ 207,715 |
Total Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Ratio | 8.00% | 8.00% |
Bank [Member] | ||
Tier 1 Capital to Average Assets: | ||
Tier 1 Capital to Average Assets, Actual Capital, Amount | $ 388,150 | $ 399,237 |
Tier 1 Capital to Average Assets, Actual Capital, Ratio | 9.42% | 9.45% |
Tier 1 Capital to Average Assets, Minimum Capital Adequacy Requirement, Amount | $ 164,885 | $ 168,916 |
Tier 1 Capital to Average Assets, Minimum Capital Adequacy Requirement, Ratio | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 206,106 | $ 211,145 |
Tier 1 Capital to Average Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 5.00% | 5.00% |
Common Equity Tier 1 to Risk Weighted Assets | ||
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Capital, Amount | $ 388,150 | $ 399,237 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Capital, Ratio | 14.93% | 15.38% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Amount | $ 117,001 | $ 116,820 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 169,002 | $ 168,741 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk Weighted Assets: | ||
Tier 1 Capital to Risk Weighted Assets, Actual Capital, Amount | $ 388,150 | $ 399,237 |
Tier 1 Capital to Risk Weighted Assets, Actual Capital, Ratio | 14.93% | 15.38% |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Amount | $ 156,002 | $ 155,761 |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Ratio | 6.00% | 6.00% |
Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 208,003 | $ 207,681 |
Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets: | ||
Total Capital to Risk Weighted Assets, Actual Capital, Amount | $ 417,614 | $ 430,221 |
Total Capital to Risk Weighted Assets, Actual Capital, Ratio | 16.06% | 16.57% |
Total Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Amount | $ 208,003 | $ 207,681 |
Total Capital to Risk Weighted Assets, Minimum Capital Adequacy Requirement, Ratio | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 260,003 | $ 259,601 |
Total Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Apr. 22, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense for share-based payments | $ | $ 3,050,000 | $ 1,814,000 | $ 2,434,000 | ||
Income tax benefits | $ | 913,000 | 547,000 | 1,019,000 | ||
Intrinsic value | $ | 453,000 | 900,000 | 1,833,000 | ||
Unrecognized compensation cost | $ | $ 893,000 | ||||
Weighted average period expected to be recognized | 1 year 6 months 18 days | ||||
Proceeds from exercise of stock options | $ | $ 452,000 | 312,000 | 917,000 | ||
Tax benefit from stock option exercised | $ | $ 136,000 | $ 271,000 | 767,000 | ||
Shares issued | 5,884 | 2,747 | |||
RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of RSU granted | 150,389 | ||||
Number of RSUs Vested and Convertible | 117,881 | ||||
Number of RSUs expected to vest and to become convertible | 136,710 | ||||
Total intrinsic value of RSUs converted | $ | $ 2,174,000 | $ 3,035,000 | 1,779,000 | ||
Conversion rate of RSUs to common stock | 1 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
Award expiration period | 10 years | ||||
Cash used to settle stock options | $ | $ 0 | $ 0 | $ 0 | ||
RSUs Performance-Based Vesting [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Conversion rate of RSUs to common stock | 1.50 | 1.50 | 1.25 | ||
Equity Incentive Plan 2014 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 2,250,000 | ||||
Number of shares available for issuance | 1,701,441 | ||||
Equity Incentive Plan 2014 [Member] | RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for issuance | 259,262 | ||||
Number of RSU granted | 315,406 | ||||
Equity Incentive Plan 2014 [Member] | RSUs [Member] | Retiring Executives [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of RSU granted | 38,245 | ||||
Equity Incentive Plan 2014 [Member] | RSUs [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 787,500 | ||||
Equity Incentive Plan 2014 [Member] | RSUs [Member] | Awarded In 2020 [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of RSU granted | 68,383 | ||||
Equity Incentive Plan 2014 [Member] | RSUs Performance-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of additional shares authorized | 2,670 | ||||
Equity Incentive Plan 2014 [Member] | RSUs Performance-Based Vesting [Member] | Awarded In 2020 [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of RSU granted | 45,578 | ||||
Equity Incentive Plan 2014 [Member] | RSUs Service-Based Vesting [Member] | Awarded In 2020 [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of RSU granted | 22,805 | ||||
Compensation Plan 2006 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 0 | ||||
Compensation Plan 2006 [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Minimum exercise price percentage | 100.00% |
Stock-based Compensation (Summa
Stock-based Compensation (Summary Of RSU Vested And Expected To Vest) (Details) - RSUs [Member] - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 150,389 | |
Number of RSUs outstanding | 254,591 | 215,084 |
Equity Incentive Plan 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 315,406 | |
Number of RSUs outstanding | 254,591 | |
Vested and convertible at December 31, 2019 | 117,881 | |
Total scheduled to vest | 254,591 | |
Equity Incentive Plan 2014 [Member] | Scheduled To Vest During 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 74,173 | |
Equity Incentive Plan 2014 [Member] | Scheduled To Vest During 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 39,650 | |
Equity Incentive Plan 2014 [Member] | Scheduled To Vest During 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 20,887 | |
Equity Incentive Plan 2014 [Member] | Scheduled To Vest During 2023 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 1,000 | |
Equity Incentive Plan 2014 [Member] | Scheduled To Vest During 2024 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 1,000 | |
Equity Incentive Plan 2014 [Member] | 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 94,329 | |
Number of RSUs outstanding | 65,908 | |
Vested and convertible at December 31, 2019 | 54,149 | |
Total scheduled to vest | 65,908 | |
Equity Incentive Plan 2014 [Member] | 2017 [Member] | Scheduled To Vest During 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 8,509 | |
Equity Incentive Plan 2014 [Member] | 2017 [Member] | Scheduled To Vest During 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 3,250 | |
Equity Incentive Plan 2014 [Member] | 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 70,688 | |
Number of RSUs outstanding | 42,168 | |
Vested and convertible at December 31, 2019 | 20,573 | |
Total scheduled to vest | 42,168 | |
Equity Incentive Plan 2014 [Member] | 2018 [Member] | Scheduled To Vest During 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 11,127 | |
Equity Incentive Plan 2014 [Member] | 2018 [Member] | Scheduled To Vest During 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 10,468 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 150,389 | |
Number of RSUs outstanding | 146,515 | |
Vested and convertible at December 31, 2019 | 43,159 | |
Total scheduled to vest | 146,515 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | Scheduled To Vest During 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 54,537 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | Scheduled To Vest During 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 25,932 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | Scheduled To Vest During 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 20,887 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | Scheduled To Vest During 2023 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 1,000 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | Scheduled To Vest During 2024 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total scheduled to vest | 1,000 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Share-based Payment Award Equity Instruments Other Than Options Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RSUs Performance-Based Vesting [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 19.48 | ||
Market price on grant date | 20.85 | ||
Expected annual dividend | $ 0.68 | ||
Risk-free interest rate | 1.43% | ||
RSUs Performance-Based Vesting [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 22 | $ 27.09 | $ 26.27 |
Market price on grant date | 22.71 | 28.25 | 27.90 |
Expected annual dividend | $ 0.72 | $ 0.60 | $ 0.56 |
Expected term (in years) | 2 years | 2 years | 3 years |
Risk-free interest rate | 2.56% | 2.02% | 1.49% |
RSUs Service-Based Vesting [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 19.40 | $ 27.09 | $ 25.35 |
Market price on grant date | 20.85 | $ 28.25 | $ 27.50 |
Expected annual dividend | $ 0.68 | ||
Expected term (in years) | 2 years | 2 years | 3 years |
Risk-free interest rate | 1.43% | 1.89% | 1.60% |
RSUs Service-Based Vesting [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 22 | $ 27.33 | $ 26 |
Market price on grant date | 22.71 | 28.50 | 28.15 |
Expected annual dividend | $ 0.72 | $ 0.60 | $ 0.56 |
Expected term (in years) | 5 years | 3 years | 4 years |
Risk-free interest rate | 2.56% | 2.02% | 1.67% |
Stock-based Compensation (RSU A
Stock-based Compensation (RSU Activity) (Details) - RSUs [Member] | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of RSUs | shares | 215,084 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 23.79 |
Granted, Number of RSUs | shares | 150,389 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.12 |
Converted, Number of RSUs | shares | (104,338) |
Converted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.83 |
Forfeited, Number of RSUs | shares | (6,544) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.52 |
Outstanding, Number of RSUs | shares | 254,591 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.87 |
Outstanding, Weighted Average Remaining Contractual Term | 8 months 26 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 6,385,000 |
Number of RSUs Vested and Convertible | shares | 117,881 |
Vested and Convertible, Weighted-Average Grant-Date Fair Value | $ / shares | $ 24.13 |
Vested and Convertible, Aggregate Intrinsic Value | $ | $ 2,956,000 |
Stock-based Compensation (Stock
Stock-based Compensation (Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Stock-based Compensation [Abstract] | |
Outstanding, Number of Options | shares | 96,112 |
Outstanding, Weighted-Average Exercise Price | $ / shares | $ 11.80 |
Exercised, Number of Options | shares | (40,766) |
Exercised, Weighted-Average Exercise Price | $ / shares | $ 11.07 |
Outstanding, Number of Options | shares | 55,346 |
Outstanding, Weighted-Average Exercise Price | $ / shares | $ 12.34 |
Outstanding, Weighted-Average Remaining Contractual Term | 9 months 10 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 705 |
Exercisable, Number of Options | shares | 55,196 |
Exercisable, Weighted-Average Exercise Price | $ / shares | $ 12.33 |
Exercisable, Weighted-Average Remaining Contractual Term | 9 months 7 days |
Exercisable, Aggregate Intrinsic Value | $ | $ 704 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||||
Discount rate | 3.55% | 4.53% | 3.93% | 4.40% | |
Amount of defined benefit plan from discounted rate change | $ 5,399,000 | $ (3,093,000) | $ 2,377,000 | ||
Amount of defined benefit plan from change in mortality assumption | $ (199,000) | $ 133,000 | 277,000 | ||
Percentage of portfolio that may be invested in securities with ratings below investment grade | 5.00% | ||||
Percentage investment in single security, Maximum | 5.00% | ||||
Maximum percentage of single investment pool or investment company of total plan assets | 10.00% | ||||
Percentage of plan assets | 100.00% | 100.00% | |||
401(k) Plan [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Requisite service period | 5 years | ||||
Annual vesting percentage | 20.00% | ||||
Cost for contribution plan | $ 459,000 | $ 486,000 | 441,000 | ||
401(k) Plan [Member] | Minimum [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Age of employees eligible to participate in retirement plan | 18 years | ||||
Pension Plan [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Age of employees eligible to participate in retirement plan | 21 years | ||||
Requisite service period and vested period | 4 years | ||||
Requisite service for plan eligibility | 12 months | ||||
Employee matching contribution, percent | 2.00% | ||||
Pension benefit vested, Prior to meeting the vesting requirements | 0 | ||||
Estimated minimum pension contribution | $ 0 | ||||
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Percentage of plan assets | 0.20% | 0.20% | |||
Supplemental Executive Retirement Plan [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Pension and other postretirement benefits expense | $ 285,000 | $ 31,000 | |||
Subsequent Event [Member] | Pension Plan [Member] | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Maximum annual contributions | $ 1,362,000 |
Retirement Plans (Projected Ben
Retirement Plans (Projected Benefit Obligation) (Details) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average assumptions used to determine the benefit obligation at year end: | ||||
Discount rate | 3.55% | 4.53% | 3.93% | 4.40% |
Rate of increase in compensation levels | 3.50% | 3.50% | 3.50% | |
Weighted average assumptions used to determine net pension cost: | ||||
Discount rate | 4.53% | 3.93% | 4.40% | |
Rate of increase in compensation levels | 3.50% | 3.50% | 3.50% | |
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 5.50% |
Retirement Plans (Net Pension C
Retirement Plans (Net Pension Cost (Credit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Plans [Abstract] | |||
Service cost plus expected expenses and net of expected plan participant contributions | $ 1,268 | $ 1,369 | $ 1,214 |
Interest cost | 1,785 | 1,587 | 1,590 |
Expected return on plan assets | (3,001) | (3,275) | (2,940) |
Amortization of net actuarial loss | 352 | 18 | |
Net pension cost (credit) | $ 404 | $ (319) | $ (118) |
Retirement Plans (Schedule Of N
Retirement Plans (Schedule Of Net Funded Status And Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Plans [Abstract] | |||
Projected benefit obligation at beginning of year | $ 40,470 | $ 41,384 | $ 37,016 |
Service cost | 1,447 | 1,533 | 1,386 |
Interest cost | 1,785 | 1,587 | 1,590 |
Benefits paid | (1,985) | (1,574) | (1,510) |
Assumption changes | 5,200 | (3,226) | 2,100 |
Experience loss and other | 554 | 766 | 802 |
Projected benefit obligation at end of year | 47,471 | 40,470 | 41,384 |
Fair value of plan assets at beginning of year | 55,624 | 60,536 | 54,332 |
Actual return on plan assets | 11,854 | (3,563) | 7,497 |
Plan participant contributions | 356 | 333 | 321 |
Benefits paid | (1,985) | (1,574) | (1,510) |
Expenses | (103) | (108) | (104) |
Fair value of plan assets at end of year | 65,746 | 55,624 | 60,536 |
Funded status at end of year | 18,275 | 15,154 | 19,152 |
Accumulated benefit obligation | $ 44,544 | $ 38,042 | $ 38,544 |
Retirement Plans (Schedule Of A
Retirement Plans (Schedule Of Allocation Of Plan Assets) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 100.00% | 100.00% | |
Weighted Average Expected Long-term Rates of Return | 5.50% | 5.50% | 5.50% |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted Average Expected Long-term Rates of Return | 4.10% | 4.20% | |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted Average Expected Long-term Rates of Return | 5.50% | 5.60% | |
Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 0.20% | 0.20% | |
Cash Equivalents [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0.00% | 0.00% | |
Cash Equivalents [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 1.00% | 1.00% | |
Equity Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 26.40% | 18.10% | |
Equity Mutual Funds [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 20.00% | 15.00% | |
Weighted Average Expected Long-term Rates of Return | 6.20% | 5.90% | |
Equity Mutual Funds [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 30.00% | 25.00% | |
Weighted Average Expected Long-term Rates of Return | 8.70% | 8.30% | |
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of Plan Assets | 73.40% | 81.70% | |
Fixed Income Mutual Funds [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 70.00% | 75.00% | |
Weighted Average Expected Long-term Rates of Return | 3.30% | 3.80% | |
Fixed Income Mutual Funds [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 80.00% | 85.00% | |
Weighted Average Expected Long-term Rates of Return | 4.40% | 5.00% |
Retirement Plans (Schedule Of F
Retirement Plans (Schedule Of Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 65,746 | $ 55,624 | $ 60,536 | $ 54,332 |
Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 65,586 | 55,487 | ||
Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 160 | 137 | ||
Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 160 | 137 | ||
Cash Equivalents [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 160 | 137 | ||
Vanguard Prime Money Market Mutual Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 160 | 137 | ||
Vanguard Prime Money Market Mutual Fund [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 160 | 137 | ||
Equity Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 17,357 | 10,052 | ||
Equity Mutual Funds [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 17,357 | 10,052 | ||
Vanguard Total Stock Market Index Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10,374 | 5,513 | ||
Vanguard Total Stock Market Index Fund [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10,374 | 5,513 | ||
Vanguard Total International Stock Index Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,983 | 4,539 | ||
Vanguard Total International Stock Index Fund [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,983 | 4,539 | ||
Fixed Income Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 48,229 | 45,435 | ||
Fixed Income Mutual Funds [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 48,229 | 45,435 | ||
Vanguard Long-Term Investment Grade Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35,694 | 27,260 | ||
Vanguard Long-Term Investment Grade Fund [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35,694 | 27,260 | ||
Vanguard Long-Term Bond Index Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 12,535 | 18,175 | ||
Vanguard Long-Term Bond Index Fund [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 12,535 | $ 18,175 |
Retirement Plans (Schedule Of E
Retirement Plans (Schedule Of Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Plans [Abstract] | |
2020 | $ 2,047 |
2021 | 2,125 |
2022 | 2,331 |
2023 | 2,533 |
2024 | 2,686 |
2025 - 2029 | $ 15,039 |
Other Operating Expenses (Sched
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Operating Expenses [Abstract] | |||
Computer services | $ 2,202 | $ 1,987 | $ 1,888 |
Marketing | 904 | 1,414 | 1,442 |
FDIC assessment | 568 | 1,222 | 1,178 |
Consultants | $ 996 | $ 542 | $ 702 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fixed Rate, Maturity period | 3 years |
Salaries provided for employment contracts | $ 1,890,000 |
Chief Executive Officer [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Employment contract term | 3 years |
Other Senior Executives [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Automatic contract renewal | 1 year |
Days to submit written notice of non-renewal | 30 days |
Corporate to elect extended contract | 2 years |
Home Equity Line of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off balance sheet risks, Expiration period | 10 years |
Other Real Estate Loan [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off balance sheet risks, Expiration period | 60 days |
Commercial Loan Commitments [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off balance sheet risks, Expiration period | 1 year |
Residential And Commercial Mortgage [Member] | Minimum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fixed rate loan, Percentage rate | 3.00% |
Residential And Commercial Mortgage [Member] | Maximum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fixed rate loan, Percentage rate | 4.75% |
Fixed Rate, Maturity period | 10 years |
Unused Lines of Credit [Member] | Minimum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Percentage of collateral held for commitments | 50.00% |
Unused Lines of Credit [Member] | Maximum [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Percentage of collateral held for commitments | 100.00% |
Unused Lines of Credit [Member] | Weighted Average [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Percentage of collateral held for commitments | 94.00% |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Off-Balance Sheet Risks) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Amounts commitments to extend credit | $ 3,704 | $ 3,670 |
Commitments to Extend Credit [Member] | Fixed Rate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Amounts commitments to extend credit | 23,914 | 31,496 |
Commitments to Extend Credit [Member] | Variable Rate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Amounts commitments to extend credit | $ 163,898 | $ 204,072 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Transfers between levels | $ 0 | $ 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 697,544 | $ 758,015 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 697,544 | 758,015 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 695,700 | 758,015 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,844 | |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 115,830 | 117,590 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 115,830 | 117,590 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 115,830 | 117,590 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 382,143 | 420,038 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 382,143 | 420,038 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 380,299 | 420,038 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,844 | |
Pass-Through Mortgage Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 61,372 | 65,486 |
Pass-Through Mortgage Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 61,372 | 65,486 |
Pass-Through Mortgage Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 61,372 | 65,486 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 138,199 | 154,901 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 138,199 | 154,901 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 138,199 | 154,901 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative | 4,418 | 1,130 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative | $ 4,418 | $ 1,130 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Held-to-maturity securities | $ 5,552 | |
Restricted stock | $ 30,899 | 40,686 |
Financial Liabilities: | ||
Checking deposits | 911,978 | 935,574 |
Savings, NOW and money market deposits | 1,720,599 | 1,590,341 |
Time deposits | 511,439 | |
Carrying Amount [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 38,968 | 47,358 |
Restricted stock | 30,899 | 40,686 |
Financial Liabilities: | ||
Checking deposits | 911,978 | 935,574 |
Savings, NOW and money market deposits | 1,720,599 | 1,590,341 |
Short-term borrowings | 190,710 | 388,923 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Held-to-maturity securities | 2,445 | |
Financial Liabilities: | ||
Time deposits | 511,439 | 559,057 |
Long-term debt | 337,472 | 362,027 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Held-to-maturity securities | 3,059 | |
Loans | 3,158,960 | 3,232,561 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 38,968 | 47,358 |
Restricted stock | 30,899 | 40,686 |
Financial Liabilities: | ||
Checking deposits | 911,978 | 935,574 |
Savings, NOW and money market deposits | 1,720,599 | 1,590,341 |
Short-term borrowings | 190,710 | 388,923 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Held-to-maturity securities | 2,493 | |
Financial Liabilities: | ||
Time deposits | 515,019 | 553,900 |
Long-term debt | 339,445 | 354,651 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Held-to-maturity securities | 3,059 | |
Loans | $ 3,113,442 | $ 3,079,946 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue From Contracts With Customers [Abstract] | ||
Revenue | $ 2,078,000 | $ 2,089,000 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 17, 2019 | May 22, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Notional amount | $ 50,000,000 | |||||||||||||
Interest expense | $ 10,337,000 | $ 10,990,000 | $ 11,211,000 | $ 11,143,000 | $ 9,953,000 | $ 9,568,000 | $ 9,061,000 | $ 7,148,000 | $ 43,681,000 | $ 35,730,000 | $ 21,709,000 | |||
Collateral posted | 6,600,000 | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Interest expense | $ 2,237,000 | 827,000 | ||||||||||||
FHLB [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Interest expense | 827,000 | |||||||||||||
Cash Flow Hedging [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Notional amount | $ 200,000,000 | $ 150,000,000 | $ 200,000,000 | $ 150,000,000 | $ 150,000,000 |
Derivatives (Schedule Of Intere
Derivatives (Schedule Of Interest Rate Swaps) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 17, 2019 | May 22, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | $ 50 | |||
Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | $ 200 | $ 150 | $ 150 | |
Weighted average fixed pay rate | 2.83% | 2.90% | ||
Weighted average 3-month LIBOR receive rate | 2.04% | 2.38% | ||
Weighted average maturity | 2 years 21 days | 2 years 5 months 4 days |
Derivatives (Schedule Of Gains
Derivatives (Schedule Of Gains (Losses) Recorded In Accumulated Other Comprehensive Income And The Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | $ (4,116) | $ (1,607) | |
Amount of loss reclassified from OCI to interest expense | [1] | 827 | 477 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | (4,116) | (1,607) | |
Amount of loss reclassified from OCI to interest expense | $ 827 | $ 477 | |
[1] | Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Derivatives (Schedule Of Cash F
Derivatives (Schedule Of Cash Flow Hedges Included In the Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 17, 2019 | Dec. 31, 2018 | May 22, 2018 |
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 50,000 | |||
Cash Flow Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 200,000 | $ 150,000 | $ 150,000 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | FHLB [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 50,000 | 150,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Brokered CDs [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 150,000 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Other Assets Or Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Liability | $ 4,418 | $ 1,130 |
Parent Company Financial Info_3
Parent Company Financial Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||||
Deferred income tax benefit | $ 317 | $ 3,447 | ||
Other assets | 15,401 | 16,143 | ||
Total assets | 4,097,843 | 4,241,060 | ||
Liabilities: | ||||
Cash dividends payable | 4,308 | 4,456 | $ 3,798 | |
Total liabilities | 3,708,735 | 3,852,873 | ||
Stockholders' Equity: | ||||
Common stock | 2,393 | 2,542 | ||
Surplus | 111,744 | 145,163 | ||
Retained earnings | 274,376 | 249,922 | ||
Total | 388,513 | 397,627 | ||
Accumulated other comprehensive income (loss), net of tax | 595 | (9,440) | ||
Total | 389,108 | 388,187 | 354,450 | $ 305,830 |
Total | 4,097,843 | 4,241,060 | ||
Parent Company [Member] | ||||
Assets: | ||||
Cash and due from banks | 1,719 | 583 | ||
Investment in subsidiary bank, at equity | 388,965 | 390,388 | ||
Prepaid income taxes | 805 | |||
Deferred income tax benefit | 1,917 | 1,924 | ||
Other assets | 25 | 80 | ||
Total assets | 393,431 | 392,975 | ||
Liabilities: | ||||
Other liabilities | 15 | 332 | ||
Cash dividends payable | 4,308 | 4,456 | $ 3,798 | |
Total liabilities | 4,323 | 4,788 | ||
Stockholders' Equity: | ||||
Common stock | 2,393 | 2,542 | ||
Surplus | 111,744 | 145,163 | ||
Retained earnings | 274,376 | 249,922 | ||
Total | 388,513 | 397,627 | ||
Accumulated other comprehensive income (loss), net of tax | 595 | (9,440) | ||
Total | 389,108 | 388,187 | ||
Total | $ 393,431 | $ 392,975 |
Parent Company Financial Info_4
Parent Company Financial Information (Condensed Statements of Income) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses: | |||||||||||
Salaries | $ 1,890,000 | ||||||||||
Other operating expenses | 11,949,000 | $ 11,755,000 | $ 11,966,000 | ||||||||
Total noninterest expense | $ 16,723,000 | $ 14,330,000 | $ 14,776,000 | $ 15,135,000 | $ 15,089,000 | $ 14,242,000 | $ 15,707,000 | $ 14,868,000 | 60,964,000 | 59,906,000 | 54,852,000 |
Income before income taxes | 10,839,000 | 12,970,000 | 12,798,000 | 13,176,000 | 11,921,000 | 10,592,000 | 12,054,000 | 12,068,000 | 49,783,000 | 46,635,000 | 45,011,000 |
Income tax benefit | 1,652,000 | 2,187,000 | 2,054,000 | 2,335,000 | 1,831,000 | 535,000 | 1,739,000 | 957,000 | 8,228,000 | 5,062,000 | 9,889,000 |
Net income | 9,187,000 | 10,783,000 | 10,744,000 | 10,841,000 | 10,090,000 | 10,057,000 | 10,315,000 | 11,111,000 | 41,555,000 | 41,573,000 | 35,122,000 |
Comprehensive income | $ 10,577,000 | $ 11,246,000 | $ 14,064,000 | $ 15,703,000 | $ 12,118,000 | $ 8,952,000 | $ 7,869,000 | $ 2,925,000 | 51,590,000 | 31,864,000 | 37,272,000 |
Parent Company [Member] | |||||||||||
Income: | |||||||||||
Dividends from subsidiary bank | 55,750,000 | 15,525,000 | 11,150,000 | ||||||||
Expenses: | |||||||||||
Salaries | 3,050,000 | 1,814,000 | 2,434,000 | ||||||||
Other operating expenses | 442,000 | 343,000 | 406,000 | ||||||||
Total noninterest expense | 3,492,000 | 2,157,000 | 2,840,000 | ||||||||
Income before income taxes | 52,258,000 | 13,368,000 | 8,310,000 | ||||||||
Income tax benefit | (755,000) | (1,442,000) | (1,235,000) | ||||||||
Income before undistributed earnings of subsidiary bank | 53,013,000 | 14,810,000 | 9,545,000 | ||||||||
Equity in undistributed earnings | (11,458,000) | 26,763,000 | 25,577,000 | ||||||||
Net income | 41,555,000 | 41,573,000 | 35,122,000 | ||||||||
Comprehensive income | $ 51,590,000 | $ 31,864,000 | $ 37,272,000 |
Parent Company Financial Info_5
Parent Company Financial Information (Condensed Statements of Cash Flows) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash Flows From Operating Activities: | ||||||||||||
Net income | $ 9,187,000 | $ 10,783,000 | $ 10,744,000 | $ 10,841,000 | $ 10,090,000 | $ 10,057,000 | $ 10,315,000 | $ 11,111,000 | $ 41,555,000 | $ 41,573,000 | $ 35,122,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Deferred income tax provision (credit) | (1,212,000) | (1,601,000) | 1,114,000 | |||||||||
Stock-based compensation expense | 3,050,000 | 1,814,000 | 2,434,000 | |||||||||
Other decreases (increases) | 921,000 | 2,782,000 | (4,212,000) | |||||||||
Net cash provided by operating activities | 49,987,000 | 59,374,000 | 47,172,000 | |||||||||
Cash Flows From Financing Activities: | ||||||||||||
Repurchase of common stock | (38,171,000) | (1,541,000) | ||||||||||
Proceeds from exercise of stock options | 452,000 | 312,000 | 917,000 | |||||||||
Proceeds from issuance of common stock, net | 1,420,000 | 17,777,000 | 22,988,000 | |||||||||
Cash dividends paid | (17,249,000) | (15,585,000) | (13,703,000) | |||||||||
Net cash (used in) provided by financing activities | (217,724,000) | 309,638,000 | 341,279,000 | |||||||||
Net (decrease) increase in cash and cash equivalents | (8,390,000) | (22,314,000) | 32,743,000 | |||||||||
Cash and cash equivalents, beginning of year | 47,358,000 | 69,672,000 | 47,358,000 | 69,672,000 | 36,929,000 | |||||||
Cash and cash equivalents, end of period | 38,968,000 | 47,358,000 | 38,968,000 | 47,358,000 | 69,672,000 | |||||||
Supplemental Schedule of Noncash Financing Activities: | ||||||||||||
Cash dividends payable | 4,308,000 | 4,456,000 | 4,308,000 | 4,456,000 | 3,798,000 | |||||||
Parent Company [Member] | ||||||||||||
Cash Flows From Operating Activities: | ||||||||||||
Net income | 41,555,000 | 41,573,000 | 35,122,000 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Dividends in excess of earnings of subsidiary bank | 11,458,000 | |||||||||||
Undistributed earnings of subsidiary bank | 11,458,000 | (26,763,000) | (25,577,000) | |||||||||
Deferred income tax provision (credit) | 7,000 | (543,000) | 167,000 | |||||||||
Stock-based compensation expense | 3,050,000 | 1,814,000 | 2,434,000 | |||||||||
Increase (decrease) in other liabilities | (119,000) | 307,000 | 5,000 | |||||||||
Other decreases (increases) | (815,000) | 1,619,000 | (1,383,000) | |||||||||
Net cash provided by operating activities | 55,136,000 | 18,007,000 | 10,768,000 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||
Capital contributions to Bank subsidiary | (19,000,000) | (20,500,000) | ||||||||||
Cash Flows From Financing Activities: | ||||||||||||
Repurchase of common stock | (38,171,000) | (1,541,000) | ||||||||||
Shares withheld upon the vesting and conversion of RSUs | (854,000) | (774,000) | (527,000) | |||||||||
Proceeds from exercise of stock options | 452,000 | 312,000 | 917,000 | |||||||||
Proceeds from issuance of common stock, net | 1,822,000 | 18,239,000 | 22,598,000 | |||||||||
Cash dividends paid | (17,249,000) | (15,585,000) | (13,703,000) | |||||||||
Net cash (used in) provided by financing activities | (54,000,000) | 651,000 | 9,285,000 | |||||||||
Net (decrease) increase in cash and cash equivalents | [1] | 1,136,000 | (342,000) | (447,000) | ||||||||
Cash and cash equivalents, beginning of year | $ 583,000 | $ 925,000 | 583,000 | 925,000 | 1,372,000 | |||||||
Cash and cash equivalents, end of period | 1,719,000 | 583,000 | 1,719,000 | 583,000 | 925,000 | |||||||
Supplemental Schedule of Noncash Financing Activities: | ||||||||||||
Cash dividends payable | $ 4,308,000 | $ 4,456,000 | $ 4,308,000 | $ 4,456,000 | $ 3,798,000 | |||||||
[1] | Cash and cash equivalents is defined as cash and due from banks and includes, among other things, the checking and money market accounts with the Corporation’s wholly-owned bank subsidiary. |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule Of Unaudited Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Interest income | $ 34,923 | $ 35,884 | $ 36,490 | $ 36,553 | $ 36,128 | $ 34,859 | $ 34,946 | $ 32,304 | $ 143,850 | $ 138,237 | $ 118,265 |
Interest expense | 10,337 | 10,990 | 11,211 | 11,143 | 9,953 | 9,568 | 9,061 | 7,148 | 43,681 | 35,730 | 21,709 |
Net interest income | 24,586 | 24,894 | 25,279 | 25,410 | 26,175 | 25,291 | 25,885 | 25,156 | 100,169 | 102,507 | 96,556 |
Provision (credit) for loan losses | (246) | 314 | 422 | (457) | (2,302) | (1,768) | 803 | 1,512 | 33 | (1,755) | 4,854 |
Noninterest income before net securities gains (losses) | 2,716 | 2,720 | 2,717 | 2,444 | 3,979 | 2,735 | 2,679 | 3,292 | 10,597 | 12,685 | |
Net gains (losses) on sales of securities | 14 | (5,446) | (4,960) | 14 | (10,406) | (1,866) | |||||
Noninterest expense | 16,723 | 14,330 | 14,776 | 15,135 | 15,089 | 14,242 | 15,707 | 14,868 | 60,964 | 59,906 | 54,852 |
Income before income taxes | 10,839 | 12,970 | 12,798 | 13,176 | 11,921 | 10,592 | 12,054 | 12,068 | 49,783 | 46,635 | 45,011 |
Income tax expense | 1,652 | 2,187 | 2,054 | 2,335 | 1,831 | 535 | 1,739 | 957 | 8,228 | 5,062 | 9,889 |
Net income | $ 9,187 | $ 10,783 | $ 10,744 | $ 10,841 | $ 10,090 | $ 10,057 | $ 10,315 | $ 11,111 | $ 41,555 | $ 41,573 | $ 35,122 |
Basic | $ 0.38 | $ 0.44 | $ 0.43 | $ 0.43 | $ 0.40 | $ 0.39 | $ 0.41 | $ 0.44 | $ 1.68 | $ 1.64 | $ 1.44 |
Diluted | $ 0.38 | $ 0.44 | $ 0.43 | $ 0.43 | $ 0.39 | $ 0.39 | $ 0.40 | $ 0.44 | $ 1.67 | $ 1.63 | $ 1.43 |
Comprehensive income | $ 10,577 | $ 11,246 | $ 14,064 | $ 15,703 | $ 12,118 | $ 8,952 | $ 7,869 | $ 2,925 | $ 51,590 | $ 31,864 | $ 37,272 |