Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2020 | |
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, $0.10 par value per share | |
Trading Symbol | FLIC | |
Security Exchange Name | NASDAQ | |
Entity Central Index Key | 0000740663 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 23,845,582 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and cash equivalents | $ 120,208 | $ 38,968 |
Investment securities available-for-sale, at fair value | 679,463 | 697,544 |
Loans | 3,123,301 | 3,188,249 |
Allowance for credit losses | (34,105) | (29,289) |
Total | 3,089,196 | 3,158,960 |
Restricted stock, at cost | 30,224 | 30,899 |
Bank premises and equipment, net | 39,646 | 40,017 |
Right-of-use asset - operating leases | 13,992 | 14,343 |
Bank-owned life insurance | 83,680 | 83,119 |
Pension plan assets, net | 18,341 | 18,275 |
Deferred income tax benefit | 3,767 | 317 |
Other assets | 15,850 | 15,401 |
Total assets | 4,094,367 | 4,097,843 |
Deposits: | ||
Checking | 973,355 | 911,978 |
Savings, NOW and money market | 1,682,389 | 1,720,599 |
Time, $100,000 and over | 250,991 | 242,359 |
Time, other | 267,102 | 269,080 |
Total | 3,173,837 | 3,144,016 |
Short-term borrowings | 60,599 | 190,710 |
Long-term debt | 452,472 | 337,472 |
Operating lease liability | 14,874 | 15,220 |
Accrued expenses and other liabilities | 16,376 | 21,317 |
Total liabilities | 3,718,158 | 3,708,735 |
Stockholders' Equity: | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 23,806,901 and 23,934,632 shares | 2,381 | 2,393 |
Surplus | 105,156 | 111,744 |
Retained earnings | 276,913 | 274,376 |
Total | 384,450 | 388,513 |
Accumulated other comprehensive income (loss), net of tax | (8,241) | 595 |
Total | 376,209 | 389,108 |
Total | 4,094,367 | 4,097,843 |
Commercial And Industrial [Member] | ||
Assets: | ||
Loans | 126,073 | 103,879 |
Allowance for credit losses | (1,931) | (1,493) |
Commercial Mortgages [Member] | ||
Assets: | ||
Loans | 1,376,257 | 1,401,289 |
Consumer And Other [Member] | ||
Assets: | ||
Loans | 2,274 | 2,431 |
Allowance for credit losses | (7) | (13) |
Closed-end [Member] | Residential Mortgages [Member] | ||
Assets: | ||
Loans | 1,558,401 | 1,621,419 |
Allowance for credit losses | (17,459) | (15,698) |
Revolving Home Equity [Member] | Residential Mortgages [Member] | ||
Assets: | ||
Loans | 60,296 | 59,231 |
Allowance for credit losses | $ (487) | $ (515) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Consolidated Balance Sheets [Abstract] | ||
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) | 23,806,901 | 23,934,632 |
Common stock, shares outstanding (in shares) | 23,806,901 | 23,934,632 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and dividend income: | ||
Loans | $ 28,931 | $ 29,416 |
Taxable | 3,426 | 4,045 |
Nontaxable | 2,565 | 3,092 |
Total interest and dividend income | 34,922 | 36,553 |
Interest expense: | ||
Savings, NOW and money market deposits | 4,280 | 4,000 |
Time deposits | 3,042 | 3,398 |
Short-term borrowings | 619 | 1,965 |
Long-term debt | 1,995 | 1,780 |
Total interest expense | 9,936 | 11,143 |
Net interest income | 24,986 | 25,410 |
Provision (credit) for loan losses | 2,358 | (457) |
Net interest income after provision (credit) for loan losses | 22,628 | 25,867 |
Noninterest income: | ||
Investment Management Division income | 548 | 481 |
Service charges on deposit accounts | 987 | 705 |
Other | 1,483 | 1,258 |
Total | 3,018 | 2,444 |
Noninterest expense: | ||
Salaries and employee benefits | 9,274 | 9,258 |
Occupancy and equipment | 3,072 | 2,937 |
Other | 2,512 | 2,940 |
Total noninterest expense | 14,858 | 15,135 |
Income before income taxes | 10,788 | 13,176 |
Income tax expense | 1,640 | 2,335 |
Net income | $ 9,148 | $ 10,841 |
Weighted average: | ||
Common shares | 23,904,266 | 25,284,357 |
Dilutive stock options and restricted stock units | 54,633 | 156,204 |
Total | 23,958,899 | 25,440,561 |
Earnings per share: | ||
Basic | $ 0.38 | $ 0.43 |
Diluted | 0.38 | 0.43 |
Cash dividends declared per share | $ 0.18 | $ 0.17 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $ 9,148 | $ 10,841 |
Other comprehensive income (loss): | ||
Change in net unrealized holding gains (losses) on available-for-sale securities | (8,850) | 8,417 |
Change in funded status of pension plan | 88 | |
Change in net unrealized loss on derivative instruments | (3,764) | (1,545) |
Other comprehensive income (loss) before income taxes | (12,614) | 6,960 |
Income tax expense (benefit) | (3,778) | 2,098 |
Other comprehensive income (loss) | (8,836) | 4,862 |
Comprehensive income | $ 312 | $ 15,703 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Impact Of Adopting ASU 2016-13 [Member]Retained Earnings [Member] | Impact Of Adopting ASU 2016-13 [Member] | As Reported Under ASC 326 [Member]Common Stock [Member] | As Reported Under ASC 326 [Member]Surplus [Member] | As Reported Under ASC 326 [Member]Retained Earnings [Member] | As Reported Under ASC 326 [Member]Accumulated Other Comprehensive Income (Loss) [Member] | As Reported Under ASC 326 [Member] | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
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 | 10,841 | 10,841 | ||||||||||
Other comprehensive income (loss) | 4,862 | 4,862 | ||||||||||
Repurchase of common stock (in shares) | (674,800) | |||||||||||
Repurchase of common stock | $ (67) | (15,264) | (15,331) | |||||||||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (39,947) | |||||||||||
Shares withheld upon the vesting and conversion of RSUs | $ (4) | (826) | (830) | |||||||||
Common stock issued under stock compensation plans (in shares) | 122,456 | |||||||||||
Common stock issued under stock compensation plans | $ (12) | (223) | (235) | |||||||||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 69,898 | |||||||||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 7 | 1,427 | 1,434 | |||||||||
Stock-based compensation | 1,295 | 1,295 | ||||||||||
Cash dividends declared | (4,251) | (4,251) | ||||||||||
Balance (in shares) at Mar. 31, 2019 | 24,900,347 | |||||||||||
Balance at Mar. 31, 2019 | $ 2,490 | 132,018 | 256,512 | (4,578) | 386,442 | |||||||
Balance (in shares) at Dec. 31, 2019 | 23,934,632 | 23,934,632 | ||||||||||
Balance at Dec. 31, 2019 | $ (2,325) | $ (2,325) | $ 2,393 | $ 111,744 | $ 272,051 | $ 595 | $ 386,783 | $ 2,393 | 111,744 | 274,376 | 595 | 389,108 |
Net income | 9,148 | 9,148 | ||||||||||
Other comprehensive income (loss) | (8,836) | (8,836) | ||||||||||
Repurchase of common stock (in shares) | (261,700) | |||||||||||
Repurchase of common stock | $ (26) | (5,911) | (5,937) | |||||||||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (66,142) | |||||||||||
Shares withheld upon the vesting and conversion of RSUs | $ (6) | (1,521) | (1,527) | |||||||||
Common stock issued under stock compensation plans (in shares) | 178,373 | |||||||||||
Common stock issued under stock compensation plans | $ 18 | 205 | 223 | |||||||||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 21,738 | |||||||||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 2 | 388 | 390 | |||||||||
Stock-based compensation | 251 | 251 | ||||||||||
Cash dividends declared | (4,286) | (4,286) | ||||||||||
Balance (in shares) at Mar. 31, 2020 | 23,806,901 | |||||||||||
Balance at Mar. 31, 2020 | $ 2,381 | $ 105,156 | $ 276,913 | $ (8,241) | $ 376,209 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net income | $ 9,148 | $ 10,841 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (credit) for loan losses | 2,358 | (457) |
Provision for deferred income taxes | 1,319 | 512 |
Depreciation and amortization of premises and equipment | 1,014 | 987 |
Amortization of right of use asset - operating leases | 547 | 522 |
Premium amortization on investment securities, net | 307 | 284 |
Stock-based compensation expense | 251 | 1,295 |
Accretion of cash surrender value on bank-owned life insurance | (561) | (535) |
Pension expense (credit) | (65) | 101 |
Decrease in other liabilities | (5,367) | (2,381) |
Other increases in assets | (424) | (199) |
Net cash provided by operating activities | 8,527 | 10,970 |
Available-for-sale securities: | ||
Proceeds from maturities and redemptions | 18,840 | 18,747 |
Purchases | (9,916) | (2,526) |
Held-to-maturity securities: | ||
Proceeds from maturities and redemptions | 386 | |
Net decrease in loans | 64,518 | 8,899 |
Net decrease in restricted stock | 675 | 11,275 |
Purchases of premises and equipment, net | (643) | (801) |
Net cash provided by investing activities | 73,474 | 35,980 |
Cash Flows From Financing Activities: | ||
Net increase in deposits | 29,821 | 222,237 |
Net decrease in short-term borrowings | (130,111) | (253,747) |
Proceeds from long-term debt | 120,000 | 14,445 |
Repayment of long-term debt | (5,000) | (10,000) |
Proceeds from issuance of common stock, net of shares withheld | (940) | 807 |
Repurchase of common stock | (5,937) | (15,331) |
Cash dividends paid | (8,594) | (8,702) |
Net cash used in financing activities | (761) | (50,291) |
Net increase (decrease) increase in cash and cash equivalents | 81,240 | (3,341) |
Cash and cash equivalents, beginning of year | 38,968 | 47,358 |
Cash and cash equivalents, end of period | 120,208 | 44,017 |
Supplemental Cash Flow Disclosures: | ||
Cash paid for interest | 9,806 | 10,896 |
Operating cash flows from operating leases | 657 | 712 |
Noncash investing and financing activities: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 196 | 15,713 |
Cash dividends payable | $ 5 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 1 - BASIS OF PRESENTATION The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States. The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has two wholly owned subsidiaries: FNY Service Corp. and The First of Long Island Agency, Inc. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. 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. For further information refer to the consolidated financial statements and notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. The consolidated financial information included herein as of and for the periods ended March 31, 2020 and 2019 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 2019 consolidated balance sheet was derived from the Corporation's December 31, 2019 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. Use of Estimates. In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosures provided, including disclosure of contingent assets and liabilities, based on available information. Actual results could differ significantly from those estimates. Information available which could affect these judgements include, but are not limited to, changes in interest rates, changes in the performance of the economy, including the economic impact of the COVID-19 pandemic on both the allowance and provision for credit losses, and changes in the financial condition of borrowers. The Corporation considered the impact of the COVID-19 pandemic which did have a material adverse impact on the provision for credit losses, and subsequent to March 31, 2020 resulted in certain loan modifications. The Corporation could experience a further material adverse effect on its business as a result of the impact of the COVID-19 pandemic, and the resulting governmental actions to curtail its spread. It is at least reasonably possible that information which was available at the date of the financial statements will change in the near term due to the COVID-19 pandemic and that the effect of the change would be material to the financial statements. The extent to which the COVID-19 pandemic will impact our estimates and assumptions is highly uncertain and we are unable to make an estimate at this time. Adoption of New Accounting Standards. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 “Measurement of Credit Losses on Financial Instruments (Topic 326)” (“CECL”) . This standard changes the methodology used to determine the allowance for loan losses from an incurred loss model to a current expected credit loss model. The CECL model requires the Bank to maintain at each periodic reporting date an allowance for credit losses (“ACL” or “allowance”) in an amount that is equal to its estimate of expected lifetime credit losses on all financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities and certain off-balance sheet credit exposures. Management adopted ASU 2016-13, as amended, on January 1, 2020 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit commitments. Results for reporting periods beginning on or after January 1, 2020 are presented under Accounting Standards Codification (“ASC”) 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. On January 1, 2020, the Corporation recorded a net decrease to retained earnings of $ 2,325,000 , net of tax effect of $ 993,000 , for the implementation of ASC 326, with offsetting increases of $ 2,888,000 and $ 430,000 to the ACL on loans and off-balance sheet credit exposures, respectively. The following table illustrates the impact of ASC 326. January 1, 2020 Impact of As Reported Pre-ASC 326 ASC 326 (in thousands) Under ASC 326 Adoption Adoption Assets: Allowance for credit losses on loans: Commercial and industrial $ 1,249 $ 1,493 $ ( 244 ) Commercial mortgages: Multifamily 8,210 7,151 1,059 Other 3,451 3,498 ( 47 ) Owner-occupied 1,699 921 778 Residential mortgages: Closed end 17,054 15,698 1,356 Revolving home equity 509 515 ( 6 ) Consumer and other 5 13 ( 8 ) $ 32,177 $ 29,289 $ 2,888 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ 605 $ 175 $ 430 The Corporation made an accounting policy election to present the accrued interest receivable balance of loans separate from the amortized cost basis and includes the receivable balance within “Other assets” on the consolidated balance sheets. Management applied the practical expedient to exclude accrued interest receivable balances from the tabular disclosures and has elected to not estimate an allowance for credit losses on accrued interest receivable. The Bank continues to reverse accrued interest receivable against current period interest income when a loan becomes nonaccrual. For available-for-sale investment securities which are in an unrealized loss position, we evaluate whether the decline in fair value has resulted from an actual or estimated credit loss event. We consider, among other factors, the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss is likely, we assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of the amortized cost basis and determine the present value of cash flows expected to be collected from the security as compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an ACL is recorded for the estimated credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. We estimate credit losses on off-balance sheet credit exposures by considering the likelihood of an outstanding commitment converting into an outstanding loan and applying historical loss factors used on similar portfolio segments, unless the obligation is unconditionally cancellable by us. The ACL on off-balance sheet credit exposures is recorded in the line item “other liabilities” in the consolidated balance sheet and is adjusted as a provision for credit loss expense which is included in the line item “other noninterest expense” in the consolidated statements of income. See Note 4 “Loans” for the accounting policy of ACL on loans and additional disclosures required by ASU 2016-13. In August 2018, the FASB issued ASU 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” to modify certain disclosure requirements pertaining to fair value measurements as part of the FASB’s disclosure framework project. Management adopted ASU 2018-13 on January 1, 2020. See Note 7 “Fair Value of Financial Instruments” for disclosures required by ASU 2018-13. Recent Accounting Pronouncements . 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 August 2018, the FASB issued ASU 2018-14 “Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 modifies certain disclosure requirements pertaining to defined benefit plans as part of the FASB’s disclosure framework project and is intended to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The adoption of this ASU will modify the Corporation’s disclosures but will not impact its financial position or results of operations. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | 2 - COMPREHENSIVE INCOME Comprehensive income includes net income and other comprehensive income (loss). 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 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: Three Months Ended March 31, (in thousands) 2020 2019 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ ( 8,850 ) $ 8,417 Tax effect ( 2,649 ) 2,536 ( 6,201 ) 5,881 Change in funded status of pension plan: Amortization of net actuarial loss included in net income (1) — 88 Tax effect — 27 — 61 Change in unrealized loss on derivative instrument: Amount of loss recognized during the period ( 4,274 ) ( 1,614 ) Reclassification adjustment for net interest expense included in net income (2) 510 69 ( 3,764 ) ( 1,545 ) Tax effect ( 1,129 ) ( 465 ) ( 2,635 ) ( 1,080 ) Other comprehensive income (loss) $ ( 8,836 ) $ 4,862 (1) 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 6 – Defined Benefit Pension Plan”) and included in the consolidated statements of income in the line item “Other noninterest income.” (2) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” The following table sets forth the components of accumulated other comprehensive income (loss), net of tax: Current Balance Period Balance (in thousands) 12/31/19 Change 3/31/20 Unrealized holding gains on available-for-sale securities $ 6,945 $ ( 6,201 ) $ 744 Unrealized actuarial loss on pension plan ( 3,254 ) — ( 3,254 ) Unrealized loss on derivative instruments ( 3,096 ) ( 2,635 ) ( 5,731 ) Accumulated other comprehensive income (loss), net of tax $ 595 $ ( 8,836 ) $ ( 8,241 ) |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investment Securities [Abstract] | |
Investment Securities | 3 - INVESTMENT SECURITIES The following tables set forth the amortized cost and estimated fair values of the Bank’s available-for-sale investment securities, and the corresponding amounts of unrealized gains and losses recognized on an after-tax basis in accumulated other comprehensive income (loss). There was no allowance for credit losses associated with the available-for-sale securities portfolio at March 31, 2020. March 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value State and municipals $ 365,652 $ 10,318 $ ( 127 ) $ 375,843 Pass-through mortgage securities 56,555 2,088 — 58,643 Collateralized mortgage obligations 137,193 5,125 ( 23 ) 142,295 Corporate bonds 119,000 — ( 16,318 ) 102,682 $ 678,400 $ 17,531 $ ( 16,468 ) $ 679,463 December 31, 2019 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 At March 31, 2020 and December 31, 2019, investment securities with a carrying value of $ 415,868,000 and $ 382,963,000 , respectively, were pledged as collateral to secure public deposits, borrowed funds and derivative liabilities. There were no holdings of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at March 31, 2020 and December 31, 2019. Securities With Unrealized Losses. The following tables set forth securities with unrealized losses presented by the length of time the securities have been in a continuous unrealized loss position. March 31, 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 7,765 $ ( 127 ) $ — $ — $ 7,765 $ ( 127 ) Collateralized mortgage obligations 9,691 ( 23 ) — — 9,691 ( 23 ) Corporate bonds 28,120 ( 3,880 ) 74,562 ( 12,438 ) 102,682 ( 16,318 ) Total temporarily impaired $ 45,576 $ ( 4,030 ) $ 74,562 $ ( 12,438 ) $ 120,138 $ ( 16,468 ) December 31, 2019 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 ) State and Municipals At March 31, 2020, approximately $ 7.8 million of state and municipal bonds had an unrealized loss of $ 127,000 . Each of the state and municipal bonds are considered high investment grade and rated Aa2/AA- or higher. The decline in value is attributable to changes in interest rates and illiquidity and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity. Collateralized Mortgage Obligations At March 31, 2020, one collateralized mortgage obligation of approximately $ 9.7 million had an unrealized loss of $ 23,000 . This security was issued by a U.S. government-sponsored agency and is considered high investment grade. The decline in fair value is attributable to changes in interest rates and not credit quality. The issuer continues to make timely principal and interest payments on the bond. The Bank does not have the intent to sell this security and it is likely that it will not be required to sell the security before its anticipated recovery. The fair value is expected to recover as the bond approaches maturity. Corporate Bonds At March 31, 2020, approximately $ 102.7 million of corporate bonds had an unrealized loss of $ 16.3 million. The corporate bonds represent senior unsecured debt obligations of six of the largest U.S. based financial institutions, including JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo. Each of the corporate bonds have a stated maturity of ten years and mature in 2028. The bonds provide a fixed interest rate for a period of two years or three years and have a weighted average fixed rate yield of 5.14 % at March 31, 2020, and then reset quarterly based on the ten year constant maturity swap rate. During the fourth quarters of 2020 and 2021, corporate bonds with current fair values totaling $ 74.6 million and $ 28.1 million, respectively, will begin to reprice on a quarterly basis. Each of the financial institutions are considered upper medium investment grade and rated A3 or higher. The decline in fair value is attributable to a significant increase in credit spreads caused by the economic disruption from the COVID-19 pandemic, a decline in interest rates and the illiquid nature of the securities. The Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. Each of these financial institutions have diversified revenue streams, are well capitalized and profitable and continue to make timely interest payments. Management evaluates the quarterly financial statements of each company to determine if full payment of principal and interest is in doubt and does not believe there is any impairment at March 31, 2020. Sales of Available-for-Sale and Held-to-Maturity Securities. There were no sales of available-for-sale or held-to-maturity securities during the three months ended March 31, 2020 and 2019. 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 March 31, 2020 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 Within one year $ 8,598 $ 8,629 After 1 through 5 years 72,675 73,963 After 5 through 10 years 263,976 251,385 After 10 years 139,403 144,548 Mortgage-backed securities 193,748 200,938 $ 678,400 $ 679,463 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Loans [Abstract] | |
Loans | 4 - LOANS The following table sets forth the loans outstanding by class of loans at the dates indicated. March 31, December 31, 2019 2020 Loans Allowance for Loan Losses (in thousands) Loans Outstanding Individually Evaluated Collectively Evaluated Ending Balance Individually Evaluated Collectively Evaluated Ending Balance Commercial and industrial $ 126,073 $ — $ 103,879 $ 103,879 $ — $ 1,493 $ 1,493 Commercial mortgages: Multifamily 813,859 — 835,013 835,013 — 7,151 7,151 Other 442,181 — 447,484 447,484 — 3,498 3,498 Owner-occupied 120,217 501 118,291 118,792 — 921 921 Residential mortgages: Closed end 1,558,401 1,189 1,620,230 1,621,419 14 15,684 15,698 Revolving home equity 60,296 — 59,231 59,231 — 515 515 Consumer and other 2,274 268 2,163 2,431 — 13 13 $ 3,123,301 $ 1,958 $ 3,186,291 $ 3,188,249 $ 14 $ 29,275 $ 29,289 Management identifies loans in the Bank’s portfolio that must be individually evaluated for loss due to disparate risk characteristics or information suggesting that the Bank will be unable to collect all the principal and interest due. For loans individually evaluated, a specific reserve is estimated based on either the fair value of collateral or the discounted value of expected future cash flows. In estimating the fair value of real estate collateral, management utilizes appraisals or evaluations adjusted for costs to dispose and a distressed sale adjustment, if needed. Estimating the fair value of collateral other than real estate is also subjective in nature and sometimes requires difficult and complex judgments. Determining expected future cash flows can be more subjective than determining fair values. Expected future cash flows could differ significantly, both in timing and amount, from the cash flows actually received over the loan’s remaining life. Individually evaluated loans are excluded from the estimation of credit losses for the pooled portfolio. For loans collectively evaluated for credit loss, management segregates its loan portfolio into ten distinct pools, certain of which are combined in reporting loans outstanding by class of loans: (1) commercial and industrial; (2) small business credit scored; (3) multifamily; (4) owner-occupied; (5) other commercial real estate; (6) construction and land development; (7) closed end residential mortgage; (8) revolving home equity; (9) consumer; and (10) municipal loans. Historical loss information from the Bank’s own loan portfolio from December 31, 2007 to present provides a basis for management’s assessment of expected credit losses. The choice of a historical look-back period that begins in 2007 covers an entire economic cycle and impacts the average historical loss rates used to calculate the final ACL. Due to the extensive historical loss data available, management has determined that the vintage approach is the most appropriate method of measuring the historical loss component of credit losses inherent in its portfolio for most of its loan pools. For the revolving home equity and small business credit scored pools, the migration approach was selected to measure historical losses since contractual lives are not readily discernable and balances can fluctuate throughout the life of the lines. Management believes that the methods selected fairly reflect the historical loss component of expected losses inherent 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 and forecasted conditions. In doing so, management considers a variety of general qualitative and quantitative factors (“Q-factors”) and then subjectively determines the weight to assign to each in estimating losses. Qualitative characteristics include, among others, differences in underwriting standards, policies, lending staff and environmental risks. Management also considers whether further adjustments to historical loss information are needed to reflect the extent to which current conditions and reasonable and supportable forecasts over a one year to two year forecasting horizon differ from the conditions that existed during the historical loss period. These quantitative adjustments reflect changes to relevant data such as changes in unemployment rates, vacancies, average growth in pools of loans, delinquencies or other factors associated with the financial assets. The immediate reversion method is applied for periods beyond the forecasting horizon. The Bank’s ACL allocable to pools of loans that are collectively evaluated for credit loss results primarily from these qualitative and quantitative adjustments to historical loss experience. Because of the nature of the Q-factors and the degree of judgement involved in assessing their impact, management’s resulting estimate of losses may not accurately reflect current and future losses in the portfolio. The COVID-19 pandemic has caused significant uncertainty in the current and forecasted economic environment and was the key influence, considered through the Q-factors discussed above, in estimating the ACL required at March 31, 2020 . The following tables present the activity in the ACL for the periods indicated. (in thousands) Balance at 1/1/20 After Implementation of ASC 326 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 3/31/20 Commercial and industrial $ 1,249 $ 618 $ 187 $ 1,113 $ 1,931 Commercial mortgages: Multifamily 8,210 — — 437 8,647 Other 3,451 — — 341 3,792 Owner-occupied 1,699 — — 83 1,782 Residential mortgages: Closed end 17,054 — — 405 17,459 Revolving home equity 509 — — ( 22 ) 487 Consumer and other 5 1 2 1 7 $ 32,177 $ 619 $ 189 $ 2,358 $ 34,105 (in thousands) Balance at 1/1/19 Chargeoffs Recoveries Provision (Credit) for Loan Losses Balance at 3/31/19 Commercial and industrial $ 1,158 $ 54 $ 4 $ ( 61 ) $ 1,047 Commercial mortgages: Multifamily 5,851 — — 584 6,435 Other 3,783 — — ( 266 ) 3,517 Owner-occupied 743 — — ( 58 ) 685 Residential mortgages: Closed end 18,844 134 1 ( 640 ) 18,071 Revolving home equity 410 — — ( 8 ) 402 Consumer and other 49 — 1 ( 8 ) 42 $ 30,838 $ 188 $ 6 $ ( 457 ) $ 30,199 Aging of Loans . The following tables present the aging of loans past due and loans on nonaccrual status by class of loans. March 31, 2020 Past Due Nonaccrual With an With No Total Past 90 Days or Allowance Allowance Due Loans & More and for Credit for Credit Nonaccrual Total (in thousands) 30-59 Days 60-89 Days Still Accruing Loss Loss Loans Current Loans Commercial and industrial $ 415 $ — $ — $ — $ — $ 415 $ 125,658 $ 126,073 Commercial mortgages: Multifamily — — — — 1,325 1,325 812,534 813,859 Other 683 — — — 872 1,555 440,626 442,181 Owner-occupied — — — — — — 120,217 120,217 Residential mortgages: Closed end 362 — — — 2,254 2,616 1,555,785 1,558,401 Revolving home equity 265 — — — 390 655 59,641 60,296 Consumer and other — — — — — — 2,274 2,274 $ 1,725 $ — $ — $ — $ 4,841 $ 6,566 $ 3,116,735 $ 3,123,301 December 31, 2019 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 There were no loans in the process of foreclosure no r did the Bank hold any foreclosed residential real estate property at March 31, 2020 or December 31, 2019. Accrued interest receivable from loans totaled $ 8,656,000 and $ 8,409,000 at March 31, 2020 and December 31, 2019, respectively, and is included in the line item “Other assets” on the consolidated balance sheets. 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 Bank did no t modify any loans in troubled debt restructurings during the first quarter of 2020 or 2019. At March 31, 2020, the Bank had no allowance allocated to troubled debt restructurings. At December 31, 2019, the Bank had an allowance of $ 14,000 allocated to specific troubled debt restructurings. The Bank had no commitments to lend additional amounts in connection with loans that were classified as troubled debt restructurings. There were no troubled debt restructurings for which there was a payment default during the three months ended March 31, 2020 and 2019 that were modified during the 12-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 real estate 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 (“NYC”), 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. The COVID-19 pandemic creates substantial challenges for the Bank and its customers. Normal business activity and commerce have been significantly disrupted across the country including in the NYC metropolitan area which is the main market that the Bank serves. During these challenging times, many of the Bank’s customers, which include small and medium-sized businesses, professionals, consumers, municipalities and other organizations, may experience a significant decline in, or complete discontinuance of, business activity, earnings and cash flow. For some this may be temporary, but for other customers it could be longer-lasting and may lead to permanent business closure or job loss. These challenges may result in higher drawdowns by customers on the Bank’s lending commitments and higher past due and nonaccrual loans, troubled debt restructurings and credit losses. In addition, the value of collateral supporting mortgage loans may be negatively impacted leading to a deterioration in the Bank’s loan-to-value ratios and increased risk of loss. Credit Quality Indicators. The Bank 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 for the borrower and any guarantors, payment experience, credit underwriting documentation, public records, due diligence checks and current economic trends. Management analyzes loans individually and classifies them using the following definitions for risk rating. Watch: The borrower’s 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. 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. 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. 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 on 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 minimum principal balance thresholds and the Bank’s ongoing assessments of the borrower’s condition. Residential mortgage loans, revolving home equity lines and other consumer loans are initially evaluated utilizing the borrower’s credit score. 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. However, regardless of credit score, loans may be classified, criticized or placed on management’s watch list if relevant information comes to light. The following tables present the amortized cost basis of loans by class of loans and risk rating for the periods indicated. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. March 31, 2020 Term Loans by Origination Year Revolving (in thousands) 2020 2019 2018 2017 2016 Prior Loans Total Commercial and industrial: Pass $ 15,540 $ 16,774 $ 12,124 $ 14,783 $ 8,182 $ 27,208 $ 27,274 $ 121,885 Watch — — — — — 2,408 — 2,408 Special Mention — — — — — 750 — 750 Substandard — 771 — — — 259 — 1,030 Doubtful — — — — — — — — $ 15,540 $ 17,545 $ 12,124 $ 14,783 $ 8,182 $ 30,625 $ 27,274 $ 126,073 Commercial mortgages – multifamily: Pass $ 10,809 $ 155,469 $ 166,365 $ 163,857 $ 33,366 $ 279,037 $ — $ 808,903 Watch — — — 1,322 — — — 1,322 Special Mention — — — — 2,309 — — 2,309 Substandard — — — — 1,325 — — 1,325 Doubtful — — — — — — — — $ 10,809 $ 155,469 $ 166,365 $ 165,179 $ 37,000 $ 279,037 $ — $ 813,859 Commercial mortgages – other: Pass $ 22,871 $ 43,516 $ 52,786 $ 56,937 $ 101,642 $ 153,781 $ — $ 431,533 Watch — — — — 9,776 — — 9,776 Special Mention — — — — — — — — Substandard — — — — — 872 — 872 Doubtful — — — — — — — — $ 22,871 $ 43,516 $ 52,786 $ 56,937 $ 111,418 $ 154,653 $ — $ 442,181 Commercial mortgages – owner-occupied: Pass $ 3,550 $ 44,014 $ 9,285 $ 10,267 $ 12,831 $ 35,163 $ — $ 115,110 Watch — — — — — 2,515 — 2,515 Special Mention — — — — — — — — Substandard — — — 1,881 — 711 — 2,592 Doubtful — — — — — — — — $ 3,550 $ 44,014 $ 9,285 $ 12,148 $ 12,831 $ 38,389 $ — $ 120,217 Residential mortgages – closed end: Pass $ 412 $ 30,094 $ 356,704 $ 404,019 $ 292,070 $ 472,400 $ — $ 1,555,699 Watch — — — — — 304 — 304 Special Mention — — — — — — — — Substandard — — 463 — — 1,935 — 2,398 Doubtful — — — — — — — — $ 412 $ 30,094 $ 357,167 $ 404,019 $ 292,070 $ 474,639 $ — $ 1,558,401 Residential mortgages – revolving home equity: Pass $ — $ — $ — $ — $ — $ — $ 59,491 $ 59,491 Watch — — — — — — 415 415 Special Mention — — — — — — — — Substandard — — — — — — 390 390 Doubtful — — — — — — — — $ — $ — $ — $ — $ — $ — $ 60,296 $ 60,296 Consumer and other (1): Pass $ 253 $ 226 $ 85 $ 40 $ 801 $ 408 $ — $ 1,813 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — 259 — — — — — 259 Doubtful — — — — — — — — $ 253 $ 485 $ 85 $ 40 $ 801 $ 408 $ — $ 2,072 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 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) 1,644 — — 268 — 1,912 $ 3,162,138 $ 721 $ 22,622 $ 2,249 $ — $ 3,187,730 (1) Deposit account overdrafts were $ 202,000 and $ 519,000 at March 31, 2020 and December 31, 2019, respectively. Overdrafts are not assigned a risk rating and are therefore excluded from consumer loans in the tables above. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | 5 - STOCK-BASED COMPENSATION The Corporation has 2,250,000 shares of common stock reserved for awards under the 2014 Equity Incentive Plan (“2014 Plan”). All of the 2,250,000 shares may be issued pursuant to the exercise of stock options or stock appreciation rights. A maximum of 787,500 shares may be issued as restricted stock awards or restricted stock units (“RSUs”). At March 31, 2020, 1,632,858 equity awards remain available to be granted under the 2014 Plan of which 191,629 may be granted as restricted stock awards or RSUs. The following tables present a summary of RSUs and options outstanding at March 31, 2020 and changes during the three month period then ended. Of the 165,519 RSUs outstanding at quarter end, 58,144 are scheduled to vest during 2020. Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2020 254,591 $ 22.87 Granted 68,383 21.30 Converted ( 156,705 ) 23.94 Forfeited ( 750 ) 26.00 Outstanding at March 31, 2020 165,519 $ 21.19 1.44 $ 2,872 Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (yrs.) (in thousands) Outstanding at January 1, 2020 55,346 $ 12.34 Exercised ( 17,673 ) 11.14 Forfeited or expired ( 1,125 ) 10.37 Outstanding at March 31, 2020 36,548 $ 12.98 0.91 $ 160 Exercisable at March 31, 2020 36,398 $ 12.97 0.89 $ 159 As of March 31, 2020, there was $ 2,080,000 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 1.7 years. |
Defined Benefit Pension Plan
Defined Benefit Pension Plan | 3 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Pension Plan [Abstract] | |
Defined Benefit Pension Plan | 6 - DEFINED BENEFIT PENSION PLAN The following table sets forth the components of net periodic pension cost (credit). Three Months Ended March 31, (in thousands) 2020 2019 Service cost $ 412 $ 317 Interest cost 412 446 Expected return on plan assets ( 889 ) ( 750 ) Amortization of net actuarial loss — 88 Net pension cost (credit) $ ( 65 ) $ 101 Components of net pension cost (credit) other than the service cost component are included in the line item “Other noninterest income” in the consolidated statements of income. The service cost component is included in the line item “Salaries and employee benefits” in the consolidated statements of income. The Bank makes cash contributions to the pension plan (“Plan”) which comply with the funding requirements of applicable federal laws and regulations. For funding purposes, the laws and regulations set forth both minimum required and maximum tax-deductible contributions. The Bank has no minimum required pension contribution for the Plan year ending September 30, 2020. Its 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. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 7 - 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 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: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) March 31, 2020: Financial Assets: Available-for-Sale Securities: State and municipals $ 375,843 $ — $ 374,066 $ 1,777 Pass-through mortgage securities 58,643 — 58,643 — Collateralized mortgage obligations 142,295 — 142,295 — Corporate bonds 102,682 — 102,682 — $ 679,463 $ — $ 677,686 $ 1,777 Financial Liabilities: Derivative - interest rate swaps $ 8,183 $ — $ 8,183 $ — 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 $ — State and municipal available-for-sale securities measured using Level 3 inputs. The Bank held six non-rated bond anticipation notes with a book value of $ 1.8 million at March 31, 2020. These bonds have a one year maturity and are issued by local municipalities that are customers of the Bank. Due to the short duration of the bonds, book value approximates fair value at March 31, 2020. There were no assets measured at fair value on a nonrecurring basis at March 31, 2020 or December 31, 2019. 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. Level of March 31, 2020 December 31, 2019 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 120,208 $ 120,208 $ 38,968 $ 38,968 Loans Level 3 3,089,196 3,137,153 3,158,960 3,113,442 Restricted stock Level 1 30,224 30,224 30,899 30,899 Financial Liabilities: Checking deposits Level 1 973,355 973,355 911,978 911,978 Savings, NOW and money market deposits Level 1 1,682,389 1,682,389 1,720,599 1,720,599 Time deposits Level 2 518,093 527,935 511,439 515,019 Short-term borrowings Level 1 60,599 60,599 190,710 190,710 Long-term debt Level 2 452,472 463,002 337,472 339,445 |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue From Contracts With Customers | 8 – 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 (“IMD”) 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, wire transfers, 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 $ 442,000 and $ 493,000 for the three months ended March 31, 2020 and 2019, respectively. Other items included in “Other noninterest income,” such as bank-owned life insurance (“BOLI”) income, non-service components of net pension cost and real estate tax refunds 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, 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 | 3 Months Ended |
Mar. 31, 2020 | |
Derivatives [Abstract] | |
Derivatives | 9 – 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 Federal Home Loan Bank (“FHLB”) advances and brokered certificates of deposit (“CDs”). The swaps were determined to be fully effective during the periods 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. March 31, 2020 December 31, 2019 Notional amount $ 200 million $ 200 million Weighted average fixed pay rate 2.83 % 2.83 % Weighted average 3-month LIBOR receive rate 1.82 % 2.04 % Weighted average maturity 1.81 Years 2.06 Years Interest expense recorded on the swap transactions, which totaled $ 510,000 and $ 69,000 for the quarters ended March 31, 2020 and 2019, respectively, is recorded as a component of interest expense in the consolidated statements of income. Amounts reported in accumulated other comprehensive income (loss) related to swaps will be reclassified to interest expense as interest payments are made on the Bank’s variable-rate liabilities. During the quarter ended March 31, 2020, the Corporation had $ 510,000 of reclassifications to interest expense. During the next 12 months, the Corporation estimates that $ 4,462,000 will be reclassified as an increase to interest expense. The following table presents the net losses recorded in the consolidated statements of income and the consolidated statements of comprehensive income relating to interest rate swaps for the three months ended March 31, 2020 and 2019. Three Months Ended March 31, (in thousands) 2020 2019 Interest rate contracts: Amount of loss recognized in OCI (effective portion) $ 4,274 $ 1,614 Amount of loss reclassified from OCI to interest expense 510 69 Amount of loss recognized in other noninterest income (ineffective portion) — — The following table reflects the amounts relating to the interest rate swap included in the consolidated balance sheets at March 31, 2020 and December 31, 2019. March 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other liabilities $ — $ 8,183 $ — $ 4,418 Interest rate swap hedging FHLB advances $ 50,000 $ 50,000 Interest rate swap hedging brokered CDs $ 150,000 $ 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 swap 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 swap is a net liability position, the Bank may be required to post collateral to the counterparty. At March 31, 2020, the Bank is in compliance with the collateral posting provisions to its counterparty. The total amount of collateral posted was approximately $ 9.1 million. If the Bank had breached any of these provisions at March 31, 2020, it could have been required to settle its obligations under the agreement at the termination value. |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States. The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has two wholly owned subsidiaries: FNY Service Corp. and The First of Long Island Agency, Inc. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. 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. For further information refer to the consolidated financial statements and notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. The consolidated financial information included herein as of and for the periods ended March 31, 2020 and 2019 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 2019 consolidated balance sheet was derived from the Corporation's December 31, 2019 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. |
Use Of Estimates | Use of Estimates. In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosures provided, including disclosure of contingent assets and liabilities, based on available information. Actual results could differ significantly from those estimates. Information available which could affect these judgements include, but are not limited to, changes in interest rates, changes in the performance of the economy, including the economic impact of the COVID-19 pandemic on both the allowance and provision for credit losses, and changes in the financial condition of borrowers. The Corporation considered the impact of the COVID-19 pandemic which did have a material adverse impact on the provision for credit losses, and subsequent to March 31, 2020 resulted in certain loan modifications. The Corporation could experience a further material adverse effect on its business as a result of the impact of the COVID-19 pandemic, and the resulting governmental actions to curtail its spread. It is at least reasonably possible that information which was available at the date of the financial statements will change in the near term due to the COVID-19 pandemic and that the effect of the change would be material to the financial statements. The extent to which the COVID-19 pandemic will impact our estimates and assumptions is highly uncertain and we are unable to make an estimate at this time. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 “Measurement of Credit Losses on Financial Instruments (Topic 326)” (“CECL”) . This standard changes the methodology used to determine the allowance for loan losses from an incurred loss model to a current expected credit loss model. The CECL model requires the Bank to maintain at each periodic reporting date an allowance for credit losses (“ACL” or “allowance”) in an amount that is equal to its estimate of expected lifetime credit losses on all financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities and certain off-balance sheet credit exposures. Management adopted ASU 2016-13, as amended, on January 1, 2020 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit commitments. Results for reporting periods beginning on or after January 1, 2020 are presented under Accounting Standards Codification (“ASC”) 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. On January 1, 2020, the Corporation recorded a net decrease to retained earnings of $ 2,325,000 , net of tax effect of $ 993,000 , for the implementation of ASC 326, with offsetting increases of $ 2,888,000 and $ 430,000 to the ACL on loans and off-balance sheet credit exposures, respectively. The following table illustrates the impact of ASC 326. January 1, 2020 Impact of As Reported Pre-ASC 326 ASC 326 (in thousands) Under ASC 326 Adoption Adoption Assets: Allowance for credit losses on loans: Commercial and industrial $ 1,249 $ 1,493 $ ( 244 ) Commercial mortgages: Multifamily 8,210 7,151 1,059 Other 3,451 3,498 ( 47 ) Owner-occupied 1,699 921 778 Residential mortgages: Closed end 17,054 15,698 1,356 Revolving home equity 509 515 ( 6 ) Consumer and other 5 13 ( 8 ) $ 32,177 $ 29,289 $ 2,888 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ 605 $ 175 $ 430 The Corporation made an accounting policy election to present the accrued interest receivable balance of loans separate from the amortized cost basis and includes the receivable balance within “Other assets” on the consolidated balance sheets. Management applied the practical expedient to exclude accrued interest receivable balances from the tabular disclosures and has elected to not estimate an allowance for credit losses on accrued interest receivable. The Bank continues to reverse accrued interest receivable against current period interest income when a loan becomes nonaccrual. For available-for-sale investment securities which are in an unrealized loss position, we evaluate whether the decline in fair value has resulted from an actual or estimated credit loss event. We consider, among other factors, the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss is likely, we assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of the amortized cost basis and determine the present value of cash flows expected to be collected from the security as compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an ACL is recorded for the estimated credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. We estimate credit losses on off-balance sheet credit exposures by considering the likelihood of an outstanding commitment converting into an outstanding loan and applying historical loss factors used on similar portfolio segments, unless the obligation is unconditionally cancellable by us. The ACL on off-balance sheet credit exposures is recorded in the line item “other liabilities” in the consolidated balance sheet and is adjusted as a provision for credit loss expense which is included in the line item “other noninterest expense” in the consolidated statements of income. See Note 4 “Loans” for the accounting policy of ACL on loans and additional disclosures required by ASU 2016-13. In August 2018, the FASB issued ASU 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” to modify certain disclosure requirements pertaining to fair value measurements as part of the FASB’s disclosure framework project. Management adopted ASU 2018-13 on January 1, 2020. See Note 7 “Fair Value of Financial Instruments” for disclosures required by ASU 2018-13. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements . 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 August 2018, the FASB issued ASU 2018-14 “Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 modifies certain disclosure requirements pertaining to defined benefit plans as part of the FASB’s disclosure framework project and is intended to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The adoption of this ASU will modify the Corporation’s disclosures but will not impact its financial position or results of operations. |
Basis Of Presentation (Tables)
Basis Of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Schedule Of Impact Of ASC 326 | January 1, 2020 Impact of As Reported Pre-ASC 326 ASC 326 (in thousands) Under ASC 326 Adoption Adoption Assets: Allowance for credit losses on loans: Commercial and industrial $ 1,249 $ 1,493 $ ( 244 ) Commercial mortgages: Multifamily 8,210 7,151 1,059 Other 3,451 3,498 ( 47 ) Owner-occupied 1,699 921 778 Residential mortgages: Closed end 17,054 15,698 1,356 Revolving home equity 509 515 ( 6 ) Consumer and other 5 13 ( 8 ) $ 32,177 $ 29,289 $ 2,888 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ 605 $ 175 $ 430 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Comprehensive Income [Abstract] | |
Components Of Other Comprehensive Income (Loss) And Related Tax Effects | Three Months Ended March 31, (in thousands) 2020 2019 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ ( 8,850 ) $ 8,417 Tax effect ( 2,649 ) 2,536 ( 6,201 ) 5,881 Change in funded status of pension plan: Amortization of net actuarial loss included in net income (1) — 88 Tax effect — 27 — 61 Change in unrealized loss on derivative instrument: Amount of loss recognized during the period ( 4,274 ) ( 1,614 ) Reclassification adjustment for net interest expense included in net income (2) 510 69 ( 3,764 ) ( 1,545 ) Tax effect ( 1,129 ) ( 465 ) ( 2,635 ) ( 1,080 ) Other comprehensive income (loss) $ ( 8,836 ) $ 4,862 (1) 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 6 – Defined Benefit Pension Plan”) and included in the consolidated statements of income in the line item “Other noninterest income.” (2) 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 Balance Period Balance (in thousands) 12/31/19 Change 3/31/20 Unrealized holding gains on available-for-sale securities $ 6,945 $ ( 6,201 ) $ 744 Unrealized actuarial loss on pension plan ( 3,254 ) — ( 3,254 ) Unrealized loss on derivative instruments ( 3,096 ) ( 2,635 ) ( 5,731 ) Accumulated other comprehensive income (loss), net of tax $ 595 $ ( 8,836 ) $ ( 8,241 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investment Securities [Abstract] | |
Amortization Cost And Estimated Fair Value Of Investment Securities | March 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value State and municipals $ 365,652 $ 10,318 $ ( 127 ) $ 375,843 Pass-through mortgage securities 56,555 2,088 — 58,643 Collateralized mortgage obligations 137,193 5,125 ( 23 ) 142,295 Corporate bonds 119,000 — ( 16,318 ) 102,682 $ 678,400 $ 17,531 $ ( 16,468 ) $ 679,463 December 31, 2019 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 |
Securities With A Continuous Unrealized Losses Position | March 31, 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 7,765 $ ( 127 ) $ — $ — $ 7,765 $ ( 127 ) Collateralized mortgage obligations 9,691 ( 23 ) — — 9,691 ( 23 ) Corporate bonds 28,120 ( 3,880 ) 74,562 ( 12,438 ) 102,682 ( 16,318 ) Total temporarily impaired $ 45,576 $ ( 4,030 ) $ 74,562 $ ( 12,438 ) $ 120,138 $ ( 16,468 ) December 31, 2019 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 ) |
Maturities | (in thousands) Amortized Cost Fair Value Within one year $ 8,598 $ 8,629 After 1 through 5 years 72,675 73,963 After 5 through 10 years 263,976 251,385 After 10 years 139,403 144,548 Mortgage-backed securities 193,748 200,938 $ 678,400 $ 679,463 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans [Abstract] | |
Loans Outstanding By Class Of Loans | March 31, December 31, 2019 2020 Loans Allowance for Loan Losses (in thousands) Loans Outstanding Individually Evaluated Collectively Evaluated Ending Balance Individually Evaluated Collectively Evaluated Ending Balance Commercial and industrial $ 126,073 $ — $ 103,879 $ 103,879 $ — $ 1,493 $ 1,493 Commercial mortgages: Multifamily 813,859 — 835,013 835,013 — 7,151 7,151 Other 442,181 — 447,484 447,484 — 3,498 3,498 Owner-occupied 120,217 501 118,291 118,792 — 921 921 Residential mortgages: Closed end 1,558,401 1,189 1,620,230 1,621,419 14 15,684 15,698 Revolving home equity 60,296 — 59,231 59,231 — 515 515 Consumer and other 2,274 268 2,163 2,431 — 13 13 $ 3,123,301 $ 1,958 $ 3,186,291 $ 3,188,249 $ 14 $ 29,275 $ 29,289 |
Allowance For Loan Losses | (in thousands) Balance at 1/1/20 After Implementation of ASC 326 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 3/31/20 Commercial and industrial $ 1,249 $ 618 $ 187 $ 1,113 $ 1,931 Commercial mortgages: Multifamily 8,210 — — 437 8,647 Other 3,451 — — 341 3,792 Owner-occupied 1,699 — — 83 1,782 Residential mortgages: Closed end 17,054 — — 405 17,459 Revolving home equity 509 — — ( 22 ) 487 Consumer and other 5 1 2 1 7 $ 32,177 $ 619 $ 189 $ 2,358 $ 34,105 (in thousands) Balance at 1/1/19 Chargeoffs Recoveries Provision (Credit) for Loan Losses Balance at 3/31/19 Commercial and industrial $ 1,158 $ 54 $ 4 $ ( 61 ) $ 1,047 Commercial mortgages: Multifamily 5,851 — — 584 6,435 Other 3,783 — — ( 266 ) 3,517 Owner-occupied 743 — — ( 58 ) 685 Residential mortgages: Closed end 18,844 134 1 ( 640 ) 18,071 Revolving home equity 410 — — ( 8 ) 402 Consumer and other 49 — 1 ( 8 ) 42 $ 30,838 $ 188 $ 6 $ ( 457 ) $ 30,199 |
Aging Of The Recorded Investment In Loans | March 31, 2020 Past Due Nonaccrual With an With No Total Past 90 Days or Allowance Allowance Due Loans & More and for Credit for Credit Nonaccrual Total (in thousands) 30-59 Days 60-89 Days Still Accruing Loss Loss Loans Current Loans Commercial and industrial $ 415 $ — $ — $ — $ — $ 415 $ 125,658 $ 126,073 Commercial mortgages: Multifamily — — — — 1,325 1,325 812,534 813,859 Other 683 — — — 872 1,555 440,626 442,181 Owner-occupied — — — — — — 120,217 120,217 Residential mortgages: Closed end 362 — — — 2,254 2,616 1,555,785 1,558,401 Revolving home equity 265 — — — 390 655 59,641 60,296 Consumer and other — — — — — — 2,274 2,274 $ 1,725 $ — $ — $ — $ 4,841 $ 6,566 $ 3,116,735 $ 3,123,301 December 31, 2019 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 |
Risk Ratings | The following tables present the amortized cost basis of loans by class of loans and risk rating for the periods indicated. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. March 31, 2020 Term Loans by Origination Year Revolving (in thousands) 2020 2019 2018 2017 2016 Prior Loans Total Commercial and industrial: Pass $ 15,540 $ 16,774 $ 12,124 $ 14,783 $ 8,182 $ 27,208 $ 27,274 $ 121,885 Watch — — — — — 2,408 — 2,408 Special Mention — — — — — 750 — 750 Substandard — 771 — — — 259 — 1,030 Doubtful — — — — — — — — $ 15,540 $ 17,545 $ 12,124 $ 14,783 $ 8,182 $ 30,625 $ 27,274 $ 126,073 Commercial mortgages – multifamily: Pass $ 10,809 $ 155,469 $ 166,365 $ 163,857 $ 33,366 $ 279,037 $ — $ 808,903 Watch — — — 1,322 — — — 1,322 Special Mention — — — — 2,309 — — 2,309 Substandard — — — — 1,325 — — 1,325 Doubtful — — — — — — — — $ 10,809 $ 155,469 $ 166,365 $ 165,179 $ 37,000 $ 279,037 $ — $ 813,859 Commercial mortgages – other: Pass $ 22,871 $ 43,516 $ 52,786 $ 56,937 $ 101,642 $ 153,781 $ — $ 431,533 Watch — — — — 9,776 — — 9,776 Special Mention — — — — — — — — Substandard — — — — — 872 — 872 Doubtful — — — — — — — — $ 22,871 $ 43,516 $ 52,786 $ 56,937 $ 111,418 $ 154,653 $ — $ 442,181 Commercial mortgages – owner-occupied: Pass $ 3,550 $ 44,014 $ 9,285 $ 10,267 $ 12,831 $ 35,163 $ — $ 115,110 Watch — — — — — 2,515 — 2,515 Special Mention — — — — — — — — Substandard — — — 1,881 — 711 — 2,592 Doubtful — — — — — — — — $ 3,550 $ 44,014 $ 9,285 $ 12,148 $ 12,831 $ 38,389 $ — $ 120,217 Residential mortgages – closed end: Pass $ 412 $ 30,094 $ 356,704 $ 404,019 $ 292,070 $ 472,400 $ — $ 1,555,699 Watch — — — — — 304 — 304 Special Mention — — — — — — — — Substandard — — 463 — — 1,935 — 2,398 Doubtful — — — — — — — — $ 412 $ 30,094 $ 357,167 $ 404,019 $ 292,070 $ 474,639 $ — $ 1,558,401 Residential mortgages – revolving home equity: Pass $ — $ — $ — $ — $ — $ — $ 59,491 $ 59,491 Watch — — — — — — 415 415 Special Mention — — — — — — — — Substandard — — — — — — 390 390 Doubtful — — — — — — — — $ — $ — $ — $ — $ — $ — $ 60,296 $ 60,296 Consumer and other (1): Pass $ 253 $ 226 $ 85 $ 40 $ 801 $ 408 $ — $ 1,813 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — 259 — — — — — 259 Doubtful — — — — — — — — $ 253 $ 485 $ 85 $ 40 $ 801 $ 408 $ — $ 2,072 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 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) 1,644 — — 268 — 1,912 $ 3,162,138 $ 721 $ 22,622 $ 2,249 $ — $ 3,187,730 (1) Deposit account overdrafts were $ 202,000 and $ 519,000 at March 31, 2020 and December 31, 2019, respectively. Overdrafts are not assigned a risk rating and are therefore excluded from consumer loans in the tables above. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stock-based Compensation [Abstract] | |
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, 2020 254,591 $ 22.87 Granted 68,383 21.30 Converted ( 156,705 ) 23.94 Forfeited ( 750 ) 26.00 Outstanding at March 31, 2020 165,519 $ 21.19 1.44 $ 2,872 |
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, 2020 55,346 $ 12.34 Exercised ( 17,673 ) 11.14 Forfeited or expired ( 1,125 ) 10.37 Outstanding at March 31, 2020 36,548 $ 12.98 0.91 $ 160 Exercisable at March 31, 2020 36,398 $ 12.97 0.89 $ 159 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Pension Plan [Abstract] | |
Net Pension Cost (Credit) | Three Months Ended March 31, (in thousands) 2020 2019 Service cost $ 412 $ 317 Interest cost 412 446 Expected return on plan assets ( 889 ) ( 750 ) Amortization of net actuarial loss — 88 Net pension cost (credit) $ ( 65 ) $ 101 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Assets Measured On Recurring Basis | Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) March 31, 2020: Financial Assets: Available-for-Sale Securities: State and municipals $ 375,843 $ — $ 374,066 $ 1,777 Pass-through mortgage securities 58,643 — 58,643 — Collateralized mortgage obligations 142,295 — 142,295 — Corporate bonds 102,682 — 102,682 — $ 679,463 $ — $ 677,686 $ 1,777 Financial Liabilities: Derivative - interest rate swaps $ 8,183 $ — $ 8,183 $ — 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 $ — |
Financial Instruments | Level of March 31, 2020 December 31, 2019 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 120,208 $ 120,208 $ 38,968 $ 38,968 Loans Level 3 3,089,196 3,137,153 3,158,960 3,113,442 Restricted stock Level 1 30,224 30,224 30,899 30,899 Financial Liabilities: Checking deposits Level 1 973,355 973,355 911,978 911,978 Savings, NOW and money market deposits Level 1 1,682,389 1,682,389 1,720,599 1,720,599 Time deposits Level 2 518,093 527,935 511,439 515,019 Short-term borrowings Level 1 60,599 60,599 190,710 190,710 Long-term debt Level 2 452,472 463,002 337,472 339,445 |
Derivatives (Tables)
Derivatives (Tables) - Cash Flow Hedging [Member] | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swaps | March 31, 2020 December 31, 2019 Notional amount $ 200 million $ 200 million Weighted average fixed pay rate 2.83 % 2.83 % Weighted average 3-month LIBOR receive rate 1.82 % 2.04 % Weighted average maturity 1.81 Years 2.06 Years |
Schedule Of Gains (Losses) Recorded In Accumulated Other Comprehensive Income And The Consolidated Statements Of Income | Three Months Ended March 31, (in thousands) 2020 2019 Interest rate contracts: Amount of loss recognized in OCI (effective portion) $ 4,274 $ 1,614 Amount of loss reclassified from OCI to interest expense 510 69 Amount of loss recognized in other noninterest income (ineffective portion) — — |
Schedule Of Cash Flow Hedges Included In the Consolidated Balance Sheets | March 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other liabilities $ — $ 8,183 $ — $ 4,418 Interest rate swap hedging FHLB advances $ 50,000 $ 50,000 Interest rate swap hedging brokered CDs $ 150,000 $ 150,000 |
Basis Of Presentation (Narrativ
Basis Of Presentation (Narrative) (Details) | Jan. 01, 2020USD ($) | Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Allowance for credit losses on loans | $ 34,105,000 | $ 29,289,000 | $ 30,199,000 | $ 30,838,000 | |
Allowance for credit losses on off-balance sheet credit exposures | 175,000 | ||||
Bank [Member] | |||||
Number of subsidiaries | item | 2 | ||||
Impact Of Adopting ASU 2016-13 [Member] | |||||
Allowance for credit losses on loans | $ 2,888,000 | ||||
Allowance for credit losses on off-balance sheet credit exposures | 430,000 | ||||
Impact Of Adopting ASU 2016-13 [Member] | Retained Earnings [Member] | |||||
Cumulative effect on retained earnings | 2,325,000 | ||||
Deferred tax impact | 993,000 | ||||
As Reported Under ASC 326 [Member] | |||||
Allowance for credit losses on loans | 32,177,000 | $ 32,177,000 | |||
Allowance for credit losses on off-balance sheet credit exposures | $ 605,000 |
Basis Of Presentation (Schedule
Basis Of Presentation (Schedule Of Impact Of ASC 326) (Details) - USD ($) | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance for credit losses on loans | $ 34,105,000 | $ 29,289,000 | $ 30,199,000 | $ 30,838,000 | |
Allowance for credit losses on off-balance sheet credit exposures | 175,000 | ||||
Commercial And Industrial [Member] | |||||
Allowance for credit losses on loans | 1,931,000 | 1,493,000 | 1,047,000 | 1,158,000 | |
Consumer And Other [Member] | |||||
Allowance for credit losses on loans | 7,000 | 13,000 | 42,000 | 49,000 | |
Multifamily Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | 8,647,000 | 7,151,000 | 6,435,000 | 5,851,000 | |
Other Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | 3,792,000 | 3,498,000 | 3,517,000 | 3,783,000 | |
Owner-occupied Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | 1,782,000 | 921,000 | 685,000 | 743,000 | |
Closed-end [Member] | Residential Mortgages [Member] | |||||
Allowance for credit losses on loans | 17,459,000 | 15,698,000 | 18,071,000 | 18,844,000 | |
Revolving Home Equity [Member] | Residential Mortgages [Member] | |||||
Allowance for credit losses on loans | $ 487,000 | 515,000 | $ 402,000 | $ 410,000 | |
As Reported Under ASC 326 [Member] | |||||
Allowance for credit losses on loans | $ 32,177,000 | 32,177,000 | |||
Allowance for credit losses on off-balance sheet credit exposures | 605,000 | ||||
As Reported Under ASC 326 [Member] | Commercial And Industrial [Member] | |||||
Allowance for credit losses on loans | 1,249,000 | 1,249,000 | |||
As Reported Under ASC 326 [Member] | Consumer And Other [Member] | |||||
Allowance for credit losses on loans | 5,000 | 5,000 | |||
As Reported Under ASC 326 [Member] | Multifamily Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | 8,210,000 | 8,210,000 | |||
As Reported Under ASC 326 [Member] | Other Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | 3,451,000 | 3,451,000 | |||
As Reported Under ASC 326 [Member] | Owner-occupied Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | 1,699,000 | 1,699,000 | |||
As Reported Under ASC 326 [Member] | Closed-end [Member] | Residential Mortgages [Member] | |||||
Allowance for credit losses on loans | 17,054,000 | 17,054,000 | |||
As Reported Under ASC 326 [Member] | Revolving Home Equity [Member] | Residential Mortgages [Member] | |||||
Allowance for credit losses on loans | 509,000 | $ 509,000 | |||
Impact Of Adopting ASU 2016-13 [Member] | |||||
Allowance for credit losses on loans | 2,888,000 | ||||
Allowance for credit losses on off-balance sheet credit exposures | 430,000 | ||||
Impact Of Adopting ASU 2016-13 [Member] | Commercial And Industrial [Member] | |||||
Allowance for credit losses on loans | (244,000) | ||||
Impact Of Adopting ASU 2016-13 [Member] | Consumer And Other [Member] | |||||
Allowance for credit losses on loans | (8,000) | ||||
Impact Of Adopting ASU 2016-13 [Member] | Multifamily Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | 1,059,000 | ||||
Impact Of Adopting ASU 2016-13 [Member] | Other Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | (47,000) | ||||
Impact Of Adopting ASU 2016-13 [Member] | Owner-occupied Loan [Member] | Commercial Mortgages [Member] | |||||
Allowance for credit losses on loans | 778,000 | ||||
Impact Of Adopting ASU 2016-13 [Member] | Closed-end [Member] | Residential Mortgages [Member] | |||||
Allowance for credit losses on loans | 1,356,000 | ||||
Impact Of Adopting ASU 2016-13 [Member] | Revolving Home Equity [Member] | Residential Mortgages [Member] | |||||
Allowance for credit losses on loans | $ (6,000) |
Comprehensive Income (Component
Comprehensive Income (Components Of Other Comprehensive Income (Loss) And Related Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Change in net unrealized holding gains (losses) on available-for-sale securities: | |||
Change arising during the period | $ (8,850) | $ 8,417 | |
Tax effect | (2,649) | 2,536 | |
Total | (6,201) | 5,881 | |
Change in funded status of pension plan: | |||
Amortization of net actuarial loss included in net income | [1] | 88 | |
Tax effect | 27 | ||
Total | 61 | ||
Change in net unrealized loss on derivative instruments: | |||
Amount of loss recognized during the period | (4,274) | (1,614) | |
Reclassification adjustment for net interest expense included in net income | [2] | 510 | 69 |
Change in unrealized loss on derivative instruments | (3,764) | (1,545) | |
Tax effect | (1,129) | (465) | |
Total | (2,635) | (1,080) | |
Other comprehensive income (loss) | $ (8,836) | $ 4,862 | |
[1] | 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 6 – Defined Benefit Pension Plan”) and included in the consolidated statements of income in the line item “Other noninterest income.” | ||
[2] | Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Comprehensive Income (Compone_2
Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 389,108 | $ 388,187 |
Current Period Change | (8,836) | 4,862 |
Balance | 376,209 | 386,442 |
Unrealized Holding Gains On Available-For-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 6,945 | |
Current Period Change | (6,201) | |
Balance | 744 | |
Unrealized Actuarial Loss On Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (3,254) | |
Balance | (3,254) | |
Unrealized Losses On Derivative Instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (3,096) | |
Current Period Change | (2,635) | |
Balance | (5,731) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 595 | (9,440) |
Current Period Change | (8,836) | 4,862 |
Balance | $ (8,241) | $ (4,578) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2020USD ($)item | Mar. 31, 2020USD ($)itemsecurity | Dec. 31, 2019USD ($)item | |
Investment Securities [Line Items] | |||
Number of holdings greater than 10 percent of stockholders equity | item | 0 | 0 | 0 |
Held-to-maturity securities, Number of sales | security | 0 | ||
Available-for-Sale Securities, Number of sales | security | 0 | ||
Restricted investment securities | $ 415,868,000 | $ 415,868,000 | $ 382,963,000 |
Allowance for credit losses | 0 | 0 | |
Fair Value | 120,138,000 | 120,138,000 | 167,833,000 |
Unrealized Loss | 16,468,000 | 16,468,000 | 3,707,000 |
Fair value, 2021 | 45,576,000 | 45,576,000 | 93,855,000 |
Fair value, 2020 | 74,562,000 | 74,562,000 | 73,978,000 |
Corporate Bonds [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 102,682,000 | 102,682,000 | 115,830,000 |
Unrealized Loss | $ 16,318,000 | $ 16,318,000 | 3,170,000 |
Number of institutions | item | 6 | 6 | |
Maturity period | 10 years | ||
Fair value, 2021 | $ 28,120,000 | $ 28,120,000 | 51,020,000 |
Fair value, 2020 | $ 74,562,000 | $ 74,562,000 | 64,810,000 |
Debt securities, Weighted average fixed rate | 5.14% | 5.14% | |
State And Municipals [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | $ 7,765,000 | $ 7,765,000 | 11,746,000 |
Unrealized Loss | 127,000 | 127,000 | 239,000 |
Fair value, 2021 | 7,765,000 | 7,765,000 | 6,662,000 |
Fair value, 2020 | 5,084,000 | ||
Collateralized Mortgage Obligations [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 9,691,000 | 9,691,000 | 30,886,000 |
Unrealized Loss | 23,000 | 23,000 | 259,000 |
Fair value, 2021 | $ 9,691,000 | $ 9,691,000 | $ 30,886,000 |
Minimum [Member] | Corporate Bonds [Member] | |||
Investment Securities [Line Items] | |||
Fixed interest rate period | 2 years | ||
Maximum [Member] | Corporate Bonds [Member] | |||
Investment Securities [Line Items] | |||
Fixed interest rate period | 3 years |
Investment Securities (Amortiza
Investment Securities (Amortization Cost And Estimated Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | $ 678,400 | $ 687,631 |
Available-for-Sale Securities, Gross Unrealized Gains | 17,531 | 13,620 |
Available-for-Sale Securities, Gross Unrealized Losses | (16,468) | (3,707) |
Available-for-Sale Securities, Fair value | 679,463 | 697,544 |
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 | (16,318) | (3,170) |
Available-for-Sale Securities, Fair value | 102,682 | 115,830 |
State And Municipals [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 365,652 | 372,113 |
Available-for-Sale Securities, Gross Unrealized Gains | 10,318 | 10,269 |
Available-for-Sale Securities, Gross Unrealized Losses | (127) | (239) |
Available-for-Sale Securities, Fair value | 375,843 | 382,143 |
Pass-Through Mortgage Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 56,555 | 60,307 |
Available-for-Sale Securities, Gross Unrealized Gains | 2,088 | 1,104 |
Available-for-Sale Securities, Gross Unrealized Losses | (39) | |
Available-for-Sale Securities, Fair value | 58,643 | 61,372 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 137,193 | 136,211 |
Available-for-Sale Securities, Gross Unrealized Gains | 5,125 | 2,247 |
Available-for-Sale Securities, Gross Unrealized Losses | (23) | (259) |
Available-for-Sale Securities, Fair value | $ 142,295 | $ 138,199 |
Investment Securities (Securiti
Investment Securities (Securities With A Continuous Unrealized Losses Position) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | $ 45,576,000 | $ 93,855,000 |
Less than 12 months, Unrealized Loss | (4,030,000) | (1,336,000) |
12 months or more, Fair Value | 74,562,000 | 73,978,000 |
12 months or more, Unrealized Loss | (12,438,000) | (2,371,000) |
Total, Fair Value | 120,138,000 | 167,833,000 |
Total, Unrealized Loss | (16,468,000) | (3,707,000) |
State And Municipals [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 7,765,000 | 6,662,000 |
Less than 12 months, Unrealized Loss | (127,000) | (83,000) |
12 months or more, Fair Value | 5,084,000 | |
12 months or more, Unrealized Loss | (156,000) | |
Total, Fair Value | 7,765,000 | 11,746,000 |
Total, Unrealized Loss | (127,000) | (239,000) |
Pass-Through Mortgage Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 5,287,000 | |
Less than 12 months, Unrealized Loss | (14,000) | |
12 months or more, Fair Value | 4,084,000 | |
12 months or more, Unrealized Loss | (25,000) | |
Total, Fair Value | 9,371,000 | |
Total, Unrealized Loss | (39,000) | |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 9,691,000 | 30,886,000 |
Less than 12 months, Unrealized Loss | (23,000) | (259,000) |
Total, Fair Value | 9,691,000 | 30,886,000 |
Total, Unrealized Loss | (23,000) | (259,000) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 28,120,000 | 51,020,000 |
Less than 12 months, Unrealized Loss | (3,880,000) | (980,000) |
12 months or more, Fair Value | 74,562,000 | 64,810,000 |
12 months or more, Unrealized Loss | (12,438,000) | (2,190,000) |
Total, Fair Value | 102,682,000 | 115,830,000 |
Total, Unrealized Loss | $ (16,318,000) | $ (3,170,000) |
Investment Securities (Maturiti
Investment Securities (Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Securities [Abstract] | ||
Available-for-sale securities, Amortized Cost, Within one year | $ 8,598 | |
Available-for-sale securities, Fair Value, Within one year | 8,629 | |
Available-for-sale securities, Amortized Cost, After 1 through 5 years | 72,675 | |
Available-for-sale securities, Fair Value, After 1 through 5 years | 73,963 | |
Available-for-sale securities, Amortized Cost, After 5 through 10 years | 263,976 | |
Available-for-sale securities, Fair Value, After 5 through 10 years | 251,385 | |
Available-for-sale securities, Amortized Cost, After 10 years | 139,403 | |
Available-for-sale securities, Fair Value, After 10 years | 144,548 | |
Available-for-sale securities, Amortized Cost, Mortgage-backed securities | 193,748 | |
Available-for-sale securities, Fair Value, Mortgage-backed securities | 200,938 | |
Available-for-sale securities, Amortized Cost | 678,400 | |
Available-for-sale securities, Fair Value | $ 679,463 | $ 697,544 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)itemcontractloan | Mar. 31, 2019contractloan | Dec. 31, 2019USD ($)loanitem | |
Financing Receivable, Past Due [Line Items] | |||
Allowance for loan losses, TDR | $ 0 | $ 14,000 | |
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% | ||
Number of contracts with payment default | contract | 0 | 0 | |
Number of commitments to lend | item | 0 | 0 | |
Number of loans in the process of foreclosure | loan | 0 | 0 | |
Number of loans modified | loan | 0 | 0 | |
Accrued interest receivable | $ 8,656,000 | $ 8,409,000 | |
Residential Mortgages [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real estate acquired through foreclosure | $ 0 | $ 0 |
Loans (Loans Outstanding By Cla
Loans (Loans Outstanding By Class Of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans outstanding | $ 3,123,301 | $ 3,187,730 | ||
Individually Evaluated for Impairment - Loans | 1,958 | |||
Collectively Evaluated for Impairment - Loans | 3,186,291 | |||
Total Loans | 3,123,301 | 3,188,249 | ||
Individually Evaluated for Impairment - Allowance for Loan Losses | 14 | |||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 29,275 | |||
Ending balance, allowance | 34,105 | 29,289 | $ 30,199 | $ 30,838 |
Commercial And Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans outstanding | 126,073 | 103,879 | ||
Collectively Evaluated for Impairment - Loans | 103,879 | |||
Total Loans | 126,073 | 103,879 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 1,493 | |||
Ending balance, allowance | 1,931 | 1,493 | 1,047 | 1,158 |
Commercial Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total Loans | 1,376,257 | 1,401,289 | ||
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans outstanding | 813,859 | 835,013 | ||
Collectively Evaluated for Impairment - Loans | 835,013 | |||
Total Loans | 813,859 | 835,013 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 7,151 | |||
Ending balance, allowance | 8,647 | 7,151 | 6,435 | 5,851 |
Commercial Mortgages [Member] | Other Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans outstanding | 442,181 | 447,484 | ||
Collectively Evaluated for Impairment - Loans | 447,484 | |||
Total Loans | 442,181 | 447,484 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 3,498 | |||
Ending balance, allowance | 3,792 | 3,498 | 3,517 | 3,783 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans outstanding | 120,217 | 118,792 | ||
Individually Evaluated for Impairment - Loans | 501 | |||
Collectively Evaluated for Impairment - Loans | 118,291 | |||
Total Loans | 120,217 | 118,792 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 921 | |||
Ending balance, allowance | 1,782 | 921 | 685 | 743 |
Residential Mortgages [Member] | Closed-end [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans outstanding | 1,558,401 | 1,621,419 | ||
Individually Evaluated for Impairment - Loans | 1,189 | |||
Collectively Evaluated for Impairment - Loans | 1,620,230 | |||
Total Loans | 1,558,401 | 1,621,419 | ||
Individually Evaluated for Impairment - Allowance for Loan Losses | 14 | |||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 15,684 | |||
Ending balance, allowance | 17,459 | 15,698 | 18,071 | 18,844 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans outstanding | 60,296 | 59,231 | ||
Collectively Evaluated for Impairment - Loans | 59,231 | |||
Total Loans | 60,296 | 59,231 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 515 | |||
Ending balance, allowance | 487 | 515 | 402 | 410 |
Consumer And Other [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans outstanding | 2,274 | |||
Individually Evaluated for Impairment - Loans | 268 | |||
Collectively Evaluated for Impairment - Loans | 2,163 | |||
Total Loans | 2,274 | 2,431 | ||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 13 | |||
Ending balance, allowance | $ 7 | $ 13 | $ 42 | $ 49 |
Loans (Allowance For Loan Losse
Loans (Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | $ 29,289 | $ 30,838 |
Chargeoffs | 619 | 188 |
Recoveries | 189 | 6 |
Provision (Credit) for Credit Losses (Credit) | 2,358 | (457) |
Allowance for credit losses, ending balance | 34,105 | 30,199 |
Commercial And Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 1,493 | 1,158 |
Chargeoffs | 618 | 54 |
Recoveries | 187 | 4 |
Provision (Credit) for Credit Losses (Credit) | 1,113 | (61) |
Allowance for credit losses, ending balance | 1,931 | 1,047 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 7,151 | 5,851 |
Provision (Credit) for Credit Losses (Credit) | 437 | 584 |
Allowance for credit losses, ending balance | 8,647 | 6,435 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 3,498 | 3,783 |
Provision (Credit) for Credit Losses (Credit) | 341 | (266) |
Allowance for credit losses, ending balance | 3,792 | 3,517 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 921 | 743 |
Provision (Credit) for Credit Losses (Credit) | 83 | (58) |
Allowance for credit losses, ending balance | 1,782 | 685 |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 15,698 | 18,844 |
Chargeoffs | 134 | |
Recoveries | 1 | |
Provision (Credit) for Credit Losses (Credit) | 405 | (640) |
Allowance for credit losses, ending balance | 17,459 | 18,071 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 515 | 410 |
Provision (Credit) for Credit Losses (Credit) | (22) | (8) |
Allowance for credit losses, ending balance | 487 | 402 |
Consumer And Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 13 | 49 |
Chargeoffs | 1 | |
Recoveries | 2 | 1 |
Provision (Credit) for Credit Losses (Credit) | 1 | (8) |
Allowance for credit losses, ending balance | 7 | $ 42 |
As Reported Under ASC 326 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 32,177 | |
As Reported Under ASC 326 [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 1,249 | |
As Reported Under ASC 326 [Member] | Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 8,210 | |
As Reported Under ASC 326 [Member] | Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 3,451 | |
As Reported Under ASC 326 [Member] | Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 1,699 | |
As Reported Under ASC 326 [Member] | Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 17,054 | |
As Reported Under ASC 326 [Member] | Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 509 | |
As Reported Under ASC 326 [Member] | Consumer And Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | $ 5 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 4,841 | $ 888 |
Total Past Due Loans & Nonaccrual Loans | 6,566 | 3,816 |
Current | 3,116,735 | 3,184,433 |
Loans | 3,123,301 | 3,188,249 |
Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due Loans & Nonaccrual Loans | 415 | 196 |
Current | 125,658 | 103,683 |
Loans | 126,073 | 103,879 |
Commercial Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,376,257 | 1,401,289 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 1,325 | |
Total Past Due Loans & Nonaccrual Loans | 1,325 | |
Current | 812,534 | 835,013 |
Loans | 813,859 | 835,013 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 872 | |
Total Past Due Loans & Nonaccrual Loans | 1,555 | |
Current | 440,626 | 447,484 |
Loans | 442,181 | 447,484 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 120,217 | 118,792 |
Loans | 120,217 | 118,792 |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 2,254 | 888 |
Total Past Due Loans & Nonaccrual Loans | 2,616 | 3,204 |
Current | 1,555,785 | 1,618,215 |
Loans | 1,558,401 | 1,621,419 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 390 | |
Total Past Due Loans & Nonaccrual Loans | 655 | 414 |
Current | 59,641 | 58,817 |
Loans | 60,296 | 59,231 |
Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due Loans & Nonaccrual Loans | 2 | |
Current | 2,274 | 2,429 |
Loans | 2,274 | 2,431 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,725 | 2,514 |
30 to 59 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 415 | 196 |
30 to 59 Days Past Due [Member] | Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 683 | |
30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 362 | 2,316 |
30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 265 | |
30 to 59 Days Past Due [Member] | Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 414 | |
60 to 89 Days Past Due [Member] | Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 414 |
Loans (Risk Ratings) (Details)
Loans (Risk Ratings) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | $ 3,123,301,000 | $ 3,187,730,000 | |
Deposit liabilities reclassified as loans receivable | 202,000 | 519,000 | |
Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 3,162,138,000 | ||
Watch [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 721,000 | ||
Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 22,622,000 | ||
Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 2,249,000 | ||
Commercial And Industrial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 15,540,000 | ||
2019 | 17,545,000 | ||
2018 | 12,124,000 | ||
2017 | 14,783,000 | ||
2016 | 8,182,000 | ||
Prior | 30,625,000 | ||
Revolving Loans | 27,274,000 | ||
Total Loans | 126,073,000 | 103,879,000 | |
Commercial And Industrial [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 15,540,000 | ||
2019 | 16,774,000 | ||
2018 | 12,124,000 | ||
2017 | 14,783,000 | ||
2016 | 8,182,000 | ||
Prior | 27,208,000 | ||
Revolving Loans | 27,274,000 | ||
Total Loans | 121,885,000 | 100,095,000 | |
Commercial And Industrial [Member] | Watch [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 2,408,000 | ||
Total Loans | 2,408,000 | ||
Commercial And Industrial [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 750,000 | ||
Total Loans | 750,000 | 3,493,000 | |
Commercial And Industrial [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2019 | 771,000 | ||
Prior | 259,000 | ||
Total Loans | 1,030,000 | 291,000 | |
Residential Mortgages [Member] | Closed-end [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 412,000 | ||
2019 | 30,094,000 | ||
2018 | 357,167,000 | ||
2017 | 404,019,000 | ||
2016 | 292,070,000 | ||
Prior | 474,639,000 | ||
Total Loans | 1,558,401,000 | 1,621,419,000 | |
Residential Mortgages [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 60,296,000 | ||
Total Loans | 60,296,000 | 59,231,000 | |
Residential Mortgages [Member] | Pass [Member] | Closed-end [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 412,000 | ||
2019 | 30,094,000 | ||
2018 | 356,704,000 | ||
2017 | 404,019,000 | ||
2016 | 292,070,000 | ||
Prior | 472,400,000 | ||
Total Loans | 1,555,699,000 | 1,619,034,000 | |
Residential Mortgages [Member] | Pass [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 59,491,000 | ||
Total Loans | 59,491,000 | 58,816,000 | |
Residential Mortgages [Member] | Watch [Member] | Closed-end [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 304,000 | ||
Total Loans | 304,000 | 306,000 | |
Residential Mortgages [Member] | Watch [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 415,000 | ||
Total Loans | 415,000 | 415,000 | |
Residential Mortgages [Member] | Special Mention [Member] | Closed-end [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 890,000 | ||
Residential Mortgages [Member] | Substandard [Member] | Closed-end [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2018 | 463,000 | ||
Prior | 1,935,000 | ||
Total Loans | 2,398,000 | 1,189,000 | |
Residential Mortgages [Member] | Substandard [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 390,000 | ||
Total Loans | 390,000 | ||
Commercial Mortgages [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 10,809,000 | ||
2019 | 155,469,000 | ||
2018 | 166,365,000 | ||
2017 | 165,179,000 | ||
2016 | 37,000,000 | ||
Prior | 279,037,000 | ||
Total Loans | 813,859,000 | 835,013,000 | |
Commercial Mortgages [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 22,871,000 | ||
2019 | 43,516,000 | ||
2018 | 52,786,000 | ||
2017 | 56,937,000 | ||
2016 | 111,418,000 | ||
Prior | 154,653,000 | ||
Total Loans | 442,181,000 | 447,484,000 | |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 3,550,000 | ||
2019 | 44,014,000 | ||
2018 | 9,285,000 | ||
2017 | 12,148,000 | ||
2016 | 12,831,000 | ||
Prior | 38,389,000 | ||
Total Loans | 120,217,000 | 118,792,000 | |
Commercial Mortgages [Member] | Pass [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 10,809,000 | ||
2019 | 155,469,000 | ||
2018 | 166,365,000 | ||
2017 | 163,857,000 | ||
2016 | 33,366,000 | ||
Prior | 279,037,000 | ||
Total Loans | 808,903,000 | 831,360,000 | |
Commercial Mortgages [Member] | Pass [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 22,871,000 | ||
2019 | 43,516,000 | ||
2018 | 52,786,000 | ||
2017 | 56,937,000 | ||
2016 | 101,642,000 | ||
Prior | 153,781,000 | ||
Total Loans | 431,533,000 | 437,655,000 | |
Commercial Mortgages [Member] | Pass [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 3,550,000 | ||
2019 | 44,014,000 | ||
2018 | 9,285,000 | ||
2017 | 10,267,000 | ||
2016 | 12,831,000 | ||
Prior | 35,163,000 | ||
Total Loans | 115,110,000 | 113,534,000 | |
Commercial Mortgages [Member] | Watch [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2017 | 1,322,000 | ||
Total Loans | 1,322,000 | ||
Commercial Mortgages [Member] | Watch [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2016 | 9,776,000 | ||
Total Loans | 9,776,000 | ||
Commercial Mortgages [Member] | Watch [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 2,515,000 | ||
Total Loans | 2,515,000 | ||
Commercial Mortgages [Member] | Special Mention [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2016 | 2,309,000 | ||
Total Loans | 2,309,000 | 3,653,000 | |
Commercial Mortgages [Member] | Special Mention [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 9,829,000 | ||
Commercial Mortgages [Member] | Special Mention [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 4,757,000 | ||
Commercial Mortgages [Member] | Substandard [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2016 | 1,325,000 | ||
Total Loans | 1,325,000 | ||
Commercial Mortgages [Member] | Substandard [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 872,000 | ||
Total Loans | 872,000 | ||
Commercial Mortgages [Member] | Substandard [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2017 | 1,881,000 | ||
Prior | 711,000 | ||
Total Loans | 2,592,000 | 501,000 | |
Consumer And Other Excluding Overdrafts [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | [1] | 253,000 | |
2019 | [1] | 485,000 | |
2018 | [1] | 85,000 | |
2017 | [1] | 40,000 | |
2016 | [1] | 801,000 | |
Prior | [1] | 408,000 | |
Total Loans | [1] | 2,072,000 | |
Consumer And Other Excluding Overdrafts [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | [1] | 253,000 | |
2019 | [1] | 226,000 | |
2018 | [1] | 85,000 | |
2017 | [1] | 40,000 | |
2016 | [1] | 801,000 | |
Prior | [1] | 408,000 | |
Total Loans | [1] | 1,813,000 | 1,644,000 |
Consumer And Other Excluding Overdrafts [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2019 | [1] | 259,000 | |
Total Loans | [1] | $ 259,000 | 268,000 |
Consumer And Other Excluding Overdrafts [Member] | Internal Investment Grade [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | [1] | $ 1,912,000 | |
[1] | Deposit account overdrafts were $ 202,000 and $ 519,000 at March 31, 2020 and December 31, 2019, respectively. Overdrafts are not assigned a risk rating and are therefore excluded from consumer loans in the tables above. |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 2,080,000 | |
Weighted average period expected to be recognized | 1 year 8 months 12 days | |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSUs outstanding | 165,519 | 254,591 |
RSUs shares expected to vest | 58,144 | |
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 | 1,632,858 | |
Equity Incentive Plan 2014 [Member] | RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for issuance | 191,629 | |
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 |
Stock-based Compensation (RSU A
Stock-based Compensation (RSU Activity) (Details) - RSUs [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of RSUs | shares | 254,591 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.87 |
Granted, Number of RSUs | shares | 68,383 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 21.30 |
Converted, Number of RSUs | shares | (156,705) |
Converted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 23.94 |
Forfeited, Number of RSUs | shares | (750) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 26 |
Outstanding, Number of RSUs | shares | 165,519 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 21.19 |
Outstanding, Weighted Average Remaining Contractual Term | 1 year 5 months 8 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 2,872 |
Stock-based Compensation (Stock
Stock-based Compensation (Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Stock-based Compensation [Abstract] | |
Outstanding, Number of Options | shares | 55,346 |
Outstanding, Weighted-Average Exercise Price | $ / shares | $ 12.34 |
Exercised, Number of Options | shares | (17,673) |
Exercised, Weighted-Average Exercise Price | $ / shares | $ 11.14 |
Forfeited or expired, Number of Options | shares | (1,125) |
Forfeited or expired, Weighted-Average Exercise Price | $ / shares | $ 10.37 |
Outstanding, Number of Options | shares | 36,548 |
Outstanding, Weighted-Average Exercise Price | $ / shares | $ 12.98 |
Outstanding, Weighted-Average Remaining Contractual Term | 10 months 28 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 160 |
Exercisable, Number of Options | shares | 36,398 |
Exercisable, Weighted-Average Exercise Price | $ / shares | $ 12.97 |
Exercisable, Weighted-Average Remaining Contractual Term | 10 months 20 days |
Exercisable, Aggregate Intrinsic Value | $ | $ 159 |
Defined Benefit Pension Plan (N
Defined Benefit Pension Plan (Narrative) (Details) - Pension Plan [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Jan. 01, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated minimum pension contribution | $ 0 | |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions from employer | $ 1,362,000 |
Defined Benefit Pension Plan _2
Defined Benefit Pension Plan (Net Pension Cost (Credit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Pension Plan [Abstract] | ||
Service cost | $ 412 | $ 317 |
Interest cost | 412 | 446 |
Expected return on plan assets | (889) | (750) |
Amortization of net actuarial loss | 88 | |
Net pension cost (credit) | $ (65) | $ 101 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 679,463,000 | $ 697,544,000 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 375,843,000 | 382,143,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 679,463,000 | 697,544,000 |
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 | 1,777,000 | 1,844,000 |
Fair Value, Measurements, Recurring [Member] | State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 375,843,000 | 382,143,000 |
Fair Value, Measurements, Recurring [Member] | State And Municipals [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 1,777,000 | $ 1,844,000 |
Number of non-rated bond anticipation notes | item | 6 | |
Maturity period | 1 year |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 679,463 | $ 697,544 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 679,463 | 697,544 |
Derivative - interest rate swaps | 8,183 | 4,418 |
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 | 677,686 | 695,700 |
Derivative - interest rate swaps | 8,183 | 4,418 |
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 | 1,777 | 1,844 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 102,682 | 115,830 |
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 | 102,682 | 115,830 |
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 | 102,682 | 115,830 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 375,843 | 382,143 |
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 | 375,843 | 382,143 |
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 | 374,066 | 380,299 |
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 | 1,777 | 1,844 |
Pass-Through Mortgage Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 58,643 | 61,372 |
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 | 58,643 | 61,372 |
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 | 58,643 | 61,372 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 142,295 | 138,199 |
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 | 142,295 | 138,199 |
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 | $ 142,295 | $ 138,199 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Restricted stock | $ 30,224 | $ 30,899 |
Financial Liabilities: | ||
Checking deposits | 973,355 | 911,978 |
Savings, NOW and money market deposits | 1,682,389 | 1,720,599 |
Carrying Amount [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 120,208 | 38,968 |
Restricted stock | 30,224 | 30,899 |
Financial Liabilities: | ||
Checking deposits | 973,355 | 911,978 |
Savings, NOW and money market deposits | 1,682,389 | 1,720,599 |
Short-term borrowings | 60,599 | 190,710 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Time deposits | 518,093 | 511,439 |
Long-term debt | 452,472 | 337,472 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans | 3,089,196 | 3,158,960 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 120,208 | 38,968 |
Restricted stock | 30,224 | 30,899 |
Financial Liabilities: | ||
Checking deposits | 973,355 | 911,978 |
Savings, NOW and money market deposits | 1,682,389 | 1,720,599 |
Short-term borrowings | 60,599 | 190,710 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Time deposits | 527,935 | 515,019 |
Long-term debt | 463,002 | 339,445 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans | $ 3,137,153 | $ 3,113,442 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue From Contracts With Customers [Abstract] | ||
Revenue | $ 442,000 | $ 493,000 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2021 | Dec. 31, 2019 | Jan. 17, 2019 | May 22, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest expense | $ 9,936,000 | $ 11,143,000 | ||||
Collateral posted | 9,100,000 | |||||
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 | 510,000 | |||||
Forecast [Member] | 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 | $ 4,462,000 | |||||
Cash Flow Hedging [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Notional amount | 200,000,000 | $ 200,000,000 | $ 50,000,000 | $ 150,000,000 | ||
Interest expense | $ 510,000 | $ 69,000 |
Derivatives (Schedule Of Intere
Derivatives (Schedule Of Interest Rate Swaps) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Jan. 17, 2019 | May 22, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | $ 200 | $ 200 | $ 50 | $ 150 |
Weighted average fixed pay rate | 2.83% | 2.83% | ||
Weighted average 3-month LIBOR receive rate | 1.82% | 2.04% | ||
Weighted average maturity | 1 year 9 months 21 days | 2 years 21 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 | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss recognized in OCI (effective portion) | $ (4,274) | $ (1,614) | |
Amount of loss reclassified from OCI to interest expense | [1] | 510 | 69 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss recognized in OCI (effective portion) | 4,274 | 1,614 | |
Amount of loss reclassified from OCI to interest expense | $ 510 | $ 69 | |
[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) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 17, 2019 | May 22, 2018 |
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 200,000 | $ 200,000 | $ 50,000 | $ 150,000 |
Interest Rate Swaps [Member] | FHLB [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 50,000 | 50,000 | ||
Interest Rate Swaps [Member] | Brokered CDs [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 150,000 | 150,000 | ||
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Liability | $ 8,183 | $ 4,418 |