Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Flushing Financial Corporation | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 28,924,818 | |
Amendment Flag | false | |
Entity Central Index Key | 923,139 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and due from banks | $ 36,599,000 | $ 34,265,000 | |
Securities held-to-maturity: | |||
Other securities (none pledged) (fair value of $7,220 at June 30, 2015) | 7,220,000 | [1] | 0 |
Securities available for sale: | |||
Mortgage-backed securities (including assets pledged of $438,646 and $464,626 at June 30, 2015 and December 31, 2014, respectively; $4,037 and $4,678 at fair value pursuant to the fair value option at June 30, 2015 and December 31, 2014, respectively.) | 729,674,000 | [1] | 704,933,000 |
Other securities (including assets pledged of $68,516 and $57,562 at June 30, 2015 and December 31, 2014, respectively; $28,122 and $27,915 at fair value pursuant to the fair value option at June 30, 2015 and December 31, 2014, respectively) | 307,823,000 | [1] | 268,377,000 |
Loans held for sale | 300,000 | ||
Loans: | |||
Net unamortized premiums and unearned loan fees | 13,251,000 | 11,719,000 | |
Allowance for loan losses | (23,084,000) | (25,096,000) | |
Net loans | 4,008,058,000 | 3,785,277,000 | |
Interest and dividends receivable | 17,980,000 | 17,251,000 | |
Bank premises and equipment, net | 24,418,000 | 21,868,000 | |
Federal Home Loan Bank of New York stock | 49,926,000 | 46,924,000 | |
Bank owned life insurance | 114,088,000 | 112,656,000 | |
Goodwill | 16,127,000 | 16,127,000 | |
Other assets | 47,751,000 | 69,335,000 | |
Total assets | 5,359,964,000 | 5,077,013,000 | |
Due to depositors: | |||
Non-interest bearing | 257,575,000 | 255,834,000 | |
Interest-bearing: | |||
Certificate of deposit accounts | 1,375,506,000 | 1,305,823,000 | |
Savings accounts | 264,718,000 | 261,942,000 | |
Money market accounts | 399,191,000 | 290,263,000 | |
NOW accounts | 1,357,412,000 | 1,359,057,000 | |
Total interest-bearing deposits | 3,396,827,000 | 3,217,085,000 | |
Mortgagors' escrow deposits | 43,930,000 | 35,679,000 | |
Borrowed funds ($29,476 and $28,771 at fair value pursuant to the fair value option at June 30, 2015 and December 31, 2014, respectively) | 999,435,000 | 940,492,000 | |
Securities sold under agreements to repurchase | 116,000,000 | 116,000,000 | |
Other liabilities | 84,061,000 | 55,676,000 | |
Total liabilities | $ 4,897,828,000 | $ 4,620,766,000 | |
Commitments and contingencies (Notes 4 & 5) | |||
STOCKHOLDERS' EQUITY | |||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; None issued) | |||
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595 shares issued at June 30, 2015 and December 31, 2014; 28,923,000 shares and 29,403,823 shares outstanding at June 30, 2015 and December 31, 2014, respectively) | $ 315,000 | $ 315,000 | |
Additional paid-in capital | 209,257,000 | 206,437,000 | |
Treasury stock, at average cost (2,607,595 shares and 2,126,772 shares at June 30, 2015 and December 31, 2014, respectively) | (46,980,000) | (37,221,000) | |
Retained earnings | 303,300,000 | 289,623,000 | |
Accumulated other comprehensive loss, net of taxes | (3,756,000) | (2,907,000) | |
Total stockholders' equity | 462,136,000 | 456,247,000 | |
Total liabilities and stockholders' equity | 5,359,964,000 | 5,077,013,000 | |
Multi-Family Residential Portfolio Segment[Member] | |||
Loans: | |||
Loans | 2,017,891,000 | 1,923,460,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans: | |||
Loans | 726,136,000 | 621,569,000 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | |||
Loans: | |||
Loans | 567,060,000 | 573,779,000 | |
One-To-Four Family - Residential Portfolio Segment[Member] | |||
Loans: | |||
Loans | 189,573,000 | 187,572,000 | |
Co-Operative Apartments Portfolio Segment [Member] | |||
Loans: | |||
Loans | 7,681,000 | 9,835,000 | |
Construction Portfolio Segment [Member] | |||
Loans: | |||
Loans | 3,673,000 | 5,286,000 | |
Small Business Administration Portfolio Segment [Member] | |||
Loans: | |||
Loans | 12,181,000 | 7,134,000 | |
Taxi Medallion Portfolio Segment[Member] | |||
Loans: | |||
Loans | 21,211,000 | 22,519,000 | |
Commercial Business And Other Portfolio Segment[Member] | |||
Loans: | |||
Loans | $ 472,485,000 | $ 447,500,000 | |
[1] | Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Other securities (none pledged) Fair Value (in Dollars) | [1] | $ 7,220 | |
Mortgage-backed securities, fair value option (in Dollars) | 4,037 | $ 4,678 | |
Mortgage-backed securities, assets pledged (in Dollars) | 438,646 | 464,626 | |
Other securities, fair value option (in Dollars) | 28,122 | 27,915 | |
Other securities, assets pledged (in Dollars) | 68,516 | 57,562 | |
Borrowed funds, fair value option (in Dollars) | $ 29,476 | $ 28,771 | |
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 31,530,595 | 31,530,595 | |
Common stock, shares outstanding | 28,923,000 | 29,403,823 | |
Treasury stock, shares | 2,607,595 | 2,126,772 | |
[1] | Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Interest and dividend income | |||||
Interest and fees on loans | $ 44,084 | $ 42,489 | $ 87,618 | $ 84,609 | |
Interest and dividends on securities: | |||||
Interest | 5,988 | 6,867 | 11,858 | 13,742 | |
Dividends | 118 | 195 | 236 | 384 | |
Other interest income | 32 | 18 | 53 | 45 | |
Total interest and dividend income | 50,222 | 49,569 | 99,765 | 98,780 | |
Interest expense | |||||
Deposits | 7,437 | 7,670 | 14,895 | 15,388 | |
Other interest expense | 4,645 | 5,070 | 9,176 | 10,076 | |
Total interest expense | 12,082 | 12,740 | 24,071 | 25,464 | |
Net interest income | 38,140 | 36,829 | 75,694 | 73,316 | |
Benefit for loan losses | (516) | (1,092) | (1,250) | (2,211) | |
Net interest income after benefit for loan losses | 38,656 | 37,921 | 76,944 | 75,527 | |
Non-interest income | |||||
Banking services fee income | 898 | 867 | 1,782 | 1,576 | |
Net gain on sale of securities | 64 | 64 | |||
Net gain on sale of loans | 47 | 49 | |||
Net gain on sale of buildings | 6,537 | 6,537 | |||
Net gain (loss) from fair value adjustments | 768 | (402) | 173 | (1,046) | |
Federal Home Loan Bank of New York stock dividends | 457 | 430 | 975 | 981 | |
Bank owned life insurance | 715 | 755 | 1,432 | 1,531 | |
Other income | 461 | 336 | 865 | 654 | |
Total non-interest income | 9,947 | 1,986 | 11,877 | 3,696 | |
Non-interest expense | |||||
Salaries and employee benefits | 13,157 | 11,944 | 27,823 | 24,522 | |
Occupancy and equipment | 2,635 | 1,919 | 5,348 | 3,954 | |
Professional services | 1,350 | 1,527 | 3,129 | 2,737 | |
FDIC deposit insurance | 811 | 673 | 1,560 | 1,370 | |
Data processing | 1,172 | 1,042 | 2,247 | 2,110 | |
Depreciation and amortization | 867 | 717 | 1,535 | 1,432 | |
Other real estate owned/foreclosure expense | 87 | 279 | 607 | 535 | |
Other operating expenses | 4,169 | 2,523 | 7,938 | 6,057 | |
Total non-interest expense | 24,248 | 20,624 | 50,187 | 42,717 | |
Income before income taxes | 24,355 | 19,283 | 38,634 | 36,506 | |
Provision for income taxes | |||||
Federal | 7,155 | 5,513 | 11,407 | 10,271 | |
State and local | 2,366 | 2,085 | 3,660 | 4,254 | |
Total taxes | 9,521 | 7,598 | 15,067 | 14,525 | |
Net income | $ 14,834 | $ 11,685 | $ 23,567 | $ 21,981 | |
Basic earnings per common share (in Dollars per share) | $ 0.51 | $ 0.39 | $ 0.80 | $ 0.73 | |
Diluted earnings per common share (in Dollars per share) | [1] | 0.51 | 0.39 | 0.80 | 0.73 |
Dividends per common share (in Dollars per share) | $ 0.16 | $ 0.15 | $ 0.32 | $ 0.30 | |
[1] | For the three and six months ended June 30, 2015 and 2014, there were no stock options that were anti-dilutive. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 14,834 | $ 11,685 | $ 23,567 | $ 21,981 |
Other comprehensive income, net of tax: | ||||
Amortization of actuarial losses | 171 | 98 | 345 | 161 |
Amortization of prior service credits | (7) | (7) | (13) | (10) |
Reclassificaton adjustment for net gains included in income | (36) | (36) | ||
Net unrealized (losses) gains on securities | (5,477) | 6,513 | (1,145) | 11,873 |
Total other comprehensive income, net of tax | (5,349) | 6,604 | (849) | 12,024 |
Comprehensive income | $ 9,485 | $ 18,289 | $ 22,718 | $ 34,005 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 14,834 | $ 23,567 | $ 21,981 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Benefit for loan losses | (516) | (1,250) | (2,211) |
Depreciation and amortization of bank premises and equipment | 867 | 1,535 | 1,432 |
Amortization of premium, net of accretion of discount | 4,447 | 3,582 | |
Net (gain) loss from fair value adjustments | (768) | (173) | 1,046 |
Net gain from sale of loans | (47) | (49) | |
Net gain from sale of securities | (64) | (64) | |
Net gain from sale of buildings | (6,537) | (6,537) | |
Income from bank owned life insurance | (715) | (1,432) | (1,531) |
Stock-based compensation expense | 3,643 | 3,135 | |
Deferred compensation | (2,004) | (1,486) | |
Excess tax benefit from stock-based payment arrangements | (380) | (748) | |
Deferred income tax (benefit) provision | (3,855) | 2,745 | |
Increase in other liabilities | 706 | 1,948 | |
Decrease in other assets | 5,374 | 1,489 | |
Net cash provided by operating activities | 23,528 | 31,382 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of bank premises and equipment | (7,841) | (855) | |
Net purchases of Federal Home Loan Bank of New York shares | (3,002) | (5,382) | |
Purchases of securities held-to-maturity | (3,100) | ||
Proceeds from maturities of securities held-to-maturity | 390 | ||
Purchases of securities available for sale | (138,095) | (70,871) | |
Proceeds from sales and calls of securities available for sale | 25,039 | 1,871 | |
Proceeds from maturities and prepayments of securities available for sale | 61,868 | 47,535 | |
Proceeds from sale of buildings | 20,209 | ||
Net originations of loans | (82,544) | (90,946) | |
Purchases of loans | (126,070) | (12,884) | |
Proceeds from sale of real estate owned | 2,070 | 2,034 | |
Proceeds from sale of delinquent loans | 5,028 | 7,332 | |
Net cash used in investing activities | (246,048) | (122,166) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase in non-interest bearing deposits | 1,741 | 15,920 | |
Net increase (decrease) in interest-bearing deposits | 179,213 | (18,405) | |
Net increase in mortgagors' escrow deposits | 8,251 | 8,189 | |
Net proceeds from short-term borrowed funds | 35,000 | 109,000 | |
Proceeds from long-term borrowings | 72,996 | ||
Repayment of long-term borrowings | (50,000) | (9,300) | |
Purchases of treasury stock | (13,490) | (3,285) | |
Excess tax benefit from stock-based payment arrangements | 380 | 748 | |
Proceeds from issuance of common stock upon exercise of stock options | 142 | 142 | 429 |
Cash dividends paid | (9,379) | (9,015) | |
Net cash provided by financing activities | 224,854 | 94,281 | |
Net increase in cash and cash equivalents | 2,334 | 3,497 | |
Cash and cash equivalents, beginning of period | 34,265 | 33,485 | |
Cash and cash equivalents, end of period | $ 36,599 | 36,599 | 36,982 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||
Interest paid | 23,585 | 25,172 | |
Income taxes paid | 16,221 | 12,236 | |
Taxes paid if excess tax benefits were not tax deductible | 16,601 | 12,984 | |
Non-cash activities: | |||
Securities purchased not yet settled | 22,037 | ||
Securities transferred from available for sale to held-to-maturity | 4,510 | ||
Loans transferred to Other Real Estate Owned | 772 | 655 | |
Loans provided for the sale of Other Real Estate Owned | 175 | $ 308 | |
Loans held for investment transferred to loans held for sale | $ 300 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member]Purchase of Common Shares Outstanding [Member] | Treasury Stock [Member]Shares Purchased To Fund Options Exercised [Member] | Treasury Stock [Member]Restricted Stock Awards Repurchased To Satisfy Tax Obligations [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance, beginning of period at Dec. 31, 2013 | $ 315 | $ 201,902 | $ (22,053) | $ 263,743 | $ (11,375) | ||||
Common Stock | |||||||||
Change in net unrealized gains (losses) on securities available for sale, net of taxes of approximately $833 and ($9,141) for the six months ended June 30, 2015 and 2014, respectively | 11,873 | $ 11,873 | |||||||
Amortization of actuarial losses, net of taxes of approximately ($268) and ($189) for the six months ended June 30, 2015 and 2014, respectively | 161 | (161) | |||||||
Amortization of prior service credits, net of taxes of approximately $10 and $13 for the six months ended June 30, 2015 and 2014, respectively) | (10) | ||||||||
Net income | 21,981 | 21,981 | |||||||
Cash dividends declared and paid on common shares ($0.32 and $0.30 per common share for the six months ended June 30, 2015 and 2014, respectively) | (9,015) | ||||||||
Award of common shares released from Employee Benefit Trust (136,114 and 129,694 common shares for the six months ended June 30, 2015 and 2014, respectively) | 1,975 | ||||||||
Shares issued upon vesting of restricted stock unit awards | 9 | 2,972 | (395) | ||||||
Issuance upon exercise of stock options | 296 | 1,608 | (45) | 1,290 | |||||
Stock-based compensation activity, net | 392 | ||||||||
Stock-based income tax benefit | 748 | ||||||||
Balance, end of period at Jun. 30, 2014 | 315 | 205,322 | (22,048) | 276,269 | 649 | 460,507 | |||
Treasury Stock | |||||||||
Purchases of outstanding shares | $ (2,143) | $ (1,290) | $ (1,142) | ||||||
Balance, beginning of period at Dec. 31, 2014 | 315 | 206,437 | (37,221) | 289,623 | (2,907) | 456,247 | |||
Common Stock | |||||||||
Change in net unrealized gains (losses) on securities available for sale, net of taxes of approximately $833 and ($9,141) for the six months ended June 30, 2015 and 2014, respectively | (1,145) | (1,145) | |||||||
Reclassification adjustment for loss included in net income, net of taxes of approximately $28 for the six months ended June 30, 2015 | (36) | 36 | |||||||
Amortization of actuarial losses, net of taxes of approximately ($268) and ($189) for the six months ended June 30, 2015 and 2014, respectively | 345 | (345) | |||||||
Amortization of prior service credits, net of taxes of approximately $10 and $13 for the six months ended June 30, 2015 and 2014, respectively) | (13) | ||||||||
Net income | 23,567 | 23,567 | |||||||
Cash dividends declared and paid on common shares ($0.32 and $0.30 per common share for the six months ended June 30, 2015 and 2014, respectively) | (9,379) | ||||||||
Award of common shares released from Employee Benefit Trust (136,114 and 129,694 common shares for the six months ended June 30, 2015 and 2014, respectively) | 1,969 | ||||||||
Shares issued upon vesting of restricted stock unit awards | 160 | 3,577 | (503) | ||||||
Issuance upon exercise of stock options | 8 | 174 | (8) | 20 | |||||
Stock-based compensation activity, net | 303 | ||||||||
Stock-based income tax benefit | 380 | ||||||||
Balance, end of period at Jun. 30, 2015 | $ 315 | $ 209,257 | $ (46,980) | $ 303,300 | $ (3,756) | $ 462,136 | |||
Treasury Stock | |||||||||
Purchases of outstanding shares | $ (12,380) | $ (20) | $ (1,110) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Shares issued upon vesting of restricted stock unit awards | 144,578 | 185,980 |
Issuance upon exercise of stock options | 9,725 | |
Cash dividends declared and paid on common shares (in Dollars per share) | $ 0.32 | $ 0.30 |
Reclassification adjustment for loss included in net income, tax (in Dollars) | $ 28 | |
Additional Paid-in Capital [Member] | ||
Award of common shares released from Employee Benefit Trust | 136,114 | 129,694 |
Shares issued upon vesting of restricted stock unit awards | 59,532 | 2,500 |
Issuance upon exercise of stock options | 6,025 | 100,625 |
Treasury Stock [Member] | ||
Shares issued upon vesting of restricted stock unit awards | 204,110 | 188,480 |
Issuance upon exercise of stock options | 9,725 | 100,625 |
Treasury Stock [Member] | Purchase of Common Shares Outstanding [Member] | ||
Purchases of shares | 635,199 | 108,120 |
Treasury Stock [Member] | Shares Purchased To Fund Options Exercised [Member] | ||
Purchases of shares | 998 | 63,732 |
Treasury Stock [Member] | Restricted Stock Awards Repurchased To Satisfy Tax Obligations [Member] | ||
Purchases of shares | 58,461 | 55,465 |
Retained Earnings [Member] | ||
Issuance upon exercise of stock options | 3,700 | 7,200 |
Cash dividends declared and paid on common shares (in Dollars per share) | $ 0.32 | $ 0.30 |
AOCI Attributable to Parent [Member] | ||
Change in net unrealized gains on securities available for sale, taxes (in Dollars) | $ 833 | $ (9,141) |
Amortization of actuarial losses, taxes (in Dollars) | 268 | 189 |
Amortization of prior service credits, taxes (in Dollars) | $ 10 | $ 13 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | 1. Basis of Presentation The primary business of Flushing Financial Corporation (the “Holding Company”), a Delaware corporation, is the operation of its wholly-owned subsidiary, Flushing Bank (the “Bank”). The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q (“Quarterly Report”) include the collective results of the Holding Company and its direct and indirect wholly-owned subsidiaries, including the Bank, Flushing Preferred Funding Corporation, Flushing Service Corporation, and FSB Properties Inc., which are collectively herein referred to as “we,” “us,” “our” and the “Company.” The Holding Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III, and Flushing Financial Capital Trust IV (the “Trusts”), which are special purpose business trusts. The Trusts are not included in the Company’s consolidated financial statements as the Company would not absorb the losses of the Trusts if any losses were to occur. The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for such presented periods of the Company. Such adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report. All inter-company balances and transactions have been eliminated in consolidation. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited consolidated interim financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
Note 2 - Use of Estimates
Note 2 - Use of Estimates | 6 Months Ended |
Jun. 30, 2015 | |
Use Of Estimates [Abstract] | |
Use Of Estimates [Text Block] | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for loan losses (“ALLL”), the evaluation of goodwill for impairment, the evaluation of the need for a valuation allowance of the Company’s deferred tax assets, the evaluation of other-than-temporary impairment (“OTTI”) on securities and the valuation of certain financial instruments. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results could differ from these estimates. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 3. Earnings Per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the total weighted average number of common shares outstanding, which includes unvested participating securities. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and as such are included in the calculation of earnings per share. The Company’s unvested restricted stock and restricted stock unit awards are considered participating securities. Therefore, weighted average common shares outstanding used for computing basic earnings per common share includes common shares outstanding plus unvested restricted stock and restricted stock unit awards. The computation of diluted earnings per share includes the additional dilutive effect of stock options outstanding and other common stock equivalents during the period. Common stock equivalents that are anti-dilutive are not included in the computation of diluted earnings per common share. The numerator for calculating basic and diluted earnings per common share is net income available to common shareholders. The shares held in the Company’s Employee Benefit Trust are not included in shares outstanding for purposes of calculating earnings per common share. Earnings per common share have been computed based on the following: For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands, except per share data) Net income, as reported $ 14,834 $ 11,685 $ 23,567 $ 21,981 Divided by: Weighted average common shares outstanding 29,246 30,059 29,321 30,022 Weighted average common stock equivalents 22 31 22 34 Total weighted average common shares outstanding and common stock equivalents 29,268 30,090 29,343 30,056 Basic earnings per common share $ 0.51 $ 0.39 $ 0.80 $ 0.73 Diluted earnings per common share (1) $ 0.51 $ 0.39 $ 0.80 $ 0.73 Dividend payout ratio 31.4 % 38.5 % 40.0 % 41.1 % (1) For the three and six months ended June 30, 2015 and 2014, there were no stock options that were anti-dilutive. |
Note 4 - Debt and Equity Securi
Note 4 - Debt and Equity Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Debt and Equity Securities The Company’s investments in equity securities that have readily determinable fair values and all investments in debt securities are classified in one of the following three categories and accounted for accordingly: (1) trading securities, (2) securities available for sale and (3) securities held-to-maturity. The Company did not hold any trading securities at June 30, 2015 and December 31, 2014. The Company did not hold any securities held-to-maturity at December 31, 2014. Securities available for sale are recorded at fair value. The following table summarizes the Company’s portfolio of securities held-to-maturity at June 30, 2015: Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses (In thousands) Securites held-to-maturity: Municipals $ 7,220 $ 7,220 $ - $ - Total $ 7,220 $ 7,220 $ - $ - During the three months ended June 30, 2015, the Company transferred municipal bonds with an amortized cost and fair value of $4.5 million from available for sale to held-to-maturity. The transferred securities had a weighted average term to maturity of approximately seven months at the time of transfer. The following table summarizes the Company’s portfolio of securities available for sale at June 30, 2015: Amortized Cost Gross Unrealized Fair Value Gross Unrealized Gains Losses (In thousands) Securites available for sale: Corporate $ 105,852 $ 104,648 $ 521 $ 1,725 Municipals 136,927 139,911 3,114 130 Mutual funds 21,193 21,193 - - Other 42,004 42,071 69 2 Total other securities 305,976 307,823 3,704 1,857 REMIC and CMO 530,684 532,662 6,165 4,187 GNMA 12,802 13,080 401 123 FNMA 170,838 170,534 1,635 1,939 FHLMC 13,259 13,398 139 - Total mortgage-backed securities 727,583 729,674 8,340 6,249 Total securities available for sale $ 1,033,559 $ 1,037,497 $ 12,044 $ 8,106 Mortgage-backed securities shown in the table above include two private issue collateralized mortgage obligations (“CMOs”) that are collateralized by commercial real estate mortgages with amortized cost and fair value of $9.1 million at June 30, 2015. The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2014: Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses (In thousands) Securites available for sale: Corporate $ 90,719 $ 91,273 $ 1,268 $ 714 Municipals 145,864 148,896 3,093 61 Mutual funds 21,118 21,118 - - Other 7,098 7,090 - 8 Total other securities 264,799 268,377 4,361 783 REMIC and CMO 504,207 505,768 6,188 4,627 GNMA 13,862 14,159 421 124 FNMA 169,956 170,367 2,128 1,717 FHLMC 14,505 14,639 142 8 Total mortgage-backed securities 702,530 704,933 8,879 6,476 Total securities available for sale $ 967,329 $ 973,310 $ 13,240 $ 7,259 Mortgage-backed securities shown in the table above include three private issue CMOs that are collateralized by commercial real estate mortgages with an amortized cost and fair value of $12.4 million at December 31, 2014. The following table represents the activity related to the credit loss component recognized in earnings on debt securities held by the Company for which a portion of OTTI was recognized in AOCI for the periods indicated: For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Beginning balance $ - $ 3,738 $ - $ 3,738 Recognition of actual losses - - - - OTTI charges due to credit loss recorded in earnings - - - - Securities sold during the period - - - - Securities where there is an intent to sell or requirement to sell - - - - Ending balance $ - $ 3,738 $ - $ 3,738 The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Gross gains from the sale of securities $ 233 $ - $ 233 $ - Gross losses from the sale of securities (169 ) - (169 ) - Net gains from the sale of securities $ 64 $ - $ 64 $ - The following table details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at June 30, 2015, by contractual maturity. Amortized Cost Fair Value (In thousands) Securities held-to-maturity: (1) Due in one year or less $ 6,140 $ 6,140 Due after one year through five years 1,080 1,080 Total securities held-to-maturity $ 7,220 $ 7,220 (1) Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The following table details the amortized cost and fair value of the Company’s securities classified as available for sale at June 30, 2015, by contractual maturity. Amortized Cost Fair Value (In thousands) Securities available for sale: (1) Due in one year or less $ 32,046 $ 32,232 Due after one year through five years 15,000 15,298 Due after five years through ten years 92,077 90,741 Due after ten years 166,853 169,552 Total other securities 305,976 307,823 Mortgage-backed securities 727,583 729,674 Total securities available for sale $ 1,033,559 $ 1,037,497 (1) Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value aggregated by category and length of time the individual securities had been in a continuous unrealized loss position at June 30, 2015: Total Less than 12 months 12 months or more Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Corporate $ 53,275 $ 1,725 $ 38,413 $ 1,587 $ 14,862 $ 138 Municipals 17,077 130 17,077 130 - - Other 298 2 298 2 - - Total other securities 70,650 1,857 55,788 1,719 14,862 138 REMIC and CMO 245,107 4,187 141,760 1,205 103,347 2,982 GNMA 7,727 123 7,727 123 - - FNMA 100,608 1,939 68,604 1,040 32,004 899 Total mortgage-backed securities 353,442 6,249 218,091 2,368 135,351 3,881 Total securities available for sale $ 424,092 $ 8,106 $ 273,879 $ 4,087 $ 150,213 $ 4,019 OTTI losses on impaired securities must be fully recognized in earnings if an investor has the intent to sell the debt security or if it is more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does not expect to sell a debt security, the investor must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss has occurred, only the amount of impairment associated with the credit loss is recognized in earnings in the Consolidated Statements of Income. Amounts relating to factors other than credit losses are recorded in accumulated other comprehensive income (“AOCI”) within Stockholders’ Equity. The Company reviewed each investment that had an unrealized loss at June 30, 2015. An unrealized loss exists when the current fair value of an investment is less than its amortized cost basis. Unrealized losses on available for sale securities, that are deemed to be temporary, are recorded in AOCI, net of tax. Unrealized losses that are considered to be other-than-temporary are split between credit related and noncredit related impairments, with the credit related impairment being recorded as a charge against earnings and the noncredit related impairment being recorded in AOCI, net of tax. Corporate: The unrealized losses in Corporate securities at June 30, 2015 consist of losses on seven Corporate securities. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at June 30, 2015. Municipal Securities: The unrealized losses in Municipal securities at June 30, 2015, consist of losses on five Municipal securities. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at June 30, 2015. Other Securities: The unrealized losses in Other Securities at June 30, 2015, consist of a loss on one single issuer trust preferred security. The unrealized losses on this security were caused by market interest volatility, a significant widening of credit spreads across markets for these securities and illiquidity and uncertainty in the financial markets. This security is currently rated below investment grade. It is not anticipated that this security would be settled at a price that is less than the amortized cost of the Company’s investment. This security is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell this security and it is more likely than not the Company will not be required to sell this security before recovery of the security’s amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the security. Therefore, the Company did not consider this investment to be other-than-temporarily impaired at June 30, 2015. REMIC and CMO: The unrealized losses in Real Estate Mortgage Investment Conduit (“REMIC”) and CMO securities at June 30, 2015 consist of 12 issues from the Federal Home Loan Mortgage Corporation (“FHLMC”), 14 issues from the Federal National Mortgage Association (“FNMA”) and nine issues from Government National Mortgage Association (“GNMA”). The unrealized losses on the REMIC and CMO securities issued by FHLMC, FNMA and GNMA were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms, and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements, and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at June 30, 2015. GNMA: The unrealized losses in GNMA securities at June 30, 2015 consist of a loss on one security. The unrealized losses were caused by movements in interest rates. It is not anticipated that this security would be settled at a price that is less than the amortized cost of the Company’s investment. This security is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell this security and it is more likely than not the Company will not be required to sell the security before recovery of the security’s amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the security. Therefore, the Company did not consider this security to be other-than-temporarily impaired at June 30, 2015. FNMA: The unrealized losses in FNMA securities at June 30, 2015 consist of losses on 17 securities. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes will cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at June 30, 2015. The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2014. Total Less than 12 months 12 months or more Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Corporate $ 39,287 $ 714 $ 9,573 $ 428 $ 29,714 $ 286 Municipals 8,810 61 3,546 11 5,264 50 Other 292 8 - - 292 8 Total other securities 48,389 783 13,119 439 35,270 344 REMIC and CMO 216,190 4,627 77,382 399 138,808 4,228 GNMA 8,358 124 - - 8,358 124 FNMA 95,148 1,717 - - 95,148 1,717 FHLMC 6,773 8 6,773 8 - - Total mortgage-backed securities 326,469 6,476 84,155 407 242,314 6,069 Total securities available for sale $ 374,858 $ 7,259 $ 97,274 $ 846 $ 277,584 $ 6,413 |
Note 5 - Loans
Note 5 - Loans | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans Loans are reported at their principal outstanding balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Interest on loans is recognized on the accrual basis. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Subsequent cash payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Subsequent cash payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected. The Company maintains an allowance for loan losses at an amount, which, in management’s judgment, is adequate to absorb probable estimated losses inherent in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of loans. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. The allowance is established through a provision for loan losses based on management’s evaluation of the risk inherent in the various components of the loan portfolio and other factors, including historical loan loss experience (which is updated quarterly), current economic conditions, delinquency and non-accrual trends, classified loan levels, risk in the portfolio and volumes and trends in loan types, recent trends in charge-offs, changes in underwriting standards, experience, ability and depth of the Company’s lenders, collection policies and experience, internal loan review function and other external factors. The Company segregated its loans into two portfolios based on year of origination. One portfolio was reviewed for loans originated after December 31, 2009 and a second portfolio for loans originated prior to January 1, 2010. Our decision to segregate the portfolio based upon origination dates was based on changes made in our underwriting standards during 2009. By the end of 2009, all loans were being underwritten based on revised and tightened underwriting standards. Loans originated prior to 2010 have a higher delinquency rate and loss history. Each of the years in the portfolio for loans originated prior to 2010 has a similar delinquency rate. The determination of the amount of the allowance for loan losses includes estimates that are susceptible to significant changes due to changes in appraisal values of collateral, national and local economic conditions and other factors. We review our loan portfolio by separate categories with similar risk and collateral characteristics. Impaired loans are segregated and reviewed separately. All non-accrual loans are classified as impaired loans. The Company’s Board of Directors reviews and approves management’s evaluation of the adequacy of the allowance for loan losses on a quarterly basis. The allowance for loan losses is established through charges to earnings in the form of a provision for loan losses. Increases and decreases in the allowance other than charge-offs and recoveries are included in the provision for loan losses. When a loan or a portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. The Company recognizes a loan as non-performing when the borrower has demonstrated the inability to bring the loan current, or due to other circumstances which, in management’s opinion, indicate the borrower will be unable to bring the loan current within a reasonable time. All loans classified as non-performing, which includes all loans past due 90 days or more, are classified as non-accrual unless there is, in our opinion, compelling evidence the borrower will bring the loan current in the immediate future. Appraisals are obtained and/or updated internal evaluations are prepared as soon as practical, and before the loan becomes 90 days delinquent. The loan balances of collateral dependent impaired loans are compared to the property’s updated fair value. The Company considers fair value of collateral dependent loans to be 85% of the appraised or internally estimated value of the property. The balance which exceeds fair value is generally charged-off. The 85% is based on the actual net proceeds the Bank has received from the sale of other real estate owned (“OREO”) as a percentage of OREO’s appraised value. A loan is considered impaired when, based upon current information, the Company believes it is probable that it will be unable to collect all amounts due, both principal and interest, in accordance with the original terms of the loan. Impaired loans are measured based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or, as a practical expedient, the fair value of the collateral if the loan is collateral dependent. Interest income on impaired loans is recorded on the cash basis. The Company’s management considers all non-accrual loans impaired. The Company reviews each impaired loan on an individual basis to determine if either a charge-off or a valuation allowance needs to be allocated to the loan. The Company does not charge-off or allocate a valuation allowance to loans for which management has concluded the current value of the underlying collateral will allow for recovery of the loan balance either through the sale of the loan or by foreclosure and sale of the property. The Company evaluates the underlying collateral through a third party appraisal, or when a third party appraisal is not available, the Company will use an internal evaluation. The internal evaluations are prepared using an income approach or a sales approach. The income approach is used for income producing properties and uses current revenues less operating expenses to determine the net cash flow of the property. Once the net cash flow is determined, the value of the property is calculated using an appropriate capitalization rate for the property. The sales approach uses comparable sales prices in the market. When an internal evaluation is used, we place greater reliance on the income approach to value the collateral. In preparing internal evaluations of property values, the Company seeks to obtain current data on the subject property from various sources, including: (1) the borrower; (2) copies of existing leases; (3) local real estate brokers and appraisers; (4) public records (such as for real estate taxes and water and sewer charges); (5) comparable sales and rental data in the market; (6) an inspection of the property and (7) interviews with tenants. These internal evaluations primarily focus on the income approach and comparable sales data to value the property. As of June 30, 2015, we utilized recent third party appraisals of the collateral to measure impairment for $26.0 million, or 65.9%, of collateral dependent impaired loans, and used internal evaluations of the property’s value for $13.5 million, or 34.1%, of collateral dependent impaired loans. The Company may restructure a loan to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. This restructure may include reducing the interest rate or amount of the monthly payment for a specified period of time, after which the interest rate and repayment terms revert to the original terms of the loan. We classify these loans as Troubled Debt Restructured (“TDR”). These restructurings have not included a reduction of principal balance. The Company believes that restructuring these loans in this manner will allow certain borrowers to become and remain current on their loans. Restructured loans are classified as a TDR when the Bank grants a concession to a borrower who is experiencing financial difficulties. All loans classified as TDR are considered impaired, however TDR loans which have been current for six consecutive months at the time they are restructured as TDR remain on accrual status and are not included as part of non-performing loans. Loans which were delinquent at the time they are restructured as a TDR are placed on non-accrual status and reported as non-performing loans until they have made timely payments for six consecutive months. Loans that are restructured as TDR but are not performing in accordance with the restructured terms are placed on non-accrual status and reported as non-performing loans. The allocation of a portion of the allowance for loan losses for a performing TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate, or for a non-performing TDR which is collateral dependent, the fair value of the collateral. At June 30, 2015, there were no commitments to lend additional funds to borrowers whose loans were modified to a TDR. The modification of loans to a TDR did not have a significant effect on our operating results, nor did it require a significant allocation of the allowance for loan losses. The following table shows loans modified and classified as TDR during the period indicated: For the six months ended June 30, 2015 (Dollars in thousands) Number Balance Modification description Small Business Administration 1 $ 41 Received a below market interest rate and the loan amortization was extended Total 1 $ 41 The recorded investment of the loan modified and classified as a TDR, presented in the table above, was unchanged as there was no principal forgiven in this modification. The Bank did not modify and classify any loans as TDR during the three months ended June 30, 2015. The Bank did not modify and classify any loans as TDR during the three or six months ended June 30, 2014. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated: June 30, 2015 December 31, 2014 (Dollars in thousands) Number of contracts Recorded investment Number of contracts Recorded investment Multi-family residential 9 $ 2,657 10 $ 3,034 Commercial real estate 3 2,356 3 2,373 One-to-four family - mixed-use property 7 2,358 7 2,381 One-to-four family - residential 1 349 1 354 Small business administration 1 39 - - Commercial business and other 4 2,167 4 2,249 Total performing troubled debt restructured 25 $ 9,926 25 $ 10,391 During the six months ended June 30, 2015 one TDR loan of $0.4 million was transferred to non-performing status, which resulted in this loan being included in non-performing loans. The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated: June 30, 2015 December 31, 2014 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 378 - $ - Commercial real estate - - 1 2,252 One-to-four family - mixed use property 1 187 1 187 Total troubled debt restructurings that subsequently defaulted 2 $ 565 2 $ 2,439 The following table shows our non-performing loans at the periods indicated: (In thousands) June 30, 2015 December 31, 2014 Loans ninety days or more past due and still accruing: Multi-family residential $ - $ 676 Commercial real estate 416 820 One-to-four family - mixed-use property 353 405 One-to-four family - residential 13 14 Commercial Business and other 315 386 Total 1,097 2,301 Non-accrual mortgage loans: Multi-family residential 6,352 6,878 Commercial real estate 2,694 5,689 One-to-four family - mixed-use property 6,238 6,936 One-to-four family - residential 11,329 11,244 Total 26,613 30,747 Non-accrual non-mortgage loans: Small business administration 170 - Commercial business and other 537 1,143 Total 707 1,143 Total non-accrual loans 27,320 31,890 Total non-accrual loans and loans ninety days or more past due and still accruing $ 28,417 $ 34,191 The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the periods indicated: For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 662 $ 989 $ 1,313 $ 1,979 Less: Interest income included in the results of operations 143 151 301 318 Total foregone interest $ 519 $ 838 $ 1,012 $ 1,661 The following table shows an age analysis of our recorded investment in loans at June 30, 2015: (in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 7,289 $ - $ 6,209 $ 13,498 $ 2,004,393 $ 2,017,891 Commercial real estate 862 417 3,110 4,389 721,747 726,136 One-to-four family - mixed-use property 8,019 588 6,591 15,198 551,862 567,060 One-to-four family - residential 524 354 11,138 12,016 177,557 189,573 Co-operative apartments - - - - 7,681 7,681 Construction loans - - - - 3,673 3,673 Small Business Administration 128 - 170 298 11,883 12,181 Taxi medallion - - - - 21,211 21,211 Commercial business and other 5 466 746 1,217 471,268 472,485 Total $ 16,827 $ 1,825 $ 27,964 $ 46,616 $ 3,971,275 $ 4,017,891 The following table shows an age analysis of our recorded investment in loans at December 31, 2014: (in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 7,721 $ 1,729 $ 7,554 $ 17,004 $ 1,906,456 $ 1,923,460 Commercial real estate 2,171 1,344 6,510 10,025 611,544 621,569 One-to-four family - mixed-use property 10,408 1,154 7,341 18,903 554,876 573,779 One-to-four family - residential 1,751 2,244 11,051 15,046 172,526 187,572 Co-operative apartments - - - - 9,835 9,835 Construction loans 3,000 - - 3,000 2,286 5,286 Small Business Administration 90 - - 90 7,044 7,134 Taxi medallion - - - - 22,519 22,519 Commercial business and other 6 1,585 740 2,331 445,169 447,500 Total $ 25,147 $ 8,056 $ 33,196 $ 66,399 $ 3,732,255 $ 3,798,654 The following table shows the activity in the allowance for loan losses for the three months ended June 30, 2015: (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 8,629 $ 3,902 $ 5,429 $ 1,465 $ - $ 23 $ 266 $ 11 $ 4,366 $ 24,091 Charge-offs (303 ) (14 ) (394 ) (91 ) - - - - (1 ) (803 ) Recoveries 191 (4 ) 44 74 - - 7 - - 312 Provision (Benefit) (217 ) (158 ) 101 (15 ) - 6 18 - (251 ) (516 ) Ending balance $ 8,300 $ 3,726 $ 5,180 $ 1,433 $ - $ 29 $ 291 $ 11 $ 4,114 $ 23,084 Ending balance: individually evaluated for impairment $ 263 $ 17 $ 507 $ 53 $ - $ - $ - $ - $ 127 $ 967 Ending balance: collectively evaluated for impairment $ 8,037 $ 3,709 $ 4,673 $ 1,380 $ - $ 29 $ 291 $ 11 $ 3,987 $ 22,117 Financing Receivables: Ending Balance $ 2,017,891 $ 726,136 $ 567,060 $ 189,573 $ 7,681 $ 3,673 $ 12,181 $ 21,211 $ 472,485 $ 4,017,891 Ending balance: individually evaluated for impairment $ 11,562 $ 5,702 $ 13,221 $ 13,662 $ 613 $ - $ 348 $ - $ 5,533 $ 50,641 Ending balance: collectively evaluated for impairment $ 2,006,329 $ 720,434 $ 553,839 $ 175,911 $ 7,068 $ 3,673 $ 11,833 $ 21,211 $ 466,952 $ 3,967,250 The following table shows the activity in the allowance for loan losses for the three months ended June 30, 2014: (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 11,103 $ 5,379 $ 7,142 $ 1,944 $ - $ 40 $ 391 $ 14 $ 4,257 $ 30,270 Charge-offs (69 ) (39 ) (175 ) (37 ) - - (49 ) - (1 ) (370 ) Recoveries 134 - 95 97 - - 51 - 50 427 Provision (Benefit) (418 ) (13 ) (69 ) (214 ) - (6 ) (20 ) - (352 ) (1,092 ) Ending balance $ 10,750 $ 5,327 $ 6,993 $ 1,790 $ - $ 34 $ 373 $ 14 $ 3,954 $ 29,235 Ending balance: individually evaluated for impairment $ 299 $ 197 $ 601 $ 56 $ - $ - $ - $ - $ 150 $ 1,303 Ending balance: collectively evaluated for impairment $ 10,451 $ 5,130 $ 6,392 $ 1,734 $ - $ 34 $ 373 $ 14 $ 3,804 $ 27,932 Financing Receivables: Ending Balance $ 1,784,111 $ 510,224 $ 581,207 $ 192,895 $ 9,885 $ 4,717 $ 7,543 $ 25,291 $ 405,853 $ 3,521,726 Ending balance: individually evaluated for impairment $ 20,613 $ 16,728 $ 16,704 $ 13,505 $ - $ 570 $ - $ - $ 7,899 $ 76,019 Ending balance: collectively evaluated for impairment $ 1,763,498 $ 493,496 $ 564,503 $ 179,390 $ 9,885 $ 4,147 $ 7,543 $ 25,291 $ 397,954 $ 3,445,707 The following table shows the activity in the allowance for loan losses for the six months ended June 30, 2015: (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 8,827 $ 4,202 $ 5,840 $ 1,690 $ - $ 42 $ 279 $ 11 $ 4,205 $ 25,096 Charge-offs (400 ) (32 ) (472 ) (244 ) - - - - (52 ) (1,200 ) Recoveries 214 68 47 74 - - 27 - 8 438 Provision (Benefit) (341 ) (512 ) (235 ) (87 ) - (13 ) (15 ) - (47 ) (1,250 ) Ending balance $ 8,300 $ 3,726 $ 5,180 $ 1,433 $ - $ 29 $ 291 $ 11 $ 4,114 $ 23,084 Ending balance: individually evaluated for impairment $ 263 $ 17 $ 507 $ 53 $ - $ - $ - $ - $ 127 $ 967 Ending balance: collectively evaluated for impairment $ 8,037 $ 3,709 $ 4,673 $ 1,380 $ - $ 29 $ 291 $ 11 $ 3,987 $ 22,117 Financing Receivables: Ending Balance $ 2,017,891 $ 726,136 $ 567,060 $ 189,573 $ 7,681 $ 3,673 $ 12,181 $ 21,211 $ 472,485 $ 4,017,891 Ending balance: individually evaluated for impairment $ 11,562 $ 5,702 $ 13,221 $ 13,662 $ 613 $ - $ 348 $ - $ 5,533 $ 50,641 Ending balance: collectively evaluated for impairment $ 2,006,329 $ 720,434 $ 553,839 $ 175,911 $ 7,068 $ 3,673 $ 11,833 $ 21,211 $ 466,952 $ 3,967,250 The following table shows the activity in the allowance for loan losses for the six months ended June 30, 2014: (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 12,084 $ 4,959 $ 6,328 $ 2,079 $ 104 $ 444 $ 458 $ - $ 5,320 $ 31,776 Charge-offs (674 ) (86 ) (258 ) (79 ) - - (49 ) - (125 ) (1,271 ) Recoveries 141 382 135 165 7 - 61 - 50 941 Provision (Benefit) (801 ) 72 788 (375 ) (111 ) (410 ) (97 ) 14 (1,291 ) (2,211 ) Ending balance $ 10,750 $ 5,327 $ 6,993 $ 1,790 $ - $ 34 $ 373 $ 14 $ 3,954 $ 29,235 Ending balance: individually evaluated for impairment $ 299 $ 197 $ 601 $ 56 $ - $ - $ - $ - $ 150 $ 1,303 Ending balance: collectively evaluated for impairment $ 10,451 $ 5,130 $ 6,392 $ 1,734 $ - $ 34 $ 373 $ 14 $ 3,804 $ 27,932 Financing Receivables: Ending Balance $ 1,784,111 $ 510,224 $ 581,207 $ 192,895 $ 9,885 $ 4,717 $ 7,543 $ 25,291 $ 405,853 $ 3,521,726 Ending balance: individually evaluated for impairment $ 20,613 $ 16,728 $ 16,704 $ 13,505 $ - $ 570 $ - $ - $ 7,899 $ 76,019 Ending balance: collectively evaluated for impairment $ 1,763,498 $ 493,496 $ 564,503 $ 179,390 $ 9,885 $ 4,147 $ 7,543 $ 25,291 $ 397,954 $ 3,445,707 The following table shows our recorded investment, unpaid principal balance, allocated allowance for loan losses, average recorded investment and interest income recognized for loans that were considered impaired at or for the six months ended June 30, 2015: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 9,232 $ 10,050 $ - $ 10,347 $ 77 Commercial real estate 5,163 5,220 - 6,099 71 One-to-four family mixed-use property 10,160 11,741 - 11,219 103 One-to-four family residential 13,313 16,190 - 13,244 42 Co-operative apartments 613 613 - 204 10 Construction - - - - - Non-mortgage loans: Small Business Administration 309 309 - 209 6 Taxi Medallion - - - - - Commercial Business and other 2,971 3,341 - 3,997 100 Total loans with no related allowance recorded 41,761 47,464 - 45,319 409 With an allowance recorded: Mortgage loans: Multi-family residential 2,330 2,330 263 2,508 61 Commercial real estate 539 539 17 1,151 15 One-to-four family mixed-use property 3,061 3,061 507 3,077 84 One-to-four family residential 349 349 53 351 7 Co-operative apartments - - - - - Construction - - - - - Non-mortgage loans: Small Business Administration 39 39 - 27 1 Taxi Medallion - - - - - Commercial Business and other 2,562 2,562 127 2,627 69 Total loans with an allowance recorded 8,880 8,880 967 9,741 237 Total Impaired Loans: Total mortgage loans $ 44,760 $ 50,093 $ 840 $ 48,200 $ 470 Total non-mortgage loans $ 5,881 $ 6,251 $ 127 $ 6,860 $ 176 The following table shows our recorded investment, unpaid principal balance, allocated allowance for loan losses, average recorded investment and interest income recognized for loans that were considered impaired at or for the year ended December 31, 2014: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 10,481 $ 11,551 $ - $ 14,168 $ 194 Commercial real estate 7,100 7,221 - 11,329 51 One-to-four family mixed-use property 12,027 13,381 - 12,852 321 One-to-four family residential 12,816 15,709 - 13,015 103 Co-operative apartments - - - - - Construction - - - 285 - Non-mortgage loans: Small Business Administration - - - - - Taxi Medallion - - - - - Commercial Business and other 2,779 3,149 - 3,428 137 Total loans with no related allowance recorded 45,203 51,011 - 55,077 806 With an allowance recorded: Mortgage loans: Multi-family residential 2,779 2,779 286 2,936 149 Commercial real estate 2,373 2,373 21 3,242 167 One-to-four family mixed-use property 3,093 3,093 579 3,249 170 One-to-four family residential 354 354 54 358 14 Co-operative apartments - - - - - Construction - - - 187 - Non-mortgage loans: Small Business Administration - - - - - Taxi Medallion - - - - - Commercial Business and other 2,713 2,713 154 3,149 115 Total loans with an allowance recorded 11,312 11,312 1,094 13,121 615 Total Impaired Loans: Total mortgage loans $ 51,023 $ 56,461 $ 940 $ 61,621 $ 1,169 Total non-mortgage loans $ 5,492 $ 5,862 $ 154 $ 6,577 $ 252 In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans”. If a loan does not fall within one of the previous mentioned categories then the loan would be considered “Pass.” These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that jeopardizes the orderly liquidation of the debt. We designate a loan Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Loan Losses. Loans that are non-accrual are designated as Substandard or Doubtful. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications, but does contain a potential weakness that deserves closer attention. The following table sets forth the recorded investment in loans designated as Criticized or Classified at June 30, 2015: (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 3,859 $ 8,904 $ - $ - $ 12,763 Commercial real estate 2,697 3,347 - - 6,044 One-to-four family - mixed-use property 4,944 10,863 - - 15,807 One-to-four family - residential 997 13,313 - - 14,310 Co-operative apartments - 613 - - 613 Construction loans - - - - - Small Business Administration 241 243 - - 484 Commercial business and other 1,690 3,879 - - 5,569 Total loans $ 14,428 $ 41,162 $ - $ - $ 55,590 The following table sets forth the recorded investment in loans designated as Criticized or Classified at December 31, 2014: (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 6,494 $ 10,226 $ - $ - $ 16,720 Commercial real estate 5,453 7,100 - - 12,553 One-to-four family - mixed-use property 5,254 12,499 - - 17,753 One-to-four family - residential 2,352 13,056 - - 15,408 Co-operative apartments 623 - - - 623 Construction loans - - - - - Small Business Administration 479 - - - 479 Commercial business and other 2,841 3,779 - - 6,620 Total loans $ 23,496 $ 46,660 $ - $ - $ 70,156 Commitments to extend credit (principally real estate mortgage loans and business loans) and lines of credit (principally home equity lines of credit and business lines of credit) amounted to $131.4 million and $202.4 million, respectively, at June 30, 2015. |
Note 6 - Loans Held for Sale
Note 6 - Loans Held for Sale | 6 Months Ended |
Jun. 30, 2015 | |
Loans Held For Sale [Abstract] | |
Loans Held For Sale [Text Block] | 6. Loans held for sale Loans held for sale are carried at the lower of cost or fair value. At June 30, 2015, the Bank had one multi-family residential loan held for sale of $0.3 million. At December 31, 2014, the Bank did not have any loans classified as held for sale. The Company has implemented a strategy of selling certain delinquent and non-performing loans. Once the Company has decided to sell a loan, the sale usually closes in a short period of time, generally within the same quarter. Loans designated held for sale are reclassified from loans held for investment to loans held for sale. Terms of sale include cash due upon the closing of the sale, no contingencies or recourse to the Company and servicing is released to the buyer. The following table shows delinquent and non-performing loans sold during the period indicated: For the three months ended June 30, 2015 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) recoveries Net gain (loss) Multi-family residential 2 $ 1,045 $ 137 $ - Commercial real estate 1 1,311 - - One-to-four family - mixed-use property 4 1,150 - 47 Total 7 $ 3,506 $ 137 $ 47 The following table shows delinquent and non-performing loans sold during the period indicated: For the three months ended June 30, 2014 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) recoveries Net gain (loss) Multi-family residential 3 $ 1,478 $ 76 $ - Commercial real estate 1 430 - - Total 4 $ 1,908 $ 76 $ - The following table shows delinquent and non-performing loans sold during the period indicated: For the six months ended June 30, 2015 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) recoveries Net gain (loss) Multi-family residential 4 $ 1,881 $ 137 $ (2 ) Commercial real estate 1 1,311 - - One-to-four family - mixed-use property 7 1,836 - 51 Total 12 $ 5,028 $ 137 $ 49 The following table shows delinquent and non-performing loans sold during the period indicated: For the six months ended June 30, 2014 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) recoveries Net gain (loss) Multi-family residential 7 $ 3,216 $ (70 ) $ - Commercial real estate 3 2,047 295 - One-to-four family - mixed-use property 6 2,069 38 - Total 16 $ 7,332 $ 263 $ - |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Real Estate Owned [Text Block] | 7. Other Real Estate Owned The following are changes in OREO during the periods indicated: For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Balance at beginning of period $ 5,252 $ 1,700 $ 6,326 $ 2,985 Acquisitions 289 491 772 606 Recovery (write-down) of carrying value (896 ) 49 (896 ) (5 ) Sales (390 ) (894 ) (1,947 ) (2,240 ) Balance at end of period $ 4,255 $ 1,346 $ 4,255 $ 1,346 The following table shows the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income during the periods indicated: For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Gross gains $ 86 $ 77 $ 302 $ 131 Gross losses - - (6 ) (30 ) Recovery (write-down) of carrying value (896 ) 49 (896 ) (5 ) Total gain (loss) $ (810 ) $ 126 $ (600 ) $ 96 We may obtain physical possession of residential real estate collaterizing a consumer mortgage loan via foreclosure on an in-substance repossession. During the three and six months ended June 30, 2015 we did not foreclose on any consumer mortgages through in-substance repossession. |
Note 8 - Repurchase Agreements
Note 8 - Repurchase Agreements | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 8. Repurchase Agreements As part of the Company’s strategy to finance investment opportunities and manage its cost of funds, the Company enters into repurchase agreements with broker-dealers and the Federal Home Loan Bank of New York (“FHLB-NY”). These agreements are recorded as financing transactions and the obligations to repurchase are reflected as a liability in the consolidated financial statements. The securities underlying the agreements are delivered to the broker-dealers or the FHLB-NY who arrange the transaction. The securities remain registered in the name of the Company and are returned upon the maturity of the agreement. The Company retains the right of substitution of collateral throughout the terms of the agreements. As a condition of the repurchase agreements the Company is required to provide sufficient collateral. If the fair value of the collateral were to fall below the required level, the Company is obligated to pledge additional collateral. All the repurchase agreements are collateralized by mortgage-backed securities. The following table shows securities pledged and remaining maturity of repurchase agreements held during the period indicated: At June 30, 2015 Remaining Contractual Maturity of Agreements Less than 1 year 1 year to 3 years Over 3 years Total (In thousands) Repurchase agreements: Mortgage-backed securities $ 18,000 $ 58,000 $ 40,000 $ 116,000 Total repurchase agreements $ 18,000 $ 58,000 $ 40,000 $ 116,000 The fair value of the collateral pledged for the repurchase agreements above was $134.4 million at June 30, 2015. |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. Stock-Based Compensation For the three months ended June 30, 2015 and 2014, the Company’s net income, as reported, includes $0.9 million and $0.6 million, respectively, of stock-based compensation costs and $0.3 million and $0.2 million, respectively, of income tax benefits related to the stock-based compensation plans. For the six months ended June 30, 2015 and 2014, the Company’s net income, as reported, includes $3.6 million and $3.1 million, respectively, of stock-based compensation costs and $1.4 million and $1.2 million, respectively, of income tax benefits related to the stock-based compensation plans. The Company estimates the fair value of stock options using the Black-Scholes valuation model. Key assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, the expected volatility of the Company’s stock price, the risk-free interest rate over the options’ expected term and the annual dividend yield. The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards. Compensation cost is recognized over the vesting period of the award using the straight line method. During the three months ended June 30, 2015, the Company granted 3,600 restricted stock units. There were no restricted stock units granted during the three months ended June 30, 2014. During the six months ended June 30, 2015 and 2014, the Company granted 318,120 and 264,095 restricted stock units, respectively. There were no stock options granted during the three and six months ended June 30, 2015 and 2014. The 2014 Omnibus Incentive Plan (“2014 Omnibus Plan”) became effective on May 20, 2014 after adoption by the Board of Directors and approval by the stockholders. The 2014 Omnibus Plan authorizes the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) to grant a variety of equity compensation awards as well as long-term and annual cash incentive awards, all of which can, but need not, be structured so as to comply with Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The 2014 Omnibus Plan authorizes the issuance of 1,100,000 shares. To the extent that an award under the 2014 Omnibus Plan is cancelled, expired, forfeited, settled in cash, settled by issuance of fewer shares than the number underlying the award, or otherwise terminated without delivery of shares to a participant in payment of the exercise price or taxes relating to an award, the shares retained by or returned to the Company will be available for future issuance under the 2014 Omnibus Plan. No further awards may be granted under the Company’s 2005 Omnibus Incentive Plan, 1996 Stock Option Incentive Plan, and 1996 Restricted Stock Incentive Plan (the “Prior Plans”). At June 30, 2015, there were 783,230 shares available for delivery in connection with awards under the 2014 Omnibus Plan. To satisfy stock option exercises or fund restricted stock and restricted stock unit awards, shares are issued from treasury stock, if available; otherwise new shares are issued. The exercise price per share of a stock option grant may not be less than the fair value of the common stock of the Company, as defined in the Omnibus Plan, on the date of grant and may not be re-priced without the approval of the Company’s stockholders. Options, stock appreciation rights, restricted stock, restricted stock units and other stock based awards granted under the Omnibus Plan are generally subject to a minimum vesting period of three years with stock options having a 10-year maximum contractual term. Other awards do not have a contractual term of expiration. The Compensation Committee is authorized to grant awards that vest upon a participant’s retirement. These amounts are included in stock-based compensation expense at the time of the participant’s retirement eligibility. The following table summarizes the Company’s restricted stock unit (“RSU”) awards under the 2014 Omnibus Plan and the Prior Plans in the aggregate at or for the six months ended June 30, 2015: Shares Weighted-Average Grant-Date Fair Value Non-vested at December 31, 2014 373,154 $ 16.75 Granted 318,120 19.10 Vested (258,700 ) 17.37 Forfeited (7,320 ) 18.42 Non-vested at June 30, 2015 425,254 $ 18.10 Vested but unissued at June 30, 2015 288,426 $ 18.08 As of June 30, 2015, there was $6.7 million of total unrecognized compensation cost related to non-vested full value awards granted under the Omnibus Plan. That cost is expected to be recognized over a weighted-average period of 3.5 years. The total fair value of awards vested for the three months ended June 30, 2015 was $0.8 million. There were no awards vested for the three months ended June 30, 2014. The total fair value of awards vested for the six months ended June 30, 2015 and 2014 was $4.9 million and $4.1 million, respectively. The vested but unissued RSU awards consist of awards made to employees and directors who are eligible for retirement. According to the terms of these awards, which provide for vesting upon retirement, these employees and directors have no risk of forfeiture. These shares will be issued at the original contractual vesting and settlement dates. As of June 30, 2015, there is no remaining unrecognized compensation cost related to stock options granted. The following table summarizes certain information regarding the stock option awards under the Omnibus Plan and the Prior Plans in the aggregate at or for the six months ended June 30, 2015: Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value ($000)* Outstanding at December 31, 2014 154,915 $ 15.19 Granted - - Exercised (9,725 ) 16.65 Forfeited - - Outstanding at June 30, 2015 145,190 $ 15.09 3.1 $ 860 * The intrinsic value of a stock option is the difference between the fair value of the underlying stock and the exercise price of the option. Cash proceeds, fair value received, tax benefits, and intrinsic value related to stock options exercised, and the weighted average grant date fair value for options granted, during the three and six months ended June 30, 2015 and 2014 are provided in the following table: For the three months ended June 30, For the six months ended June 30, (In thousands) 2015 2014 2015 2014 Proceeds from stock options exercised $ 142 $ 87 $ 142 $ 429 Fair value of shares received upon exercised of stock options - 812 20 1,290 Tax benefit related to stock options exercised 8 24 9 93 Intrinsic value of stock options exercised 31 105 33 317 Phantom Stock Plan: The following table summarizes the Phantom Stock Plan at or for the six months ended June 30, 2015: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2014 67,113 $ 20.27 Granted 11,729 19.28 Forfeited (2 ) 20.58 Distributions (451 ) 19.64 Outstanding at June 30, 2015 78,389 $ 21.01 Vested at June 30, 2015 78,119 $ 21.01 The Company recorded stock-based compensation expense (benefit) for the Phantom Stock Plan of $85,000 and ($25,000) for the three months ended June 30, 2015 and 2014, respectively. The total fair value of the distributions from the Phantom Stock Plan was $1,000 and $7,000 for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense for the Phantom Stock Plan of $94,000 and $17,000, respectively. The total fair value of the distributions from the Phantom Stock Plan during the six months ended June 30, 2015 and 2014 was $9,000 and $13,000, respectively. |
Note 10 - Pension and Other Pos
Note 10 - Pension and Other Postretirement Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. Pension and Other Postretirement Benefit Plans The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans. Three months ended Six months ended (In thousands) 2015 2014 2015 2014 Employee Pension Plan: Interest cost $ 221 $ 223 $ 442 $ 446 Amortization of unrecognized loss 290 190 581 380 Expected return on plan assets (350 ) (336 ) (700 ) (672 ) Net employee pension expense $ 161 $ 77 $ 323 $ 154 Outside Director Pension Plan: Service cost $ 11 $ 13 $ 22 $ 26 Interest cost 24 29 48 58 Amortization of unrecognized gain (14 ) (15 ) (28 ) (30 ) Amortization of past service liability 10 10 20 20 Net outside director pension expense $ 31 $ 37 $ 62 $ 74 Other Postretirement Benefit Plans: Service cost $ 95 $ 90 $ 190 $ 180 Interest cost 75 63 150 126 Amortization of unrecognized loss 30 - 60 - Amortization of past service credit (22 ) (22 ) (43 ) (43 ) Net other postretirement expense $ 178 $ 131 $ 357 $ 263 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2014 that it expects to contribute $0.3 million and $0.2 million to the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), respectively, during the year ending December 31, 2015. The Company does not expect to make a contribution to the Employee Pension Plan (the “Employee Pension Plan”). As of June 30, 2015, the Company has contributed $76,000 to the Outside Director Pension Plan and $37,000 to the Other Postretirement Benefit Plans. As of June 30, 2015, the Company has not revised its expected contributions for the year ending December 31, 2015. |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 11. Fair Value of Financial Instruments The Company carries certain financial assets and financial liabilities at fair value in accordance with GAAP which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, establishes a framework for measuring fair value and expands disclosures about fair value measurements. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At June 30, 2015, the Company carried financial assets and financial liabilities under the fair value option with fair values of $32.2 million and $29.5 million, respectively. At December 31, 2014, the Company carried financial assets and financial liabilities under the fair value option with fair values of $32.6 million and $28.8 million, respectively. The Company did not elect to carry any additional financial assets or financial liabilities under the fair value option during the six months ended June 30, 2015. The Company elected to measure at fair value securities with a cost of $5.0 million that were purchased during the six months ended June 30, 2014. During the six months ended June 30, 2014, the Company sold financial assets carried under the fair value option totaling $1.9 million. The following table presents the financial assets and financial liabilities reported at fair value under the fair value option, and the changes in fair value included in the Consolidated Statement of Income – Net gain (loss) from fair value adjustments, at or for the periods ended as indicated: Fair Value Measurements Fair Value Measurements Changes in Fair Values For Items Measured at Fair Value Pursuant to Election of the Fair Value Option at June 30, at December 31, Three Months Ended Six Months Ended (Dollars in thousands) 2015 2014 June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Mortgage-backed securities $ 4,037 $ 4,678 $ (28 ) $ 24 $ (36 ) $ 72 Other securities 28,122 27,915 (108 ) 172 89 497 Borrowed funds 29,476 28,771 (1,229 ) 154 (705 ) 179 Net gain (loss) from fair value adjustments (1) (2) $ (1,365 ) $ 350 $ (652 ) $ 748 (1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $2.1 million and ($0.8) million for the three months ended June 30, 2015 and 2014, respectively, from the change in the fair value of interest rate swaps. (2) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $0.8 million and ($1.8) million for the six months ended June 30, 2015 and 2014, respectively, from the change in the fair value of interest rate swaps. Included in the fair value of the financial assets and financial liabilities selected for the fair value option is the accrued interest receivable or payable for the related instrument. The Company reports as interest income or interest expense in the Consolidated Statement of Income, the interest receivable or payable on the financial instruments selected for the fair value option at their respective contractual rates. The borrowed funds had a contractual principal amount of $61.9 million at both June 30, 2015 and December 31, 2014. The fair value of borrowed funds includes accrued interest payable of $0.1 million at June 30, 2015 and December 31, 2014. The Company generally holds its earning assets, other than securities available for sale, to maturity and settles its liabilities at maturity. However, fair value estimates are made at a specific point in time and are based on relevant market information. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular instrument. Accordingly, as assumptions change, such as interest rates and prepayments, fair value estimates change and these amounts may not necessarily be realized in an immediate sale. Disclosure of fair value does not require fair value information for items that do not meet the definition of a financial instrument or certain other financial instruments specifically excluded from its requirements. These items include core deposit intangibles and other customer relationships, premises and equipment, leases, income taxes and equity. Further, fair value disclosure does not attempt to value future income or business. These items may be material and accordingly, the fair value information presented does not purport to represent, nor should it be construed to represent, the underlying “market” or franchise value of the Company. Financial assets and financial liabilities reported at fair value are required to be measured based on either: (1) quoted prices in active markets for identical financial instruments (Level 1); (2) significant other observable inputs (Level 2); or (3) significant unobservable inputs (Level 3). A description of the methods and significant assumptions utilized in estimating the fair value of the Company’s assets and liabilities that are carried at fair value on a recurring basis are as follows: Level 1 – where quoted market prices are available in an active market. The Company did not value any of its assets or liabilities that are carried at fair value on a recurring basis as Level 1 at June 30, 2015 and December 31, 2014. Level 2 – when quoted market prices are not available, fair value is estimated using quoted market prices for similar financial instruments and adjusted for differences between the quoted instrument and the instrument being valued. Fair value can also be estimated by using pricing models, or discounted cash flows. Pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices and credit spreads. In addition to observable market information, models also incorporate maturity and cash flow assumptions. At June 30, 2015 and December 31, 2014, Level 2 included mortgage related securities, corporate debt, certain municipal securities, mutual funds and interest rate swaps. Level 3 – when there is limited activity or less transparency around inputs to the valuation, financial instruments are classified as Level 3. At June 30, 2015 and December 31, 2014, Level 3 included certain municipal securities and trust preferred securities owned by and junior subordinated debentures issued by the Company. The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies, assumptions and models to determine fair value of certain financial instruments could produce different estimates of fair value at the reporting date. The following table sets forth the assets and liabilities that are carried at fair value on a recurring basis and the method that was used to determine their fair value, at June 30, 2015 and December 31, 2014: Quoted Prices Significant Other Significant Other Total carried at fair value 2015 2014 2015 2014 2015 2014 2015 2014 (In thousands) Assets: Mortgage-backed $ - $ - $ 729,674 $ 704,933 $ - $ - $ 729,674 $ 704,933 Other securities - - 292,698 245,768 15,125 22,609 307,823 268,377 Interest rate swaps - - 94 84 - - 94 84 Total assets $ - $ - $ 1,022,466 $ 950,785 $ 15,125 $ 22,609 $ 1,037,591 $ 973,394 Liabilities: Borrowings $ - $ - $ - $ - $ 29,476 $ 28,771 $ 29,476 $ 28,771 Interest rate swaps - - 1,711 2,649 - - 1,711 2,649 Total liabilities $ - $ - $ 1,711 $ 2,649 $ 29,476 $ 28,771 $ 31,187 $ 31,420 The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the period indicated: For the three months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 14,464 $ 7,189 $ 28,245 Transfer to held-to-maturity (4,510 ) - - Principal repayments (55 ) - - Maturities (2,000 ) - - Net gain from fair value adjustment of financial assets included in earnings (1) - 37 - Net loss from fair value adjustment of financial liabilities included in earnings (1) - - 1,229 Increase in accrued interest payable - - 2 Change in unrealized gains included in other comprehensive income - - - Ending balance $ 7,899 $ 7,226 $ 29,476 Changes in unrealized gains (losses) held at period end $ - $ - $ - (1) These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the period indicated: For the three months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 10,170 $ 13,059 $ 29,541 Purchases 475 - - Principal repayments (53 ) - - Net gain from fair value adjustment of financial assets included in earnings (1) - 29 - Net gain from fair value adjustment of financial liabilities included in earnings (1) - - (154 ) Increase in accrued interest payable - - 1 Change in unrealized gains (losses) included in other comprehensive income - 273 - Ending balance $ 10,592 $ 13,361 $ 29,388 Changes in unrealized gains (losses) held at period end $ - $ 273 $ - (1) These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the period indicated: For the six months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 15,519 $ 7,090 $ 28,771 Transfer to held-to-maturity (4,510 ) - - Purchases 1,000 - - Principal repayments (110 ) - - Maturities (4,000 ) - - Net gain from fair value adjustment of financial assets included in earnings (1) - 131 - Net loss from fair value adjustment of financial liabilities included in earnings (1) - - 705 Decrease in accrued interest payable - - - Change in unrealized gains (losses) included in other comprehensive income - 5 - Ending balance $ 7,899 $ 7,226 $ 29,476 Changes in unrealized gains (losses) held at period end $ - $ 5 $ - (1) These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the period indicated: For the six months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 9,223 $ 14,935 $ 29,570 Purchases 2,475 - - Principal repayments (1,106 ) - - Sales - (1,871 ) - Net gain from fair value adjustment of financial assets included in earnings (1) - 55 - Net gain from fair value adjustment of financial liabilities included in earnings (1) - - (179 ) Decrease in accrued interest payable - - (3 ) Change in unrealized gains (losses) included in other comprehensive income - 242 - Ending balance $ 10,592 $ 13,361 $ 29,388 Changes in unrealized gains (losses) held at period end $ - $ 242 $ - (1) These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. During the three and six months ended June 30, 2015 and 2014, there were no transfers between Levels 1, 2 and 3. The following table presents the quantitative information about recurring Level 3 fair value of financial instruments and the fair value measurements as of June 30, 2015: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets: Municipals $ 7,899 Discounted cash flows Discount rate 4.0% (4.0%) Trust Preferred Securities $ 7,226 Discounted cash flows Discount rate 7.0% - 7.1% (7.1%) Liabilities: Junior subordinated debentures $ 29,476 Discounted cash flows Discount rate 7.0% (7.0%) The significant unobservable input used in the fair value measurement of the Company’s municipal securities valued under Level 3 is the securities’ effective yield. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable input used in the fair value measurement of the Company’s trust preferred securities valued under Level 3 is the securities’ effective yield. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable input used in the fair value measurement of the Company’s junior subordinated debentures under Level 3 is effective yield. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The following table presents the quantitative information about recurring Level 3 fair value of financial instruments and the fair value measurements as of December 31, 2014: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets: Municipals $ 15,519 Discounted cash flows Discount rate 0.2% - 4.0% (2.3%) Trust Preferred Securities $ 7,090 Discounted cash flows Discount rate 7.0% - 7.25% (7.2%) Liabilities: Junior subordinated debentures $ 28,771 Discounted cash flows Discount rate 7.0% (7.0%) The significant unobservable input used in the fair value measurement of the Company’s municipal securities valued under Level 3 is the securities’ effective yield. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable input used in the fair value measurement of the Company’s trust preferred securities valued under Level 3 is the securities’ effective yield. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable input used in the fair value measurement of the Company’s junior subordinated debentures is effective yield. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The following table sets forth the Company’s assets and liabilities that are carried at fair value on a non-recurring basis and the method that was used to determine their fair value, at June 30, 2015 and December 31, 2014: Quoted Prices 2015 2014 2015 2014 2015 2014 2015 2014 (In thousands) Assets: Loans held for sale $ - $ - $ - $ - $ 300 $ - $ 300 $ - Impaired loans 16,912 22,174 16,912 22,174 Other real estate owned - - - - 4,255 6,326 4,255 6,326 Total assets $ - $ - $ - $ - $ 21,467 $ 28,500 $ 21,467 $ 28,500 The following table presents the quantitative information about non-recurring Level 3 fair value of financial instruments and the fair value measurements as of June 30, 2015: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets: Loans held for sale $ 300 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 59.6% (59.6%) Loss severity discount Impaired loans $ 3,910 Income approach Capitalization rate 7.3% to 8.0% (7.7%) Loss severity discount 0.5% to 55.4% (15.7%) Impaired loans $ 5,587 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 40.0% (-5.9%) Loss severity discount 0.2% to 89.4% (13.2%) Impaired loans $ 7,415 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 25.0% (-2.3%) Capitalization rate 5.6% to 11.0% (7.5%) Loss severity discount 0.9% to 50.7% (16.3%) Other real estate owned $ 158 Income approach Capitalization rate 12.0% (12.0%) Loss severity discount 16.1% (16.1%) Other real estate owned $ 4,097 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -41.5% to 25.0% (0.0%) Loss severity discount 1.6% to 66.2% (18.5%) The following table presents the quantitative information about non-recurring Level 3 fair value of financial instruments and the fair value measurements as of December 31, 2014: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets: Impaired loans $ 6,981 Income approach Capitalization rate 7.3% to 8.5% (7.8%) Loss severity discount 0.5% to 81.7% (21.3%) Impaired loans $ 6,935 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -41.5% to 40.0% (-2.2%) Loss severity discount 1.8% to 89.4% (20.0%) Impaired loans $ 8,258 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -55.0% to 25.0% (-6.1%) Capitalization rate 5.8% to 11.0% (8.0%) Loss severity discount 0.9% to 74.4% (30.0%) Other real estate owned $ 4,768 Income approach Capitalization rate 9.0% to 12.0% (9.1%) Loss severity discount 0.9% to 4.9% (1.0%) Other real estate owned $ 587 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -11.9% to 15.0% (-3.5%) Loss severity discount 0.0% to 36.9% (9.6%) Other real estate owned $ 971 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -25.0% to 0.0% (-8.9%) Capitalization rate 7.5% to 8.0% (7.7%) Loss severity discount 0.0% to 6.2% (3.0%) The Company carries its impaired collateral dependent loans at 85% of the appraised or internally estimated value of the underlying property. The Company did not have any liabilities that were carried at fair value on a non-recurring basis at June 30, 2015 and December 31, 2014. The estimated fair value of each material class of financial instruments at June 30, 2015 and December 31, 2014 and the related methods and assumptions used to estimate fair value are as follows: Cash and Due from Banks, Overnight Interest-Earning Deposits and Federal Funds Sold: The fair values of financial instruments that are short-term or reprice frequently and have little or no risk are considered to have a fair value that approximates carrying value (Level 1). FHLB-NY stock: The fair value is based upon the par value of the stock which equals its carrying value (Level 2). Securities: The estimated fair values of securities are contained in Note 4 of Notes to Consolidated Financial Statements. Fair value is based upon quoted market prices (Level 1 input), where available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities and adjusted for differences between the quoted instrument and the instrument being valued (Level 2 input). When there is limited activity or less transparency around inputs to the valuation, securities are valued using (Level 3 input). Loans held for sale: The fair value of non-performing loans held for sale is estimated through bids received on the loans and, as such, are classified as a Level 3 input. Loans: The fair value of loans is estimated by discounting the expected future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and remaining maturities (Level 3 input). For non-accruing loans, fair value is generally estimated by discounting management’s estimate of future cash flows with a discount rate commensurate with the risk associated with such assets or for collateral dependent loans 85% of the appraised or internally estimated value of the property (Level 3 input). Due to Depositors: The fair values of demand, passbook savings, NOW, money market deposits and escrow deposits are, by definition, equal to the amount payable on demand at the reporting dates (i.e. their carrying value) (Level 1). The fair value of fixed-maturity certificates of deposits are estimated by discounting the expected future cash flows using the rates currently offered for deposits of similar remaining maturities (Level 2 input). Borrowings: The fair value of borrowings are estimated by discounting the contractual cash flows using interest rates in effect for borrowings with similar maturities and collateral requirements (Level 2 input) or using a market-standard model (Level 3 input). Interest Rate Swaps: The estimated fair value of interest rate swaps is based upon broker quotes (Level 2 input). Other Real Estate Owned: OREO are carried at fair value less selling costs. The fair value is based on appraised value through a current appraisal, or sometimes through an internal review, additionally adjusted by the estimated costs to sell the property (Level 3 input). Other Financial Instruments: The fair values of commitments to sell, lend or borrow are estimated using the fees currently charged or paid to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties or on the estimated cost to terminate them or otherwise settle with the counterparties at the reporting date. For fixed-rate loan commitments to sell, lend or borrow, fair values also consider the difference between current levels of interest rates and committed rates (where applicable). At June 30, 2015 and December 31, 2014, the fair values of the above financial instruments approximate the recorded amounts of the related fees and were not considered to be material. The following table sets forth the carrying amounts and estimated fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at June 30, 2015: June 30, 2015 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets: Cash and due from banks $ 36,599 $ 36,599 $ 36,599 $ - $ - Securities held-to-maturity 7,220 7,220 - - 7,220 Mortgage-backed securities available for sale 729,674 729,674 - 729,674 - Other securities available for sale 307,823 307,823 - 292,698 15,125 Loans 4,031,142 4,078,118 - - 4,078,118 FHLB-NY stock 49,926 49,926 - 49,926 - Interest rate swaps 94 94 - 94 - Total assets $ 5,162,478 $ 5,209,454 $ 36,599 $ 1,072,392 $ 4,100,463 Liabilities: Deposits $ 3,698,332 3,785,530 $ 2,322,826 $ 1,462,704 $ - Borrowings 1,115,435 1,130,046 - 1,100,570 29,476 Interest rate swaps 1,711 1,711 - 1,711 - Total liabilities $ 4,815,478 $ 4,917,287 $ 2,322,826 $ 2,564,985 $ 29,476 The following table sets forth the carrying amounts and estimated fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at December 31, 2014: December 31, 2014 Carrying Fair (in thousands) Assets: Cash and due from banks $ 34,265 $ 34,265 $ 34,265 $ - $ - Mortgage-backed Securities 704,933 704,933 - 704,933 - Other securities 268,377 268,377 - 245,768 22,609 Loans 3,810,373 3,871,087 - - 3,871,087 FHLB-NY stock 46,924 46,924 - 46,924 - Interest rate swaps 84 84 - 84 - Total assets $ 4,864,956 $ 4,925,670 $ 34,265 $ 997,709 $ 3,893,696 Liabilities: Deposits $ 3,508,598 $ 3,524,123 $ 2,202,775 $ 1,321,348 $ - Borrowings 1,056,492 1,070,428 - 1,041,657 28,771 Interest rate swaps 2,649 2,649 - 2,649 - Total liabilities $ 4,567,739 $ 4,597,200 $ 2,202,775 $ 2,365,654 $ 28,771 |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12. Derivative Financial Instruments At June 30, 2015 and December 31, 2014, the Company’s derivative financial instruments consist of interest rate swaps. The Company’s interest rate swaps are used to mitigate the Company’s exposure to rising interest rates on a portion ($18.0 million) of its floating rate junior subordinated debentures that have a contractual value of $61.9 million. Additionally, the Company at times may use interest rate swaps to mitigate the Company’s exposure to rising interest rates on its fixed rate loans. At June 30, 2015 and December 31, 2014, derivatives with a combined notional amount of $36.3 million were not designated as hedges. At June 30, 2015 and December 31, 2014, derivatives with a combined notional amount of $19.4 million and $14.5 million, respectively, were designated as fair value hedges. Changes in the fair value of the derivatives not designated as hedges are reflected in “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. The portion of the changes in the fair value of the derivative designated as a fair value hedge which is considered ineffective are reflected in “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. The following table sets forth information regarding the Company’s derivative financial instruments at June 30, 2015: Notional Net Carrying Value (1) (In thousands) Interest rate swaps (non-hedge) $ 36,321 $ (1,367 ) Interest rate swaps (hedge) 4,087 94 Interest rate swaps (hedge) 15,305 (344 ) Total derivatives $ 55,713 $ (1,617 ) The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2014: Notional Amount Net Carrying Value (1) (In thousands) Interest rate swaps (non-hedge) $ 36,321 $ (2,239 ) Interest rate swaps (hedge) 4,131 84 Interest rate swaps (hedge) 10,340 (410 ) Total derivatives $ 50,792 $ (2,565 ) (1) Derivatives in a net positive position are recorded as “Other assets” and derivatives in a net negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income for the periods indicated: For the three months ended June 30, For the six months ended June 30, (In thousands) 2015 2014 2015 2014 Financial Derivatives: Interest rate swaps (non-hedge) $ (2,125 ) $ (719 ) $ 871 $ (1,733 ) Interest rate swaps (hedge) (8 ) (33 ) (46 ) (61 ) Net Gain (loss) (1) $ (2,133 ) $ (752 ) $ 825 $ (1,794 ) (1) Net gains and losses are recorded as part of “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13. Income Taxes Flushing Financial Corporation files consolidated Federal and combined New York State and New York City income tax returns with its subsidiaries, with the exception of the Company’s trusts, which file separate Federal income tax returns as trusts, and Flushing Preferred Funding Corporation, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns. Income tax provisions are summarized as follows: For the three months ended June 30, For the six months ended June 30, (In thousands) 2015 2014 2015 2014 Federal: Current $ 11,153 $ 5,675 $ 14,067 $ 8,412 Deferred (3,998 ) (162 ) (2,660 ) 1,859 Total federal tax provision 7,155 5,513 11,407 10,271 State and Local: Current 4,148 2,102 4,855 3,368 Deferred (1,782 ) (17 ) (1,195 ) 886 Total state and local tax provision 2,366 2,085 3,660 4,254 Total income tax provision $ 9,521 $ 7,598 $ 15,067 $ 14,525 The effective tax rate was 39.1% and 39.4% for the three months ended June 30, 2015 and 2014, respectively, and 39.0% and 39.8% for the six months ended June 30, 2015 and 2014, respectively. The decrease in the effective tax rate was primarily due to the prior year being affected by changes in New York State tax code passed on March 31, 2014, which resulted in a reduction in the Company’s deferred tax assets and a corresponding increase in tax expense during the three and six months ended June 30, 2014. On April 13, 2015, the Governor of New York signed the New York State 2015 budget, which included changes to the New York City tax code. The approved budget changes the manner in which the Bank’s tax liability is calculated for New York City. Based on our review of the changes to the New York City tax code, we do not anticipate a significant change to the Company’s tax expense. The effective rates differ from the statutory federal income tax rate as follows: For the three months For the six months (dollars in thousands) 2015 2014 2015 2014 Taxes at federal statutory rate $ 8,524 35.0 % $ 6,749 35.0 % $ 13,522 35.0 % $ 12,777 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 1,538 6.3 1,355 7.0 2,379 6.2 2,765 7.6 Other (541 ) (2.2 ) (506 ) (2.6 ) (834 ) (2.2 ) (1,017 ) (2.8 ) Taxes at effective rate $ 9,521 39.1 % $ 7,598 39.4 % $ 15,067 39.0 % $ 14,525 39.8 % The Company has recorded a deferred tax asset of $30.7 million at June 30, 2015, which is included in “Other assets” in the Consolidated Statements of Financial Condition. This represents the anticipated net federal, state and local tax benefits expected to be realized in future years upon the utilization of the underlying tax attributes comprising this balance. The Company has reported taxable income for federal, state, and local tax purposes in each of the past three fiscal years. In management’s opinion, in view of the Company’s previous, current and projected future earnings trend, the probability that some of the Company’s $18.9 million deferred tax liability can be used to offset a portion of the deferred tax asset, as well as certain tax planning strategies, it is more likely than not that the deferred tax asset will be fully realized. Accordingly, no valuation allowance was deemed necessary for the deferred tax asset at June 30, 2015. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 14. Accumulated Other Comprehensive Income: The following table sets forth the changes in accumulated other comprehensive income by component for the six months ended June 30, 2015: Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 3,392 $ (6,299 ) $ (2,907 ) Other comprehensive income before reclassifications, net of tax (1,145 ) - (1,145 ) Amounts reclassified from accumulated other comprehensive income, net of tax (36 ) 332 296 Net current period other comprehensive income, net of tax (1,181 ) 332 (849 ) Ending balance, net of tax $ 2,211 $ (5,967 ) $ (3,756 ) The following table sets forth the changes in accumulated other comprehensive income by component for the six months ended June 30, 2014: Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (8,522 ) $ (2,853 ) $ (11,375 ) Other comprehensive income before reclassifications, net of tax 11,873 - 11,873 Amounts reclassified from accumulated other comprehensive income, net of tax - 151 151 Net current period other comprehensive income, net of tax 11,873 151 12,024 Ending balance, net of tax $ 3,351 $ (2,702 ) $ 649 The following table sets forth significant amounts reclassified from accumulated other comprehensive income by component for the three months ended June 30, 2015: Amounts Reclassified from (Dollars in thousands) Unrealized gains on available for sale securities: $ 64 Net gain on sale of securities (28 ) Tax expense $ 36 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (306 ) (1) Other expense Prior service credits 12 (1) Other expense (294 ) Total before tax 130 Tax benefit $ (164 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 10 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”.) The following table sets forth significant amounts reclassified out of accumulated other comprehensive income by component for the three months ended June 30, 2014: Amounts Reclassified from (Dollars in thousands) Amortization of defined benefit pension items: Actuarial losses $ (175 ) (1) Other expense Prior service credits 12 (1) Other expense (163 ) Total before tax 72 Tax benefit $ (91 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 10 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”.) The following table sets forth significant amounts reclassified out of accumulated other comprehensive income by component for the six months ended June 30, 2015: Amounts Reclassified from (Dollars in thousands) Unrealized gains on available for sale securities: $ 64 Net gain on sale of securities (28 ) Tax expense $ 36 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (613 ) (1) Other expense Prior service credits 23 (1) Other expense (590 ) Total before tax 258 Tax benefit $ (332 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 10 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”.) The following table sets forth significant amounts reclassified out of accumulated other comprehensive income by component for the six months ended June 30, 2014: Amounts Reclassified from (Dollars in thousands) Amortization of defined benefit pension items: Actuarial losses $ (350 ) (1) Other expense Prior service credits 23 (1) Other expense (327 ) Total before tax 176 Tax benefit $ (151 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 10 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”.) |
Note 15 - Regulatory Capital
Note 15 - Regulatory Capital | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15. Regulatory Capital Under current capital regulations, the Bank is required to comply with four separate capital adequacy standards. As of June 30, 2015, the Bank continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. June 30, 2015 December 31, 2014 Amount Percent of Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 483,407 9.13 % $ 472,251 9.63 % Requirement to be well capitalized 264,746 5.00 245,254 5.00 Excess 218,661 4.13 226,997 4.63 Common Equity Tier I risk-based capital: Capital level $ 483,407 13.07 % n/a n/a Requirement to be well capitalized 240,326 6.50 n/a n/a Excess 243,081 6.57 n/a n/a Tier 1 risk-based capital: Capital level $ 483,407 13.07 % $ 472,251 13.87 % Requirement to be well capitalized 295,786 8.00 204,345 6.00 Excess 187,621 5.07 267,906 7.87 Total risk-based capital: Capital level $ 506,491 13.70 % $ 497,347 14.60 % Requirement to be well capitalized 369,732 10.00 340,589 10.00 Excess 136,759 3.70 156,758 4.60 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of June 30, 2015, the Holding Company continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. June 30, 2015 December 31, 2014 Amount Percent of Assets Amount Percent of Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 478,658 9.06 % $ 471,233 9.62 % Requirement to be well capitalized 264,295 5.00 244,960 5.00 Excess 214,363 4.06 226,273 4.62 Common Equity Tier I risk-based capital: Capital level $ 450,169 12.20 % n/a n/a Requirement to be well capitalized 239,927 6.50 n/a n/a Excess 210,242 5.70 n/a n/a Tier 1 risk-based capital: Capital level $ 478,658 12.97 % $ 471,233 13.87 % Requirement to be well capitalized 295,295 8.00 203,878 6.00 Excess 183,363 4.97 267,355 7.87 Total risk-based capital: Capital level $ 501,742 13.59 % $ 496,329 14.61 % Requirement to be well capitalized 369,119 10.00 339,797 10.00 Excess 132,623 3.59 156,532 4.61 |
Note 16 - New Authoritative Acc
Note 16 - New Authoritative Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 16. New Authoritative Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04 to clarify that when an in substance repossession or foreclosure occurs, a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014- 04 is effective for annual reporting periods beginning after December 15, 2014. Adoption of this update did not have a material effect on the Company’s consolidated results of operations or financial condition. In May 2014, the FASB issued ASU 2014-09 which provides new guidance that supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition”. The guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are currently evaluating the impact of adopting this new guidance on our consolidated results of operations and financial condition. In June 2014, the FASB issued ASU 2014-11 which amends the authoritative accounting guidance under ASC Topic 860 “Transfers and Servicing.” The amendments require two accounting changes. First, the amendments change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also require additional disclosures regarding repurchase agreements. The amendments are effective for the first interim or annual period beginning after December 15, 2014. Entities are required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Early adoption is prohibited. The amendments regarding disclosures for certain transactions accounted for as a sale are required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. Adoption of this update did not have a material effect on the Company’s consolidated results of operation or financial condition. (See Note 8 of Notes to Consolidated Financial Statements “Repurchase Agreements”.) In August 2014, the FASB issued ASU 2014-14 which amends the authoritative accounting guidance under ASC Topic 310 “Receivables.” The amendments require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the follow conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make claim on the guarantee, and the creditor has the ability to recover under that claim and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Entities should adopt the amendments in this Update using either a prospective transition method or a modified retrospective transition method. Adoption of this update did not have a material effect on the Company’s consolidated results of operations or financial condition. |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands, except per share data) Net income, as reported $ 14,834 $ 11,685 $ 23,567 $ 21,981 Divided by: Weighted average common shares outstanding 29,246 30,059 29,321 30,022 Weighted average common stock equivalents 22 31 22 34 Total weighted average common shares outstanding and common stock equivalents 29,268 30,090 29,343 30,056 Basic earnings per common share $ 0.51 $ 0.39 $ 0.80 $ 0.73 Diluted earnings per common share (1) $ 0.51 $ 0.39 $ 0.80 $ 0.73 Dividend payout ratio 31.4 % 38.5 % 40.0 % 41.1 % |
Note 4 - Debt and Equity Secu26
Note 4 - Debt and Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Trading Securities [Table Text Block] | Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses (In thousands) Securites held-to-maturity: Municipals $ 7,220 $ 7,220 $ - $ - Total $ 7,220 $ 7,220 $ - $ - Amortized Cost Gross Unrealized Fair Value Gross Unrealized Gains Losses (In thousands) Securites available for sale: Corporate $ 105,852 $ 104,648 $ 521 $ 1,725 Municipals 136,927 139,911 3,114 130 Mutual funds 21,193 21,193 - - Other 42,004 42,071 69 2 Total other securities 305,976 307,823 3,704 1,857 REMIC and CMO 530,684 532,662 6,165 4,187 GNMA 12,802 13,080 401 123 FNMA 170,838 170,534 1,635 1,939 FHLMC 13,259 13,398 139 - Total mortgage-backed securities 727,583 729,674 8,340 6,249 Total securities available for sale $ 1,033,559 $ 1,037,497 $ 12,044 $ 8,106 Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses (In thousands) Securites available for sale: Corporate $ 90,719 $ 91,273 $ 1,268 $ 714 Municipals 145,864 148,896 3,093 61 Mutual funds 21,118 21,118 - - Other 7,098 7,090 - 8 Total other securities 264,799 268,377 4,361 783 REMIC and CMO 504,207 505,768 6,188 4,627 GNMA 13,862 14,159 421 124 FNMA 169,956 170,367 2,128 1,717 FHLMC 14,505 14,639 142 8 Total mortgage-backed securities 702,530 704,933 8,879 6,476 Total securities available for sale $ 967,329 $ 973,310 $ 13,240 $ 7,259 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Beginning balance $ - $ 3,738 $ - $ 3,738 Recognition of actual losses - - - - OTTI charges due to credit loss recorded in earnings - - - - Securities sold during the period - - - - Securities where there is an intent to sell or requirement to sell - - - - Ending balance $ - $ 3,738 $ - $ 3,738 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Gross gains from the sale of securities $ 233 $ - $ 233 $ - Gross losses from the sale of securities (169 ) - (169 ) - Net gains from the sale of securities $ 64 $ - $ 64 $ - |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value (In thousands) Securities held-to-maturity: (1) Due in one year or less $ 6,140 $ 6,140 Due after one year through five years 1,080 1,080 Total securities held-to-maturity $ 7,220 $ 7,220 Amortized Cost Fair Value (In thousands) Securities available for sale: (1) Due in one year or less $ 32,046 $ 32,232 Due after one year through five years 15,000 15,298 Due after five years through ten years 92,077 90,741 Due after ten years 166,853 169,552 Total other securities 305,976 307,823 Mortgage-backed securities 727,583 729,674 Total securities available for sale $ 1,033,559 $ 1,037,497 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Total Less than 12 months 12 months or more Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Corporate $ 53,275 $ 1,725 $ 38,413 $ 1,587 $ 14,862 $ 138 Municipals 17,077 130 17,077 130 - - Other 298 2 298 2 - - Total other securities 70,650 1,857 55,788 1,719 14,862 138 REMIC and CMO 245,107 4,187 141,760 1,205 103,347 2,982 GNMA 7,727 123 7,727 123 - - FNMA 100,608 1,939 68,604 1,040 32,004 899 Total mortgage-backed securities 353,442 6,249 218,091 2,368 135,351 3,881 Total securities available for sale $ 424,092 $ 8,106 $ 273,879 $ 4,087 $ 150,213 $ 4,019 Total Less than 12 months 12 months or more Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Corporate $ 39,287 $ 714 $ 9,573 $ 428 $ 29,714 $ 286 Municipals 8,810 61 3,546 11 5,264 50 Other 292 8 - - 292 8 Total other securities 48,389 783 13,119 439 35,270 344 REMIC and CMO 216,190 4,627 77,382 399 138,808 4,228 GNMA 8,358 124 - - 8,358 124 FNMA 95,148 1,717 - - 95,148 1,717 FHLMC 6,773 8 6,773 8 - - Total mortgage-backed securities 326,469 6,476 84,155 407 242,314 6,069 Total securities available for sale $ 374,858 $ 7,259 $ 97,274 $ 846 $ 277,584 $ 6,413 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Note 5 - Loans (Tables) [Line Items] | ||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | For the six months ended June 30, 2015 (Dollars in thousands) Number Balance Modification description Small Business Administration 1 $ 41 Received a below market interest rate and the loan amortization was extended Total 1 $ 41 | |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (In thousands) June 30, 2015 December 31, 2014 Loans ninety days or more past due and still accruing: Multi-family residential $ - $ 676 Commercial real estate 416 820 One-to-four family - mixed-use property 353 405 One-to-four family - residential 13 14 Commercial Business and other 315 386 Total 1,097 2,301 Non-accrual mortgage loans: Multi-family residential 6,352 6,878 Commercial real estate 2,694 5,689 One-to-four family - mixed-use property 6,238 6,936 One-to-four family - residential 11,329 11,244 Total 26,613 30,747 Non-accrual non-mortgage loans: Small business administration 170 - Commercial business and other 537 1,143 Total 707 1,143 Total non-accrual loans 27,320 31,890 Total non-accrual loans and loans ninety days or more past due and still accruing $ 28,417 $ 34,191 | |
Schedule of Interest Foregone On Non-Accrual and TDR Loans [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 662 $ 989 $ 1,313 $ 1,979 Less: Interest income included in the results of operations 143 151 301 318 Total foregone interest $ 519 $ 838 $ 1,012 $ 1,661 | |
Past Due Financing Receivables [Table Text Block] | (in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 7,289 $ - $ 6,209 $ 13,498 $ 2,004,393 $ 2,017,891 Commercial real estate 862 417 3,110 4,389 721,747 726,136 One-to-four family - mixed-use property 8,019 588 6,591 15,198 551,862 567,060 One-to-four family - residential 524 354 11,138 12,016 177,557 189,573 Co-operative apartments - - - - 7,681 7,681 Construction loans - - - - 3,673 3,673 Small Business Administration 128 - 170 298 11,883 12,181 Taxi medallion - - - - 21,211 21,211 Commercial business and other 5 466 746 1,217 471,268 472,485 Total $ 16,827 $ 1,825 $ 27,964 $ 46,616 $ 3,971,275 $ 4,017,891 (in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 7,721 $ 1,729 $ 7,554 $ 17,004 $ 1,906,456 $ 1,923,460 Commercial real estate 2,171 1,344 6,510 10,025 611,544 621,569 One-to-four family - mixed-use property 10,408 1,154 7,341 18,903 554,876 573,779 One-to-four family - residential 1,751 2,244 11,051 15,046 172,526 187,572 Co-operative apartments - - - - 9,835 9,835 Construction loans 3,000 - - 3,000 2,286 5,286 Small Business Administration 90 - - 90 7,044 7,134 Taxi medallion - - - - 22,519 22,519 Commercial business and other 6 1,585 740 2,331 445,169 447,500 Total $ 25,147 $ 8,056 $ 33,196 $ 66,399 $ 3,732,255 $ 3,798,654 | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 8,629 $ 3,902 $ 5,429 $ 1,465 $ - $ 23 $ 266 $ 11 $ 4,366 $ 24,091 Charge-offs (303 ) (14 ) (394 ) (91 ) - - - - (1 ) (803 ) Recoveries 191 (4 ) 44 74 - - 7 - - 312 Provision (Benefit) (217 ) (158 ) 101 (15 ) - 6 18 - (251 ) (516 ) Ending balance $ 8,300 $ 3,726 $ 5,180 $ 1,433 $ - $ 29 $ 291 $ 11 $ 4,114 $ 23,084 Ending balance: individually evaluated for impairment $ 263 $ 17 $ 507 $ 53 $ - $ - $ - $ - $ 127 $ 967 Ending balance: collectively evaluated for impairment $ 8,037 $ 3,709 $ 4,673 $ 1,380 $ - $ 29 $ 291 $ 11 $ 3,987 $ 22,117 Financing Receivables: Ending Balance $ 2,017,891 $ 726,136 $ 567,060 $ 189,573 $ 7,681 $ 3,673 $ 12,181 $ 21,211 $ 472,485 $ 4,017,891 Ending balance: individually evaluated for impairment $ 11,562 $ 5,702 $ 13,221 $ 13,662 $ 613 $ - $ 348 $ - $ 5,533 $ 50,641 Ending balance: collectively evaluated for impairment $ 2,006,329 $ 720,434 $ 553,839 $ 175,911 $ 7,068 $ 3,673 $ 11,833 $ 21,211 $ 466,952 $ 3,967,250 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 11,103 $ 5,379 $ 7,142 $ 1,944 $ - $ 40 $ 391 $ 14 $ 4,257 $ 30,270 Charge-offs (69 ) (39 ) (175 ) (37 ) - - (49 ) - (1 ) (370 ) Recoveries 134 - 95 97 - - 51 - 50 427 Provision (Benefit) (418 ) (13 ) (69 ) (214 ) - (6 ) (20 ) - (352 ) (1,092 ) Ending balance $ 10,750 $ 5,327 $ 6,993 $ 1,790 $ - $ 34 $ 373 $ 14 $ 3,954 $ 29,235 Ending balance: individually evaluated for impairment $ 299 $ 197 $ 601 $ 56 $ - $ - $ - $ - $ 150 $ 1,303 Ending balance: collectively evaluated for impairment $ 10,451 $ 5,130 $ 6,392 $ 1,734 $ - $ 34 $ 373 $ 14 $ 3,804 $ 27,932 Financing Receivables: Ending Balance $ 1,784,111 $ 510,224 $ 581,207 $ 192,895 $ 9,885 $ 4,717 $ 7,543 $ 25,291 $ 405,853 $ 3,521,726 Ending balance: individually evaluated for impairment $ 20,613 $ 16,728 $ 16,704 $ 13,505 $ - $ 570 $ - $ - $ 7,899 $ 76,019 Ending balance: collectively evaluated for impairment $ 1,763,498 $ 493,496 $ 564,503 $ 179,390 $ 9,885 $ 4,147 $ 7,543 $ 25,291 $ 397,954 $ 3,445,707 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 8,827 $ 4,202 $ 5,840 $ 1,690 $ - $ 42 $ 279 $ 11 $ 4,205 $ 25,096 Charge-offs (400 ) (32 ) (472 ) (244 ) - - - - (52 ) (1,200 ) Recoveries 214 68 47 74 - - 27 - 8 438 Provision (Benefit) (341 ) (512 ) (235 ) (87 ) - (13 ) (15 ) - (47 ) (1,250 ) Ending balance $ 8,300 $ 3,726 $ 5,180 $ 1,433 $ - $ 29 $ 291 $ 11 $ 4,114 $ 23,084 Ending balance: individually evaluated for impairment $ 263 $ 17 $ 507 $ 53 $ - $ - $ - $ - $ 127 $ 967 Ending balance: collectively evaluated for impairment $ 8,037 $ 3,709 $ 4,673 $ 1,380 $ - $ 29 $ 291 $ 11 $ 3,987 $ 22,117 Financing Receivables: Ending Balance $ 2,017,891 $ 726,136 $ 567,060 $ 189,573 $ 7,681 $ 3,673 $ 12,181 $ 21,211 $ 472,485 $ 4,017,891 Ending balance: individually evaluated for impairment $ 11,562 $ 5,702 $ 13,221 $ 13,662 $ 613 $ - $ 348 $ - $ 5,533 $ 50,641 Ending balance: collectively evaluated for impairment $ 2,006,329 $ 720,434 $ 553,839 $ 175,911 $ 7,068 $ 3,673 $ 11,833 $ 21,211 $ 466,952 $ 3,967,250 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 12,084 $ 4,959 $ 6,328 $ 2,079 $ 104 $ 444 $ 458 $ - $ 5,320 $ 31,776 Charge-offs (674 ) (86 ) (258 ) (79 ) - - (49 ) - (125 ) (1,271 ) Recoveries 141 382 135 165 7 - 61 - 50 941 Provision (Benefit) (801 ) 72 788 (375 ) (111 ) (410 ) (97 ) 14 (1,291 ) (2,211 ) Ending balance $ 10,750 $ 5,327 $ 6,993 $ 1,790 $ - $ 34 $ 373 $ 14 $ 3,954 $ 29,235 Ending balance: individually evaluated for impairment $ 299 $ 197 $ 601 $ 56 $ - $ - $ - $ - $ 150 $ 1,303 Ending balance: collectively evaluated for impairment $ 10,451 $ 5,130 $ 6,392 $ 1,734 $ - $ 34 $ 373 $ 14 $ 3,804 $ 27,932 Financing Receivables: Ending Balance $ 1,784,111 $ 510,224 $ 581,207 $ 192,895 $ 9,885 $ 4,717 $ 7,543 $ 25,291 $ 405,853 $ 3,521,726 Ending balance: individually evaluated for impairment $ 20,613 $ 16,728 $ 16,704 $ 13,505 $ - $ 570 $ - $ - $ 7,899 $ 76,019 Ending balance: collectively evaluated for impairment $ 1,763,498 $ 493,496 $ 564,503 $ 179,390 $ 9,885 $ 4,147 $ 7,543 $ 25,291 $ 397,954 $ 3,445,707 | |
Impaired Financing Receivables [Table Text Block] | Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 9,232 $ 10,050 $ - $ 10,347 $ 77 Commercial real estate 5,163 5,220 - 6,099 71 One-to-four family mixed-use property 10,160 11,741 - 11,219 103 One-to-four family residential 13,313 16,190 - 13,244 42 Co-operative apartments 613 613 - 204 10 Construction - - - - - Non-mortgage loans: Small Business Administration 309 309 - 209 6 Taxi Medallion - - - - - Commercial Business and other 2,971 3,341 - 3,997 100 Total loans with no related allowance recorded 41,761 47,464 - 45,319 409 With an allowance recorded: Mortgage loans: Multi-family residential 2,330 2,330 263 2,508 61 Commercial real estate 539 539 17 1,151 15 One-to-four family mixed-use property 3,061 3,061 507 3,077 84 One-to-four family residential 349 349 53 351 7 Co-operative apartments - - - - - Construction - - - - - Non-mortgage loans: Small Business Administration 39 39 - 27 1 Taxi Medallion - - - - - Commercial Business and other 2,562 2,562 127 2,627 69 Total loans with an allowance recorded 8,880 8,880 967 9,741 237 Total Impaired Loans: Total mortgage loans $ 44,760 $ 50,093 $ 840 $ 48,200 $ 470 Total non-mortgage loans $ 5,881 $ 6,251 $ 127 $ 6,860 $ 176 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 10,481 $ 11,551 $ - $ 14,168 $ 194 Commercial real estate 7,100 7,221 - 11,329 51 One-to-four family mixed-use property 12,027 13,381 - 12,852 321 One-to-four family residential 12,816 15,709 - 13,015 103 Co-operative apartments - - - - - Construction - - - 285 - Non-mortgage loans: Small Business Administration - - - - - Taxi Medallion - - - - - Commercial Business and other 2,779 3,149 - 3,428 137 Total loans with no related allowance recorded 45,203 51,011 - 55,077 806 With an allowance recorded: Mortgage loans: Multi-family residential 2,779 2,779 286 2,936 149 Commercial real estate 2,373 2,373 21 3,242 167 One-to-four family mixed-use property 3,093 3,093 579 3,249 170 One-to-four family residential 354 354 54 358 14 Co-operative apartments - - - - - Construction - - - 187 - Non-mortgage loans: Small Business Administration - - - - - Taxi Medallion - - - - - Commercial Business and other 2,713 2,713 154 3,149 115 Total loans with an allowance recorded 11,312 11,312 1,094 13,121 615 Total Impaired Loans: Total mortgage loans $ 51,023 $ 56,461 $ 940 $ 61,621 $ 1,169 Total non-mortgage loans $ 5,492 $ 5,862 $ 154 $ 6,577 $ 252 | |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 3,859 $ 8,904 $ - $ - $ 12,763 Commercial real estate 2,697 3,347 - - 6,044 One-to-four family - mixed-use property 4,944 10,863 - - 15,807 One-to-four family - residential 997 13,313 - - 14,310 Co-operative apartments - 613 - - 613 Construction loans - - - - - Small Business Administration 241 243 - - 484 Commercial business and other 1,690 3,879 - - 5,569 Total loans $ 14,428 $ 41,162 $ - $ - $ 55,590 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 6,494 $ 10,226 $ - $ - $ 16,720 Commercial real estate 5,453 7,100 - - 12,553 One-to-four family - mixed-use property 5,254 12,499 - - 17,753 One-to-four family - residential 2,352 13,056 - - 15,408 Co-operative apartments 623 - - - 623 Construction loans - - - - - Small Business Administration 479 - - - 479 Commercial business and other 2,841 3,779 - - 6,620 Total loans $ 23,496 $ 46,660 $ - $ - $ 70,156 | |
Performing Financial Instruments [Member] | ||
Note 5 - Loans (Tables) [Line Items] | ||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | June 30, 2015 December 31, 2014 (Dollars in thousands) Number of contracts Recorded investment Number of contracts Recorded investment Multi-family residential 9 $ 2,657 10 $ 3,034 Commercial real estate 3 2,356 3 2,373 One-to-four family - mixed-use property 7 2,358 7 2,381 One-to-four family - residential 1 349 1 354 Small business administration 1 39 - - Commercial business and other 4 2,167 4 2,249 Total performing troubled debt restructured 25 $ 9,926 25 $ 10,391 | |
Nonperforming Financial Instruments [Member] | ||
Note 5 - Loans (Tables) [Line Items] | ||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | June 30, 2015 December 31, 2014 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 378 - $ - Commercial real estate - - 1 2,252 One-to-four family - mixed use property 1 187 1 187 Total troubled debt restructurings that subsequently defaulted 2 $ 565 2 $ 2,439 |
Note 6 - Loans Held for Sale (T
Note 6 - Loans Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans Held For Sale [Abstract] | |
Delinquent And Non-Performing Loans Sold During Period [Table Text Block] | For the three months ended June 30, 2015 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) recoveries Net gain (loss) Multi-family residential 2 $ 1,045 $ 137 $ - Commercial real estate 1 1,311 - - One-to-four family - mixed-use property 4 1,150 - 47 Total 7 $ 3,506 $ 137 $ 47 For the three months ended June 30, 2014 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) recoveries Net gain (loss) Multi-family residential 3 $ 1,478 $ 76 $ - Commercial real estate 1 430 - - Total 4 $ 1,908 $ 76 $ - For the six months ended June 30, 2015 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) recoveries Net gain (loss) Multi-family residential 4 $ 1,881 $ 137 $ (2 ) Commercial real estate 1 1,311 - - One-to-four family - mixed-use property 7 1,836 - 51 Total 12 $ 5,028 $ 137 $ 49 For the six months ended June 30, 2014 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) recoveries Net gain (loss) Multi-family residential 7 $ 3,216 $ (70 ) $ - Commercial real estate 3 2,047 295 - One-to-four family - mixed-use property 6 2,069 38 - Total 16 $ 7,332 $ 263 $ - |
Note 7 - Other Real Estate Ow29
Note 7 - Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Other Real Estate, Roll Forward [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Balance at beginning of period $ 5,252 $ 1,700 $ 6,326 $ 2,985 Acquisitions 289 491 772 606 Recovery (write-down) of carrying value (896 ) 49 (896 ) (5 ) Sales (390 ) (894 ) (1,947 ) (2,240 ) Balance at end of period $ 4,255 $ 1,346 $ 4,255 $ 1,346 |
Gross Gains, Gross Losses, And Write-Downs Of OREO [Table Text Block] | For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 (In thousands) Gross gains $ 86 $ 77 $ 302 $ 131 Gross losses - - (6 ) (30 ) Recovery (write-down) of carrying value (896 ) 49 (896 ) (5 ) Total gain (loss) $ (810 ) $ 126 $ (600 ) $ 96 |
Note 8 - Repurchase Agreements
Note 8 - Repurchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | At June 30, 2015 Remaining Contractual Maturity of Agreements Less than 1 year 1 year to 3 years Over 3 years Total (In thousands) Repurchase agreements: Mortgage-backed securities $ 18,000 $ 58,000 $ 40,000 $ 116,000 Total repurchase agreements $ 18,000 $ 58,000 $ 40,000 $ 116,000 |
Note 9 - Stock-based Compensa31
Note 9 - Stock-based Compensation (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Note 9 - Stock-based Compensation (Tables) [Line Items] | ||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Grant-Date Fair Value Non-vested at December 31, 2014 373,154 $ 16.75 Granted 318,120 19.10 Vested (258,700 ) 17.37 Forfeited (7,320 ) 18.42 Non-vested at June 30, 2015 425,254 $ 18.10 Vested but unissued at June 30, 2015 288,426 $ 18.08 | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | For the three months ended June 30, For the six months ended June 30, (In thousands) 2015 2014 2015 2014 Proceeds from stock options exercised $ 142 $ 87 $ 142 $ 429 Fair value of shares received upon exercised of stock options - 812 20 1,290 Tax benefit related to stock options exercised 8 24 9 93 Intrinsic value of stock options exercised 31 105 33 317 | |
Non-Full Value Awards [Member] | ||
Note 9 - Stock-based Compensation (Tables) [Line Items] | ||
Schedule of Share-based Compensation, Activity [Table Text Block] | Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value ($000)* Outstanding at December 31, 2014 154,915 $ 15.19 Granted - - Exercised (9,725 ) 16.65 Forfeited - - Outstanding at June 30, 2015 145,190 $ 15.09 3.1 $ 860 | |
Phantom Share Units (PSUs) [Member] | ||
Note 9 - Stock-based Compensation (Tables) [Line Items] | ||
Schedule of Share-based Compensation, Activity [Table Text Block] | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2014 67,113 $ 20.27 Granted 11,729 19.28 Forfeited (2 ) 20.58 Distributions (451 ) 19.64 Outstanding at June 30, 2015 78,389 $ 21.01 Vested at June 30, 2015 78,119 $ 21.01 |
Note 10 - Pension and Other P32
Note 10 - Pension and Other Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Retirement Plan [Member] | |
Note 10 - Pension and Other Postretirement Benefit Plans (Tables) [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Three months ended Six months ended (In thousands) 2015 2014 2015 2014 Employee Pension Plan: Interest cost $ 221 $ 223 $ 442 $ 446 Amortization of unrecognized loss 290 190 581 380 Expected return on plan assets (350 ) (336 ) (700 ) (672 ) Net employee pension expense $ 161 $ 77 $ 323 $ 154 Outside Director Pension Plan: Service cost $ 11 $ 13 $ 22 $ 26 Interest cost 24 29 48 58 Amortization of unrecognized gain (14 ) (15 ) (28 ) (30 ) Amortization of past service liability 10 10 20 20 Net outside director pension expense $ 31 $ 37 $ 62 $ 74 Other Postretirement Benefit Plans: Service cost $ 95 $ 90 $ 190 $ 180 Interest cost 75 63 150 126 Amortization of unrecognized loss 30 - 60 - Amortization of past service credit (22 ) (22 ) (43 ) (43 ) Net other postretirement expense $ 178 $ 131 $ 357 $ 263 |
Note 11 - Fair Value of Finan33
Note 11 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Fair Value Measurements Fair Value Measurements Changes in Fair Values For Items Measured at Fair Value Pursuant to Election of the Fair Value Option at June 30, at December 31, Three Months Ended Six Months Ended (Dollars in thousands) 2015 2014 June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Mortgage-backed securities $ 4,037 $ 4,678 $ (28 ) $ 24 $ (36 ) $ 72 Other securities 28,122 27,915 (108 ) 172 89 497 Borrowed funds 29,476 28,771 (1,229 ) 154 (705 ) 179 Net gain (loss) from fair value adjustments (1) (2) $ (1,365 ) $ 350 $ (652 ) $ 748 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices Significant Other Significant Other Total carried at fair value 2015 2014 2015 2014 2015 2014 2015 2014 (In thousands) Assets: Mortgage-backed $ - $ - $ 729,674 $ 704,933 $ - $ - $ 729,674 $ 704,933 Other securities - - 292,698 245,768 15,125 22,609 307,823 268,377 Interest rate swaps - - 94 84 - - 94 84 Total assets $ - $ - $ 1,022,466 $ 950,785 $ 15,125 $ 22,609 $ 1,037,591 $ 973,394 Liabilities: Borrowings $ - $ - $ - $ - $ 29,476 $ 28,771 $ 29,476 $ 28,771 Interest rate swaps - - 1,711 2,649 - - 1,711 2,649 Total liabilities $ - $ - $ 1,711 $ 2,649 $ 29,476 $ 28,771 $ 31,187 $ 31,420 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 14,464 $ 7,189 $ 28,245 Transfer to held-to-maturity (4,510 ) - - Principal repayments (55 ) - - Maturities (2,000 ) - - Net gain from fair value adjustment of financial assets included in earnings (1) - 37 - Net loss from fair value adjustment of financial liabilities included in earnings (1) - - 1,229 Increase in accrued interest payable - - 2 Change in unrealized gains included in other comprehensive income - - - Ending balance $ 7,899 $ 7,226 $ 29,476 Changes in unrealized gains (losses) held at period end $ - $ - $ - For the three months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 10,170 $ 13,059 $ 29,541 Purchases 475 - - Principal repayments (53 ) - - Net gain from fair value adjustment of financial assets included in earnings (1) - 29 - Net gain from fair value adjustment of financial liabilities included in earnings (1) - - (154 ) Increase in accrued interest payable - - 1 Change in unrealized gains (losses) included in other comprehensive income - 273 - Ending balance $ 10,592 $ 13,361 $ 29,388 Changes in unrealized gains (losses) held at period end $ - $ 273 $ - For the six months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 15,519 $ 7,090 $ 28,771 Transfer to held-to-maturity (4,510 ) - - Purchases 1,000 - - Principal repayments (110 ) - - Maturities (4,000 ) - - Net gain from fair value adjustment of financial assets included in earnings (1) - 131 - Net loss from fair value adjustment of financial liabilities included in earnings (1) - - 705 Decrease in accrued interest payable - - - Change in unrealized gains (losses) included in other comprehensive income - 5 - Ending balance $ 7,899 $ 7,226 $ 29,476 Changes in unrealized gains (losses) held at period end $ - $ 5 $ - For the six months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 9,223 $ 14,935 $ 29,570 Purchases 2,475 - - Principal repayments (1,106 ) - - Sales - (1,871 ) - Net gain from fair value adjustment of financial assets included in earnings (1) - 55 - Net gain from fair value adjustment of financial liabilities included in earnings (1) - - (179 ) Decrease in accrued interest payable - - (3 ) Change in unrealized gains (losses) included in other comprehensive income - 242 - Ending balance $ 10,592 $ 13,361 $ 29,388 Changes in unrealized gains (losses) held at period end $ - $ 242 $ - |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets: Municipals $ 7,899 Discounted cash flows Discount rate 4.0% (4.0%) Trust Preferred Securities $ 7,226 Discounted cash flows Discount rate 7.0% - 7.1% (7.1%) Liabilities: Junior subordinated debentures $ 29,476 Discounted cash flows Discount rate 7.0% (7.0%) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets: Municipals $ 15,519 Discounted cash flows Discount rate 0.2% - 4.0% (2.3%) Trust Preferred Securities $ 7,090 Discounted cash flows Discount rate 7.0% - 7.25% (7.2%) Liabilities: Junior subordinated debentures $ 28,771 Discounted cash flows Discount rate 7.0% (7.0%) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets: Loans held for sale $ 300 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 59.6% (59.6%) Loss severity discount Impaired loans $ 3,910 Income approach Capitalization rate 7.3% to 8.0% (7.7%) Loss severity discount 0.5% to 55.4% (15.7%) Impaired loans $ 5,587 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 40.0% (-5.9%) Loss severity discount 0.2% to 89.4% (13.2%) Impaired loans $ 7,415 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 25.0% (-2.3%) Capitalization rate 5.6% to 11.0% (7.5%) Loss severity discount 0.9% to 50.7% (16.3%) Other real estate owned $ 158 Income approach Capitalization rate 12.0% (12.0%) Loss severity discount 16.1% (16.1%) Other real estate owned $ 4,097 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -41.5% to 25.0% (0.0%) Loss severity discount 1.6% to 66.2% (18.5%) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets: Impaired loans $ 6,981 Income approach Capitalization rate 7.3% to 8.5% (7.8%) Loss severity discount 0.5% to 81.7% (21.3%) Impaired loans $ 6,935 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -41.5% to 40.0% (-2.2%) Loss severity discount 1.8% to 89.4% (20.0%) Impaired loans $ 8,258 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -55.0% to 25.0% (-6.1%) Capitalization rate 5.8% to 11.0% (8.0%) Loss severity discount 0.9% to 74.4% (30.0%) Other real estate owned $ 4,768 Income approach Capitalization rate 9.0% to 12.0% (9.1%) Loss severity discount 0.9% to 4.9% (1.0%) Other real estate owned $ 587 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -11.9% to 15.0% (-3.5%) Loss severity discount 0.0% to 36.9% (9.6%) Other real estate owned $ 971 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -25.0% to 0.0% (-8.9%) Capitalization rate 7.5% to 8.0% (7.7%) Loss severity discount 0.0% to 6.2% (3.0%) |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices 2015 2014 2015 2014 2015 2014 2015 2014 (In thousands) Assets: Loans held for sale $ - $ - $ - $ - $ 300 $ - $ 300 $ - Impaired loans 16,912 22,174 16,912 22,174 Other real estate owned - - - - 4,255 6,326 4,255 6,326 Total assets $ - $ - $ - $ - $ 21,467 $ 28,500 $ 21,467 $ 28,500 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2015 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets: Cash and due from banks $ 36,599 $ 36,599 $ 36,599 $ - $ - Securities held-to-maturity 7,220 7,220 - - 7,220 Mortgage-backed securities available for sale 729,674 729,674 - 729,674 - Other securities available for sale 307,823 307,823 - 292,698 15,125 Loans 4,031,142 4,078,118 - - 4,078,118 FHLB-NY stock 49,926 49,926 - 49,926 - Interest rate swaps 94 94 - 94 - Total assets $ 5,162,478 $ 5,209,454 $ 36,599 $ 1,072,392 $ 4,100,463 Liabilities: Deposits $ 3,698,332 3,785,530 $ 2,322,826 $ 1,462,704 $ - Borrowings 1,115,435 1,130,046 - 1,100,570 29,476 Interest rate swaps 1,711 1,711 - 1,711 - Total liabilities $ 4,815,478 $ 4,917,287 $ 2,322,826 $ 2,564,985 $ 29,476 December 31, 2014 Carrying Fair (in thousands) Assets: Cash and due from banks $ 34,265 $ 34,265 $ 34,265 $ - $ - Mortgage-backed Securities 704,933 704,933 - 704,933 - Other securities 268,377 268,377 - 245,768 22,609 Loans 3,810,373 3,871,087 - - 3,871,087 FHLB-NY stock 46,924 46,924 - 46,924 - Interest rate swaps 84 84 - 84 - Total assets $ 4,864,956 $ 4,925,670 $ 34,265 $ 997,709 $ 3,893,696 Liabilities: Deposits $ 3,508,598 $ 3,524,123 $ 2,202,775 $ 1,321,348 $ - Borrowings 1,056,492 1,070,428 - 1,041,657 28,771 Interest rate swaps 2,649 2,649 - 2,649 - Total liabilities $ 4,567,739 $ 4,597,200 $ 2,202,775 $ 2,365,654 $ 28,771 |
Note 12 - Derivative Financia34
Note 12 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Notional Net Carrying Value (1) (In thousands) Interest rate swaps (non-hedge) $ 36,321 $ (1,367 ) Interest rate swaps (hedge) 4,087 94 Interest rate swaps (hedge) 15,305 (344 ) Total derivatives $ 55,713 $ (1,617 ) Notional Amount Net Carrying Value (1) (In thousands) Interest rate swaps (non-hedge) $ 36,321 $ (2,239 ) Interest rate swaps (hedge) 4,131 84 Interest rate swaps (hedge) 10,340 (410 ) Total derivatives $ 50,792 $ (2,565 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the three months ended June 30, For the six months ended June 30, (In thousands) 2015 2014 2015 2014 Financial Derivatives: Interest rate swaps (non-hedge) $ (2,125 ) $ (719 ) $ 871 $ (1,733 ) Interest rate swaps (hedge) (8 ) (33 ) (46 ) (61 ) Net Gain (loss) (1) $ (2,133 ) $ (752 ) $ 825 $ (1,794 ) |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the three months ended June 30, For the six months ended June 30, (In thousands) 2015 2014 2015 2014 Federal: Current $ 11,153 $ 5,675 $ 14,067 $ 8,412 Deferred (3,998 ) (162 ) (2,660 ) 1,859 Total federal tax provision 7,155 5,513 11,407 10,271 State and Local: Current 4,148 2,102 4,855 3,368 Deferred (1,782 ) (17 ) (1,195 ) 886 Total state and local tax provision 2,366 2,085 3,660 4,254 Total income tax provision $ 9,521 $ 7,598 $ 15,067 $ 14,525 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the three months For the six months (dollars in thousands) 2015 2014 2015 2014 Taxes at federal statutory rate $ 8,524 35.0 % $ 6,749 35.0 % $ 13,522 35.0 % $ 12,777 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 1,538 6.3 1,355 7.0 2,379 6.2 2,765 7.6 Other (541 ) (2.2 ) (506 ) (2.6 ) (834 ) (2.2 ) (1,017 ) (2.8 ) Taxes at effective rate $ 9,521 39.1 % $ 7,598 39.4 % $ 15,067 39.0 % $ 14,525 39.8 % |
Note 14 - Accumulated Other C36
Note 14 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 3,392 $ (6,299 ) $ (2,907 ) Other comprehensive income before reclassifications, net of tax (1,145 ) - (1,145 ) Amounts reclassified from accumulated other comprehensive income, net of tax (36 ) 332 296 Net current period other comprehensive income, net of tax (1,181 ) 332 (849 ) Ending balance, net of tax $ 2,211 $ (5,967 ) $ (3,756 ) Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (8,522 ) $ (2,853 ) $ (11,375 ) Other comprehensive income before reclassifications, net of tax 11,873 - 11,873 Amounts reclassified from accumulated other comprehensive income, net of tax - 151 151 Net current period other comprehensive income, net of tax 11,873 151 12,024 Ending balance, net of tax $ 3,351 $ (2,702 ) $ 649 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts Reclassified from (Dollars in thousands) Unrealized gains on available for sale securities: $ 64 Net gain on sale of securities (28 ) Tax expense $ 36 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (306 ) (1) Other expense Prior service credits 12 (1) Other expense (294 ) Total before tax 130 Tax benefit $ (164 ) Net of tax Amounts Reclassified from (Dollars in thousands) Amortization of defined benefit pension items: Actuarial losses $ (175 ) (1) Other expense Prior service credits 12 (1) Other expense (163 ) Total before tax 72 Tax benefit $ (91 ) Net of tax Amounts Reclassified from (Dollars in thousands) Unrealized gains on available for sale securities: $ 64 Net gain on sale of securities (28 ) Tax expense $ 36 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (613 ) (1) Other expense Prior service credits 23 (1) Other expense (590 ) Total before tax 258 Tax benefit $ (332 ) Net of tax Amounts Reclassified from (Dollars in thousands) Amortization of defined benefit pension items: Actuarial losses $ (350 ) (1) Other expense Prior service credits 23 (1) Other expense (327 ) Total before tax 176 Tax benefit $ (151 ) Net of tax |
Note 15 - Regulatory Capital (T
Note 15 - Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | June 30, 2015 December 31, 2014 Amount Percent of Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 483,407 9.13 % $ 472,251 9.63 % Requirement to be well capitalized 264,746 5.00 245,254 5.00 Excess 218,661 4.13 226,997 4.63 Common Equity Tier I risk-based capital: Capital level $ 483,407 13.07 % n/a n/a Requirement to be well capitalized 240,326 6.50 n/a n/a Excess 243,081 6.57 n/a n/a Tier 1 risk-based capital: Capital level $ 483,407 13.07 % $ 472,251 13.87 % Requirement to be well capitalized 295,786 8.00 204,345 6.00 Excess 187,621 5.07 267,906 7.87 Total risk-based capital: Capital level $ 506,491 13.70 % $ 497,347 14.60 % Requirement to be well capitalized 369,732 10.00 340,589 10.00 Excess 136,759 3.70 156,758 4.60 June 30, 2015 December 31, 2014 Amount Percent of Assets Amount Percent of Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 478,658 9.06 % $ 471,233 9.62 % Requirement to be well capitalized 264,295 5.00 244,960 5.00 Excess 214,363 4.06 226,273 4.62 Common Equity Tier I risk-based capital: Capital level $ 450,169 12.20 % n/a n/a Requirement to be well capitalized 239,927 6.50 n/a n/a Excess 210,242 5.70 n/a n/a Tier 1 risk-based capital: Capital level $ 478,658 12.97 % $ 471,233 13.87 % Requirement to be well capitalized 295,295 8.00 203,878 6.00 Excess 183,363 4.97 267,355 7.87 Total risk-based capital: Capital level $ 501,742 13.59 % $ 496,329 14.61 % Requirement to be well capitalized 369,119 10.00 339,797 10.00 Excess 132,623 3.59 156,532 4.61 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Stock Option [Member] | ||||
Note 3 - Earnings Per Share (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note 3 - Earnings Per Share (39
Note 3 - Earnings Per Share (Details) - Earnings Per Common Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Earnings Per Common Share [Abstract] | |||||
Net income, as reported (in Dollars) | $ 14,834 | $ 11,685 | $ 23,567 | $ 21,981 | |
Divided by: | |||||
Weighted average common shares outstanding | 29,246 | 30,059 | 29,321 | 30,022 | |
Weighted average common stock equivalents | 22 | 31 | 22 | 34 | |
Total weighted average common shares outstanding and common stock equivalents | 29,268 | 30,090 | 29,343 | 30,056 | |
Basic earnings per common share (in Dollars per share) | $ 0.51 | $ 0.39 | $ 0.80 | $ 0.73 | |
Diluted earnings per common share (1) (in Dollars per share) | [1] | $ 0.51 | $ 0.39 | $ 0.80 | $ 0.73 |
Dividend payout ratio | 31.40% | 38.50% | 40.00% | 41.10% | |
[1] | For the three and six months ended June 30, 2015 and 2014, there were no stock options that were anti-dilutive. |
Note 4 - Debt and Equity Secu40
Note 4 - Debt and Equity Securities (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | ||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Trading Securities (in Dollars) | $ 0 | $ 0 | $ 0 | |||
Held-to-maturity Securities (in Dollars) | 7,220,000 | [1] | 7,220,000 | [1] | $ 0 | |
Transfer from Available for Sale Security to Held to Maturity (in Dollars) | 4,510,000 | |||||
Mortgage Backed Securities Available For Sale, Amortized Cost (in Dollars) | [1] | $ 727,583,000 | $ 727,583,000 | |||
Corporate Debt Securities [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 7 | 7 | ||||
Municipals Debt Securities [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Held-to-maturity Securities (in Dollars) | $ 7,220,000 | $ 7,220,000 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 5 | 5 | ||||
Single Issuer Trust Preferred Security [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | 1 | ||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities (in Dollars) | $ 0 | |||||
REMIC And CMO [Member] | FHLMC [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 12 | 12 | ||||
REMIC And CMO [Member] | FNMA [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 14 | 14 | ||||
REMIC And CMO [Member] | GNMA [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 9 | 9 | ||||
GNMA [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | 1 | ||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities (in Dollars) | $ 0 | |||||
FNMA [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 17 | 17 | ||||
Collateralized By Commercial Real Estate [Member] | Collateralized Mortgage Obligations [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Private Issue Collateralized Mortgage Obligations, Number | 2 | 2 | 3 | |||
Mortgage Backed Securities Available For Sale, Amortized Cost (in Dollars) | $ 9,100,000 | $ 9,100,000 | $ 12,400,000 | |||
Municipal Bonds [Member] | ||||||
Note 4 - Debt and Equity Securities (Details) [Line Items] | ||||||
Transfer from Available for Sale Security to Held to Maturity (in Dollars) | $ 4,500,000 | |||||
[1] | Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Note 4 - Debt and Equity Secu41
Note 4 - Debt and Equity Securities (Details) - Amortized Cost and Fair Value of Securities - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | ||
Securites held-to-maturity: | ||||
Amortized Cost-Held to Maturity | $ 7,220,000 | [1] | $ 0 | |
Fair Value-Held to Maturity | [1] | 7,220,000 | ||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 1,033,559,000 | [1] | 967,329,000 | |
Fair Value-Available for sale | 1,037,497,000 | [1] | 973,310,000 | |
Gross Unrealized Gains-Available for sale | 12,044,000 | 13,240,000 | ||
Gross Unrealized Losses-Available for sale | 8,106,000 | 7,259,000 | ||
Municipals Debt Securities [Member] | ||||
Securites held-to-maturity: | ||||
Amortized Cost-Held to Maturity | 7,220,000 | |||
Fair Value-Held to Maturity | 7,220,000 | |||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 136,927,000 | 145,864,000 | ||
Fair Value-Available for sale | 139,911,000 | 148,896,000 | ||
Gross Unrealized Gains-Available for sale | 3,114,000 | 3,093,000 | ||
Gross Unrealized Losses-Available for sale | 130,000 | 61,000 | ||
Corporate Debt Securities [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 105,852,000 | 90,719,000 | ||
Fair Value-Available for sale | 104,648,000 | 91,273,000 | ||
Gross Unrealized Gains-Available for sale | 521,000 | 1,268,000 | ||
Gross Unrealized Losses-Available for sale | 1,725,000 | 714,000 | ||
Mutual Funds Debt Securities [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 21,193,000 | 21,118,000 | ||
Fair Value-Available for sale | 21,193,000 | 21,118,000 | ||
Other Debt Obligations [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 42,004,000 | 7,098,000 | ||
Fair Value-Available for sale | 42,071,000 | 7,090,000 | ||
Gross Unrealized Gains-Available for sale | 69,000 | |||
Gross Unrealized Losses-Available for sale | 2,000 | 8,000 | ||
Available For Sale Securities, Excluding Mortgage-Backed Securities [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 305,976,000 | 264,799,000 | ||
Fair Value-Available for sale | 307,823,000 | 268,377,000 | ||
Gross Unrealized Gains-Available for sale | 3,704,000 | 4,361,000 | ||
Gross Unrealized Losses-Available for sale | 1,857,000 | 783,000 | ||
REMIC And CMO [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 530,684,000 | 504,207,000 | ||
Fair Value-Available for sale | 532,662,000 | 505,768,000 | ||
Gross Unrealized Gains-Available for sale | 6,165,000 | 6,188,000 | ||
Gross Unrealized Losses-Available for sale | 4,187,000 | 4,627,000 | ||
GNMA [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 12,802,000 | 13,862,000 | ||
Fair Value-Available for sale | 13,080,000 | 14,159,000 | ||
Gross Unrealized Gains-Available for sale | 401,000 | 421,000 | ||
Gross Unrealized Losses-Available for sale | 123,000 | 124,000 | ||
FNMA [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 170,838,000 | 169,956,000 | ||
Fair Value-Available for sale | 170,534,000 | 170,367,000 | ||
Gross Unrealized Gains-Available for sale | 1,635,000 | 2,128,000 | ||
Gross Unrealized Losses-Available for sale | 1,939,000 | 1,717,000 | ||
FHLMC [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 13,259,000 | 14,505,000 | ||
Fair Value-Available for sale | 13,398,000 | 14,639,000 | ||
Gross Unrealized Gains-Available for sale | 139,000 | 142,000 | ||
Gross Unrealized Losses-Available for sale | 8,000 | |||
Collateralized Mortgage Obligations [Member] | ||||
Securites available for sale: | ||||
Amortized Cost-Available for sale | 727,583,000 | 702,530,000 | ||
Fair Value-Available for sale | 729,674,000 | 704,933,000 | ||
Gross Unrealized Gains-Available for sale | 8,340,000 | 8,879,000 | ||
Gross Unrealized Losses-Available for sale | $ 6,249,000 | $ 6,476,000 | ||
[1] | Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Note 4 - Debt and Equity Secu42
Note 4 - Debt and Equity Securities (Details) - Credit Loss Component Recognized in Earnings on Debt Securities for Which a Portion of OTTI Was Recognized in AOCI - USD ($) $ in Thousands | Jun. 30, 2014 | Mar. 31, 2014 |
Credit Loss Component Recognized in Earnings on Debt Securities for Which a Portion of OTTI Was Recognized in AOCI [Abstract] | ||
Balance | $ 3,738 | $ 3,738 |
Balance | $ 3,738 | $ 3,738 |
Note 4 - Debt and Equity Secu43
Note 4 - Debt and Equity Securities (Details) - Gross Gain Loss Realized from Available for Sale Securities - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Gross Gain Loss Realized from Available for Sale Securities [Abstract] | ||
Gross gains from the sale of securities | $ 233 | $ 233 |
Gross losses from the sale of securities | (169) | (169) |
Net gains from the sale of securities | $ 64 | $ 64 |
Note 4 - Debt and Equity Secu44
Note 4 - Debt and Equity Securities (Details) - Securities by Contractual Maturity - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | ||
Securities held-to-maturity:(1) | ||||
Due in one year or less | [1] | $ 6,140,000 | ||
Due in one year or less | [1] | 6,140,000 | ||
Due after one year through five years | [1] | 1,080,000 | ||
Due after one year through five years | [1] | 1,080,000 | ||
Total securities held-to-maturity | 7,220,000 | [1] | $ 0 | |
Total securities held-to-maturity | [1] | 7,220,000 | ||
Securities available for sale:(1) | ||||
Due in one year or less | [1] | 32,046,000 | ||
Due in one year or less | [1] | 32,232,000 | ||
Due after one year through five years | [1] | 15,000,000 | ||
Due after one year through five years | [1] | 15,298,000 | ||
Due after five years through ten years | [1] | 92,077,000 | ||
Due after five years through ten years | [1] | 90,741,000 | ||
Due after ten years | [1] | 166,853,000 | ||
Due after ten years | [1] | 169,552,000 | ||
Total other securities | [1] | 305,976,000 | ||
Total other securities | 307,823,000 | [1] | 268,377,000 | |
Mortgage-backed securities | [1] | 727,583,000 | ||
Mortgage-backed securities | 729,674,000 | [1] | 704,933,000 | |
Total securities available for sale | 1,033,559,000 | [1] | 967,329,000 | |
Total securities available for sale | $ 1,037,497,000 | [1] | $ 973,310,000 | |
[1] | Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Note 4 - Debt and Equity Secu45
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | $ 424,092 | $ 374,858 |
Unrealized Losses | 8,106 | 7,259 |
Less Than 12 Months - Fair Value | 273,879 | 97,274 |
Less Than 12 Months - Unrealized Losses | 4,087 | 846 |
12 Months or More - Fair Value | 150,213 | 277,584 |
12 Months or More - Unrealized Losses | 4,019 | 6,413 |
Corporate Debt Securities [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 53,275 | 39,287 |
Unrealized Losses | 1,725 | 714 |
Less Than 12 Months - Fair Value | 38,413 | 9,573 |
Less Than 12 Months - Unrealized Losses | 1,587 | 428 |
12 Months or More - Fair Value | 14,862 | 29,714 |
12 Months or More - Unrealized Losses | 138 | 286 |
Municipals Debt Securities [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 17,077 | 8,810 |
Unrealized Losses | 130 | 61 |
Less Than 12 Months - Fair Value | 17,077 | 3,546 |
Less Than 12 Months - Unrealized Losses | 130 | 11 |
12 Months or More - Fair Value | 5,264 | |
12 Months or More - Unrealized Losses | 50 | |
Other Debt Obligations [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 298 | 292 |
Unrealized Losses | 2 | 8 |
Less Than 12 Months - Fair Value | 298 | |
Less Than 12 Months - Unrealized Losses | 2 | |
12 Months or More - Fair Value | 292 | |
12 Months or More - Unrealized Losses | 8 | |
Available For Sale Securities, Excluding Mortgage-Backed Securities [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 70,650 | 48,389 |
Unrealized Losses | 1,857 | 783 |
Less Than 12 Months - Fair Value | 55,788 | 13,119 |
Less Than 12 Months - Unrealized Losses | 1,719 | 439 |
12 Months or More - Fair Value | 14,862 | 35,270 |
12 Months or More - Unrealized Losses | 138 | 344 |
REMIC And CMO [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 245,107 | 216,190 |
Unrealized Losses | 4,187 | 4,627 |
Less Than 12 Months - Fair Value | 141,760 | 77,382 |
Less Than 12 Months - Unrealized Losses | 1,205 | 399 |
12 Months or More - Fair Value | 103,347 | 138,808 |
12 Months or More - Unrealized Losses | 2,982 | 4,228 |
GNMA [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 7,727 | 8,358 |
Unrealized Losses | 123 | 124 |
Less Than 12 Months - Fair Value | 7,727 | |
Less Than 12 Months - Unrealized Losses | 123 | |
12 Months or More - Fair Value | 8,358 | |
12 Months or More - Unrealized Losses | 124 | |
FNMA [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 100,608 | 95,148 |
Unrealized Losses | 1,939 | 1,717 |
Less Than 12 Months - Fair Value | 68,604 | |
Less Than 12 Months - Unrealized Losses | 1,040 | |
12 Months or More - Fair Value | 32,004 | 95,148 |
12 Months or More - Unrealized Losses | 899 | 1,717 |
Collateralized Mortgage Backed Securities [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 353,442 | 326,469 |
Unrealized Losses | 6,249 | 6,476 |
Less Than 12 Months - Fair Value | 218,091 | 84,155 |
Less Than 12 Months - Unrealized Losses | 2,368 | 407 |
12 Months or More - Fair Value | 135,351 | 242,314 |
12 Months or More - Unrealized Losses | $ 3,881 | 6,069 |
FHLMC [Member] | ||
Note 4 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 6,773 | |
Unrealized Losses | 8 | |
Less Than 12 Months - Fair Value | 6,773 | |
Less Than 12 Months - Unrealized Losses | $ 8 |
Note 5 - Loans (Details)
Note 5 - Loans (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014 | Jun. 30, 2015USD ($) | Jun. 30, 2014 | Dec. 31, 2014USD ($) | |
Note 5 - Loans (Details) [Line Items] | |||||
Fair Value of Collateral Dependent Loans, As a Percentage of Appraised Or Estimated Value of Collateral | 85.00% | ||||
Collateral Dependent Impaired Loans, Measured By Third Party Appraisals (in Dollars) | $ 26 | ||||
Collateral Dependent Impaired Loans, Measured By Third Party Appraisals, Percentage | 65.90% | ||||
Collateral Dependent Impaired Loans, Measured Internally (in Dollars) | $ 13.5 | ||||
Collateral Dependent Impaired Loans, Measured Internally, Percentage | 34.10% | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 1 | 0 | |
Financing Receivable, Modifications During Period, Recorded Investment (in Dollars) | $ 0.4 | ||||
Commitments and Contingencies (in Dollars) | |||||
Extension of Credit [Member] | |||||
Note 5 - Loans (Details) [Line Items] | |||||
Commitments and Contingencies (in Dollars) | $ 131.4 | $ 131.4 | |||
Extension of Lines of Credit [Member] | |||||
Note 5 - Loans (Details) [Line Items] | |||||
Commitments and Contingencies (in Dollars) | $ 202.4 | $ 202.4 |
Note 5 - Loans (Details) - Loan
Note 5 - Loans (Details) - Loans Modified and Classified as TDR $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015USD ($) | Jun. 30, 2014 | |
Financing Receivable, Modifications [Line Items] | ||||
Number | 0 | 0 | 1 | 0 |
Balance | $ 41 | |||
Small Business Administration Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | 1 | |||
Balance | $ 41 |
Note 5 - Loans (Details) - Trou
Note 5 - Loans (Details) - Troubled Debt Restructurings That Are Performing According to Their Restructured Terms $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014 | Jun. 30, 2015USD ($) | Jun. 30, 2014 | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 0 | 0 | 1 | 0 | |
Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 25 | 25 | |||
Recorded investment | $ 9,926 | $ 9,926 | $ 10,391 | ||
Performing Financial Instruments [Member] | Multi-Family Residential Portfolio Segment[Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 9 | 10 | |||
Recorded investment | 2,657 | $ 2,657 | $ 3,034 | ||
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 3 | 3 | |||
Recorded investment | 2,356 | $ 2,356 | $ 2,373 | ||
Performing Financial Instruments [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 7 | 7 | |||
Recorded investment | 2,358 | $ 2,358 | $ 2,381 | ||
Performing Financial Instruments [Member] | One-To-Four Family - Residential Portfolio Segment[Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 1 | 1 | |||
Recorded investment | 349 | $ 349 | $ 354 | ||
Performing Financial Instruments [Member] | Small Business Administration Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 1 | ||||
Recorded investment | 39 | $ 39 | |||
Performing Financial Instruments [Member] | Commercial Business And Other Portfolio Segment[Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 4 | 4 | |||
Recorded investment | $ 2,167 | $ 2,167 | $ 2,249 |
Note 5 - Loans (Details) - Tr49
Note 5 - Loans (Details) - Troubled Debt Restructurings That Are Not Performing According to Their Restructured Terms $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014 | Jun. 30, 2015USD ($) | Jun. 30, 2014 | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 0 | 0 | 1 | 0 | |
Nonperforming Financial Instruments [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 2 | 2 | |||
Recorded investment | $ 565 | $ 565 | $ 2,439 | ||
Nonperforming Financial Instruments [Member] | Multi-Family Residential Portfolio Segment[Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 1 | ||||
Recorded investment | 378 | $ 378 | |||
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 1 | ||||
Recorded investment | $ 2,252 | ||||
Nonperforming Financial Instruments [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of contracts | 1 | 1 | |||
Recorded investment | $ 187 | $ 187 | $ 187 |
Note 5 - Loans (Details) - Non-
Note 5 - Loans (Details) - Non-performing Loans - Nonperforming Financial Instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Loans ninety days or more past due and still accruing: | ||
Loans ninety days or more past due and still accruing | $ 1,097 | $ 2,301 |
Non-accrual loans | 27,320 | 31,890 |
Total non-accrual loans and loans ninety days or more past due and still accruing | 28,417 | 34,191 |
Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 26,613 | 30,747 |
Non-Mortgage Receivables [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 707 | 1,143 |
Multi-Family Residential Portfolio Segment[Member] | ||
Loans ninety days or more past due and still accruing: | ||
Loans ninety days or more past due and still accruing | 676 | |
Multi-Family Residential Portfolio Segment[Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 6,352 | 6,878 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Loans ninety days or more past due and still accruing | 416 | 820 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 2,694 | 5,689 |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | ||
Loans ninety days or more past due and still accruing: | ||
Loans ninety days or more past due and still accruing | 353 | 405 |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 6,238 | 6,936 |
One-To-Four Family - Residential Portfolio Segment[Member] | ||
Loans ninety days or more past due and still accruing: | ||
Loans ninety days or more past due and still accruing | 13 | 14 |
One-To-Four Family - Residential Portfolio Segment[Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 11,329 | 11,244 |
Commercial Business And Other Portfolio Segment[Member] | ||
Loans ninety days or more past due and still accruing: | ||
Loans ninety days or more past due and still accruing | 315 | 386 |
Commercial Business And Other Portfolio Segment[Member] | Non-Mortgage Receivables [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 537 | $ 1,143 |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Receivables [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | $ 170 |
Note 5 - Loans (Details) - Summ
Note 5 - Loans (Details) - Summary of Interest Foregone on Non-Accrual Loans and Loans Classified as TDR - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Summary of Interest Foregone on Non-Accrual Loans and Loans Classified as TDR [Abstract] | ||||
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 662 | $ 989 | $ 1,313 | $ 1,979 |
Less: Interest income included in the results of operations | 143 | 151 | 301 | 318 |
Total foregone interest | $ 519 | $ 838 | $ 1,012 | $ 1,661 |
Note 5 - Loans (Details) - Age
Note 5 - Loans (Details) - Age Analysis of Recorded Investment in Loans - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 46,616 | $ 66,399 | |
Current | 3,971,275 | 3,732,255 | |
Total Loans | 4,017,891 | 3,798,654 | $ 3,521,726 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16,827 | 25,147 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,825 | 8,056 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 27,964 | 33,196 | |
Multi-Family Residential Portfolio Segment[Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13,498 | 17,004 | |
Current | 2,004,393 | 1,906,456 | |
Total Loans | 2,017,891 | 1,923,460 | 1,784,111 |
Multi-Family Residential Portfolio Segment[Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,289 | 7,721 | |
Multi-Family Residential Portfolio Segment[Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,729 | ||
Multi-Family Residential Portfolio Segment[Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,209 | 7,554 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,389 | 10,025 | |
Current | 721,747 | 611,544 | |
Total Loans | 726,136 | 621,569 | 510,224 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 862 | 2,171 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 417 | 1,344 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,110 | 6,510 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 15,198 | 18,903 | |
Current | 551,862 | 554,876 | |
Total Loans | 567,060 | 573,779 | 581,207 |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,019 | 10,408 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 588 | 1,154 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,591 | 7,341 | |
One-To-Four Family - Residential Portfolio Segment[Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 12,016 | 15,046 | |
Current | 177,557 | 172,526 | |
Total Loans | 189,573 | 187,572 | 192,895 |
One-To-Four Family - Residential Portfolio Segment[Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 524 | 1,751 | |
One-To-Four Family - Residential Portfolio Segment[Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 354 | 2,244 | |
One-To-Four Family - Residential Portfolio Segment[Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11,138 | 11,051 | |
Co-Operative Apartments Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 7,681 | 9,835 | |
Total Loans | 7,681 | 9,835 | 9,885 |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,000 | ||
Current | 3,673 | 2,286 | |
Total Loans | 3,673 | 5,286 | 4,717 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,000 | ||
Small Business Administration Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 298 | 90 | |
Current | 11,883 | 7,044 | |
Total Loans | 12,181 | 7,134 | 7,543 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 128 | 90 | |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 170 | ||
Taxi Medallion Portfolio Segment[Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 21,211 | 22,519 | |
Total Loans | 21,211 | 22,519 | 25,291 |
Commercial Business And Other Portfolio Segment[Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,217 | 2,331 | |
Current | 471,268 | 445,169 | |
Total Loans | 472,485 | 447,500 | $ 405,853 |
Commercial Business And Other Portfolio Segment[Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5 | 6 | |
Commercial Business And Other Portfolio Segment[Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 466 | 1,585 | |
Commercial Business And Other Portfolio Segment[Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 746 | $ 740 |
Note 5 - Loans (Details) - Acti
Note 5 - Loans (Details) - Activity in the Allowance for Loan Losses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Allowance for credit losses: | |||||||
Beginning balance | $ 24,091 | $ 30,270 | $ 25,096 | $ 31,776 | |||
Allowance for credit losses - balance | 23,084 | 29,235 | 23,084 | 29,235 | |||
Ending balance: individually evaluated for impairment | 967 | 1,303 | 967 | 1,303 | $ 967 | $ 1,303 | |
Ending balance: collectively evaluated for impairment | 22,117 | 27,932 | 22,117 | 27,932 | 22,117 | 27,932 | |
Charge-off's | (803) | (370) | (1,200) | (1,271) | |||
Recoveries | 312 | 427 | 438 | 941 | |||
Provision (Benefit) | (516) | (1,092) | (1,250) | (2,211) | |||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 4,017,891 | 3,521,726 | 4,017,891 | 3,521,726 | $ 3,798,654 | ||
Ending balance: individually evaluated for impairment | 50,641 | 76,019 | 50,641 | 76,019 | 50,641 | 76,019 | |
Ending balance: collectively evaluated for impairment | 3,967,250 | 3,445,707 | 3,967,250 | 3,445,707 | 3,967,250 | 3,445,707 | |
Multi-Family Residential Portfolio Segment[Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 8,629 | 11,103 | 8,827 | 12,084 | |||
Allowance for credit losses - balance | 8,300 | 10,750 | 8,300 | 10,750 | |||
Ending balance: individually evaluated for impairment | 263 | 299 | 263 | 299 | 263 | 299 | |
Ending balance: collectively evaluated for impairment | 8,037 | 10,451 | 8,037 | 10,451 | 8,037 | 10,451 | |
Charge-off's | (303) | (69) | (400) | (674) | |||
Recoveries | 191 | 134 | 214 | 141 | |||
Provision (Benefit) | (217) | (418) | (341) | (801) | |||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 2,017,891 | 1,784,111 | 2,017,891 | 1,784,111 | 1,923,460 | ||
Ending balance: individually evaluated for impairment | 11,562 | 20,613 | 11,562 | 20,613 | 11,562 | 20,613 | |
Ending balance: collectively evaluated for impairment | 2,006,329 | 1,763,498 | 2,006,329 | 1,763,498 | 2,006,329 | 1,763,498 | |
Commercial Real Estate Portfolio Segment [Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 3,902 | 5,379 | 4,202 | 4,959 | |||
Allowance for credit losses - balance | 3,726 | 5,327 | 3,726 | 5,327 | |||
Ending balance: individually evaluated for impairment | 17 | 197 | 17 | 197 | 17 | 197 | |
Ending balance: collectively evaluated for impairment | 3,709 | 5,130 | 3,709 | 5,130 | 3,709 | 5,130 | |
Charge-off's | (14) | (39) | (32) | (86) | |||
Recoveries | (4) | 68 | 382 | ||||
Provision (Benefit) | (158) | (13) | (512) | 72 | |||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 726,136 | 510,224 | 726,136 | 510,224 | 621,569 | ||
Ending balance: individually evaluated for impairment | 5,702 | 16,728 | 5,702 | 16,728 | 5,702 | 16,728 | |
Ending balance: collectively evaluated for impairment | 720,434 | 493,496 | 720,434 | 493,496 | 720,434 | 493,496 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 5,429 | 7,142 | 5,840 | 6,328 | |||
Allowance for credit losses - balance | 5,180 | 6,993 | 5,180 | 6,993 | |||
Ending balance: individually evaluated for impairment | 507 | 601 | 507 | 601 | 507 | 601 | |
Ending balance: collectively evaluated for impairment | 4,673 | 6,392 | 4,673 | 6,392 | 4,673 | 6,392 | |
Charge-off's | (394) | (175) | (472) | (258) | |||
Recoveries | 44 | 95 | 47 | 135 | |||
Provision (Benefit) | 101 | (69) | (235) | 788 | |||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 567,060 | 581,207 | 567,060 | 581,207 | 573,779 | ||
Ending balance: individually evaluated for impairment | 13,221 | 16,704 | 13,221 | 16,704 | 13,221 | 16,704 | |
Ending balance: collectively evaluated for impairment | 553,839 | 564,503 | 553,839 | 564,503 | 553,839 | 564,503 | |
One-To-Four Family - Residential Portfolio Segment[Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 1,465 | 1,944 | 1,690 | 2,079 | |||
Allowance for credit losses - balance | 1,433 | 1,790 | 1,433 | 1,790 | |||
Ending balance: individually evaluated for impairment | 53 | 56 | 53 | 56 | 53 | 56 | |
Ending balance: collectively evaluated for impairment | 1,380 | 1,734 | 1,380 | 1,734 | 1,380 | 1,734 | |
Charge-off's | (91) | (37) | (244) | (79) | |||
Recoveries | 74 | 97 | 74 | 165 | |||
Provision (Benefit) | (15) | (214) | (87) | (375) | |||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 189,573 | 192,895 | 189,573 | 192,895 | 187,572 | ||
Ending balance: individually evaluated for impairment | 13,662 | 13,505 | 13,662 | 13,505 | 13,662 | 13,505 | |
Ending balance: collectively evaluated for impairment | 175,911 | 179,390 | 175,911 | 179,390 | 175,911 | 179,390 | |
Co-Operative Apartments Portfolio Segment [Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 104 | ||||||
Recoveries | 7 | ||||||
Provision (Benefit) | (111) | ||||||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 7,681 | 9,885 | 7,681 | 9,885 | 9,835 | ||
Ending balance: individually evaluated for impairment | 613 | 613 | 613 | ||||
Ending balance: collectively evaluated for impairment | 7,068 | 9,885 | 7,068 | 9,885 | 7,068 | 9,885 | |
Construction Portfolio Segment [Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 23 | 40 | 42 | 444 | |||
Allowance for credit losses - balance | 29 | 34 | 29 | 34 | |||
Ending balance: collectively evaluated for impairment | 29 | 34 | 29 | 34 | 29 | 34 | |
Provision (Benefit) | 6 | (6) | (13) | (410) | |||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 3,673 | 4,717 | 3,673 | 4,717 | 5,286 | ||
Ending balance: individually evaluated for impairment | 570 | 570 | 570 | ||||
Ending balance: collectively evaluated for impairment | 3,673 | 4,147 | 3,673 | 4,147 | 3,673 | 4,147 | |
Small Business Administration Portfolio Segment [Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 266 | 391 | 279 | 458 | |||
Allowance for credit losses - balance | 291 | 373 | 291 | 373 | |||
Ending balance: collectively evaluated for impairment | 291 | 373 | 291 | 373 | 291 | 373 | |
Charge-off's | (49) | (49) | |||||
Recoveries | 7 | 51 | 27 | 61 | |||
Provision (Benefit) | 18 | (20) | (15) | (97) | |||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 12,181 | 7,543 | 12,181 | 7,543 | 7,134 | ||
Ending balance: individually evaluated for impairment | 348 | 348 | 348 | ||||
Ending balance: collectively evaluated for impairment | 11,833 | 7,543 | 11,833 | 7,543 | 11,833 | 7,543 | |
Taxi Medallion Portfolio Segment[Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 11 | 14 | 11 | ||||
Allowance for credit losses - balance | 11 | 14 | 11 | 14 | |||
Ending balance: collectively evaluated for impairment | 11 | 14 | 11 | 14 | 11 | 14 | |
Provision (Benefit) | 14 | ||||||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 21,211 | 25,291 | 21,211 | 25,291 | 22,519 | ||
Ending balance: collectively evaluated for impairment | 21,211 | 25,291 | 21,211 | 25,291 | 21,211 | 25,291 | |
Commercial Business And Other Portfolio Segment[Member] | |||||||
Allowance for credit losses: | |||||||
Beginning balance | 4,366 | 4,257 | 4,205 | 5,320 | |||
Allowance for credit losses - balance | 4,114 | 3,954 | 4,114 | 3,954 | |||
Ending balance: individually evaluated for impairment | 127 | 150 | 127 | 150 | 127 | 150 | |
Ending balance: collectively evaluated for impairment | 3,987 | 3,804 | 3,987 | 3,804 | 3,987 | 3,804 | |
Charge-off's | (1) | (1) | (52) | (125) | |||
Recoveries | 50 | 8 | 50 | ||||
Provision (Benefit) | (251) | (352) | (47) | (1,291) | |||
Financing Receivables: | |||||||
Ending Balance Financing receivables | 472,485 | 405,853 | 472,485 | 405,853 | $ 447,500 | ||
Ending balance: individually evaluated for impairment | 5,533 | 7,899 | 5,533 | 7,899 | 5,533 | 7,899 | |
Ending balance: collectively evaluated for impairment | $ 466,952 | $ 397,954 | $ 466,952 | $ 397,954 | $ 466,952 | $ 397,954 |
Note 5 - Loans (Details) - Impa
Note 5 - Loans (Details) - Impaired Loans - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
With no related allowance recorded: | ||
Recorded Investment, With no related allowance recorded | $ 41,761 | $ 45,203 |
Unpaid Principal Balance, With no related allowance recorded | 47,464 | 51,011 |
Average Recorded Investment, With no related allowance recorded | 45,319 | 55,077 |
Interest Income Recognized, With no related allowance recorded | 409 | 806 |
With an allowance recorded: | ||
Recorded Investment, With an allowance recorded | 8,880 | 11,312 |
Unpaid Principal Balance, With an allowance recorded | 8,880 | 11,312 |
Related Allowance, With an allowance recorded | 967 | 1,094 |
Average Recorded Investment, With an allowance recorded | 9,741 | 13,121 |
Interest Income Recognized, With an allowance recorded | 237 | 615 |
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 55,590 | 70,156 |
Related Allowance, Total Impaired Loans | 967 | 1,094 |
Multi-Family Residential Portfolio Segment[Member] | ||
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 12,763 | 16,720 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 6,044 | 12,553 |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | ||
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 15,807 | 17,753 |
One-To-Four Family - Residential Portfolio Segment[Member] | ||
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 14,310 | 15,408 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 613 | 623 |
Small Business Administration Portfolio Segment [Member] | ||
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 484 | 479 |
Commercial Business And Other Portfolio Segment[Member] | ||
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 5,569 | 6,620 |
Mortgage Receivable [Member] | ||
With an allowance recorded: | ||
Related Allowance, With an allowance recorded | 840 | 940 |
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 44,760 | 51,023 |
Unpaid Principal Balance, Total Impaired Loans | 50,093 | 56,461 |
Related Allowance, Total Impaired Loans | 840 | 940 |
Average Recorded Investment, Total Impaired Loans | 48,200 | 61,621 |
Interest Income Recognized, Total Impaired Loans | 470 | 1,169 |
Mortgage Receivable [Member] | Multi-Family Residential Portfolio Segment[Member] | ||
With no related allowance recorded: | ||
Recorded Investment, With no related allowance recorded | 9,232 | 10,481 |
Unpaid Principal Balance, With no related allowance recorded | 10,050 | 11,551 |
Average Recorded Investment, With no related allowance recorded | 10,347 | 14,168 |
Interest Income Recognized, With no related allowance recorded | 77 | 194 |
With an allowance recorded: | ||
Recorded Investment, With an allowance recorded | 2,330 | 2,779 |
Unpaid Principal Balance, With an allowance recorded | 2,330 | 2,779 |
Related Allowance, With an allowance recorded | 263 | 286 |
Average Recorded Investment, With an allowance recorded | 2,508 | 2,936 |
Interest Income Recognized, With an allowance recorded | 61 | 149 |
Total Impaired Loans: | ||
Related Allowance, Total Impaired Loans | 263 | 286 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Recorded Investment, With no related allowance recorded | 5,163 | 7,100 |
Unpaid Principal Balance, With no related allowance recorded | 5,220 | 7,221 |
Average Recorded Investment, With no related allowance recorded | 6,099 | 11,329 |
Interest Income Recognized, With no related allowance recorded | 71 | 51 |
With an allowance recorded: | ||
Recorded Investment, With an allowance recorded | 539 | 2,373 |
Unpaid Principal Balance, With an allowance recorded | 539 | 2,373 |
Related Allowance, With an allowance recorded | 17 | 21 |
Average Recorded Investment, With an allowance recorded | 1,151 | 3,242 |
Interest Income Recognized, With an allowance recorded | 15 | 167 |
Total Impaired Loans: | ||
Related Allowance, Total Impaired Loans | 17 | 21 |
Mortgage Receivable [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | ||
With no related allowance recorded: | ||
Recorded Investment, With no related allowance recorded | 10,160 | 12,027 |
Unpaid Principal Balance, With no related allowance recorded | 11,741 | 13,381 |
Average Recorded Investment, With no related allowance recorded | 11,219 | 12,852 |
Interest Income Recognized, With no related allowance recorded | 103 | 321 |
With an allowance recorded: | ||
Recorded Investment, With an allowance recorded | 3,061 | 3,093 |
Unpaid Principal Balance, With an allowance recorded | 3,061 | 3,093 |
Related Allowance, With an allowance recorded | 507 | 579 |
Average Recorded Investment, With an allowance recorded | 3,077 | 3,249 |
Interest Income Recognized, With an allowance recorded | 84 | 170 |
Total Impaired Loans: | ||
Related Allowance, Total Impaired Loans | 507 | 579 |
Mortgage Receivable [Member] | One-To-Four Family - Residential Portfolio Segment[Member] | ||
With no related allowance recorded: | ||
Recorded Investment, With no related allowance recorded | 13,313 | 12,816 |
Unpaid Principal Balance, With no related allowance recorded | 16,190 | 15,709 |
Average Recorded Investment, With no related allowance recorded | 13,244 | 13,015 |
Interest Income Recognized, With no related allowance recorded | 42 | 103 |
With an allowance recorded: | ||
Recorded Investment, With an allowance recorded | 349 | 354 |
Unpaid Principal Balance, With an allowance recorded | 349 | 354 |
Related Allowance, With an allowance recorded | 53 | 54 |
Average Recorded Investment, With an allowance recorded | 351 | 358 |
Interest Income Recognized, With an allowance recorded | 7 | 14 |
Total Impaired Loans: | ||
Related Allowance, Total Impaired Loans | 53 | 54 |
Mortgage Receivable [Member] | Co-Operative Apartments Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Recorded Investment, With no related allowance recorded | 613 | |
Unpaid Principal Balance, With no related allowance recorded | 613 | |
Average Recorded Investment, With no related allowance recorded | 204 | |
Interest Income Recognized, With no related allowance recorded | 10 | |
Mortgage Receivable [Member] | Construction Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Average Recorded Investment, With no related allowance recorded | 285 | |
With an allowance recorded: | ||
Average Recorded Investment, With an allowance recorded | 187 | |
Non-Mortgage Receivables [Member] | ||
With an allowance recorded: | ||
Related Allowance, With an allowance recorded | 127 | 154 |
Total Impaired Loans: | ||
Recorded Investment, Total Impaired Loans | 5,881 | 5,492 |
Unpaid Principal Balance, Total Impaired Loans | 6,251 | 5,862 |
Related Allowance, Total Impaired Loans | 127 | 154 |
Average Recorded Investment, Total Impaired Loans | 6,860 | 6,577 |
Interest Income Recognized, Total Impaired Loans | 176 | 252 |
Non-Mortgage Receivables [Member] | Small Business Administration Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Recorded Investment, With no related allowance recorded | 309 | |
Unpaid Principal Balance, With no related allowance recorded | 309 | |
Average Recorded Investment, With no related allowance recorded | 209 | |
Interest Income Recognized, With no related allowance recorded | 6 | |
With an allowance recorded: | ||
Recorded Investment, With an allowance recorded | 39 | |
Unpaid Principal Balance, With an allowance recorded | 39 | |
Average Recorded Investment, With an allowance recorded | 27 | |
Interest Income Recognized, With an allowance recorded | 1 | |
Non-Mortgage Receivables [Member] | Commercial Business And Other Portfolio Segment[Member] | ||
With no related allowance recorded: | ||
Recorded Investment, With no related allowance recorded | 2,971 | 2,779 |
Unpaid Principal Balance, With no related allowance recorded | 3,341 | 3,149 |
Average Recorded Investment, With no related allowance recorded | 3,997 | 3,428 |
Interest Income Recognized, With no related allowance recorded | 100 | 137 |
With an allowance recorded: | ||
Recorded Investment, With an allowance recorded | 2,562 | 2,713 |
Unpaid Principal Balance, With an allowance recorded | 2,562 | 2,713 |
Related Allowance, With an allowance recorded | 127 | 154 |
Average Recorded Investment, With an allowance recorded | 2,627 | 3,149 |
Interest Income Recognized, With an allowance recorded | 69 | 115 |
Total Impaired Loans: | ||
Related Allowance, Total Impaired Loans | $ 127 | $ 154 |
Note 5 - Loans (Details) - Lo55
Note 5 - Loans (Details) - Loans Designated as Criticized or Classified - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | $ 55,590 | $ 70,156 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 14,428 | 23,496 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 41,162 | 46,660 |
Multi-Family Residential Portfolio Segment[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 12,763 | 16,720 |
Multi-Family Residential Portfolio Segment[Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 3,859 | 6,494 |
Multi-Family Residential Portfolio Segment[Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 8,904 | 10,226 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 6,044 | 12,553 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 2,697 | 5,453 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 3,347 | 7,100 |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 15,807 | 17,753 |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 4,944 | 5,254 |
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 10,863 | 12,499 |
One-To-Four Family - Residential Portfolio Segment[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 14,310 | 15,408 |
One-To-Four Family - Residential Portfolio Segment[Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 997 | 2,352 |
One-To-Four Family - Residential Portfolio Segment[Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 13,313 | 13,056 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 613 | 623 |
Co-Operative Apartments Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 623 | |
Co-Operative Apartments Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 613 | |
Small Business Administration Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 484 | 479 |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 241 | 479 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 243 | |
Commercial Business And Other Portfolio Segment[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 5,569 | 6,620 |
Commercial Business And Other Portfolio Segment[Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 1,690 | 2,841 |
Commercial Business And Other Portfolio Segment[Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | $ 3,879 | $ 3,779 |
Note 6 - Loans Held for Sale (D
Note 6 - Loans Held for Sale (Details) $ in Millions | Jun. 30, 2015USD ($) | Dec. 31, 2014 |
Note 6 - Loans Held for Sale (Details) [Line Items] | ||
Number of Loans Held for Sale | 0 | |
Multi-Family Residential Portfolio Segment[Member] | ||
Note 6 - Loans Held for Sale (Details) [Line Items] | ||
Number of Loans Held for Sale | 1 | |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Other (in Dollars) | $ 0.3 |
Note 6 - Loans Held for Sale 57
Note 6 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Note 6 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | ||||
Loans sold | 7 | 4 | 12 | 16 |
Proceeds | $ 3,506 | $ 1,908 | $ 5,028 | $ 7,332 |
Net charge-offs | 137 | $ 76 | 137 | $ 263 |
Net gain (loss) | $ 47 | $ 49 | ||
Multi-Family Residential Portfolio Segment[Member] | ||||
Note 6 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | ||||
Loans sold | 2 | 3 | 4 | 7 |
Proceeds | $ 1,045 | $ 1,478 | $ 1,881 | $ 3,216 |
Net charge-offs | $ 137 | $ 76 | 137 | $ (70) |
Net gain (loss) | $ (2) | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Note 6 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | ||||
Loans sold | 1 | 1 | 1 | 3 |
Proceeds | $ 1,311 | $ 430 | $ 1,311 | $ 2,047 |
Net charge-offs | $ 295 | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment[Member] | ||||
Note 6 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | ||||
Loans sold | 4 | 7 | 6 | |
Proceeds | $ 1,150 | $ 1,836 | $ 2,069 | |
Net charge-offs | $ 38 | |||
Net gain (loss) | $ 47 | $ 51 |
Note 7 - Other Real Estate Ow58
Note 7 - Other Real Estate Owned (Details) - Activity in OREO - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Activity in OREO [Abstract] | ||||
Balance | $ 5,252 | $ 1,700 | $ 6,326 | $ 2,985 |
Acquisitions | 289 | 491 | 772 | 606 |
Recovery (write-down) of carrying value | (896) | 49 | (896) | (5) |
Sales | (390) | (894) | (1,947) | (2,240) |
Balance | $ 4,255 | $ 1,346 | $ 4,255 | $ 1,346 |
Note 7 - Other Real Estate Ow59
Note 7 - Other Real Estate Owned (Details) - Gross Gains, Gross Losses and Write-Downs of OREO Reported in the Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gross Gains, Gross Losses and Write-Downs of OREO Reported in the Consolidated Statements of Income [Abstract] | ||||
Gross gains | $ 86 | $ 77 | $ 302 | $ 131 |
Gross losses | (6) | (30) | ||
Recovery (write-down) of carrying value | (896) | 49 | (896) | (5) |
Total gain (loss) | $ (810) | $ 126 | $ (600) | $ 96 |
Note 8 - Repurchase Agreement60
Note 8 - Repurchase Agreements (Details) $ in Millions | Jun. 30, 2015USD ($) |
Disclosure Text Block [Abstract] | |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 134.4 |
Note 8 - Repurchase Agreement61
Note 8 - Repurchase Agreements (Details) - Repurchase Agreement $ in Thousands | Jun. 30, 2015USD ($) |
Repurchase agreements: | |
Repurchase agreements | $ 116,000 |
Collateralized Mortgage Backed Securities [Member] | |
Repurchase agreements: | |
Repurchase agreements | 116,000 |
Maturity Less than One Year [Member] | |
Repurchase agreements: | |
Repurchase agreements | 18,000 |
Maturity Less than One Year [Member] | Collateralized Mortgage Backed Securities [Member] | |
Repurchase agreements: | |
Repurchase agreements | 18,000 |
Maturity Less than One Year to Three Years [Member] | |
Repurchase agreements: | |
Repurchase agreements | 58,000 |
Maturity Less than One Year to Three Years [Member] | Collateralized Mortgage Backed Securities [Member] | |
Repurchase agreements: | |
Repurchase agreements | 58,000 |
Maturity Over Three Years [Member] | |
Repurchase agreements: | |
Repurchase agreements | 40,000 |
Maturity Over Three Years [Member] | Collateralized Mortgage Backed Securities [Member] | |
Repurchase agreements: | |
Repurchase agreements | $ 40,000 |
Note 9 - Stock-based Compensa62
Note 9 - Stock-based Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 900,000 | $ 600,000 | $ 3,600,000 | $ 3,100,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 300,000 | 200,000 | $ 1,400,000 | $ 1,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 318,120 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 4,900,000 | $ 4,100,000 | ||
Twenty Fourteen Omnibus Incentive Plan [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,100,000 | 1,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 783,230 | 783,230 | ||
Phantom Stock Plan [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 85,000 | (25,000) | $ 94,000 | 17,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,000 | $ 7,000 | $ 9,000 | $ 13,000 |
Phantom Stock Plan [Member] | Officer [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 100 years | |||
Annually [Member] | Phantom Stock Plan [Member] | Officer [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Vested Upon Change in Control [Member] | Phantom Stock Plan [Member] | Officer [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 3,600 | 0 | 318,120 | 264,095 |
Restricted Stock Units (RSUs) [Member] | Twenty Fourteen Omnibus Incentive Plan [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,700,000 | $ 6,700,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 800,000 | $ 0 | ||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | |||
Minimum [Member] | Twenty Fourteen Omnibus Incentive Plan [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Maximum [Member] | Twenty Fourteen Omnibus Incentive Plan [Member] | ||||
Note 9 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years |
Note 9 - Stock-based Compensa63
Note 9 - Stock-based Compensation (Details) - Full Value Awards - Jun. 30, 2015 - $ / shares | Total |
Full Value Awards [Abstract] | |
Shares | 373,154 |
Weighted-Average Grant-Date Fair Value | $ 16.75 |
Vested but unissued at June 30, 2015 | 288,426 |
Vested but unissued at June 30, 2015 | $ 18.08 |
Granted | 318,120 |
Granted | $ 19.10 |
Vested | (258,700) |
Vested | $ 17.37 |
Forfeited | (7,320) |
Forfeited | $ 18.42 |
Shares | 425,254 |
Weighted-Average Grant-Date Fair Value | $ 18.10 |
Note 9 - Stock-based Compensa64
Note 9 - Stock-based Compensation (Details) - Non-full Value Awards, All of Which Have Been Granted As Stock Options - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total | |
Non-full Value Awards, All of Which Have Been Granted As Stock Options [Abstract] | ||
Outstanding at December 31, 2014 | 154,915 | |
Outstanding at December 31, 2014 | $ 15.19 | |
Outstanding at June 30, 2015 | 145,190 | |
Outstanding at June 30, 2015 | $ 15.09 | |
Outstanding at June 30, 2015 | 3 years 36 days | |
Outstanding at June 30, 2015 | [1] | $ 860 |
Exercised | (9,725) | |
Exercised | $ 16.65 | |
[1] | The intrinsic value of a stock option is the difference between the fair value of the underlying stock and the exercise price of the option. |
Note 9 - Stock-based Compensa65
Note 9 - Stock-based Compensation (Details) - Stock Options Exercised - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Options Exercised [Abstract] | ||||
Proceeds from stock options exercised | $ 142 | $ 87 | $ 142 | $ 429 |
Fair value of shares received upon exercised of stock options | 812 | 20 | 1,290 | |
Tax benefit related to stock options exercised | 8 | 24 | 9 | 93 |
Intrinsic value of stock options exercised | $ 31 | $ 105 | $ 33 | $ 317 |
Note 9 - Stock-based Compensa66
Note 9 - Stock-based Compensation (Details) - Phantom Stock Plan - Jun. 30, 2015 - Phantom Stock Plan [Member] - $ / shares | Total |
Note 9 - Stock-based Compensation (Details) - Phantom Stock Plan [Line Items] | |
Shares | 67,113 |
Fair Value | $ 20.27 |
Vested at June 30, 2015 | 78,119 |
Vested at June 30, 2015 | $ 21.01 |
Granted | 11,729 |
Granted | $ 19.28 |
Forfeited | (2) |
Forfeited | $ 20.58 |
Distributions | (451) |
Distributions | $ 19.64 |
Shares | 78,389 |
Fair Value | $ 21.01 |
Note 10 - Pension and Other P67
Note 10 - Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Directors' Plan [Member] | ||
Note 10 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Contributions by Employer | $ 76,000 | |
Other Postretirement Benefit Plan [Member] | ||
Note 10 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 200,000 | |
Defined Benefit Plan, Contributions by Employer | $ 37,000 |
Note 10 - Pension and Other P68
Note 10 - Pension and Other Postretirement Benefit Plans (Details) - The Components of the Net Pension Expense for the Retirement Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Pension Plan [Member] | ||||
Note 10 - Pension and Other Postretirement Benefit Plans (Details) - The Components of the Net Pension Expense for the Retirement Plan [Line Items] | ||||
Interest cost | $ 221 | $ 223 | $ 442 | $ 446 |
Amortization of unrecognized gain (loss) | 290 | 190 | 581 | 380 |
Expected return on plan assets | (350) | (336) | (700) | (672) |
Net pension expense | 161 | 77 | 323 | 154 |
Directors' Plan [Member] | ||||
Note 10 - Pension and Other Postretirement Benefit Plans (Details) - The Components of the Net Pension Expense for the Retirement Plan [Line Items] | ||||
Service cost | 11 | 13 | 22 | 26 |
Interest cost | 24 | 29 | 48 | 58 |
Amortization of unrecognized gain (loss) | (14) | (15) | (28) | (30) |
Amortization of past service liability | 10 | 10 | 20 | 20 |
Net pension expense | 31 | 37 | 62 | 74 |
Other Postretirement Benefit Plan [Member] | ||||
Note 10 - Pension and Other Postretirement Benefit Plans (Details) - The Components of the Net Pension Expense for the Retirement Plan [Line Items] | ||||
Service cost | 95 | 90 | 190 | 180 |
Interest cost | 75 | 63 | 150 | 126 |
Amortization of unrecognized gain (loss) | 30 | 60 | ||
Amortization of past service liability | (22) | (22) | (43) | (43) |
Net pension expense | $ 178 | $ 131 | $ 357 | $ 263 |
Note 11 - Fair Value of Finan69
Note 11 - Fair Value of Financial Instruments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Note 11 - Fair Value of Financial Instruments (Details) [Line Items] | |||||
Financial Assets At Fair Value Option | $ 32,200,000 | $ 32,200,000 | $ 32,600,000 | ||
Financial Liabilities At Fair Value Option | 29,500,000 | 29,500,000 | 28,800,000 | ||
Financial Assets, Fair Value Option Election During Period | $ 5,000,000 | ||||
Proceeds From Sale of Financial Assets | 1,900,000 | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 768,000 | $ (402,000) | 173,000 | (1,046,000) | |
Financial Liabilites At Fair Value Option, Contractual Principal | 61,900,000 | 61,900,000 | 61,900,000 | ||
Financial Liabilities At Fair Value Option, Accrued Interest Payable | 100,000 | 100,000 | 100,000 | ||
Liabilities, Fair Value Disclosure, Nonrecurring | 0 | $ 0 | $ 0 | ||
Nonaccruing Collateral Dependent Loans - Percent Of The Appraised Or Internally Estimated Value Of The Property [Member] | |||||
Note 11 - Fair Value of Financial Instruments (Details) [Line Items] | |||||
Fair Value Inputs, Discount Rate | 85.00% | ||||
Interest Rate Swaps [Member] | |||||
Note 11 - Fair Value of Financial Instruments (Details) [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 2,100,000 | $ (800,000) | $ 800,000 | $ (1,800,000) |
Note 11 - Fair Value of Finan70
Note 11 - Fair Value of Financial Instruments (Details) - Financial Assets and Liabilities Reported Under the Fair Value Option - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value Measurements | $ 32,200 | $ 32,200 | $ 32,600 | |||
Changes in Fair Values For Items Measured at Fair Value Pursuant to Election of the Fair Value Option | 768 | $ (402) | 173 | $ (1,046) | ||
Collateralized Mortgage Backed Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value Measurements | 4,037 | 4,037 | 4,678 | |||
Changes in Fair Values For Items Measured at Fair Value Pursuant to Election of the Fair Value Option | (28) | 24 | (36) | 72 | ||
Other Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value Measurements | 28,122 | 28,122 | 27,915 | |||
Changes in Fair Values For Items Measured at Fair Value Pursuant to Election of the Fair Value Option | (108) | 172 | 89 | 497 | ||
Borrowed Funds [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value Measurements | 29,476 | 29,476 | $ 28,771 | |||
Changes in Fair Values For Items Measured at Fair Value Pursuant to Election of the Fair Value Option | (1,229) | 154 | (705) | 179 | ||
Financial Assets And Liabilities, Excluding Interest Rate Caps / Swaps [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Changes in Fair Values For Items Measured at Fair Value Pursuant to Election of the Fair Value Option | [1],[2] | $ (1,365) | $ 350 | $ (652) | $ 748 | |
[1] | The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $0.8 million and ($1.8) million for the six months ended June 30, 2015 and 2014, respectively, from the change in the fair value of interest rate swaps. | |||||
[2] | The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $2.1 million and ($0.8) million for the three months ended June 30, 2015 and 2014, respectively, from the change in the fair value of interest rate swaps. |
Note 11 - Fair Value of Finan71
Note 11 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Carried at Fair Value on a Recurring Basis, and the Method Used to Determine Their Fair Value - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets | $ 1,037,591 | $ 973,394 |
Liabilities: | ||
Liabilities | 31,187 | 31,420 |
Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Assets | 729,674 | 704,933 |
Other Securities [Member] | ||
Assets: | ||
Assets | 307,823 | 268,377 |
Interest Rate Swaps [Member] | ||
Assets: | ||
Assets | 94 | 84 |
Liabilities: | ||
Liabilities | 1,711 | 2,649 |
Borrowings [Member] | ||
Liabilities: | ||
Liabilities | 29,476 | 28,771 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets | 1,022,466 | 950,785 |
Liabilities: | ||
Liabilities | 1,711 | 2,649 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Assets | 729,674 | 704,933 |
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Assets: | ||
Assets | 292,698 | 245,768 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Assets: | ||
Assets | 94 | 84 |
Liabilities: | ||
Liabilities | 1,711 | 2,649 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | 15,125 | 22,609 |
Liabilities: | ||
Liabilities | 29,476 | 28,771 |
Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Assets: | ||
Assets | 15,125 | 22,609 |
Fair Value, Inputs, Level 3 [Member] | Borrowings [Member] | ||
Liabilities: | ||
Liabilities | $ 29,476 | $ 28,771 |
Note 11 - Fair Value of Finan72
Note 11 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Carried at Fair Value on a Recurring Basis, Classified Within Level 3 of the Valuation Hierarchy - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Municipals Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 14,464 | $ 10,170 | $ 15,519 | $ 9,223 | |
Purchases | 475 | 1,000 | 2,475 | ||
Transfer to held-to-maturity | (4,510) | (4,510) | |||
Principal repayments | (55) | $ (53) | (110) | $ (1,106) | |
Maturities | $ (2,000) | $ (4,000) | |||
Net gain from fair value adjustment of financial assets | [1] | ||||
Net gain from fair value adjustment of financial liabilities | [1] | ||||
Ending balance | $ 7,899 | $ 10,592 | $ 7,899 | $ 10,592 | |
Trust Preferred Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 7,189 | 13,059 | 7,090 | 14,935 | |
Sales | (1,871) | ||||
Net gain from fair value adjustment of financial assets | [1] | $ 37 | $ 29 | $ 131 | $ 55 |
Net gain from fair value adjustment of financial liabilities | [1] | ||||
Change in unrealized gains included in other comprehensive income | $ 273 | $ 5 | $ 242 | ||
Ending balance | $ 7,226 | 13,361 | 7,226 | 13,361 | |
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss | 273 | 5 | 242 | ||
Junior Subordinated Debentures [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 28,245 | $ 29,541 | $ 28,771 | $ 29,570 | |
Net gain from fair value adjustment of financial assets | [1] | ||||
Net gain from fair value adjustment of financial liabilities | [1] | $ 1,229 | $ (154) | $ 705 | $ (179) |
Decrease in accrued interest payable | 2 | 1 | (3) | ||
Ending balance | $ 29,476 | $ 29,388 | $ 29,476 | $ 29,388 | |
[1] | These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. |
Note 11 - Fair Value of Finan73
Note 11 - Fair Value of Financial Instruments (Details) - Quantitative Information About Non-Recurring Level 3 Fair Value of Financial Instruments and the Fair Value Measurements - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Assets: | ||
Fair value-Recurring (in Dollars) | $ 1,037,591,000 | $ 973,394,000 |
Liabilities: | ||
Fair value-Recurring (in Dollars) | 4,897,828,000 | 4,620,766,000 |
Assets: | ||
Fair value-Comparability adjustments (in Dollars) | 21,467 | 28,500 |
Fair value-Comparability adjustments (in Dollars) | 21,467 | 28,500 |
Fair value-Loss Severity (in Dollars) | 21,467 | 28,500 |
Municipals Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Fair value-Recurring (in Dollars) | $ 7,899,000 | 15,519,000 |
Discount rate-Recurring | 4.00% | |
Discount rate-Recurring | (4.00%) | |
Liabilities: | ||
Discount rate-Recurring | 4.00% | |
Discount rate-Recurring | (4.00%) | |
Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Fair value-Recurring (in Dollars) | $ 7,226,000 | $ 7,090,000 |
Junior Subordinated Debentures [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Discount rate-Recurring | 7.00% | 7.00% |
Discount rate-Recurring | (7.00%) | (7.00%) |
Liabilities: | ||
Fair value-Recurring (in Dollars) | $ 29,476,000 | $ 28,771,000 |
Discount rate-Recurring | 7.00% | 7.00% |
Discount rate-Recurring | (7.00%) | (7.00%) |
Loans Held for Sale [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Fair value-Comparability adjustments (in Dollars) | $ 300,000 | |
Discount rate-Comparability adjustments | 59.60% | |
Discount rate-Comparability adjustments | (59.60%) | |
Fair value-Comparability adjustments (in Dollars) | $ 300,000 | |
Fair value-Loss Severity (in Dollars) | 300,000 | |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Fair value-Comparability adjustments (in Dollars) | 5,587,000 | $ 6,935,000 |
Fair value-Comparability adjustments (in Dollars) | 5,587,000 | 6,935,000 |
Fair value-Loss Severity (in Dollars) | 5,587,000 | 6,935,000 |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Fair value-Comparability adjustments (in Dollars) | 3,910,000 | 6,981,000 |
Fair value-Comparability adjustments (in Dollars) | 3,910,000 | 6,981,000 |
Fair value-Loss Severity (in Dollars) | 3,910,000 | 6,981,000 |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Fair value-Comparability adjustments (in Dollars) | 7,415,000 | 8,258,000 |
Fair value-Comparability adjustments (in Dollars) | 7,415,000 | 8,258,000 |
Fair value-Loss Severity (in Dollars) | 7,415,000 | 8,258,000 |
Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Fair value-Comparability adjustments (in Dollars) | 4,097,000 | 587,000 |
Fair value-Comparability adjustments (in Dollars) | 4,097,000 | 587,000 |
Fair value-Loss Severity (in Dollars) | 4,097,000 | 587,000 |
Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Fair value-Comparability adjustments (in Dollars) | $ 158,000 | 4,768,000 |
Discount rate - Capitalization Rate | 16.10% | |
Discount rate- Capitalization Rate | (12.00%) | |
Fair value-Comparability adjustments (in Dollars) | $ 158,000 | 4,768,000 |
Fair value-Loss Severity (in Dollars) | $ 158,000 | 4,768,000 |
Capitalization rate-Loss Severity | 12.00% | |
Capitalization rate-Loss Severity | (16.10%) | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Fair value-Comparability adjustments (in Dollars) | 971,000 | |
Fair value-Comparability adjustments (in Dollars) | 971,000 | |
Fair value-Loss Severity (in Dollars) | $ 971,000 | |
Minimum [Member] | Municipals Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Discount rate-Recurring | 0.20% | |
Discount rate-Recurring | (0.20%) | |
Liabilities: | ||
Discount rate-Recurring | 0.20% | |
Discount rate-Recurring | (0.20%) | |
Minimum [Member] | Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Discount rate-Recurring | 7.00% | 7.00% |
Discount rate-Recurring | (7.00%) | (7.00%) |
Liabilities: | ||
Discount rate-Recurring | 7.00% | 7.00% |
Discount rate-Recurring | (7.00%) | (7.00%) |
Minimum [Member] | Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | (50.00%) | (41.50%) |
Discount rate-Comparability adjustments | 50.00% | 41.50% |
Discount rate - Capitalization Rate | 0.20% | 1.80% |
Capitalization rate-Loss Severity | (0.20%) | (1.80%) |
Minimum [Member] | Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate - Capitalization Rate | 0.50% | 0.50% |
Discount rate- Capitalization Rate | (7.30%) | (7.30%) |
Capitalization rate-Loss Severity | 7.30% | 7.30% |
Capitalization rate-Loss Severity | (0.50%) | (0.50%) |
Minimum [Member] | Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | (50.00%) | (55.00%) |
Discount rate-Comparability adjustments | 50.00% | 55.00% |
Discount rate - Capitalization Rate | 0.90% | 0.90% |
Discount rate- Capitalization Rate | (5.60%) | (5.80%) |
Capitalization rate-Loss Severity | 5.60% | 5.80% |
Capitalization rate-Loss Severity | (0.90%) | (0.90%) |
Minimum [Member] | Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | (41.50%) | (11.90%) |
Discount rate-Comparability adjustments | 41.50% | 11.90% |
Discount rate - Capitalization Rate | 1.60% | 0.00% |
Capitalization rate-Loss Severity | (1.60%) | (0.00%) |
Minimum [Member] | Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate - Capitalization Rate | 0.90% | |
Discount rate- Capitalization Rate | (9.00%) | |
Capitalization rate-Loss Severity | 9.00% | |
Capitalization rate-Loss Severity | (0.90%) | |
Minimum [Member] | Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | (25.00%) | |
Discount rate-Comparability adjustments | 25.00% | |
Discount rate - Capitalization Rate | 0.00% | |
Discount rate- Capitalization Rate | (7.50%) | |
Capitalization rate-Loss Severity | 7.50% | |
Capitalization rate-Loss Severity | (0.00%) | |
Maximum [Member] | Municipals Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Discount rate-Recurring | 4.00% | |
Discount rate-Recurring | (4.00%) | |
Liabilities: | ||
Discount rate-Recurring | 4.00% | |
Discount rate-Recurring | (4.00%) | |
Maximum [Member] | Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Discount rate-Recurring | 7.10% | 7.25% |
Discount rate-Recurring | (7.10%) | (7.25%) |
Liabilities: | ||
Discount rate-Recurring | 7.10% | 7.25% |
Discount rate-Recurring | (7.10%) | (7.25%) |
Maximum [Member] | Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | 40.00% | 40.00% |
Discount rate-Comparability adjustments | (40.00%) | (40.00%) |
Discount rate - Capitalization Rate | 89.40% | 89.40% |
Capitalization rate-Loss Severity | (89.40%) | (89.40%) |
Maximum [Member] | Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate - Capitalization Rate | 55.40% | 81.70% |
Discount rate- Capitalization Rate | (8.00%) | (8.50%) |
Capitalization rate-Loss Severity | 8.00% | 8.50% |
Capitalization rate-Loss Severity | (55.40%) | (81.70%) |
Maximum [Member] | Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | 25.00% | 25.00% |
Discount rate-Comparability adjustments | (25.00%) | (25.00%) |
Discount rate - Capitalization Rate | 50.70% | 74.40% |
Discount rate- Capitalization Rate | (11.00%) | (11.00%) |
Capitalization rate-Loss Severity | 11.00% | 11.00% |
Capitalization rate-Loss Severity | (50.70%) | (74.40%) |
Maximum [Member] | Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | 25.00% | 15.00% |
Discount rate-Comparability adjustments | (25.00%) | (15.00%) |
Discount rate - Capitalization Rate | 66.20% | 36.90% |
Capitalization rate-Loss Severity | (66.20%) | (36.90%) |
Maximum [Member] | Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate - Capitalization Rate | 4.90% | |
Discount rate- Capitalization Rate | (12.00%) | |
Capitalization rate-Loss Severity | 12.00% | |
Capitalization rate-Loss Severity | (4.90%) | |
Maximum [Member] | Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | 0.00% | |
Discount rate-Comparability adjustments | (0.00%) | |
Discount rate - Capitalization Rate | 6.20% | |
Discount rate- Capitalization Rate | (8.00%) | |
Capitalization rate-Loss Severity | 8.00% | |
Capitalization rate-Loss Severity | (6.20%) | |
Weighted Average [Member] | Municipals Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Discount rate-Recurring | 4.00% | 2.30% |
Discount rate-Recurring | (4.00%) | (2.30%) |
Liabilities: | ||
Discount rate-Recurring | 4.00% | 2.30% |
Discount rate-Recurring | (4.00%) | (2.30%) |
Weighted Average [Member] | Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Discount rate-Recurring | 7.10% | 7.20% |
Discount rate-Recurring | (7.10%) | (7.20%) |
Liabilities: | ||
Discount rate-Recurring | 7.10% | 7.20% |
Discount rate-Recurring | (7.10%) | (7.20%) |
Weighted Average [Member] | Junior Subordinated Debentures [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Discount rate-Recurring | 7.00% | 7.00% |
Discount rate-Recurring | (7.00%) | (7.00%) |
Liabilities: | ||
Discount rate-Recurring | 7.00% | 7.00% |
Discount rate-Recurring | (7.00%) | (7.00%) |
Weighted Average [Member] | Loans Held for Sale [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | 59.60% | |
Discount rate-Comparability adjustments | (59.60%) | |
Weighted Average [Member] | Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate- Capitalization Rate | (13.20%) | (20.00%) |
Capitalization rate-Loss Severity | 13.20% | 20.00% |
Weighted Average [Member] | Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate - Capitalization Rate | 7.70% | 7.80% |
Discount rate- Capitalization Rate | (15.70%) | (21.30%) |
Capitalization rate-Loss Severity | 15.70% | 21.30% |
Capitalization rate-Loss Severity | (7.70%) | (7.80%) |
Weighted Average [Member] | Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate - Capitalization Rate | 7.50% | 8.00% |
Discount rate- Capitalization Rate | (16.30%) | (30.00%) |
Capitalization rate-Loss Severity | 16.30% | 30.00% |
Capitalization rate-Loss Severity | (7.50%) | (8.00%) |
Weighted Average [Member] | Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate-Comparability adjustments | 0.00% | |
Discount rate-Comparability adjustments | (0.00%) | |
Discount rate- Capitalization Rate | (18.50%) | (9.60%) |
Capitalization rate-Loss Severity | 18.50% | 9.60% |
Weighted Average [Member] | Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate - Capitalization Rate | 12.00% | 9.10% |
Discount rate- Capitalization Rate | (16.10%) | (1.00%) |
Capitalization rate-Loss Severity | 16.10% | 1.00% |
Capitalization rate-Loss Severity | (12.00%) | (9.10%) |
Weighted Average [Member] | Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Discount rate - Capitalization Rate | 7.70% | |
Discount rate- Capitalization Rate | (3.00%) | |
Capitalization rate-Loss Severity | 3.00% | |
Capitalization rate-Loss Severity | (7.70%) |
Note 11 - Fair Value of Finan74
Note 11 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Carried at Fair Value on a Non-Recurring Basis, and the Method Used to Determine Their Fair Value - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets | $ 21,467 | $ 28,500 |
Loans Held for Sale [Member] | ||
Assets: | ||
Assets | 300 | |
Impaired Loans [Member] | ||
Assets: | ||
Assets | 16,912 | 22,174 |
Other Real Estate Owned [Member] | ||
Assets: | ||
Assets | 4,255 | 6,326 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | 21,467 | 28,500 |
Fair Value, Inputs, Level 3 [Member] | Loans Held for Sale [Member] | ||
Assets: | ||
Assets | 300 | |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Assets: | ||
Assets | 16,912 | 22,174 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Assets: | ||
Assets | $ 4,255 | $ 6,326 |
Note 11 - Fair Value of Finan75
Note 11 - Fair Value of Financial Instruments (Details) - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments as Well as Assumptions Used in Estimating Fair Value - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Carrying Amount, Assets | $ 5,359,964 | $ 5,077,013 |
Liabilities: | ||
Carrying Amount, Liabilities | 4,897,828 | 4,620,766 |
Cash And Due From Banks [Member] | ||
Assets: | ||
Carrying Amount, Assets | 36,599 | 34,265 |
Fair Value, Assets | 36,599 | 34,265 |
Securities Held to Maturity [Member] | ||
Assets: | ||
Carrying Amount, Assets | 7,220 | |
Fair Value, Assets | 7,220 | |
Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Carrying Amount, Assets | 729,674 | 704,933 |
Fair Value, Assets | 729,674 | 704,933 |
Other Securities [Member] | ||
Assets: | ||
Carrying Amount, Assets | 307,823 | 268,377 |
Fair Value, Assets | 307,823 | 268,377 |
Loans [Member] | ||
Assets: | ||
Carrying Amount, Assets | 4,031,142 | 3,810,373 |
Fair Value, Assets | 4,078,118 | 3,871,087 |
FHLB - NY Stock [Member] | ||
Assets: | ||
Carrying Amount, Assets | 49,926 | 46,924 |
Fair Value, Assets | 49,926 | 46,924 |
Interest Rate Swaps [Member] | ||
Assets: | ||
Carrying Amount, Assets | 94 | 84 |
Fair Value, Assets | 94 | 84 |
Total Assets - Financial Instruments [Member] | ||
Assets: | ||
Carrying Amount, Assets | 5,162,478 | 4,864,956 |
Fair Value, Assets | 5,209,454 | 4,925,670 |
Deposits1 [Member] | ||
Liabilities: | ||
Carrying Amount, Liabilities | 3,698,332 | 3,508,598 |
Fair Value, Liabilities | 3,785,530 | 3,524,123 |
Borrowings [Member] | ||
Liabilities: | ||
Carrying Amount, Liabilities | 1,115,435 | 1,056,492 |
Fair Value, Liabilities | 1,130,046 | 1,070,428 |
Interest Rate Swaps [Member] | ||
Liabilities: | ||
Carrying Amount, Liabilities | 1,711 | 2,649 |
Fair Value, Liabilities | 1,711 | 2,649 |
Total Liabilities - Financial Instruments [Member] | ||
Liabilities: | ||
Carrying Amount, Liabilities | 4,815,478 | 4,567,739 |
Fair Value, Liabilities | 4,917,287 | 4,597,200 |
Fair Value, Inputs, Level 1 [Member] | Cash And Due From Banks [Member] | ||
Assets: | ||
Fair Value, Assets | 36,599 | 34,265 |
Fair Value, Inputs, Level 1 [Member] | Total Assets - Financial Instruments [Member] | ||
Assets: | ||
Fair Value, Assets | 36,599 | 34,265 |
Fair Value, Inputs, Level 1 [Member] | Deposits1 [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 2,322,826 | 2,202,775 |
Fair Value, Inputs, Level 1 [Member] | Total Liabilities - Financial Instruments [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 2,322,826 | 2,202,775 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Fair Value, Assets | 729,674 | 704,933 |
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Assets: | ||
Fair Value, Assets | 292,698 | 245,768 |
Fair Value, Inputs, Level 2 [Member] | FHLB - NY Stock [Member] | ||
Assets: | ||
Fair Value, Assets | 49,926 | 46,924 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Assets: | ||
Fair Value, Assets | 94 | 84 |
Fair Value, Inputs, Level 2 [Member] | Total Assets - Financial Instruments [Member] | ||
Assets: | ||
Fair Value, Assets | 1,072,392 | 997,709 |
Fair Value, Inputs, Level 2 [Member] | Deposits1 [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 1,462,704 | 1,321,348 |
Fair Value, Inputs, Level 2 [Member] | Borrowings [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 1,100,570 | 1,041,657 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 1,711 | 2,649 |
Fair Value, Inputs, Level 2 [Member] | Total Liabilities - Financial Instruments [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 2,564,985 | 2,365,654 |
Fair Value, Inputs, Level 3 [Member] | Securities Held to Maturity [Member] | ||
Assets: | ||
Fair Value, Assets | 7,220 | |
Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Assets: | ||
Fair Value, Assets | 15,125 | 22,609 |
Fair Value, Inputs, Level 3 [Member] | Loans [Member] | ||
Assets: | ||
Fair Value, Assets | 4,078,118 | 3,871,087 |
Fair Value, Inputs, Level 3 [Member] | Total Assets - Financial Instruments [Member] | ||
Assets: | ||
Fair Value, Assets | 4,100,463 | 3,893,696 |
Fair Value, Inputs, Level 3 [Member] | Borrowings [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 29,476 | 28,771 |
Fair Value, Inputs, Level 3 [Member] | Total Liabilities - Financial Instruments [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | $ 29,476 | $ 28,771 |
Note 12 - Derivative Financia76
Note 12 - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Note 12 - Derivative Financial Instruments (Details) [Line Items] | ||
Junior Subordinated Notes | $ 61,900 | $ 61,900 |
Derivative Asset, Notional Amount | 55,713 | 50,792 |
Not Designated as Hedging Instrument [Member] | ||
Note 12 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative Asset, Notional Amount | 36,300 | 36,300 |
Designated as Hedging Instrument [Member] | ||
Note 12 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative Asset, Notional Amount | 19,400 | 14,500 |
Floating Rate Junior Subordinated Debentures [Member] | ||
Note 12 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative, Amount of Hedged Item | $ 18,000 | $ 18,000 |
Note 12 - Derivative Financia77
Note 12 - Derivative Financial Instruments (Details) - Information Regarding the Company’s Derivative Financial Instruments - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Notional Amount | $ 55,713 | $ 50,792 | |
Net Carrying Value | [1] | (1,617) | (2,565) |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 36,300 | 36,300 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 19,400 | 14,500 | |
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 36,321 | 36,321 | |
Net Carrying Value | [1] | (1,367) | (2,239) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 4,087 | 4,131 | |
Net Carrying Value | [1] | 94 | 84 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 15,305 | 10,340 | |
Net Carrying Value | [1] | $ (344) | $ (410) |
[1] | Derivatives in a net positive position are recorded as "Other assets" and derivatives in a net negative position are recorded as "Other liabilities" in the Consolidated Statements of Financial Condition. |
Note 12 - Derivative Financia78
Note 12 - Derivative Financial Instruments (Details) - Effect of Derivative Instruments on the Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financial Derivatives: | ||||
Financial Derivatives | $ (2,133) | $ (752) | $ 825 | $ (1,794) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Financial Derivatives: | ||||
Financial Derivatives | (2,125) | (719) | 871 | (1,733) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||
Financial Derivatives: | ||||
Financial Derivatives | $ (8) | $ (33) | $ (46) | $ (61) |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 39.10% | 39.40% | 39.00% | 39.80% |
Deferred Tax Assets, Net of Valuation Allowance (in Dollars) | $ 30,700,000 | $ 30,700,000 | ||
Deferred Tax Liabilities, Gross (in Dollars) | 18,900,000 | 18,900,000 | ||
Deferred Tax Assets, Valuation Allowance (in Dollars) | $ 0 | $ 0 |
Note 13 - Income Taxes (Detai80
Note 13 - Income Taxes (Details) - Income Tax Provisions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Federal: | ||||
Current | $ 11,153 | $ 5,675 | $ 14,067 | $ 8,412 |
Deferred | (3,998) | (162) | (2,660) | 1,859 |
Total federal tax provision | 7,155 | 5,513 | 11,407 | 10,271 |
State and Local: | ||||
Current | 4,148 | 2,102 | 4,855 | 3,368 |
Deferred | (1,782) | (17) | (1,195) | 886 |
Total state and local tax provision | 2,366 | 2,085 | 3,660 | 4,254 |
Total income tax provision | $ 9,521 | $ 7,598 | $ 15,067 | $ 14,525 |
Note 13 - Income Taxes (Detai81
Note 13 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Effective Income Tax Rate Reconciliation [Abstract] | ||||
Taxes at federal statutory rate | $ 8,524 | $ 6,749 | $ 13,522 | $ 12,777 |
Taxes at federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Increase (reduction) in taxes resulting from: | ||||
State and local income tax, net of Federal income tax benefit | $ 1,538 | $ 1,355 | $ 2,379 | $ 2,765 |
State and local income tax, net of Federal income tax benefit | 6.30% | 7.00% | 6.20% | 7.60% |
Other | $ (541) | $ (506) | $ (834) | $ (1,017) |
Other | (2.20%) | (2.60%) | (2.20%) | (2.80%) |
Taxes at effective rate | $ 9,521 | $ 7,598 | $ 15,067 | $ 14,525 |
Taxes at effective rate | 39.10% | 39.40% | 39.00% | 39.80% |
Note 14 - Accumulated Other C82
Note 14 - Accumulated Other Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, net of tax | $ (2,907) | $ (11,375) | ||
Net current period other comprehensive income, net of tax | $ (5,349) | $ 6,604 | (849) | 12,024 |
Ending balance, net of tax | (3,756) | 649 | (3,756) | 649 |
Other comprehensive income before reclassifications, net of tax | (1,145) | 11,873 | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | 296 | 151 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, net of tax | 3,392 | (8,522) | ||
Net current period other comprehensive income, net of tax | (1,181) | 11,873 | ||
Ending balance, net of tax | 2,211 | 3,351 | 2,211 | 3,351 |
Other comprehensive income before reclassifications, net of tax | (1,145) | 11,873 | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | (36) | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, net of tax | (6,299) | (2,853) | ||
Net current period other comprehensive income, net of tax | 332 | 151 | ||
Ending balance, net of tax | $ (5,967) | $ (2,702) | (5,967) | (2,702) |
Amounts reclassified from accumulated other comprehensive income, net of tax | $ 332 | $ 151 |
Note 14 - Accumulated Other C83
Note 14 - Accumulated Other Comprehensive Income (Details) - Amounts Reclassified Out of Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Note 14 - Accumulated Other Comprehensive Income (Details) - Amounts Reclassified Out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized gains on available for sale securities tax | $ (9,521) | $ (7,598) | $ (15,067) | $ (14,525) | |
Unrealized gains on available for sale securities | 14,834 | 11,685 | 23,567 | 21,981 | |
Amortization of defined benefit pension items: | |||||
Tax benefit | 9,521 | 7,598 | 15,067 | 14,525 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Note 14 - Accumulated Other Comprehensive Income (Details) - Amounts Reclassified Out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized gains on available for sale securities before tax | 64 | 64 | |||
Unrealized gains on available for sale securities tax | (28) | (28) | |||
Unrealized gains on available for sale securities | 36 | 36 | |||
Amortization of defined benefit pension items: | |||||
Tax benefit | 28 | 28 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Note 14 - Accumulated Other Comprehensive Income (Details) - Amounts Reclassified Out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized gains on available for sale securities tax | (130) | (72) | (258) | (176) | |
Amortization of defined benefit pension items: | |||||
Actuarial losses | [1] | (306) | (175) | (613) | (350) |
Prior service credits | [1] | 12 | 12 | 23 | 23 |
Total before tax | (294) | (163) | (590) | (327) | |
Tax benefit | 130 | 72 | 258 | 176 | |
Net of tax | $ (164) | $ (91) | $ (332) | $ (151) | |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 10 of the Notesto Consolidated Financial Statements "Pension and Other Postretirement Benefit Plans".) |
Note 15 - Regulatory Capital (D
Note 15 - Regulatory Capital (Details) - Summary of the Bank’s Compliance with Banking Regulatory Capital Standards: - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Capital level | $ 483,407 | $ 472,251 |
Capital level | 9.13% | 9.63% |
Requirement to be well capitalized | $ 264,746 | $ 245,254 |
Requirement to be well capitalized | 5.00% | 5.00% |
Excess | $ 218,661 | $ 226,997 |
Excess | 4.13% | 4.63% |
Common Equity Tier I risk-based capital: | ||
Capital level | $ 483,407 | |
Capital level | 13.07% | |
Requirement to be well capitalized | $ 240,326 | |
Requirement to be well capitalized | 6.50% | |
Excess | $ 243,081 | |
Excess | 6.57% | |
Tier 1 risk-based capital: | ||
Capital level | $ 483,407 | $ 472,251 |
Capital level | 13.07% | 13.87% |
Requirement to be well capitalized | $ 295,786 | $ 204,345 |
Requirement to be well capitalized | 8.00% | 6.00% |
Excess | $ 187,621 | $ 267,906 |
Excess | 5.07% | 7.87% |
Total risk-based capital: | ||
Capital level | $ 506,491 | $ 497,347 |
Capital level | 13.70% | 14.60% |
Requirement to be well capitalized | $ 369,732 | $ 340,589 |
Requirement to be well capitalized | 10.00% | 10.00% |
Excess | $ 136,759 | $ 156,758 |
Excess | 3.70% | 4.60% |
Holding Company [Member] | ||
Tier I (leverage) capital: | ||
Capital level | $ 478,658 | $ 471,233 |
Capital level | 9.06% | 9.62% |
Requirement to be well capitalized | $ 264,295 | $ 244,960 |
Requirement to be well capitalized | 5.00% | 5.00% |
Excess | $ 214,363 | $ 226,273 |
Excess | 4.06% | 4.62% |
Common Equity Tier I risk-based capital: | ||
Capital level | $ 450,169 | |
Capital level | 12.20% | |
Requirement to be well capitalized | $ 239,927 | |
Requirement to be well capitalized | 6.50% | |
Excess | $ 210,242 | |
Excess | 5.70% | |
Tier 1 risk-based capital: | ||
Capital level | $ 478,658 | $ 471,233 |
Capital level | 12.97% | 13.87% |
Requirement to be well capitalized | $ 295,295 | $ 203,878 |
Requirement to be well capitalized | 8.00% | 6.00% |
Excess | $ 183,363 | $ 267,355 |
Excess | 4.97% | 7.87% |
Total risk-based capital: | ||
Capital level | $ 501,742 | $ 496,329 |
Capital level | 13.59% | 14.61% |
Requirement to be well capitalized | $ 369,119 | $ 339,797 |
Requirement to be well capitalized | 10.00% | 10.00% |
Excess | $ 132,623 | $ 156,532 |
Excess | 3.59% | 4.61% |
Uncategorized Items - ffic-2015
Label | Element | Value |
Benefit for loan losses | us-gaap_ProvisionForLoanLossesExpensed | $ (1,092) |
Bank Owned Life Insurance Income | us-gaap_BankOwnedLifeInsuranceIncome | 755 |
Depreciation and amortization | us-gaap_DepreciationAndAmortization | $ 717 |