Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Flushing Financial Corporation | ||
Trading Symbol | ffic | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 28,984,725 | ||
Entity Public Float | $ 576,620,000 | ||
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 | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 42,363,000 | $ 34,265,000 |
Securities held-to-maturity: | ||
Other securities (none pledged; fair value of $6,180 at December 31, 2015) | 6,180,000 | 0 |
Securities available for sale, at fair value: | ||
Mortgage-backed securities (including assets pledged of $496,121 and $464,626 at December 31, 2015 and 2014, respectively; $2,527 and $4,678 at fair value pursuant to the fair value option at December 31, 2015 and 2014, respectively) | 668,740,000 | 704,933,000 |
Other securities (including assets pledged of none and $57,562 at December 31, 2015 and 2014, respectively ; $28,205 and $27,915 at fair value pursuant to the fair value option at December 31, 2015 and 2014, respectively) | 324,657,000 | 268,377,000 |
Loans, net of fees and costs | 4,387,979,000 | 3,810,373,000 |
Less: Allowance for loan losses | (21,535,000) | (25,096,000) |
Net loans | 4,366,444,000 | 3,785,277,000 |
Interest and dividends receivable | 18,937,000 | 17,251,000 |
Bank premises and equipment, net | 25,622,000 | 21,868,000 |
Federal Home Loan Bank of New York stock, at cost | 56,066,000 | 46,924,000 |
Bank owned life insurance | 115,536,000 | 112,656,000 |
Goodwill | 16,127,000 | 16,127,000 |
Other assets | 63,962,000 | 69,335,000 |
Total assets | 5,704,634,000 | 5,077,013,000 |
Due to depositors: | ||
Non-interest bearing | 269,469,000 | 255,834,000 |
Interest-bearing | 3,586,234,000 | 3,217,085,000 |
Mortgagors' escrow deposits | 36,844,000 | 35,679,000 |
Borrowed funds ($29,018 and $28,771 at fair value pursuant to the fair value option at December 31, 2015 and 2014, respectively) | 1,155,676,000 | 940,492,000 |
Securities sold under agreements to repurchase | 116,000,000 | 116,000,000 |
Other liabilities | 67,344,000 | 55,676,000 |
Total liabilities | $ 5,231,567,000 | $ 4,620,766,000 |
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 December 31, 2015 and 2014; 28,830,558 shares and 29,403,823 shares outstanding at December 31, 2015 and 2014, respectively) | $ 315,000 | $ 315,000 |
Additional paid-in capital | 210,652,000 | 206,437,000 |
Treasury stock, at average cost (2,700,037 shares and 2,126,772 at December 31, 2015 and 2014, respectively) | (48,868,000) | (37,221,000) |
Retained earnings | 316,530,000 | 289,623,000 |
Accumulated other comprehensive loss, net of taxes | (5,562,000) | (2,907,000) |
Total stockholders' equity | 473,067,000 | 456,247,000 |
Total liabilities and stockholders' equity | $ 5,704,634,000 | $ 5,077,013,000 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other securities (none pledged), fair value (in Dollars) | $ 6,180 | |
Mortgage-backed securities, fair value option (in Dollars) | 2,527 | $ 4,678 |
Mortgage-backed securities, assets pledged (in Dollars) | 496,121 | 464,626 |
Other securities, fair value option (in Dollars) | 28,205 | 27,915 |
Other securities, assets pledged (in Dollars) | 0 | 57,562 |
Borrowed funds, fair value option (in Dollars) | $ 29,018 | $ 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 | 28,830,558 | 29,403,823 |
Treasury stock, shares | 2,700,037 | 2,126,772 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and dividend income | |||
Interest and fees on loans | $ 178,720 | $ 170,327 | $ 171,309 |
Interest and dividends on securities: | |||
Interest | 24,827 | 25,969 | 28,310 |
Dividends | 473 | 753 | 828 |
Other interest income | 126 | 79 | 79 |
Total interest and dividend income | 204,146 | 197,128 | 200,526 |
Interest expense | |||
Deposits | 30,336 | 30,044 | 32,037 |
Other interest expense | 19,390 | 24,697 | 22,826 |
Total interest expense | 49,726 | 54,741 | 54,863 |
Net interest income | 154,420 | 142,387 | 145,663 |
Provision (benefit) for loan losses | (956) | (6,021) | 13,935 |
Net interest income after (benefit) provision for loan losses | 155,376 | 148,408 | 131,728 |
Non-interest income | |||
Other-than-temporary impairment ("OTTI") charge | (1,419) | ||
Less: Non-credit portion of OTTI charge recorded in | |||
Other Comprehensive Income, before taxes | 0 | 0 | 0 |
Net OTTI charge recognized in earnings | (1,419) | ||
Banking services fee income | 3,805 | 3,394 | 3,687 |
Net loss on sale of loans held for sale | (108) | ||
Net gain on sale of loans | 422 | 67 | 284 |
Net gain on sale of securities | 167 | 2,875 | 3,021 |
Net gain on sale of buildings | 6,537 | ||
Net loss from fair value adjustments | (1,841) | (2,568) | (2,521) |
Federal Home Loan Bank of New York stock dividends | 1,969 | 1,898 | 1,663 |
Bank owned life insurance | 2,880 | 3,050 | 3,363 |
Other income | 1,780 | 1,527 | 1,586 |
Total non-interest income | 15,719 | 10,243 | 9,556 |
Non-interest expense | |||
Salaries and employee benefits | 53,093 | 48,998 | 44,397 |
Occupancy and equipment | 10,206 | 7,998 | 7,646 |
Professional services | 7,074 | 5,982 | 5,210 |
FDIC deposit insurance | 3,236 | 2,707 | 3,206 |
Data processing | 4,471 | 4,194 | 4,238 |
Depreciation and amortization of premises and equipment | 3,579 | 2,813 | 2,953 |
Other real estate owned / foreclosure expense | 942 | 1,338 | 2,292 |
Other operating expenses | 15,118 | 11,809 | 10,634 |
Total non-interest expense | 97,719 | 85,839 | 80,576 |
Income before income taxes | 73,376 | 72,812 | 60,708 |
Provision for income taxes | |||
Federal | 21,843 | 20,912 | 17,344 |
State and local | 5,324 | 7,661 | 5,612 |
Total provision for income taxes | 27,167 | 28,573 | 22,956 |
Net income | $ 46,209 | $ 44,239 | $ 37,752 |
Basic earnings per common share (in Dollars per share) | $ 1.59 | $ 1.49 | $ 1.26 |
Diluted earnings per common share (in Dollars per share) | $ 1.59 | $ 1.48 | $ 1.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Net income | $ 37,752 |
Other comprehensive income (loss), net of tax: | |
Unrecognized actuarial gains (losses) | 3,261 |
Amortization of actuarial losses | 696 |
Amortization of prior service credits | (26) |
OTTI charges included in income | 798 |
Reclassification adjustment for net gains included in income | (1,700) |
Net unrealized (losses) gains on securities | (26,541) |
Total other comprehensive income (loss), net of tax | (23,512) |
Comprehensive income | $ 14,240 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Purchase of Common Shares Outstanding [Member]Treasury Stock [Member] | Restricted Stock Awards Repurchased To Satisfy Tax Obligations [Member]Treasury Stock [Member] | Shares Purchased to Fund Options Exercised [Member]Treasury Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2012 | $ 315 | $ 198,314 | $ (10,257) | $ 241,856 | $ 12,137 | ||||
Common Stock | |||||||||
Amortization of prior service credits, net of taxes of $20, $19 and $20 for the years ended December 31, 2015, 2014 and 2013, respectively | (26) | ||||||||
Amortization of net actuarial losses, net of taxes of ($509), ($330) and ($541) for the years ended December 31, 2015, 2014 and 2013, respectively | 696 | $ (696) | |||||||
Unrecognized actuarial gains (losses), net of taxes of ($465), $2,880 and ($2,527) for the years ended December 31, 2015, 2014 and 2013, respectively | 3,261 | 3,261 | |||||||
Change in net unrealized (losses) gains on securities available for sale, net oftaxes of approximately $2,911, ($10,441) and $20,609 for the years ended December 31, 2015, 2014 and 2013, respectively | (26,541) | (26,541) | |||||||
Reclassification adjustment for net gains included in net income, net of taxes of approximately $72, $1,241 and $700 for the years ended December 31, 2015, 2014 and 2013, respectively | (902) | 1,700 | |||||||
Net income | 37,752 | 37,752 | |||||||
Award of common shares released from Employee Benefit Trust (147,616, 136,559 and 143,941 common shares for the years ended December 31, 2015, 2014 and 2013, respectively) | 1,652 | ||||||||
Value of shares issued upon vesting of restricted stock unit awards | 161 | 2,406 | (119) | ||||||
Cash dividends declared and paid on common shares ($0.64, $0.60 and $0.52 per share for the years ended December 31, 2015, 2014 and 2013, respectively) | (15,618) | ||||||||
Value of stock options exercised | 1,451 | 6,763 | (128) | 6,814 | |||||
Stock-based compensation activity, net | (119) | ||||||||
Stock-based income tax benefit | 443 | ||||||||
Balance at Dec. 31, 2013 | 315 | 201,902 | (22,053) | 263,743 | (11,375) | 432,532 | |||
Treasury Stock | |||||||||
Value of shares purchased for the Treasury | $ (13,152) | $ (999) | $ (6,814) | ||||||
Amortization of prior service credits, net of taxes of $20, $19 and $20 for the years ended December 31, 2015, 2014 and 2013, respectively | (26) | ||||||||
Amortization of net actuarial losses, net of taxes of ($509), ($330) and ($541) for the years ended December 31, 2015, 2014 and 2013, respectively | 370 | (370) | |||||||
Unrecognized actuarial gains (losses), net of taxes of ($465), $2,880 and ($2,527) for the years ended December 31, 2015, 2014 and 2013, respectively | (3,790) | (3,790) | |||||||
Change in net unrealized (losses) gains on securities available for sale, net oftaxes of approximately $2,911, ($10,441) and $20,609 for the years ended December 31, 2015, 2014 and 2013, respectively | 13,548 | 13,548 | |||||||
Reclassification adjustment for net gains included in net income, net of taxes of approximately $72, $1,241 and $700 for the years ended December 31, 2015, 2014 and 2013, respectively | (1,634) | 1,634 | |||||||
Net income | 44,239 | 44,239 | |||||||
Award of common shares released from Employee Benefit Trust (147,616, 136,559 and 143,941 common shares for the years ended December 31, 2015, 2014 and 2013, respectively) | 2,075 | ||||||||
Value of shares issued upon vesting of restricted stock unit awards | 30 | 3,205 | (430) | ||||||
Cash dividends declared and paid on common shares ($0.64, $0.60 and $0.52 per share for the years ended December 31, 2015, 2014 and 2013, respectively) | (17,852) | ||||||||
Value of stock options exercised | 455 | 2,461 | (77) | 1,962 | |||||
Stock-based compensation activity, net | 1,129 | ||||||||
Stock-based income tax benefit | 846 | ||||||||
Balance at Dec. 31, 2014 | 315 | 206,437 | (37,221) | 289,623 | (2,907) | 456,247 | |||
Treasury Stock | |||||||||
Value of shares purchased for the Treasury | (17,644) | (1,228) | (1,962) | ||||||
Amortization of prior service credits, net of taxes of $20, $19 and $20 for the years ended December 31, 2015, 2014 and 2013, respectively | (26) | ||||||||
Amortization of net actuarial losses, net of taxes of ($509), ($330) and ($541) for the years ended December 31, 2015, 2014 and 2013, respectively | 669 | (669) | |||||||
Unrecognized actuarial gains (losses), net of taxes of ($465), $2,880 and ($2,527) for the years ended December 31, 2015, 2014 and 2013, respectively | 615 | 615 | |||||||
Change in net unrealized (losses) gains on securities available for sale, net oftaxes of approximately $2,911, ($10,441) and $20,609 for the years ended December 31, 2015, 2014 and 2013, respectively | (3,818) | (3,818) | |||||||
Reclassification adjustment for net gains included in net income, net of taxes of approximately $72, $1,241 and $700 for the years ended December 31, 2015, 2014 and 2013, respectively | (95) | 95 | |||||||
Net income | 46,209 | 46,209 | |||||||
Award of common shares released from Employee Benefit Trust (147,616, 136,559 and 143,941 common shares for the years ended December 31, 2015, 2014 and 2013, respectively) | 2,092 | ||||||||
Value of shares issued upon vesting of restricted stock unit awards | 160 | 3,580 | (504) | ||||||
Cash dividends declared and paid on common shares ($0.64, $0.60 and $0.52 per share for the years ended December 31, 2015, 2014 and 2013, respectively) | (18,616) | ||||||||
Value of stock options exercised | 54 | 825 | (182) | 447 | |||||
Stock-based compensation activity, net | 1,335 | ||||||||
Stock-based income tax benefit | 574 | ||||||||
Balance at Dec. 31, 2015 | $ 315 | $ 210,652 | $ (48,868) | $ 316,530 | $ (5,562) | $ 473,067 | |||
Treasury Stock | |||||||||
Value of shares purchased for the Treasury | $ (14,351) | $ (1,254) | $ (447) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders’ Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Issuance upon exercise of stock options | 45,785 | ||
Purchases of common shares | 735,599 | 914,671 | |
Repurchase of shares to satisfy tax obligations | 735,599 | 914,671 | |
Additional Paid-in Capital [Member] | |||
Award of common shares released from Employee Benefit Trust | 147,616 | 136,559 | 143,941 |
Shares issued upon vesting of restricted stock unit awards | 59,532 | 7,300 | 120,114 |
Issuance upon exercise of stock options | 21,325 | 138,575 | 463,245 |
Treasury Stock [Member] | |||
Shares issued upon vesting of restricted stock unit awards | 204,310 | 202,466 | 180,997 |
Issuance upon exercise of stock options | 45,785 | 150,115 | 463,245 |
Retained Earnings [Member] | |||
Shares issued upon vesting of restricted stock unit awards | 144,778 | 195,166 | 60,883 |
Issuance upon exercise of stock options | 24,460 | 11,540 | 65,470 |
Cash dividends declared and paid on shares (in Dollars per share) | $ 640 | $ 600 | $ 520 |
AOCI Attributable to Parent [Member] | |||
Amortization of prior service credits, net of taxes (in Dollars) | $ 20 | $ 19 | $ 20 |
Amortization of net actuarial losses, taxes (in Dollars) | (509) | (330) | (541) |
Unrecognized actuarial (losses) gains, taxes (in Dollars) | (465) | 2,880 | (2,527) |
Change in net unrealized gains on securities available for sale, taxes (in Dollars) | 2,911 | (10,441) | 20,609 |
Reclassification adjustment for net gains included in net income, net of taxes (in Dollars) | $ 72 | $ 1,241 | $ 700 |
Purchase of Common Shares Outstanding [Member] | Treasury Stock [Member] | |||
Purchases of common shares | 735,599 | 914,671 | 836,092 |
Repurchase of shares to satisfy tax obligations | 735,599 | 914,671 | 836,092 |
Restricted Stock Awards Repurchased To Satisfy Tax Obligations [Member] | Treasury Stock [Member] | |||
Purchases of common shares | 65,666 | 59,821 | 61,710 |
Repurchase of shares to satisfy tax obligations | 65,666 | 59,821 | 61,710 |
Shares Purchased to Fund Options Exercised [Member] | Treasury Stock [Member] | |||
Purchases of common shares | 22,095 | 97,518 | 366,517 |
Repurchase of shares to satisfy tax obligations | 22,095 | 97,518 | 366,517 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income | $ 46,209 | $ 44,239 | $ 37,752 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision (benefit) for loan losses | (956) | (6,021) | 13,935 |
Depreciation and amortization of premises and equipment | 3,579 | 2,813 | 2,953 |
Net loss on sales of loans held for sale | 108 | ||
Net gain on sales of loans (including delinquent loans) | (422) | (67) | (284) |
Net gain on sales of securities | (167) | (2,875) | (3,021) |
Net gain on sales of buildings | (6,537) | ||
Other-than-temporary impairment charge on securities | 1,419 | ||
Amortization of premium, net of accretion of discount | 8,986 | 7,292 | 7,588 |
Fair value adjustment for financial assets and financial liabilities | 1,841 | 2,568 | 2,521 |
Income from bank owned life insurance | (2,880) | (3,050) | (3,363) |
Stock based compensation expense | 4,845 | 4,263 | 3,412 |
Deferred compensation | (3,561) | (2,514) | (790) |
Amortization of core deposit intangibles | 468 | ||
Excess tax benefits from stock-based payment arrangements | (574) | (846) | (443) |
Deferred income tax provision (benefit) | (5,210) | 4,154 | (682) |
Net decrease in prepaid FDIC assessment | 3,287 | ||
(Increase) decrease in other assets | (5,284) | 8,110 | (1,410) |
Increase (decrease) in other liabilities | 4,861 | (690) | 10,985 |
Net cash provided by operating activities | 44,730 | 57,376 | 74,435 |
Investing Activities | |||
Purchases of premises and equipment | (11,089) | (4,325) | (809) |
Net purchases of Federal Home Loan Bank-NY shares | (9,142) | (899) | (3,688) |
Purchases of securities held-to-maturity | (5,100) | ||
Proceeds from maturities of securities held-to-maturity | 3,430 | ||
Purchases of securities available for sale | (313,822) | (162,830) | (458,596) |
Proceeds from sales and calls of securities available for sale | 163,158 | 115,294 | 194,009 |
Proceeds from maturities and prepayments of securities available for sale | 114,097 | 112,137 | 149,387 |
Proceeds from sale of buildings | 20,209 | ||
Net originations of loans | (301,766) | (248,073) | (236,582) |
Purchases of loans | (278,928) | (169,860) | (10,189) |
Proceeds from sale of loans | 16,252 | 15,857 | 35,681 |
Proceeds from sale of Other Real Estate Owned, net | 2,185 | 3,123 | 4,763 |
Net cash used in investing activities | (600,516) | (339,576) | (326,024) |
Financing Activities | |||
Net increase in non interest-bearing deposits | 13,635 | 58,491 | 41,554 |
Net increase in interest bearing deposits | 368,137 | 213,502 | 174,715 |
Net increase in mortgagors' escrow deposits | 1,165 | 2,881 | 238 |
Net proceeds (repayments) from short-term borrowed funds | 30,000 | 30,500 | (102,500) |
Proceeds from long-term borrowings | 310,000 | 180,000 | 269,346 |
Repayment of long-term borrowings | (125,551) | (167,081) | (109,911) |
Purchases of treasury stock | (15,605) | (18,872) | (14,151) |
Excess tax benefits from stock-based payment arrangements | 574 | 846 | 443 |
Proceeds from issuance of common stock upon exercise of stock options | 145 | 565 | 533 |
Cash dividends paid | (18,616) | (17,852) | (15,618) |
Net cash provided by financing activities | 563,884 | 282,980 | 244,649 |
Net (decrease) increase in cash and cash equivalents | 8,098 | 780 | (6,940) |
Cash and cash equivalents, beginning of year | 34,265 | 33,485 | 40,425 |
Cash and cash equivalents, end of year | 42,363 | 34,265 | 33,485 |
Supplemental Cash Flow Disclosure | |||
Interest paid | 48,467 | 53,965 | 53,602 |
Income taxes paid | 32,574 | 24,943 | 21,389 |
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible | 33,148 | 25,789 | 21,832 |
Non-cash activities: | |||
Securities transferred from available for sale to held-to-maturity | 4,510 | ||
Loans transferred to Other Real Estate Owned | 1,667 | 7,112 | 5,369 |
Loans provided for the sale of Other Real Estate Owned | 280 | 712 | 3,011 |
Loans held for investment transferred to loans held for sale | $ 300 | $ 1,150 | 13,008 |
Loans held for sale transferred to loans held for investment | $ 2,214 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. Nature of Operations Flushing Financial Corporation (the “Holding Company”), a Delaware business corporation, is the bank holding company of its wholly-owned subsidiary Flushing Bank (the “Bank”). 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., are collectively herein referred to as the “Company.” The Company’s principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in (1) originations and purchases of multi-family residential properties, commercial business loans, commercial real estate mortgage loans and, to a lesser extent, one-to-four family (focusing on mixed-use properties, which are properties that contain both residential dwelling units and commercial units); (2) construction loans, primarily for residential properties; (3) Small Business Administration (“SBA”) loans and other small business loans; (4) mortgage loan surrogates such as mortgage-backed securities; and (5) U.S. government securities, corporate fixed-income securities and other marketable securities. The Bank also originates certain other consumer loans including overdraft lines of credit. The Bank primarily conducts its business through nineteen full-service banking offices, nine of which are located in Queens County, three in Nassau County, five in Kings County (Brooklyn), and two in New York County (Manhattan), New York. The Bank also operates “iGObanking.com®”, an internet branch, offering checking, savings, money market and certificates of deposit accounts. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies The accounting and reporting policies of the Company follow generally accepted accounting principles in the United States of America (“GAAP”) and general practices within the banking industry. The policies which materially affect the determination of the Company’s financial position, results of operations and cash flows are summarized below. Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Holding Company and the following direct and indirect wholly-owned subsidiaries of the Holding Company: the Bank, Flushing Preferred Funding Corporation (“FPFC”), Flushing Service Corporation (“FSC”), and FSB Properties Inc. (“Properties”). FPFC is a real estate investment trust formed to hold a portion of the Bank’s mortgage loans to facilitate access to capital markets. FSC was formed to market insurance products and mutual funds. Properties is currently used to hold title to real estate owned acquired via foreclosure. Amounts held in a rabbi trust for certain non-qualified deferred compensation plans are included in the consolidated financial statements. All intercompany transactions and accounts are eliminated in consolidation. The Holding Company currently has three unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital debentures (“capital securities”). See Note 9, “Borrowed Funds and Securities Sold Under Agreements to Repurchase,” for additional information regarding these trusts. 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, the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets, the fair value of financial instruments including the evaluation of other-than-temporary impairment (“OTTI”) on securities. Actual results could differ from these estimates. Cash and Cash Equivalents: For the purpose of reporting cash flows, the Company defines cash and due from banks, overnight interest-earning deposits and federal funds sold with original maturities of 90 days or less as cash and cash equivalents. At December 31, 2015 and 2014, the Company’s cash and cash equivalents totaled $42.4 million and $34.3 million, respectively. Included in cash and cash equivalents at those dates were $32.8 million and $23.0 million in interest-earning deposits in other financial institutions, primarily due from the Federal Reserve Bank of New York and the Federal Home Loan Bank of New York (“FHLB-NY”). The Bank is required to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement is included in cash and cash equivalents and totaled $9.9 million and $7.5 million at December 31, 2015 and 2014, respectively. Debt and Equity Securities: Securities are classified as held-to-maturity when management intends to hold the securities until maturity. Securities are classified as available for sale when management intends to hold the securities for an indefinite period of time or when the securities may be utilized for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure and resultant prepayment risk and liquidity needs. Premiums and discounts are amortized or accreted, respectively, using the level-yield method. Realized gains and losses on the sales of securities are determined using the specific identification method. Unrealized gains and losses (other than unrealized losses considered other-than-temporary which are recognized in the Consolidated Statements of Income) on securities available for sale are excluded from earnings and reported as part of accumulated other comprehensive income, net of taxes. In estimating other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the current interest rate environment, (3) the financial condition and near-term prospects of the issuer, if applicable, and (4) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Other-than-temporary impairment losses for debt securities are measured using a discounted cash flow model. Other-than-temporary impairment losses for equity securities are measured using quoted market prices, when available, or, when market quotes are not available due to an illiquid market, we use an impairment model from a third party or quotes from investment brokers. See Note 6, “Debt and Equity Securities,” for additional information regarding other-than-temporary impairment for debt and equity securities. Goodwill: Goodwill is presumed to have an indefinite life and is tested annually, or when certain conditions are met, for impairment. If the fair value of the reporting unit is greater than the goodwill amount, no further evaluation is required. If the fair value of the reporting unit is less than the goodwill amount, further evaluation would be required to compare the fair value of the reporting unit to the goodwill amount and determine if impairment is required. In performing the goodwill impairment testing, the Company has identified a single reporting unit. The Company performed the qualitative assessment in assessing the carrying value of goodwill as of December 31, 2015, and determined that there was no goodwill impairment. At December 31, 2015, the carrying amount of goodwill totaled $16.1 million. The identification of additional reporting units, the use of other valuation techniques and/or changes to input assumptions used in the analysis could result in materially different evaluations of goodwill impairment. 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 unlikely to occur. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans 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 Bank may purchase loans to supplement originations. Loan purchases are evaluated at the time of purchase to determine the appropriate accounting treatment. Performing loans purchased at a premium/discount are recorded at the purchase price with the premium/discount, amortized/accredited into interest income over the life of the loan. All loans purchased during the years ended December 31, 2015 and 2014 were performing loans at the time of purchase and therefore were not considered impaired when purchased. Allowance for Loan Losses: 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 for loan losses is based on evaluation 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 for loan losses 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. Additionally, the Company segregated the loans into two portfolios based on the loans 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 impaired. 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 for loan losses 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 for loan losses, and subsequent recoveries, if any, are credited to the allowance for loan losses. 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, but 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, except for taxi medallion loans. The fair value of the underlying collateral of taxi medallion loans is the most recent reported arm’s length transaction. The balance which exceeds fair value is generally charged-off. Management reviews the allowance for loan losses on a quarterly basis, and records as a provision or benefit the amount deemed appropriate, after considering items such as, current year charge-offs, charge-off trends, new loan production, current balance by particular loan categories, and delinquent loans by particular loan categories. 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 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 December 31, 2015, we utilized recent third party appraisals of the collateral to measure impairment for $26.8 million, or 76.1%, of collateral dependent impaired loans, and used internal evaluations of the property’s value for $8.4 million, or 23.9%, 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. 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 December 31, 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. Loans Held for Sale: Loans held for sale are carried at the lower of cost or estimated fair value. At December 31, 2015 and 2014, there were no loans classified as held for sale. Bank Owned Life Insurance: Bank owned life insurance (“BOLI”) represents life insurance on the lives of certain employees who have provided positive consent allowing the Bank to be the beneficiary of such policies. BOLI is carried in the Consolidated Statements of Financial Condition at its cash surrender value. Increases in the cash value of the policies, as well as proceeds received, are recorded in other non-interest income, and are not subject to income taxes. Other Real Estate Owned: Other real estate owned (“OREO”) consists of property acquired through foreclosure. These properties are carried at fair value. The fair value is based on appraised value through a current appraisal, or at times through an internal review, additionally adjusted by the estimated costs to sell the property. This determination is made on an individual asset basis. If the fair value of a property is less than the carrying amount, the difference is recognized as a valuation allowance. Further decreases to the estimated value will be charged directly to expense. Bank Premises and Equipment: Bank premises and equipment are stated at cost, less depreciation accumulated on a straight-line basis over the estimated useful lives of the related assets (3 to 40 years). Leasehold improvements are amortized on a straight-line basis over the term of the related leases or the lives of the assets, whichever is shorter. Maintenance, repairs and minor improvements are charged to non-interest expense in the period incurred. Federal Home Loan Bank Stock: The FHLB-NY has assigned to the Bank a mandated membership stock purchase, based on its asset size. In addition, for all borrowing activity, the Bank is required to purchase shares of FHLB-NY non-marketable capital stock at par. Such shares are redeemed by FHLB-NY at par with reductions in the Bank’s borrowing levels. The Bank carries its investment in FHLB-NY stock at historical cost. The Company periodically reviews its FHLB-NY stock to determine if impairment exists. At December 31, 2015, the Company considered among other things the earnings performance, credit rating and asset quality of the FHLB-NY. Based on this review, the Company did not consider the value of our investment in FHLB-NY stock to be impaired at December 31, 2015. Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing and are carried at amounts at which the securities will be subsequently reacquired as specified in the respective agreements. Interest incurred under these agreements is included in other interest expense. Income Taxes: Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between book and tax bases of the various balance sheet assets and liabilities. A deferred tax liability is recognized on all taxable temporary differences and a deferred tax asset is recognized on all deductible temporary differences and operating losses and tax credit carry-forwards. A valuation allowance is recognized to reduce the potential deferred tax asset if it is “more likely than not” that all or some portion of that potential deferred tax asset will not be realized. The Company must also take into account changes in tax laws or rates when valuing the deferred income tax amounts it carries on its Consolidated Statements of Financial Condition. Stock Compensation Plans: The Company accounts for its stock based compensation using a fair-value-based measurement method for share-based payment transactions with employees and directors. The Company measures the cost of employee and directors services received in exchange for an award of an equity instrument based on the grant date fair value of the award. That cost is recognized over the period during which the employee and directors are required to provide services in exchange for the award. The requisite service period is usually the vesting period. Benefit Plans: The Company sponsors a qualified pension, 401(k), and profit sharing plan for its employees. The Company also sponsors postretirement health care and life insurance benefits plans for its employees, a non-qualified deferred compensation plan for officers who have achieved the level of at least senior vice president, and a non-qualified pension plan for its outside directors. The Company recognizes the funded status of a benefit plan – measured as the difference between plan assets at fair value and the benefit obligation – in the Consolidated Statements of Financial Condition, with the unrecognized credits and charges recognized, net of taxes, as a component of accumulated other comprehensive 1oss. These credits or charges arose as a result of gains or losses and prior service costs or credits that arose during prior periods but were not recognized as components of net periodic benefit cost. Treasury Stock: The Company records treasury stock at cost. Treasury stock is reissued at average cost. Derivatives: Derivatives are required to be recorded on the Consolidated Statements of Financial Condition at fair value. The Company records derivatives on a gross basis in “Other assets” and “Other liabilities” in the Consolidated Statements of Financial Condition. The accounting for changes in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. The extent to which a derivative has been, and is expected to continue to be, effective at offsetting changes in the fair value of the hedged item must be assessed and documented at least quarterly. Any hedge ineffectiveness (i.e., the amount by which the gain or loss on the designated derivative instrument does not exactly offset the change in the hedged item attributable to the hedged risk) must be reported in current-period earnings. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes changes in unrealized gains and losses on securities available for sale arising during the period, adjustments to net periodic pension costs and reclassification adjustments for realized gains and losses on securities available for sale and OTTI charges included in net income. Segment Reporting: Management views the Company as operating as a single unit, a community bank. Therefore, segment information is not provided. Advertising Expense: Costs associated with advertising are expensed as incurred. The Company recorded advertising expenses of $2.1 million, $1.8 million and $1.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. Earnings per Common 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 non-forfeitable 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 years ended December 31: 2015 2014 2013 (In thousands, except per share data) Net income, as reported $ 46,209 $ 44,239 $ 37,752 Divided by: Weighted average common shares outstanding 29,106 29,788 30,047 Weighted average common stock equivalents 20 29 26 Total weighted average common shares outstanding and common stock equivalents 29,126 29,817 30,073 Basic earnings per common share $ 1.59 $ 1.49 $ 1.26 Diluted earnings per common share $ 1.59 $ 1.48 $ 1.26 Dividend Payout ratio 40.3 % 40.3 % 41.3 % There were no options that were anti-dilutive for the years ended December 31, 2015 and 2014. Options to purchase 151,900 shares, at an average exercise price of $18.55 are anti-dilutive and were not included in the computation of diluted earnings per common share for the year ended December 31, 2013. |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. Loans and Allowance for Loan Losses The composition of loans is as follows at December 31: 2015 2014 (In thousands) Multi-family residential $ 2,055,228 $ 1,923,460 Commercial real estate 1,001,236 621,569 One-to-four family ― mixed-use property 573,043 573,779 One-to-four family ― residential 187,838 187,572 Co-operative apartments 8,285 9,835 Construction 7,284 5,286 Small Business Administration 12,194 7,134 Taxi medallion 20,881 22,519 Commercial business and other 506,622 447,500 Gross loans 4,372,611 3,798,654 Net unamortized premiums and unearned loan fees 15,368 11,719 Total loans $ 4,387,979 $ 3,810,373 The majority of our loan portfolio is invested in multi-family residential, commercial real estate and commercial business and other loans, which totaled 81.5% of our gross loans at December 31, 2015. Our concentration in these types of loans increases the overall level of credit risk inherent in our loan portfolio. The greater risk associated with these types of loans could require us to increase our provisions for loan losses and to maintain an allowance for loan losses as a percentage of total loans in excess of the allowance currently maintained. Loans secured by multi-family residential property and commercial real estate generally involve a greater degree of risk than residential mortgage loans and generally carry larger loan balances. The increased credit risk is the result of several factors, including the concentration of principal in a smaller number of loans and borrowers, the effects of general economic conditions on income producing properties and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayments of loans secured by these types of properties are typically dependent upon the successful operation of the related property, which is usually owned by a legal entity with the property being the entity’s only asset. If the cash flow from the property is reduced, the borrower’s ability to repay the loan may be impaired. If the borrower defaults, our only remedy may be to foreclose on the property, for which the market value may be less than the balance due on the related mortgage loan. Loans secured by commercial business and other loans involve a greater degree of risk for the same reasons as for multi-family residential and commercial real estate loans with the added risk that many of the loans are not secured by improved properties. To minimize the risks involved in the origination of multi-family residential, commercial real estate and commercial business and other loans, the Bank adheres to strict underwriting standards, which include reviewing the expected net operating income generated by the real estate collateral securing the loan, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. We typically require debt service coverage of at least 125% of the monthly loan payment. We generally originate these loans up to only 75% of the appraised value or the purchase price of the property, whichever is less. Any loan with a final loan-to-value ratio in excess of 75% must be approved by the Bank Board of Directors or the Loan Committee as an exception to policy. We generally rely on the income generated by the property as the primary means by which the loan is repaid. However, personal guarantees may be obtained for additional security from these borrowers. Additionally, for commercial business and other loans which are not secured by improved properties, the Bank will secure these loans with business assets, including accounts receivables, inventory and real estate and generally require personal guarantees. The following table shows loans modified and classified as TDR during the year ended December 31, 2015: For the year ended (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 to a TDR, presented in the table above, was unchanged as there was no principal forgiven in this modification. During the year ended December 31, 2015, one commercial existing TDR was re-modified by extending the term and advancing an additional $28,000. There were no loans modified and classified as TDR during the year ended December 31, 2014. The following table shows loans modified and classified as TDR during the year ended December 31, 2013: For the year ended (Dollars in thousands) Number Balance Modification description Multi-family residential 2 $ 698 Received a below market interest rate and the loan amortization was extended Commercial real estate 1 273 Received a below market interest rate and the loan amortization was extended One-to-four family - mixed-use property 1 390 Received a below market interest rate and the loan amortization was extended Commercial business and other 2 687 Received a below market interest rate and the loan amortization was extended Total 6 $ 2,048 The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated: December 31, 2015 December 31, 2014 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 9 $ 2,626 10 $ 3,034 Commercial real estate 3 2,371 3 2,373 One-to-four family - mixed-use property 6 2,052 7 2,381 One-to-four family - residential 1 343 1 354 Small business administration 1 34 - - Commercial business and other 4 2,083 4 2,249 Total performing troubled debt restructured 24 $ 9,509 25 $ 10,391 During the year ended December 31, 2015, one TDR loan totaling $0.4 million was transferred to non-performing status, resulting in this loan being included in non-performing loans. During the year ended December 31, 2014, three TDR loans totaling $2.7 million were transferred to non-performing status, resulting in these loans being included in non-performing loans. Subsequent to being transferred to non-performing loans, two of these loans were paid in full during the year ended December 31, 2014. During the year ended December 31, 2013, no TDR loans were transferred to non-performing status. 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: December 31, 2015 December 31, 2014 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 391 - $ - Commercial real estate - - 1 2,252 One-to-four family - mixed-use property - - 1 187 Total troubled debt restructurings that subsequently defaulted 1 $ 391 2 $ 2,439 The following table shows our non-performing loans at the periods indicated: At December 31, (In thousands) 2015 2014 Loans ninety days or more past due and still accruing: Multi-family residential $ 233 $ 676 Commercial real estate 1,183 820 One-to-four family mixed-use property 611 405 One-to-four family residential 13 14 Construction 1,000 - Commercial business and other 220 386 Total 3,260 2,301 Non-accrual mortgage loans: Multi-family residential 3,561 6,878 Commercial real estate 2,398 5,689 One-to-four family mixed-use property 5,952 6,936 One-to-four family residential 10,120 11,244 Total 22,031 30,747 Non-accrual non-mortgage loans: Small business administration 218 - Commercial business and other 568 1,143 Total 786 1,143 Total non-accrual loans 22,817 31,890 Total non-accrual loans and ninety days or more past due and still accruing $ 26,077 $ 34,191 The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the years ended December 31: 2015 2014 2013 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 2,387 $ 2,919 $ 4,656 Less: Interest income included in the results of operations 702 796 1,213 Total foregone interest $ 1,685 $ 2,123 $ 3,443 The following table shows an age analysis of our recorded investment in loans at December 31, 2015: (in thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 9,421 $ 804 $ 3,794 $ 14,019 $ 2,041,209 $ 2,055,228 Commercial real estate 2,820 153 3,580 6,553 994,683 1,001,236 One-to-four family - mixed-use property 8,630 1,258 6,563 16,451 556,592 573,043 One-to-four family - residential 4,261 154 10,134 14,549 173,289 187,838 Co-operative apartments - - - - 8,285 8,285 Construction loans - - 1,000 1,000 6,284 7,284 Small Business Administration 42 - 218 260 11,934 12,194 Taxi medallion - - - - 20,881 20,881 Commercial business and other - 2 228 230 506,392 506,622 Total $ 25,174 $ 2,371 $ 25,517 $ 53,062 $ 4,319,549 $ 4,372,611 The following table shows an age analysis of our recorded investment in loans at December 31, 2014: (in thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 7,721 $ 1,729 $ 7,554 $ 17,004 $ 1,906,456 $ 1,923,460 Commercial real estate 1,612 1,903 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 $ 24,588 $ 8,615 $ 33,196 $ 66,399 $ 3,732,255 $ 3,798,654 The following table shows the activity in the allowance for loan losses for the year ended December 31, 2015: (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 8,827 $ 4,202 $ 5,840 $ 1,690 $ - $ 42 $ 279 $ 11 $ 4,205 $ 25,096 Charge-off's (474 ) (32 ) (592 ) (342 ) - - (34 ) - (2,371 ) (3,845 ) Recoveries 269 168 76 375 - - 40 - 312 1,240 Provision (benefit) (1,904 ) (99 ) (1,097 ) (496 ) - 8 (23 ) 332 2,323 (956 ) Ending balance $ 6,718 $ 4,239 $ 4,227 $ 1,227 $ - $ 50 $ 262 $ 343 $ 4,469 $ 21,535 Ending balance: individually evaluated for impairment $ 252 $ 180 $ 502 $ 51 $ - $ - $ - $ 333 $ 112 $ 1,430 Ending balance: collectively evaluated for impairment $ 6,466 $ 4,059 $ 3,725 $ 1,176 $ - $ 50 $ 262 $ 10 $ 4,357 $ 20,105 The following table shows the activity in the allowance for loan losses for the year ended December 31, 2014: (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 12,084 $ 4,959 $ 6,328 $ 2,079 $ 104 $ 444 $ 458 $ - $ 5,320 $ 31,776 Charge-off's (1,161 ) (325 ) (423 ) (103 ) - - (49 ) - (381 ) (2,442 ) Recoveries 150 481 608 269 7 - 92 - 176 1,783 Provision (benefit) (2,246 ) (913 ) (673 ) (555 ) (111 ) (402 ) (222 ) 11 (910 ) (6,021 ) Ending balance $ 8,827 $ 4,202 $ 5,840 $ 1,690 $ - $ 42 $ 279 $ 11 $ 4,205 $ 25,096 Ending balance: individually evaluated for impairment $ 286 $ 21 $ 579 $ 54 $ - $ - $ - $ - $ 154 $ 1,094 Ending balance: collectively evaluated for impairment $ 8,541 $ 4,181 $ 5,261 $ 1,636 $ - $ 42 $ 279 $ 11 $ 4,051 $ 24,002 The following table shows the activity in the allowance for loan losses for the year ended December 31, 2013: (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 13,001 $ 5,705 $ 5,960 $ 1,999 $ 46 $ 66 $ 505 $ 7 $ 3,815 $ 31,104 Charge-off's (3,585 ) (1,051 ) (4,206 ) (701 ) (108 ) (2,678 ) (457 ) - (2,057 ) (14,843 ) Recoveries 541 324 266 272 4 - 87 - 86 1,580 Provision (benefit) 2,127 (19 ) 4,308 509 162 3,056 323 (7 ) 3,476 13,935 Ending balance $ 12,084 $ 4,959 $ 6,328 $ 2,079 $ 104 $ 444 $ 458 $ - $ 5,320 $ 31,776 Ending balance: individually evaluated for impairment $ 312 $ 164 $ 875 $ 58 $ - $ 17 $ - $ - $ 222 $ 1,648 Ending balance: collectively evaluated for impairment $ 11,772 $ 4,795 $ 5,453 $ 2,021 $ 104 $ 427 $ 458 $ - $ 5,098 $ 30,128 The following table shows the manner in which loans were evaluated for impairment at the periods indicated: At December 31, 2015 (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Financing Receivables: Ending Balance $ 2,055,228 $ 1,001,236 $ 573,043 $ 187,838 $ 8,285 $ 7,284 $ 12,194 $ 20,881 $ 506,622 $ 4,372,611 Ending balance: individually evaluated for impairment $ 8,047 $ 6,183 $ 12,828 $ 12,598 $ - $ 1,000 $ 310 $ 2,118 $ 4,716 $ 47,800 Ending balance: collectively evaluated for impairment $ 2,047,181 $ 995,053 $ 560,215 $ 175,240 $ 8,285 $ 6,284 $ 11,884 $ 18,763 $ 501,906 $ 4,324,811 At December 31, 2014 (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Financing Receivables: Ending Balance $ 1,923,460 $ 621,569 $ 573,779 $ 187,572 $ 9,835 $ 5,286 $ 7,134 $ 22,519 $ 447,500 $ 3,798,654 Ending balance: individually evaluated for impairment $ 13,260 $ 9,473 $ 15,120 $ 13,170 $ - $ - $ - $ - $ 5,492 $ 56,515 Ending balance: collectively evaluated for impairment $ 1,910,200 $ 612,096 $ 558,659 $ 174,402 $ 9,835 $ 5,286 $ 7,134 $ 22,519 $ 442,008 $ 3,742,139 The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired at December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 5,742 $ 6,410 $ - $ 10,481 $ 11,551 $ - Commercial real estate 3,812 3,869 - 7,100 7,221 - One-to-four family mixed-use property 10,082 11,335 - 12,027 13,381 - One-to-four family residential 12,255 14,345 - 12,816 15,709 - Co-operative apartments - - - - - - Construction 1,000 1,000 - - - - Non-mortgage loans: Small Business Administration 276 276 - - - - Taxi Medallion - - - - - - Commercial Business and other 2,682 5,347 - 2,779 3,149 - Total loans with no related allowance recorded 35,849 42,582 - 45,203 51,011 - With an allowance recorded: Mortgage loans: Multi-family residential 2,305 2,305 252 2,779 2,779 286 Commercial real estate 2,371 2,371 180 2,373 2,373 21 One-to-four family mixed-use property 2,746 2,746 502 3,093 3,093 579 One-to-four family residential 343 343 51 354 354 54 Co-operative apartments - - - - - - Construction - - - - - - Non-mortgage loans: Small Business Administration 34 34 - - - - Taxi Medallion 2,118 2,118 333 - - - Commercial Business and other 2,034 2,034 112 2,713 2,713 154 Total loans with an allowance recorded 11,951 11,951 1,430 11,312 11,312 1,094 Total Impaired Loans: Total mortgage loans $ 40,656 $ 44,724 $ 985 $ 51,023 $ 56,461 $ 940 Total non-mortgage loans $ 7,144 $ 9,809 $ 445 $ 5,492 $ 5,862 $ 154 The following table shows our average recorded investment and interest income recognized for loans that were considered impaired for the three years ended December 31, 2015: December 31, 2015 December 31, 2014 December 31, 2013 Average Interest Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 8,285 $ 92 $ 14,168 $ 194 $ 22,091 $ 402 Commercial real estate 4,926 7 11,329 51 19,846 266 One-to-four family mixed-use property 10,295 244 12,852 321 13,916 319 One-to-four family residential 12,985 138 13,015 103 14,529 125 Co-operative apartments 153 - - - 189 - Construction 250 - 285 - 4,014 - Non-mortgage loans: Small Business Administration 299 1 - - 247 - Taxi Medallion - - - - - - Commercial Business and other 3,912 253 3,428 137 5,309 268 Total loans with no related allowance recorded 41,105 735 55,077 806 80,141 1,380 With an allowance recorded: Mortgage loans: Multi-family residential 2,343 117 2,936 149 2,892 170 Commercial real estate 997 167 3,242 167 6,388 194 One-to-four family mixed-use property 2,983 151 3,249 170 4,041 228 One-to-four family residential 347 14 358 14 368 15 Co-operative apartments - - - - - - Construction - - 187 - 1,929 18 Non-mortgage loans: Small Business Administration 38 2 - - - - Taxi Medallion 1,062 66 - - - - Commercial Business and other 2,692 102 3,149 115 4,354 239 Total loans with an allowance recorded 10,462 619 13,121 615 19,972 864 Total Impaired Loans: Total mortgage loans $ 43,564 $ 930 $ 61,621 $ 1,169 $ 90,203 $ 1,737 Total non-mortgage loans $ 8,003 $ 424 $ 6,577 $ 252 $ 9,910 $ 507 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, Doubtful or Loss. 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 December 31, 2015: (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 4,361 $ 5,421 $ - $ - $ 9,782 Commercial real estate 1,821 3,812 - - 5,633 One-to-four family - mixed-use property 3,087 10,990 - - 14,077 One-to-four family - residential 1,437 12,255 - - 13,692 Co-operative apartments - - - - - Construction loans - 1,000 - - 1,000 Small Business Administration 229 224 - - 453 Taxi Medallion - 2,118 - - 2,118 Commercial business and other - 3,123 - - 3,123 Total loans $ 10,935 $ 38,943 $ - $ - $ 49,878 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 |
Note 4 - Loans Held for Sale
Note 4 - Loans Held for Sale | 12 Months Ended |
Dec. 31, 2015 | |
Loans Held For Sale [Abstract] | |
Loans Held For Sale [Text Block] | 4. Loans 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 will close 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 generally 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 tables show delinquent and non-performing loans sold during the period indicated: For the year ended December 31, 2015 (Dollars in thousands) Loans sold Proceeds Net recoveries Net gain (loss) Multi-family residential 9 $ 3,540 $ 134 $ (1 ) Commercial real estate 4 2,615 - 13 One-to-four family - mixed-use property 10 2,831 - 57 Total 23 $ 8,986 $ 134 $ 69 The above table does not include the sale of one performing commercial real estate loan for proceeds of $3.1 million and the sale of five performing small business administration loans for proceeds totaling $4.2 million during the year ended December 31, 2015. These loans were sold for a combined net gain on sale of $0.3 million. For the year ended December 31, 2014 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 12 $ 5,759 $ (80 ) $ 9 Commercial real estate 6 4,635 295 8 One-to-four family - mixed-use property 14 5,399 122 50 Commercial business and other 2 64 20 - Total 34 $ 15,857 $ 357 $ 67 For the year ended December 31, 2013 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain (loss) Multi-family residential 21 $ 11,420 $ (1,024 ) $ 99 Commercial real estate 9 5,488 (703 ) 6 One-to-four family - mixed-use property 39 11,427 (2,791 ) (52 ) Construction 2 5,066 (164 ) - Commercial business and other 1 - (21 ) - Total 72 $ 33,401 $ (4,703 ) $ 53 The above table does not include one performing commercial real estate loan for $2.4 million which was sold for a net gain of $0.2 million during the year ended December 31, 2013. |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Real Estate Owned [Text Block] | 5. Other Real Estate Owned The following table shows the activity in OREO during the periods indicated: For the years ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 6,326 $ 2,985 $ 5,278 Acquisitions 1,667 7,112 5,369 Reductions to carrying value (896 ) (5 ) (243 ) Sales (2,165 ) (3,766 ) (7,419 ) Balance at end of year $ 4,932 $ 6,326 $ 2,985 OREO is included in “Other assets” within our Consolidated Statements of Financial Condition. The following table shows the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income in “Other operating expense” during the periods presented: For the years ended December 31, 2015 2014 2013 (In thousands) Gross gains $ 306 $ 178 $ 443 Gross losses (6 ) (109 ) (89 ) Write-down of carrying value (896 ) (5 ) (243 ) Total $ (596 ) $ 64 $ 111 We may obtain physical possession of residential real estate collateralizing a consumer mortgage loan via foreclosure on an in-substance repossession. During the year ended December 31, 2015, we did not foreclose on any consumer mortgages through in-substance repossession. At December 31, 2015, we held one foreclosed residential real estate totaling $0.1 million. At December 31, 2014, we held foreclosed residential real estate totaling $1.3 million. Included within net loans as of December 31, 2015 was a recorded investment of $15.2 million of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. |
Note 6 - Debt and Equity Securi
Note 6 - Debt and Equity Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. 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 December 31, 2015 and 2014 or securities held-to-maturity at December 31, 2014. Securities available for sale are recorded at fair value. Securities held-to-maturity are recorded at amortized cost. The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2015: Amortized Fair Value Gross Gross (In thousands) Securites held-to-maturity: Municipals $ 6,180 $ 6,180 $ - $ - Total $ 6,180 $ 6,180 $ - $ - During the year ended December 31, 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 December 31, 2015: Amortized Fair Value Gross Gross (In thousands) Corporate $ 115,976 $ 111,674 $ 134 $ 4,436 Municipals 127,696 131,583 3,887 - Mutual funds 21,290 21,290 - - Collateralized loan obligations 53,225 52,898 - 327 Other 7,214 7,212 - 2 Total other securities 325,401 324,657 4,021 4,765 REMIC and CMO 469,987 469,936 3,096 3,147 GNMA 11,635 11,798 302 139 FNMA 170,327 170,057 1,492 1,762 FHLMC 16,961 16,949 87 99 Total mortgage-backed securities 668,910 668,740 4,977 5,147 Total securities available for sale $ 994,311 $ 993,397 $ 8,998 $ 9,912 Mortgage-backed securities shown in the table above includes one private issue collateralized mortgage obligations (“CMO”) that is collateralized by commercial real estate mortgages with an amortized cost and market value of $7.7 million at December 31, 2015. The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2014: Amortized Fair Value Gross Gross (In thousands) 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 CMO that are collateralized by commercial real estate mortgages with an amortized cost and market value of $12.4 million at December 31, 2014. The following table details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at December 31, 2015, by contractual maturity. Amortized Fair Value (In thousands) Due in one year or less $ 6,140 $ 6,140 Due after one year through five years 40 40 Total securities held-to-maturity $ 6,180 $ 6,180 The amortized cost and fair value of the Company’s securities, classified as available for sale at December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Value (In thousands) Due in one year or less $ 5,976 $ 6,011 Due after one year through five years - - Due after five years through ten years 76,791 75,406 Due after ten years 221,344 221,950 Total other securities 304,111 303,367 Mutual funds 21,290 21,290 Mortgage-backed securities 668,910 668,740 Total securities available for sale $ 994,311 $ 993,397 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 have been in a continuous unrealized loss position, at December 31, 2015. Total Less than 12 months 12 months or more Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) Corporate $ 85,563 $ 4,436 $ 76,218 $ 3,782 $ 9,345 $ 654 Collateralized loan obligations 52,898 327 52,898 327 - - Other 298 2 - - 298 2 Total other securities 138,759 4,765 129,116 4,109 9,643 656 REMIC and CMO 238,132 3,147 182,010 1,642 56,122 1,505 GNMA 6,977 139 6,977 139 - - FNMA 102,225 1,762 75,769 1,043 26,456 719 FHLMC 14,715 99 14,715 99 - - Total mortgage-backed securities 362,049 5,147 279,471 2,923 82,578 2,224 Total securities available for sale $ 500,808 $ 9,912 $ 408,587 $ 7,032 $ 92,221 $ 2,880 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 have been in a continuous unrealized loss position, at December 31, 2014. Total Less than 12 months 12 months or more Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (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 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 December 31, 2015 and 2014. 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. Corporate Securities: The unrealized losses in Corporate securities at December 31, 2015 and 2014, consist of losses on 12 and five Corporate securities, respectively. 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 December 31, 2015 and 2014. Collateralized Loan Obligation Securities: The unrealized losses in Collateralized Loan Obligation (“CLO”) securities at December 31, 2015, consist of losses on seven securities. The unrealized losses in CLO securities 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 December 31, 2015. Municipal Securities: The unrealized losses in Municipal securities at December 31, 2014, consist of losses on three 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 December 31, 2014. Other Securities: The unrealized losses in Other securities at December 31, 2015 and 2014, consist of a loss on one single issuer trust preferred security. The unrealized loss on this security was 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 December 31, 2015 and 2014. During the year ended December 31, 2014, three pooled trust preferred securities for which OTTI charges were recorded in previous periods, were sold for proceeds totaling $11.1 million, recording a net loss on sale of $2.3 million. REMIC and CMO: The unrealized losses in Real Estate Mortgage Investment Conduit (“REMIC”) and Collateralized Mortgage Obligation (“CMO”) securities at December 31, 2015 and 2014 consist of six and seven issues, respectively, from the Federal Home Loan Mortgage Corporation (“FHLMC”), 12 and 14 issues, respectively, from the Federal National Mortgage Association (“FNMA”), and 15 and eight issues, respectively, from Government National Mortgage Association (“GNMA”). Additionally, at December 31, 2014 unrealized losses include one private issue. The unrealized losses on the REMIC and CMO securities issued by FHLMC, FNMA, and GNMA and the private issuer 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 December 31, 2015 and 2014. GNMA: The unrealized losses in GNMA mortgage-backed securities at December 31, 2015 and 2014 consist of a loss on one security. The unrealized loss was 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 December 31, 2015 and 2014. FNMA: The unrealized losses in FNMA mortgage-backed securities at December 31, 2015 and 2014 consist of losses on 20 and 13 securities, respectively. 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 December 31, 2015 and 2014. FHMLC: The unrealized losses in FHMLC mortgage-backed securities at December 31, 2015 and 2014 consist of losses on three and one securities, respectively. 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 December 31, 2015 and 2014. Credit related impairment for mortgage-backed securities are determined for each security by estimating losses based on the following set of assumptions: (1) delinquency and foreclosure levels; (2) projected losses at various loss severity levels; and (3) credit enhancement and coverage. Based on these reviews, no OTTI charge was recorded during the years ended December 31, 2015 and 2014. The Company recorded credit related OTTI charges totaling $1.4 million on four private issue CMOs during the year ended December 31, 2013. The private issue CMOs which incurred the above credit related OTTI charges were sold during the year ended December 31, 2013 for proceeds of $18.3 million realizing a loss on sale of $1.7 million. 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 years ended December 31, 2015 2014 2013 (In thousands) Beginning balance $ - $ 3,738 $ 6,178 Recognition of actual losses - - (842 ) OTTI charges due to credit loss recorded in earnings - - 1,419 Securities sold during the period - (3,738 ) (3,017 ) Ending balance $ - $ - $ 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 years ended 2015 2014 2013 (In thousands) Gross gains from the sale of securities $ 2,899 $ 5,247 $ 5,222 Gross losses from the sale of securities (2,732 ) (2,372 ) (2,201 ) Net gains from the sale of securities $ 167 $ 2,875 $ 3,021 Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling $14.8 million and $14.0 million at December 31, 2015 and 2014, respectively. |
Note 7 - Bank Premises and Equi
Note 7 - Bank Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Bank Premises and Equipment, Net Bank premises and equipment are as follows at December 31: 2015 2014 (In thousands) Land $ 745 $ 3,551 Building and leasehold improvements 29,610 25,717 Equipment and furniture 19,770 19,197 Total 50,125 48,465 Less: Accumulated depreciation and amortization 24,503 26,597 Bank premises and equipment, net $ 25,622 $ 21,868 During the year ended December 31, 2015, we sold three of our branch buildings in sale-leaseback transactions, realizing a net gain on sale of $12.7 million, of which $6.5 million was recognized in earnings during the year ended December 31, 2015 and $6.2 million will be deferred and amortized over the 10 year term of the branch leases. We have no continuing involvement in the sold buildings other than as an ordinary lessee. |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | 8. Deposits Total deposits at December 31, 2015 and 2014, and the weighted average rate on deposits at December 31, 2015, are as follows: 2015 2014 Weighted (Dollars in thousands) Interest-bearing deposits: Certificate of deposit accounts $ 1,403,302 $ 1,305,823 1.41 % Savings accounts 261,748 261,942 0.45 Money market accounts 472,489 290,263 0.46 NOW accounts 1,448,695 1,359,057 0.49 Total interest-bearing deposits 3,586,234 3,217,085 Non-interest bearing demand deposits 269,469 255,834 Total due to depositors 3,855,703 3,472,919 Mortgagors' escrow deposits 36,844 35,679 0.17 Total deposits $ 3,892,547 $ 3,508,598 The aggregate amount of time deposits with denominations of $250,000 or more (excluding brokered deposits issued in $1,000.00 amounts under a master certificate of deposit) was $169.2 million and $109.6 million at December 31, 2015 and 2014, respectively. The aggregate amount of brokered deposits was $982.8 million and $763.9 million at December 31, 2015 and 2014, respectively. Deposits obtained by the government banking division are collateralized by either securities or letters of credit issued by FHLB-NY or are placed in an Insured Cash Sweep service (“ICS”). The letters of credit are collateralized by mortgage loans pledged by the Bank. At December 31, 2015, government banking division deposits totaled $975.9 million, of which $210.7 million were ICS deposits and $765.2 million were collateralized by $364.7 million in securities and $494.0 million of letters of credit. At December 31, 2014, government banking division deposits totaled $891.9 million, of which $94.0 million were ICS deposits and $797.9 million were collateralized by $379.3 million in securities and $499.1 million of letters of credit. Interest expense on deposits is summarized as follows for the years ended December 31: 2015 2014 2013 (In thousands) Certificate of deposit accounts $ 20,943 $ 22,420 $ 24,414 Savings accounts 1,151 597 515 Money market accounts 1,551 667 294 NOW accounts 6,593 6,227 6,777 Total due to depositors 30,238 29,911 32,000 Mortgagors' escrow deposits 98 133 37 Total interest expense on deposits $ 30,336 $ 30,044 $ 32,037 Scheduled remaining maturities of certificate of deposit accounts are summarized as follows for the years ended December 31: 2015 2014 (In thousands) Within 12 months $ 448,229 $ 455,295 More than 12 months to 24 months 478,361 269,840 More than 24 months to 36 months 247,349 229,931 More than 36 months to 48 months 167,529 176,876 More than 48 months to 60 months 35,558 148,424 More than 60 months 26,276 25,457 Total certificate of deposit accounts $ 1,403,302 $ 1,305,823 |
Note 9 - Borrowed Funds and Sec
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 9. Borrowed Funds and Securities Sold Under Agreements to Repurchase Borrowed funds and securities sold under agreements to repurchase are summarized as follows at December 31: 2015 2014 Amount Weighted Amount Weighted (Dollars in thousands) Repurchase agreements - fixed rate: Due in 2016 $ 38,000 1.92 % $ 38,000 1.92 % Due in 2017 38,000 4.16 38,000 4.16 Due in 2020 40,000 3.45 40,000 3.45 Total repurchase agreements - fixed rate 116,000 3.18 116,000 3.18 FHLB-NY advances - fixed rate: Due in 2015 - - 185,551 0.80 Due in 2016 386,152 1.04 315,847 1.15 Due in 2017 250,708 1.29 305,525 2.12 Due in 2018 265,088 1.30 74,798 1.29 Due in 2019 94,710 1.64 30,000 1.83 Due in 2020 110,000 2.98 - - Total FHLB-NY advances - fixed rate 1,106,658 1.40 911,721 1.44 Other Borrowings Due in 2016 20,000 0.56 - - Junior subordinated debentures - adjustable rate Due in 2037 29,018 5.67 28,771 5.96 Total borrowings $ 1,271,676 1.65 % $ 1,056,492 1.75 % During 2015, $ 80.0 million in FHLB-NY fixed rate advances modified from an average cost of 4.41% to an average cost of 3.46%. This modification extended the maturity on the advances by an average of 2.3 years without incurring a prepayment penalty. At December 31, 2015, the Bank was able to borrow up to $2,478.8 million from the FHLB-NY in Federal Home Loan Bank advances and letters of credit. As of December 31, 2015, the Bank had $1,601.1 million outstanding in combined balances of FHLB-NY advances and letters of credit. At December 31, 2015, the Bank also has unsecured lines of credit with other commercial banks totaling $60.0 million. Borrowings which have call provisions are summarized as follows at December 31, 2015: Amount Rate Maturity Date Call Date (Dollars in thousands) FHLB-NY advances - fixed rate $ 30,000 3.60 % 1/23/2020 1/23/2016 FHLB-NY advances - fixed rate 20,000 3.49 1/23/2020 1/25/2016 FHLB-NY advances - fixed rate 10,000 3.37 1/27/2020 1/26/2016 FHLB-NY advances - fixed rate 10,000 3.28 1/27/2020 1/26/2016 FHLB-NY advances - fixed rate 10,000 3.25 1/28/2020 1/28/2016 Repurchase agreements - fixed rate 20,000 2.20 7/12/2016 1/12/2016 Repurchase agreements - fixed rate 18,000 4.28 10/18/2017 1/19/2016 Repurchase agreements - fixed rate 18,000 1.60 4/19/2016 1/19/2016 Repurchase agreements - fixed rate 10,000 3.08 8/1/2020 2/1/2016 Repurchase agreements - fixed rate 10,000 3.19 2/1/2020 2/1/2016 Repurchase agreements - fixed rate 20,000 3.76 8/1/2020 2/1/2016 Repurchase agreements - fixed rate 20,000 4.05 9/19/2017 3/21/2016 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 FHLB-NY. These agreements are recorded as financing transactions and the obligations to repurchase are reflected as a liability in the Consolidated Statements of Financial Condition. 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. Information relating to these agreements at or for the years ended December 31 is as follows: 2015 2014 2013 (Dollars in thousands) Book value of collateral $ 131,421 $ 142,925 $ 199,447 Estimated fair value of collateral 131,421 142,925 199,447 Average balance of outstanding agreements during the year 116,000 137,824 172,944 Maximum balance of outstanding agreements at a month end during the year 116,000 155,300 185,300 Average interest rate of outstanding agreements during the year (1) 3.22 % 5.37 % 3.42 % 1. During the year ended December 31, 2014, the Company prepaid $30.0 million in FHLB-NY repurchase agreements at an average cost of 4.98% while incurring a prepayment penalty totaling $2.7 million. Excluding the prepayment penalty, the average interest rate of agreements during the year ended December 31, 2014 was 3.40%. Pursuant to a blanket collateral agreement with the FHLB-NY, advances are secured by all of the Bank’s stock in the FHLB-NY and certain qualifying mortgage loans in an amount at least equal to 110% of the advances outstanding. The Bank may also pledge mortgage-backed and mortgage-related securities, and other securities not otherwise pledged. The Holding Company has three trusts formed under the laws of the State of Delaware for the purpose of issuing capital and common securities, and investing the proceeds thereof in junior subordinated debentures of the Holding Company. Each of these trusts issued $20.6 million of securities which had a fixed-rate for the first five years, after which they reset quarterly based on a spread over 3-month LIBOR. The securities were first callable at par after five years, and pay cumulative dividends. The Holding Company has guaranteed the payment of these trusts’ obligations under their capital securities. The terms of the junior subordinated debentures are the same as those of the capital securities issued by the trusts. The junior subordinated debentures issued by the Holding Company are carried at fair value in the consolidated financial statements. The table below shows the terms of the securities issued by the trusts. Flushing Financial Flushing Financial Flushing Financial Issue Date June 20, 2007 June 21, 2007 July 3, 2007 Initial Rate 7.14 % 6.89 % 6.85 % First Reset Date September 1, 2012 June 15, 2012 July 30, 2012 Spread over 3-month LIBOR 1.41 % 1.44 % 1.42 % Maturity Date September 1, 2037 September 15, 2037 July 30, 2037 The consolidated financial statements do not include the securities issued by the trusts, but rather include the junior subordinated debentures of the Holding Company. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. 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 trusts, which file separate Federal income tax returns as trusts, and FPFC, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns. The Company remains subject to examination for its Federal, New York State and New Jersey income tax returns for the years ending on or after December 31, 2012. The Company is undergoing an examination of its New York City income tax returns for 2011, 2012 and 2013. Income tax provisions are summarized as follows for the years ended December 31: 2015 2014 2013 (In thousands) Federal: Current $ 25,319 $ 18,052 $ 17,808 Deferred (3,476 ) 2,860 (464 ) Total federal tax provision 21,843 20,912 17,344 State and Local: Current 7,059 6,369 5,828 Deferred (1,735 ) 1,292 (216 ) Total state and local tax provision 5,324 7,661 5,612 Total income tax provision $ 27,167 $ 28,573 $ 22,956 The income tax provision in the Consolidated Statements of Income has been provided at effective rates of 37.0%, 39.2% and 37.8% for the years ended December 31, 2015, 2014 and 2013, respectively. The effective rates differ from the statutory federal income tax rate as follows for the years ended December 31: 2015 2014 2013 (Dollars in thousands) Taxes at federal statutory rate $ 25,681 35.0 % $ 25,484 35.0 % $ 21,248 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 3,461 4.7 4,980 6.8 3,648 6.0 Other (1,975 ) (2.7 ) (1,891 ) (2.6 ) (1,940 ) (3.2 ) Taxes at effective rate $ 27,167 37.0 % $ 28,573 39.2 % $ 22,956 37.8 % The components of the net deferred tax assets are as follows at December 31: 2015 2014 (In thousands) Deferred tax asset: Postretirement benefits $ 6,798 $ 5,407 Allowance for loan losses 9,437 11,007 Stock based compensation 3,404 2,821 Depreciation 1,941 1,740 Unrealized loss on securities available for sale 395 - Derivative financial instruments 1,724 1,025 Adjustment required to recognize funded status of postretirement pension plans 3,833 4,787 Gain on sale of buildings 2,531 - Other 2,460 3,023 Deferred tax asset 32,523 29,810 Deferred tax liability: Valuation differences resulting from acquired assets and liabilities - 2,764 Fair value adjustment on financial assets carried at fair value 187 132 Fair value adjustment on financial liabilities carried at fair value 14,364 14,480 Unrealized gains on securities available for sale - 2,588 Other 3,411 2,525 Deferred tax liability 17,962 22,489 Net deferred tax asset included in other assets $ 14,561 $ 7,321 The Company has recorded a deferred tax asset of $32.5 million. 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 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 $18.0 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 December 31, 2015 and 2014. The Company does not have uncertain tax positions that are deemed material. The Company’s policy is to recognize interest and penalties on income taxes in operating expenses. During the three years ended December 31, 2015, the Company did not recognize any material amounts of interest or penalties on income taxes. |
Note 11 - Stock-Based Compensat
Note 11 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Stock Based Compensation For the years ended December 31, 2015, 2014 and 2013 the Company’s net income, as reported, includes $4.8 million, $4.3 million and $3.4 million, respectively, of stock-based compensation costs and $1.8 million, $1.7 million and $1.3 million, respectively, of income tax benefits related to the stock-based compensations plans. The Company estimates the fair value of stock options using the Black-Scholes valuation model at the date of grant. 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. There were no stock options granted for the three years ended December 31, 2015. There were 318,120, 266,895 and 246,045 restricted stock units granted for the years ended December 31, 2015, 2014 and 2013, respectively. 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 (“Prior Plans”). At December 31, 2015, there were 787,180 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 market value of the common stock of the Company, as defined in the 2014 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 2014 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 for the year ended December 31, 2015: Shares Weighted-Average Non-vested at December 31, 2014 373,154 $ 16.75 Granted 318,120 19.10 Vested (260,700 ) 17.36 Forfeited (14,665 ) 18.39 Non-vested at December 31, 2015 415,909 $ 18.10 Vested but unissued at December 31, 2015 290,226 $ 18.08 As of December 31, 2015, there was $5.4 million of total unrecognized compensation cost related to RSU awards granted under the 2014 Omnibus Plan and the Prior Plans. That cost is expected to be recognized over a weighted-average period of 3.2 years. The total fair value of awards vested for the years ended December 31, 2015, 2014 and 2013 were $4.9 million, $4.4 million and $2.9 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 December 31, 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 2014 Omnibus Plan and the Prior Plans in the aggregate for the year ended December 31, 2015: Shares Weighted- Weighted-Average Aggregate Outstanding at December 31, 2014 154,915 $ 15.19 Granted - - Exercised (45,785 ) 12.92 Forfeited - - Outstanding at December 31, 2015 109,130 $ 16.14 2.3 $ 600 Exercisable shares at December 31, 2015 109,130 $ 16.14 2.3 $ 600 * The intrinsic value of a stock option is the difference between the market 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 years ended December 31, 2015, 2014 and 2013 are provided in the following table: (In thousands, except grant date fair value) 2015 2014 2013 Proceeds from stock options exercised $ 145 $ 565 $ 533 Fair value of shares received upon exercise of stock options 447 1,962 6,814 Tax benefit related to stock options exercised 99 88 151 Intrinsic value of stock options exercised 330 488 1,228 Weighted average fair value on grant date n/a n/a n/a Phantom Stock Plan: The following table summarizes the Company’s Phantom Stock Plan at or for the year ended December 31, 2015: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2014 67,113 $ 20.27 Granted 12,924 19.44 Forfeited (3 ) 20.78 Distributions (594 ) 19.82 Outstanding at December 31, 2015 79,440 $ 21.64 Vested at December 31, 2015 78,857 $ 21.64 The Company recorded stock-based compensation expense for the phantom stock plan of $169,000, $17,000 and $343,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The total fair value of distributions from the phantom stock plan were $12,000, $35,000 and $9,000 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Note 12 - Pension and Other Pos
Note 12 - Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12. Pension and Other Postretirement Benefit Plans The amounts recognized in accumulated other comprehensive income, on a pre-tax basis, consist of the following, as of December 31: Net Actuarial Prior Service Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 (In thousands) Employee Retirement Plan $ 8,589 $ 9,938 $ 5,899 $ - $ - $ - $ 8,589 $ 9,938 $ 5,899 Other Postretirement Benefit Plans 1,296 2,130 205 (538 ) (623 ) (708 ) 758 1,507 (503 ) Outside Directors Plan (562 ) (488 ) (496 ) 91 131 171 (471 ) (357 ) (325 ) Total $ 9,323 $ 11,580 $ 5,608 $ (447 ) $ (492 ) $ (537 ) $ 8,876 $ 11,088 $ 5,071 Amounts in accumulated other comprehensive income to be recognized as components of net periodic expense for these plans in 2016 are as follows: Net Actuarial Prior Service Total (In thousands) Employee Retirement Plan $ 808 $ - $ 808 Other Postretirement Benefit Plans 47 (85 ) (38 ) Outside Directors Plan (86 ) 40 (46 ) Total $ 769 $ (45 ) $ 724 Employee Retirement Plan: The Bank has a funded noncontributory defined benefit retirement plan covering substantially all of its salaried employees who were hired before September 1, 2005 (the “Retirement Plan”). The benefits are based on years of service and the employee’s compensation during the three consecutive years out of the final ten years of service, which was completed prior to September 30, 2006, the date the Retirement Plan was frozen, that produces the highest average. The Bank’s funding policy is to contribute annually the amount recommended by the Retirement Plan’s actuary. The Bank’s Retirement Plan invests in diversified equity and fixed-income funds, which are independently managed by a third party. The Company did not make a contribution to the Retirement Plan during the years ended December 31, 2015 or 2014. The Company contributed $0.8 million to the Retirement Plan during the year ended December 31, 2013. The Company uses a December 31 measurement date for the Retirement Plan. The following table sets forth, for the Retirement Plan, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2015 2014 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 24,097 $ 19,740 Interest cost 889 891 Actuarial (gain) loss (1,208 ) 4,446 Benefits paid (1,014 ) (980 ) Projected benefit obligation at end of year 22,764 24,097 Change in plan assets: Market value of assets at beginning of year 20,509 20,496 Actual return on plan assets 429 993 Benefits paid (1,014 ) (980 ) Market value of plan assets at end of year 19,924 20,509 Accrued pension liability included in other liabilities $ (2,840 ) $ (3,588 ) The accumulated benefit obligation for the Retirement Plan was $22.8 million and $24.1 million at December 31, 2015 and 2014, respectively. Assumptions used to determine the Retirement Plan’s benefit obligations are as follows at December 31: 2015 2014 Weighted average discount rate 4.06 % 3.76 % Rate of increase in future compensation levels n/a n/a Expected long-term rate of return on assets 7.25 % 7.50 % The components of the net pension expense for the Retirement Plan are as follows for the years ended December 31: 2015 2014 2013 (In thousands) Interest cost $ 889 $ 891 $ 827 Amortization of unrecognized loss 1,112 759 1,222 Expected return on plan assets (1,400 ) (1,344 ) (1,261 ) Net pension expense (benefit) 601 306 788 Current year actuarial (gain) loss (237 ) 4,798 (4,722 ) Amortization of actuarial loss (1,112 ) (759 ) (1,222 ) Total recognized in other comprehensive income (1,349 ) 4,039 (5,944 ) Total recognized in net pension cost (benefit) and other comprehensive income $ (748 ) $ 4,345 $ (5,156 ) Assumptions used to develop periodic pension cost for the Retirement Plan for the years ended December 31: 2015 2014 2013 Weighted average discount rate 3.76 % 4.60 % 3.75 % Rate of increase in future compensation levels n/a n/a n/a Expected long-term rate of return on assets 7.50 % 7.50 % 7.50 % The following benefit payments, which reflect expected future service, are expected to be paid by the Retirement Plan: For the years ending December 31: Future Benefit (In thousands) 2016 $ 1,172 2017 1,184 2018 1,177 2019 1,192 2020 1,193 2021 – 2025 6,502 The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan's target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 8-10% and 3-5%, respectively. When these overall return expectations are applied to the plans target allocation, the result is an expected rate return of approximately 8%. The Retirement Plan’s weighted average asset allocations at December 31, by asset category, were: 2015 2014 Equity securities 70 % 68 % Debt securities 30 % 32 % Plan assets are invested in a diversified mix of stock and bond investment funds on the pooled account, group annuity platform of Prudential Retirement Services. Each fund has its own investment objectives, investment strategies and risks as detailed in its prospectus. The long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. A combination of equity and fixed income portfolios are used to help achieve these objectives based on a long-term, liability based strategic mix of 60% equities and 40% fixed income. Adjustments to this mix are made periodically based on current capital market conditions and plan funding levels. Performance of the investment fund managers is monitored on an ongoing basis using modern portfolio risk analysis and appropriate index benchmarks. The Bank does not expect to make a contribution to the Retirement Plan in 2016. The fair value of the pooled separate accounts is determined by the investment manager and is based on the value of the underlying assets held at December 31, 2015 and 2014. The following tables set forth the Retirement Plan’s assets which are all carried at fair value, and the method that was used to determine their fair value, at December 31, 2015 and 2014: December 31, 2015 Quoted Prices Significant Significant Total Level 1 Level 2 Level 3 (In thousands) Pooled Separate Accounts U.S. large-cap growth (a) $ 5,114 $ - $ 5,114 $ - U.S. large-cap value (b) 4,619 - 4,619 - U.S. small-cap blend (c) 2,094 - 2,094 - International blend (d) 2,079 - 2,079 - Bond fund (e) 5,671 - 5,671 - Prudential short term (f) 347 - 347 - Total $ 19,924 $ - $ 19,924 $ - December 31, 2014 Quoted Prices Significant Significant Total Level 1 Level 2 Level 3 (In thousands) Pooled Separate Accounts U.S. large-cap growth (a) $ 4,832 $ - $ 4,832 $ - U.S. large-cap value (b) 4,939 - 4,939 - U.S. small-cap blend (c) 2,163 - 2,163 - International blend (d) 1,966 - 1,966 - Bond fund (e) 6,274 - 6,274 - Prudential short term (f) 335 - 335 - Total $ 20,509 $ - $ 20,509 $ - a. Comprised of large-cap stocks seeking to outperform, over the long term, the Russell 1000 Growth Index. The portfolio will typically hold between 55 and 70 stocks. b. Comprised of large-cap stocks seeking to outperform the Russell 1000 Value benchmark over the rolling three and five year periods, or a full market cycle, whichever is longer. c. Comprised of stocks with market capitalization of between $100 million and the market capitalization of the largest stock in the Russell 2000 index at the time of purchase. The portfolio will typically hold between 40 and 100 stocks. d. Comprised of non-U.S. domiciled stocks. The portfolio will typically hold between 80 and 90 stocks. e. Comprised of a portfolio of fixed income securities including U.S agency mortgage-backed securities and investment grade bonds. f. Comprised of money market instruments with an emphasis on safety and liquidity. Other Postretirement Benefit Plans: The Company sponsors two unfunded postretirement benefit plans (the “Postretirement Plans”) that cover all retirees who were full-time permanent employees with at least five years of service, and their spouses. Effective January 1, 2012, the Postretirement Plans are no longer available for new hires. One plan provides medical benefits through a 50% cost sharing arrangement. Effective January 1, 2000, the spouses of future retirees were required to pay 100% of the premiums for their coverage. The other plan provides life insurance benefits and is noncontributory. Effective January 1, 2010, life insurance benefits are not available for future retirees. Under these programs, eligible retirees receive lifetime medical and life insurance coverage for themselves and lifetime medical coverage for their spouses. The Company reserves the right to amend or terminate these plans at its discretion. Comprehensive medical plan benefits equal the lesser of the normal plan benefit or the total amount not paid by Medicare. Life insurance benefits for retirees are based on annual compensation and age at retirement. As of December 31, 2015, the Company has not funded these plans. The Company used a December 31 measurement date for these plans. The following table sets forth, for the Postretirement Plans, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2015 2014 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 8,073 $ 5,586 Service cost 382 358 Interest cost 300 253 Actuarial loss (gain) (715 ) 1,925 Benefits paid (63 ) (49 ) Projected benefit obligation at end of year 7,977 8,073 Change in plan assets: Market value of assets at beginning of year - - Employer contributions 63 49 Benefits paid (63 ) (49 ) Market value of plan assets at end of year - - Accrued pension cost included in other liabilities $ (7,977 ) $ (8,073 ) The accumulated benefit obligation for the Postretirement Plans was $8.0 million and $8.1 million at December 31, 2015 and 2014, respectively. Assumptions used in determining the actuarial present value of the accumulated postretirement benefit obligations at December 31 are as follows: 2015 2014 Rate of return on plan assets n/a n/a Discount rate 4.06 % 3.76 % Rate of increase in health care costs Initial 7.00 % 8.00 % Ultimate (year 2018) 5.00 % 5.00 % Annual rate of salary increase for life insurance n/a n/a The resulting net periodic postretirement expense consisted of the following components for the years ended December 31: 2015 2014 2013 (In thousands) Service cost $ 382 $ 358 $ 449 Interest cost 300 253 219 Amortization of unrecognized loss 119 - 50 Amortization of past service credit (85 ) (85 ) (85 ) Net postretirement benefit expense 716 526 633 Current year actuarial (gain) loss (715 ) 1,925 (943 ) Amortization of actuarial loss (119 ) - (50 ) Amortization of prior service credit 85 85 85 Total recognized in other comprehensive income (749 ) 2,010 (908 ) Total recognized in net postretirement expense and other comprehensive income $ (33 ) $ 2,536 $ (275 ) Assumptions used to develop periodic postretirement expense for the Postretirement Plans for the years ended December 31 were: 2015 2014 2013 Rate of return on plan assets n/a n/a n/a Discount rate 3.76 % 4.60 % 3.75 % Rate of increase in health care costs Initial 8.00 % 9.00 % 10.00 % Ultimate (year 2018) 5.00 % 5.00 % 5.00 % Annual rate of salary increase for life insurance n/a n/a n/a The health care cost trend rate assumptions have a significant effect on the amounts reported. A one percentage point change in assumed health care trend rates would have the following effects: Increase Decrease (In thousands) Effect on postretirement benefit obligation $ 1,634 $ (1,240 ) Effect on total service and interest cost 177 (131 ) The Company expects to pay benefits of $189,000 under its Postretirement Plans in 2016. The following benefit payments under the Postretirement Plan, which reflect expected future service, are expected to be paid: For the years ending December 31: Future Benefit (In thousands) 2016 $ 189 2017 229 2018 255 2019 280 2020 263 2021 – 2025 1,524 Defined Contribution Plans: The Company maintains a tax qualified 401(k) plan which covers substantially all salaried employees who have completed one year of service. Currently, annual matching contributions under the Bank’s 401(k) plan equal 50% of the employee’s contributions, up to a maximum of 3% of the employee’s compensation. In addition, the 401(k) plan includes the Defined Contribution Retirement Plan (“DCRP”), under which the Bank contributes an amount equal to 4% of an employee’s eligible compensation as defined in the plan, and the Profit Sharing Plan (“PSP”), under which at the discretion of the Company’s Board of Directors a contribution is made. Contributions for the DCRP and PSP are made in the form of Company common stock at or after the end of each year. Annual contributions under these plans are subject to the limits imposed under the Internal Revenue Code. Contributions by the Company into the 401(k) plan vest 20% per year over the employee's first five years of service. Contributions to these plans are 100% vested upon a change of control (as defined in the applicable plan). Compensation expense recorded by the Company for these plans amounted to $3.0 million, $3.1 million and $2.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Bank provides a non-qualified deferred compensation plan as an incentive for officers who have achieved the designated level and completed one year of service. Prior to January 1, 2015, the Plan included officers at a level that are no longer qualified to participate, however those that were eligible remain eligible to participate in the Plan. In addition to the amounts deferred by the officers, the Bank matches 50% of their contributions, generally up to a maximum of 5% of the officers’ salary. Matching contributions under this plan vest 20% per year for five years. The non-qualified deferred compensation plan assets are held in a rabbi trust totaling $10.6 million and $10.0 million at December 31, 2015 and 2014, respectively. Contributions become 100% vested upon a change of control (as defined in the plan). Compensation expense recorded by the Company for this plan amounted to $0.4 million for each of the years ended December 31, 2015, 2014 and 2013. Employee Benefit Trust: An Employee Benefit Trust (“EBT”) has been established to assist the Company in funding its benefit plan obligations. In connection with the Bank’s conversion to a federal stock savings bank in 1995, the EBT borrowed $7.9 million from the Company and used $7,000 of cash received from the Bank to purchase 2,328,750 shares of the common stock of the Company. The loan was repaid from the Company’s discretionary contributions to the EBT and dividend payments received on common stock held by the EBT. During the year ended December 31, 2010, the loan was fully repaid. Dividend payments received subsequent to the loan being repaid are used to purchase additional shares of common stock. Shares purchased with the loan proceeds are held in a suspense account for contribution to specified benefit plans. Shares released from the suspense account are used solely for funding matching contributions under the Bank’s 401(k) plan, contributions to the 401(k) plan for the DCRP, and contributions to the PSP. For the years ended December 31, 2015, 2014 and 2013, the Company funded $2.8 million, $2.7 million and $2.3 million, respectively, of employer contributions to the 401(k), DCRP and profit sharing plans from the EBT. Upon a change of control (as defined in the EBT), the EBT will terminate and any trust assets remaining after certain benefit plan contributions will be distributed to all full-time employees of the Company with at least one year of service, in proportion to their compensation over the four most recently completed calendar years plus the portion of the current year prior to the termination of the EBT. As shares are released from the suspense account, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. The EBT shares are as follows at December 31: 2015 2014 Shares owned by Employee Benefit Trust, beginning balance 800,950 913,792 Shares purchased 22,102 23,717 Shares released and allocated (147,616 ) (136,559 ) Shares owned by Employee Benefit Trust, ending balance 675,436 800,950 Market value of unallocated shares. $ 14,616,435 $ 16,235,257 Outside Director Retirement Plan: The Bank has an unfunded noncontributory defined benefit Outside Director Retirement Plan (the “Directors’ Plan”), which provides benefits to each non-employee director who became a non-employee director before January 1, 2004, who has at least five years of service as a non-employee director and whose years of service as a non-employee director plus age equals or exceeds 55. Benefits are also payable to a non-employee director who became a non-employee director before January 1, 2004 and whose status as a non-employee director terminates because of death or disability or who is a non-employee director upon a change of control (as defined in the Directors’ Plan). Any person who became a non-employee director after January 1, 2004 is not eligible to participate in the Directors’ Plan. Upon termination an eligible director will be paid an annual retirement benefit equal to $48,000. Such benefit will be paid in equal monthly installments for the lesser of the number of months such director served as a non-employee director or 120 months. In the event of a termination of Board service due to a change of control, a non-employee director who has completed at least two years of service as a non-employee director will receive a cash lump sum payment equal to 120 months of benefit, and a non-employee director with less than two years of service will receive a cash lump sum payment equal to a number of months of benefit equal to the number of months of his service as a non-employee director. In the event of the director’s death, the surviving spouse will receive the equivalent benefit. No benefits will be payable to a director who is removed for cause. The Holding Company has guaranteed the payment of benefits under the Directors’ Plan, for this reason the Upon adopting the Directors’ Plan, the Bank elected to immediately recognize the effect of adopting the Directors’ Plan. Subsequent plan amendments are amortized as a past service liability. The Bank uses a December 31 measurement date for the Directors’ Plan. The following table sets forth, for the Directors’ Plan, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2015 2014 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 2,663 $ 2,666 Service cost 45 54 Interest cost 95 116 Actuarial gain (129 ) (53 ) Benefits paid (144 ) (120 ) Projected benefit obligation at end of year 2,530 2,663 Change in plan assets: Market value of assets at beginning of year - - Employer contributions 144 120 Benefits paid (144 ) (120 ) Market value of plan assets at end of year - - Accrued pension cost included in other liabilities $ (2,530 ) $ (2,663 ) The accumulated benefit obligation for the Directors’ Plan was $2.5 million and $2.7 million at December 31, 2015 and 2014, respectively. The components of the net pension expense for the Directors’ Plan are as follows for the years ended December 31: 2015 2014 2013 (In thousands) Service cost $ 45 $ 54 $ 82 Interest cost 95 116 98 Amortization of unrecognized gain (56 ) (60 ) (36 ) Amortization of past service liability 40 40 40 Net pension expense 124 150 184 Current actuarial gain (130 ) (52 ) (122 ) Amortization of actuarial gain 56 60 36 Amortization of prior service cost (40 ) (40 ) (40 ) Total recognized in other comprehensive income (114 ) (32 ) (126 ) Total recognized in net pension expense and other comprehensive income $ 10 $ 118 $ 58 Assumptions used to determine benefit obligations and periodic pension expense for the Directors’ Plan for the years ended December 31: 2015 2014 2013 Weighted average discount rate for the benefit obligation 4.06 % 3.76 % 4.60 % Weighted average discount rate for periodic pension benefit expense 3.76 % 4.60 % 3.75 % Rate of increase in future compensation levels n/a n/a n/a The following benefit payments under the Directors’ Plan, which reflect expected future service, are expected to be paid: For the years ending December 31: Future Benefit (In thousands) 2016 $ 288 2017 288 2018 272 2019 288 2020 288 2021 – 2025 1,244 The Company expects to make payments of $288,000 under its Directors’ Plan in 2016. |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Stockholders’ Equity Dividend Restrictions on the Bank: In connection with the Bank’s conversion from mutual to stock form in November 1995, a special liquidation account was established at the time of conversion, in accordance with the requirements of its primary regulator, which was equal to its capital as of June 30, 1995. The liquidation account is reduced as and to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases in deposits do not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the current adjusted qualifying balances for accounts then held. As of December 31, 2015, the Bank’s liquidation account was $0.8 million, and was presented within retained earnings. In addition to the restriction described above, New York State and Federal banking regulations place certain restrictions on dividends paid by the Bank to the Holding Company. The total amount of dividends which may be paid at any date is generally limited to the net income of the Bank for the current year and prior two years, less any dividends previously paid from those earnings. As of December 31, 2015, the Bank had $67.4 million in retained earnings available to distribute to the Holding Company in the form of cash dividends. In addition, dividends paid by the Bank to the Holding Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. As a bank holding company, the Holding Company is subject to similar dividend restrictions. Stockholder Rights Plan: The Holding Company has adopted a Shareholder Rights Plan under which each stockholder has one right to purchase from the Holding Company, for each share of common stock owned, one one-hundredth of a share of Series A junior participating preferred stock at a price of $65. The rights will become exercisable only if a person or group acquires 15% or more of the Holding Company’s common stock or commences a tender or exchange offer which, if consummated, would result in that person or group owning at least 15% of the Common Stock (the “acquiring person or group”). In such case, all stockholders other than the acquiring person or group will be entitled to purchase, by paying the $65 exercise price, Common Stock (or a common stock equivalent) with a value of twice the exercise price. In addition, at any time after such event, and prior to the acquisition by any person or group of 50% or more of the Common Stock, the Board of Directors may, at its option, require each outstanding right (other than rights held by the acquiring person or group) to be exchanged for one share of Common Stock (or one common stock equivalent). If a person or group becomes an acquiring person and the Holding Company is acquired in a merger or other business combination or sells more than 50% of its assets or earning power, each right will entitle all other holders to purchase, by payment of $65 exercise price, common stock of the acquiring company with a value of twice the exercise price. The Shareholder Rights Plan expires on September 30, 2016. Treasury Stock Transactions: The Holding Company repurchased 735,599 common shares at an average cost of $19.51 and 914,671 common shares at an average cost of $19.29 during the years ended December 31, 2015 and 2014, respectively. At December 31, 2015, 899,600 shares remain to be repurchased under the current stock repurchase program. Stock will be purchased under the current stock repurchase program from time to time, in the open market or through private transactions, subject to market conditions and at the discretion of the management of the Company. There is no expiration or maximum dollar amount under this authorization. Accumulated Other Comprehensive Income (Loss): The following are changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended December 31, 2015, 2014 and 2013: December 31, 2015 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 3,392 $ (6,299 ) $ (2,907 ) Other comprehensive income (loss) before reclassifications, net of tax (3,818 ) 615 (3,203 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (95 ) 643 548 Net current period other comprehensive income (loss), net of tax (3,913 ) 1,258 (2,655 ) Ending balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) December 31, 2014 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (8,522 ) $ (2,853 ) $ (11,375 ) Other comprehensive income (loss) before reclassifications, net of tax 13,548 (3,790 ) 9,758 Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1,634 ) 344 (1,290 ) Net current period other comprehensive income (loss), net of tax 11,914 (3,446 ) 8,468 Ending balance, net of tax $ 3,392 $ (6,299 ) $ (2,907 ) December 31, 2013 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 18,921 $ (6,784 ) $ 12,137 Other comprehensive income before reclassifications, net of tax (26,541 ) 3,261 (23,280 ) Amounts reclassified from accumulated other comprehensive income, net of tax (902 ) 670 (232 ) Net current period other comprehensive income, net of tax (27,443 ) 3,931 (23,512 ) Ending balance, net of tax $ (8,522 ) $ (2,853 ) $ (11,375 ) The following table sets forth significant amounts reclassified out of accumulated other comprehensive income by component for the year ended December 31, 2015: Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ 167 Net gain on sale of securities (72 ) Tax expense $ 95 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (1,178 )(1) Other operating expense Prior service credits 46 (1) Other operating expense (1,132 ) Total before tax 489 Tax benefit $ (643 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 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 year ended December 31, 2014: Details about Accumulated Other Amounts Reclassified Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ 2,875 Net gain on sale of securities (1,241 ) Tax expense $ 1,634 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (700 )(1) Other operating expense Prior service credits 45 (1) Other operating expense (655 ) Total before tax 311 Tax benefit $ (344 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 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 year ended December 31, 2013: Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ 3,021 Net gain on sale of securities (1,321 ) Tax expense $ 1,700 Net of tax OTTI charges $ (1,419 ) OTTI charge 621 Tax benefit $ (798 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (1,237 )(1) Other operating expense Prior service credits 46 (1) Other operating expense (1,191 ) Total before tax 521 Tax benefit $ (670 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”). |
Note 14 - Regulatory Capital
Note 14 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 14. Regulatory Capital The federal banking agencies have substantially amended the regulatory risk-based capital rules applicable to the Bank. The amendments implemented the “Basel III” regulatory capital reforms and changes required by the Dodd-Frank Act. The new rules apply regulatory capital requirements to the Bank. The amended rules included new minimum risk-based capital and leverage ratios, which became effective in January 2015, with certain requirements to be phased in beginning in 2016, and refined the definition of what constitutes “capital” for purposes of calculating those ratios. The new minimum capital level requirements applicable to the Bank include: (i) a new common equity Tier 1 risk-based capital ratio of 4.5%; (ii) a Tier 1 risk-based capital ratio of 6% (increased from 4%); (iii) a total risk-based capital ratio of 8% (unchanged from current rules); and (iv) a Tier 1 leverage ratio of 4% for all institutions. The amended rules also establish a “capital conservation buffer” of 2.5% above the new regulatory minimum capital ratios, and would result in the following minimum ratios: (i) a common equity Tier 1 risk-based capital ratio of 7.0%; (ii) a Tier 1 risk-based capital ratio of 8.5%; and (iii) a total risk-based capital ratio of 10.5%. The new capital conservation buffer requirement will be phased in beginning in January 2016 at 0.625% of risk-weighted assets and will increase each year until fully implemented in January 2019. An institution will be subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations will establish a maximum percentage of eligible retained income that could be utilized for such actions. As of December 31, 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. December 31, 2015 December 31, 2014 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 494,690 8.89 % $ 472,251 9.63 % Requirement to be well capitalized 278,175 5.00 245,254 5.00 Excess 216,515 3.89 226,997 4.63 Common Equity Tier I risk-based capital: Capital level $ 494,690 12.62 % n/a n/a Requirement to be well capitalized 254,768 6.50 n/a n/a Excess 239,922 6.12 n/a n/a Tier I risk-based capital: Capital level $ 494,690 12.62 % $ 472,251 13.87 % Requirement to be well capitalized 313,560 8.00 204,354 6.00 Excess 181,130 4.62 267,897 7.87 Total risk-based capital: Capital level $ 516,226 13.17 % $ 497,347 14.60 % Requirement to be well capitalized 391,950 10.00 340,589 10.00 Excess 124,276 3.17 156,758 4.60 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of December 31, 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. December 31, 2015 December 31, 2014 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 490,919 8.84 % $ 471,233 9.62 % Requirement to be well capitalized 277,611 5.00 244,960 5.00 Excess 213,308 3.84 226,273 4.62 Common Equity Tier I risk-based capital: Capital level $ 462,883 11.83 % n/a n/a Requirement to be well capitalized 254,335 6.50 n/a n/a Excess 208,548 5.33 n/a n/a Tier I risk-based capital: Capital level $ 490,919 12.55 % $ 471,233 13.87 % Requirement to be well capitalized 313,028 8.00 203,878 6.00 Excess 177,891 4.55 267,355 7.87 Total risk-based capital: Capital level $ 512,454 13.10 % $ 496,329 14.61 % Requirement to be well capitalized 391,285 10.00 339,797 10.00 Excess 121,169 3.10 156,532 4.61 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingencies Commitments: The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and lines of credit. The instruments involve, to varying degrees, elements of credit and market risks in excess of the amount recognized in the consolidated financial statements. The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments and lines of credit is represented by the contractual amounts of these instruments. Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally business lines of credit and home equity lines of credit) amounted to $96.2 million and $232.5 million, respectively, at December 31, 2015. Included in these commitments were $50.1 million of fixed-rate commitments at a weighted average rate of 4.18% and $278.7 million of adjustable-rate commitments with a weighted average rate of 3.46%, as of December 31, 2015. Since generally all of the loan commitments are expected to be drawn upon, the total loan commitments approximate future cash requirements, whereas the amounts of lines of credit may not be indicative of the Company’s future cash requirements. The loan commitments generally expire in 90 days, while construction loan lines of credit mature within eighteen months and home equity lines of credit mature within ten years. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are legally binding agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates and require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case basis. Collateral held consists primarily of real estate. The Bank collateralized a portion of its deposits with letters of credit issued by FHLB-NY. At December 31, 2015, there were $494.0 million of letters of credit outstanding. The letters of credit are collateralized by mortgage loans pledged by the Bank. The Trusts issued capital securities with a par value of $61.9 million in June and July 2007. The Holding Company has guaranteed the payment of the Trusts’ obligations under these capital securities. The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows: Minimum Rental (In thousands) Years ended December 31: 2016 $ 4,516 2017 4,383 2018 4,448 2019 5,332 2020 5,357 Thereafter 25,502 Total minimum payments required $ 49,538 The leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2031. Rent expense under these leases for the years ended December 31, 2015, 2014 and 2013 was approximately $5.8 million, $3.8 million and $3.7 million, respectively. Contingencies: The Company is a defendant in various lawsuits. Management of the Company, after consultation with outside legal counsel, believes that the resolution of these various matters will not result in any material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. |
Note 16 - Concentration of Cred
Note 16 - Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 16. Concentration of Credit Risk The Company’s lending is concentrated in the New York City metropolitan area. The Company evaluates each customer’s creditworthiness on a case-by-case basis under the Company’s established underwriting policies. The collateral obtained by the Company generally consists of first liens on one-to-four family residential, multi-family residential, and commercial real estate. At December 31, 2015, the largest amount the Bank could lend to one borrower was approximately $74.2 million, and at that date, the Bank’s largest aggregate amount of loans to one borrower was $65.5 million, all of which were performing according to their terms. |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 17. Related Party Transactions At December 31, 2015, one loan for $18,000 was outstanding to an executive officer of the Company and one loan for $356,000 was outstanding to a relative of a Director of the Company. These loans were made in the ordinary course of business and were fully approved in accordance with all of the Company’s credit underwriting standards and were made at market rates of interest and other normal terms but with reduced origination fees. No such loans were made during 2015 and 2014. The Company believes that such loans do not involve more than the normal risk of collectability or present other unfavorable features. |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 18. 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 December 31, 2015, the Company carried financial assets and financial liabilities under the fair value option with fair values of $30.7 million and $29.0 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 elected to measure at fair value, securities with a cost of $5.0 million that were purchased during the year ended December 31, 2014. During the year ended December 31, 2014, the Company sold financial assets carried under the fair value option totaling $6.2 million. The Company did not purchase or sell any financial assets or liabilities under the fair value option during the year ended December 31, 2015. Management selected the fair value option for certain investment securities, and certain borrowed funds as the yield, at the time of election, on the financial assets was below-market, while the rate on the financial liabilities was above-market rate. Management also considered the average duration of these instruments, which, for investment securities, was longer than the average for the portfolio of securities, and, for borrowings, primarily represented the longer-term borrowings of the Company. Choosing these instruments for the fair value option adjusted the carrying value of these financial assets and financial liabilities to their current fair value, and more closely aligned the financial performance of the Company with the economic value of these financial instruments. Management believed that electing the fair value option for these financial assets and financial liabilities allows them to better react to changes in interest rates. At the time of election, Management did not elect the fair value option for investment securities and borrowings with shorter duration, adjustable rates, and yields that approximated the then current market rate, as management believed that these financial assets and financial liabilities approximated their economic value. The following table presents the financial assets and financial liabilities reported at fair value under the fair value option at December 31, 2015 and 2014, and the changes in fair value included in the Consolidated Statement of Income – Net gain (loss) from fair value adjustments, for the years ended December 31, 2015, 2014 and 2013: Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at December 31, at December 31, For the year ended December 31, Description 2015 2014 2015 2014 2013 (Dollars in thousands) Mortgage-backed securities $ 2,527 $ 4,678 $ (59 ) $ 75 $ (725 ) Other securities 28,205 27,915 53 598 241 Borrowed funds 29,018 28,771 (238 ) 802 (5,651 ) Net gain (loss) from fair value adjustments (1) $ (244 ) $ 1,475 $ (6,135 ) (1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains and (losses) of ($1.6) million, ($4.0) million and $3.6 million from the change in fair value of derivative instruments during the years ended December 31, 2015, 2014 and 2013, respectively. 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 have a contractual principal amount of $61.9 million at December 31, 2015 and 2014. The fair value of borrowed funds includes accrued interest payable of $0.1 million at December 31, 2015 and 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 December 31, 2015 and 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 December 31, 2015 and 2014, Level 2 included mortgage related securities, corporate debt 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 December 31, 2015 and 2014, Level 3 included trust preferred securities owned by and junior subordinated debentures issued by the Company. Additionally, at December 31, 2014, Level 3 included certain municipal securities. 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 Company's 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 December 31: Quoted Prices Significant Other Significant Other Total carried at fair value 2015 2014 2015 2014 2015 2014 2015 2014 Assets: Securities available for sale Mortgage-backed Securities $ - $ - $ 668,740 $ 704,933 $ - $ - $ 668,740 $ 704,933 Other securities - - 317,445 245,768 7,212 22,609 324,657 268,377 Interest rate swaps - - 48 84 - - 48 84 Total assets $ - $ - $ 986,233 $ 950,785 $ 7,212 $ 22,609 $ 993,445 $ 973,394 Liabilities: Borrowings $ - $ - $ - $ - $ 29,018 $ 28,771 $ 29,018 $ 28,771 Interest rate swaps - - 4,314 2,649 - - 4,314 2,649 Total liabilities $ - $ - $ 4,314 $ 2,649 $ 29,018 $ 28,771 $ 33,332 $ 31,420 The following tables set 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 periods indicated: For the year ended December 31, 2015 Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 15,519 $ 7,090 $ 28,771 Transfers to held-to-maturity (4,510 ) - - Purchases 1,000 - - Principal repayments (8,009 ) - - Maturities (4,000 ) - - Sales - - - Net gain from fair value adjustment of financial assets (1) - 117 - Net loss from fair value adjustment of financial liabilities (1) - - 238 Increase in accrued interest payable - - 9 Change in unrealized gains included in other comprehensive income - 5 - Ending balance $ - $ 7,212 $ 29,018 Changes in unrealized held at period end $ - $ 5 $ - For the year ended December 31, 2014 Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 9,223 $ 14,935 $ 29,570 Purchases 7,595 - - Principal repayments (214 ) - - Maturities (1,085 ) - - Sales - (11,133 ) - Net gain from fair value adjustment of financial assets (1) - 71 - Net gain from fair value adjustment of financial liabilities (1) - - (801 ) Increase in accrued interest payable - - 2 Change in unrealized gains included in other comprehensive income - 3,217 - Ending balance $ 15,519 $ 7,090 $ 28,771 Changes in unrealized held at period end $ - $ 3,217 $ - (1) These totals in the tables above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. During the years ended December 31, 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 measurements of financial instruments as of December 31, 2015: Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,212 Discounted cash flows Discount rate 7.0% - 7.07% 7.1 % Liabilities: Junior subordinated debentures $ 29,018 Discounted cash flows Discount rate 7.0% 7.0 % The significant unobservable inputs used in the fair value measurement of the Company’s trust preferred securities and junior subordinated debentures valued under Level 3 are the effective yields used in the cash flow models. 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 inputs used in the fair value measurement of the Company’s municipal securities, trust preferred securities and junior subordinated debentures valued under Level 3 are the effective yields used in the cash flow models. 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 December 31: Quoted Prices Significant Other Significant Other Total carried at fair value 2015 2014 2015 2014 2015 2014 2015 2014 Assets: Impaired loans $ - $ - $ - $ - $ 15,360 $ 22,174 $ 15,360 $ 22,174 Other real estate owned - - - - 4,932 6,326 4,932 6,326 Total assets $ - $ - $ - $ - $ 20,292 $ 28,500 $ 20,292 $ 28,500 The following table presents the quantitative information about non-recurring Level 3 fair value measurements of financial instruments as of December 31, 2015: Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 3,878 Income approach Capitalization rate 7.3% to 8.5% 7.7 % Loss severity discount 15.0% 15.0 % Impaired loans $ 5,555 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 40.0% -2.2 % Loss severity discount 15.0% 15.0 % Impaired loans $ 5,927 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 25.0% -2.2 % Capitalization rate 5.3% to 9.0% 7.0 % Loss severity discount 5.2% to 15.0% 13.7 % Other real estate owned $ 3,750 Income approach Capitalization rate 9.0% 9.0 % Other real estate owned $ 366 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -5.0% to 25.0% 12.0 % Other real estate owned $ 816 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -10.0% to 15.0% 2.5 % Capitalization rate 8.6% 8.6 % 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 did not have any liabilities that were carried at fair value on a non-recurring basis at December 31, 2015 and 2014. The fair value of each material class of financial instruments at December 31, 2015 and 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. FHLB-NY stock: The fair value is based upon the par value of the stock which equals its carrying value. Securities: The fair values of securities are contained in Note 6 of Notes to Consolidated Financial Statements. Fair value is based upon quoted market prices, 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. When there is limited activity or less transparency around inputs to the valuation, securities are valued using discounted cash flows. 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. 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. 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. Accrued Interest Receivable: The carrying amount is a reasonable estimate of fair value due to its short-term nature. 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). The fair value of certificates of deposits are estimated by discounting the expected future cash flows using the rates currently offered for deposits of similar remaining maturities. Borrowings: The fair value of borrowings is estimated by discounting the contractual cash flows using interest rates in effect for borrowings with similar maturities and collateral requirements or using a market-standard model. Accrued Interest Payable: The carrying amount is a reasonable estimate of fair value due to its short-term nature. Interest Rate Swaps: The fair value of interest rate swaps is based upon broker quotes. 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 December 31, 2015 and 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 fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at December 31, 2015: December 31, 2015 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets: Cash and due from banks $ 42,363 $ 42,363 $ 42,363 $ - $ - Securities held-to-maturity Other securities 6,180 6,180 - - 6,180 Securities available for sale Mortgage-backed securities 668,740 668,740 - 668,740 - Other securities 324,657 324,657 - 317,445 7,212 Loans 4,387,979 4,434,079 - - 4,434,079 FHLB-NY stock 56,066 56,066 - 56,066 - Interest rate swaps 48 48 - 48 - Total assets $ 5,486,033 $ 5,532,133 $ 42,363 $ 1,042,299 $ 4,447,471 Liabilities: Deposits $ 3,892,547 $ 3,902,888 $ 2,489,245 $ 1,413,643 $ - Borrowings 1,271,676 1,279,946 - 1,250,928 29,018 Interest rate swaps 4,314 4,314 - 4,314 - Total liabilities $ 5,168,537 $ 5,187,148 $ 2,489,245 $ 2,668,885 $ 29,018 The following table sets forth the carrying amounts and 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 Level 1 Level 2 Level 3 (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 19 - Derivative Financial
Note 19 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 19. Derivative Financial Instruments At December 31, 2015 and 2014, the Company’s derivative financial instruments consisted of interest rate swaps. The Company’s interest rate swaps are used for two purposes. The first purpose is 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. The second purpose is to mitigate the Company’s exposure to rising interest rates on certain fixed rate loans totaling $146.9 million and $32.8 million at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014 interest rate swaps with a combined notional amount of $36.3 million, were not designated as hedges. Interest rate swaps with a combined notional amount of $128.5 million and $14.5 million were designated as fair value hedges at December 31, 2015 and 2014, respectively. Changes in the fair value of the interest rate swaps not designated as hedges are reflected in “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. During 2015 and 2014, the Company did not record any hedge ineffectiveness. The following tables set forth information regarding the Company’s derivative financial instruments: At or for the year ended December 31, 2015 Notional Net Carrying (1) (In thousands) Interest rate swaps (non-hedge) $ 36,321 $ (2,799 ) Interest rate swaps (hedge) 28,588 48 Interest rate swaps (hedge) 99,955 (1,515 ) Total derivatives $ 164,864 $ (4,266 ) At or for the year ended December 31, 2014 Notional Net Carrying (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. There were no unrealized losses on derivative financial instruments at December 31, 2015 and 2014. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income for the periods indicated: For the year ended (In thousands) 2015 2014 2013 Financial Derivatives: Interest rate caps (non-hedge) $ - $ - $ (18 ) Interest rate swaps (non-hedge) (561 ) (3,919 ) 3,603 Interest rate swaps (hedge) (1,036 ) (124 ) 29 Net Gain (loss) (1) $ (1,597 ) $ (4,043 ) $ 3,614 (1) Net gains (losses) are recorded as “Net gain (losses) from fair value adjustments” in the Consolidated Statements of Income. The Company’s interest rate swaps are subject to master netting arrangements and are all with the same counterparty. The Company has not made a policy election to offset its derivative positions. The following tables present the effect of the master netting arrangements on the presentation of the derivative assets in the Consolidated Statements of Condition as of the dates indicated: December 31, 2015 Gross Amounts Not Offset in the (In thousands) Gross Amount of Gross Amount Offset in Net Amount of Assets Financial Cash Collateral Net Amount Interest rate swaps $ 48 $ - $ 48 $ 48 $ - $ - December 31, 2014 Gross Amounts Not Offset in the (In thousands) Gross Amount of Gross Amount Offset in Net Amount of Assets Financial Cash Collateral Net Amount Interest rate swaps $ 84 $ - $ 84 $ 84 $ - $ - The following tables present the effect the master netting arrangements had on the presentation of the derivative liabilities in the Consolidated Statements of Condition as of the dates indicated: December 31, 2015 Gross Amounts Not Offset in the (In thousands) Gross Amount of Gross Amount Offset in Net Amount of Liabilities Financial Cash Collateral Net Amount Interest rate swaps $ 4,314 $ - $ 4,314 $ 48 $ 4,266 $ - December 31, 2014 Gross Amounts Not Offset in the (In thousands) Gross Amount of Gross Amount Offset in Net Amount of Liabilities Financial Cash Collateral Net Amount Interest rate swaps $ 2,649 $ - $ 2,649 $ 84 $ 2,565 $ - |
Note 20 - New Authoritative Acc
Note 20 - New Authoritative Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 20. New Authoritative Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01 “Financial Instruments” which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available for sale debt securities in combination with other deferred tax assets. The ASU provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The ASU also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for the changes that affect the Company. We are currently evaluating the impact of adopting this new guidance on our consolidated results of operations and financial condition. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessee. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn’t convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. This ASU establishes a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. The guidance in this ASU for public companies is effective for the annual periods beginning after December 15, 2016, including interim periods therein. In August 2015, the FASB approved a one-year delay of the effective date of this standard. The deferral would require public entities to apply the standard for annual reporting periods beginning after December 15, 2017. Public companies would be permitted to elect to early adopt for annual reporting periods beginning after December 15, 2016. The Company will be evaluating the provisions of ASU 2014-09 and will be closely monitoring developments and additional guidance to determine the potential impact the new standard will have on our financial position or results of operation. |
Note 21 - Quarterly Financial D
Note 21 - Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 21. Quarterly Financial Data Selected unaudited quarterly financial data for the fiscal years ended December 31, 2015 and 2014 is presented below: 2015 2014 4th 3rd 2nd 1st 4th 3rd 2nd 1st (In thousands, except per share data) Quarterly operating data: Interest income $ 52,468 $ 51,913 $ 50,222 $ 49,543 $ 49,171 $ 49,177 $ 49,569 $ 49,211 Interest expense 13,052 12,603 12,082 11,989 12,057 17,220 12,740 12,724 Net interest income 39,416 39,310 38,140 37,554 37,114 31,957 36,829 36,487 Provision (benefit) for loan losses 664 (370 ) (516 ) (734 ) (3,192 ) (618 ) (1,092 ) (1,119 ) Other operating income 2,145 1,697 9,947 1,930 (576 ) 7,123 1,986 1,710 Other operating expense 23,824 23,708 24,248 25,939 21,685 21,437 20,624 22,093 Income before income tax expense 17,073 17,669 24,355 14,279 18,045 18,261 19,283 17,223 Income tax expense 5,439 6,661 9,521 5,546 6,988 7,060 7,598 6,927 Net income $ 11,634 $ 11,008 $ 14,834 $ 8,733 $ 11,057 $ 11,201 $ 11,685 $ 10,296 Basic earnings per common share $ 0.40 $ 0.38 $ 0.51 $ 0.30 $ 0.38 $ 0.38 $ 0.39 $ 0.34 Diluted earnings per common share $ 0.40 $ 0.38 $ 0.51 $ 0.30 $ 0.38 $ 0.38 $ 0.39 $ 0.34 Dividends per common share $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.15 $ 0.15 $ 0.15 $ 0.15 Average common shares outstanding for: Basic earnings per share 28,862 28,927 29,246 29,397 29,343 29,772 30,059 29,984 Diluted earnings per share 28,879 28,946 29,268 29,419 29,366 29,796 30,090 30,022 |
Note 22 - Parent Company Only F
Note 22 - Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Condensed Financial Statements [Text Block] | 22. Parent Company Only Financial Information Earnings of the Bank are recognized by the Holding Company using the equity method of accounting. Accordingly, earnings of the Bank are recorded as increases in the Holding Company’s investment, any dividends would reduce the Holding Company’s investment in the Bank, and any changes in the Bank’s unrealized gain or loss on securities available for sale, net of taxes, would increase or decrease, respectively, the Holding Company’s investment in the Bank. The condensed financial statements for the Holding Company are presented below: Condensed Statements of Financial Condition December 31, December 31, (Dollars in thousands) Assets: Cash and due from banks $ 5,654 $ 7,749 Securities available for sale: Other securities ($872 and $864 at fair value pursuant to the fair value option at December 31, 2015 and 2014, respectively) 1,170 1,156 Interest receivable 4 4 Investment in subsidiaries 502,798 482,996 Goodwill 2,185 2,185 Other assets 4,251 4,402 Total assets $ 516,062 $ 498,492 Liabilities: Borrowings (at fair value pursuant to the fair value option at December 31, 2015 and 2014) $ 29,018 $ 28,770 Other liabilities 13,977 13,475 Total liabilities 42,995 42,245 Stockholders' Equity: Preferred stock - - Common stock 315 315 Additional paid-in capital 210,652 206,437 Treasury stock, at average cost (2,700,037 shares and 2,126,772 at December 31, 2015 and 2014, respectively) (48,868 ) (37,221 ) Retained earnings 316,530 289,623 Accumulated other comprehensive loss, net of taxes (5,562 ) (2,907 ) Total equity 473,067 456,247 Total liabilities and equity $ 516,062 $ 498,492 For the years ended December 31, Condensed Statements of Income 2015 2014 2013 (In thousands) Dividends from the Bank $ 26,000 $ 20,000 $ 20,000 Interest income 242 512 590 Interest expense (1,075 ) (1,039 ) (1,066 ) Gain on sale of securities - - 17 Net gain (loss) from fair value adjustments (231 ) 779 (5,475 ) Other operating expenses (1,298 ) (786 ) (621 ) Income before taxes and equity in undistributed earnings of subsidiary 23,638 19,466 13,445 Income tax benefit 687 668 2,857 Income before equity in undistributed earnings of subsidiary 24,325 20,134 16,302 Equity in undistributed earnings of the Bank 21,884 24,105 21,450 Net income 46,209 44,239 37,752 Other comprehensive (loss) income, net of tax (2,655 ) 8,468 (23,512 ) Comprehensive income $ 43,554 $ 52,707 $ 14,240 For the years ended December 31, Condensed Statements of Cash Flows 2015 2014 2013 (In thousands) Operating activities: Net income $ 46,209 $ 44,239 $ 37,752 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the Bank (21,884 ) (24,105 ) (21,450 ) Net gain on sale of securities - - (17 ) Deferred income tax (benefit) provision 575 17 (2,348 ) Fair value adjustments for financial assets and financial liabilities 231 (779 ) 5,475 Stock based compensation expense 4,676 4,246 3,068 Net change in operating assets and liabilities 2,174 2,088 1,746 Net cash provided by operating activities 31,981 25,706 24,226 Investing activities: Purchases of securities available for sale - (22 ) (23 ) Proceeds from sales and calls of securities available for sale - 1,699 517 Net cash provided by investing activities - 1,677 494 Financing activities: Purchase of treasury stock (15,605 ) (18,872 ) (14,151 ) Cash dividends paid (18,616 ) (17,852 ) (15,618 ) Stock options exercised 145 565 533 Net cash used in financing activities (34,076 ) (36,159 ) (29,236 ) Net decrease in cash and cash equivalents (2,095 ) (8,776 ) (4,516 ) Cash and cash equivalents, beginning of year 7,749 16,525 21,041 Cash and cash equivalents, end of year $ 5,654 $ 7,749 $ 16,525 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Holding Company and the following direct and indirect wholly-owned subsidiaries of the Holding Company: the Bank, Flushing Preferred Funding Corporation (“FPFC”), Flushing Service Corporation (“FSC”), and FSB Properties Inc. (“Properties”). FPFC is a real estate investment trust formed to hold a portion of the Bank’s mortgage loans to facilitate access to capital markets. FSC was formed to market insurance products and mutual funds. Properties is currently used to hold title to real estate owned acquired via foreclosure. Amounts held in a rabbi trust for certain non-qualified deferred compensation plans are included in the consolidated financial statements. All intercompany transactions and accounts are eliminated in consolidation. The Holding Company currently has three unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital debentures (“capital securities”). See Note 9, “Borrowed Funds and Securities Sold Under Agreements to Repurchase,” for additional information regarding these trusts. |
Use of Estimates, Policy [Policy Text Block] | 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, the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets, the fair value of financial instruments including the evaluation of other-than-temporary impairment (“OTTI”) on securities. Actual results could differ from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: For the purpose of reporting cash flows, the Company defines cash and due from banks, overnight interest-earning deposits and federal funds sold with original maturities of 90 days or less as cash and cash equivalents. At December 31, 2015 and 2014, the Company’s cash and cash equivalents totaled $42.4 million and $34.3 million, respectively. Included in cash and cash equivalents at those dates were $32.8 million and $23.0 million in interest-earning deposits in other financial institutions, primarily due from the Federal Reserve Bank of New York and the Federal Home Loan Bank of New York (“FHLB-NY”). The Bank is required to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement is included in cash and cash equivalents and totaled $9.9 million and $7.5 million at December 31, 2015 and 2014, respectively. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Debt and Equity Securities: Securities are classified as held-to-maturity when management intends to hold the securities until maturity. Securities are classified as available for sale when management intends to hold the securities for an indefinite period of time or when the securities may be utilized for tactical asset/liability purposes and may be sold from time to time to effectively manage interest rate exposure and resultant prepayment risk and liquidity needs. Premiums and discounts are amortized or accreted, respectively, using the level-yield method. Realized gains and losses on the sales of securities are determined using the specific identification method. Unrealized gains and losses (other than unrealized losses considered other-than-temporary which are recognized in the Consolidated Statements of Income) on securities available for sale are excluded from earnings and reported as part of accumulated other comprehensive income, net of taxes. In estimating other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the current interest rate environment, (3) the financial condition and near-term prospects of the issuer, if applicable, and (4) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Other-than-temporary impairment losses for debt securities are measured using a discounted cash flow model. Other-than-temporary impairment losses for equity securities are measured using quoted market prices, when available, or, when market quotes are not available due to an illiquid market, we use an impairment model from a third party or quotes from investment brokers. See Note 6, “Debt and Equity Securities,” for additional information regarding other-than-temporary impairment for debt and equity securities. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: Goodwill is presumed to have an indefinite life and is tested annually, or when certain conditions are met, for impairment. If the fair value of the reporting unit is greater than the goodwill amount, no further evaluation is required. If the fair value of the reporting unit is less than the goodwill amount, further evaluation would be required to compare the fair value of the reporting unit to the goodwill amount and determine if impairment is required. In performing the goodwill impairment testing, the Company has identified a single reporting unit. The Company performed the qualitative assessment in assessing the carrying value of goodwill as of December 31, 2015, and determined that there was no goodwill impairment. At December 31, 2015, the carrying amount of goodwill totaled $16.1 million. The identification of additional reporting units, the use of other valuation techniques and/or changes to input assumptions used in the analysis could result in materially different evaluations of goodwill impairment. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | 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 unlikely to occur. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans 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 Bank may purchase loans to supplement originations. Loan purchases are evaluated at the time of purchase to determine the appropriate accounting treatment. Performing loans purchased at a premium/discount are recorded at the purchase price with the premium/discount, amortized/accredited into interest income over the life of the loan. All loans purchased during the years ended December 31, 2015 and 2014 were performing loans at the time of purchase and therefore were not considered impaired when purchased. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses: 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 for loan losses is based on evaluation 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 for loan losses 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. Additionally, the Company segregated the loans into two portfolios based on the loans 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 impaired. 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 for loan losses 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 for loan losses, and subsequent recoveries, if any, are credited to the allowance for loan losses. 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, but 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, except for taxi medallion loans. The fair value of the underlying collateral of taxi medallion loans is the most recent reported arm’s length transaction. The balance which exceeds fair value is generally charged-off. Management reviews the allowance for loan losses on a quarterly basis, and records as a provision or benefit the amount deemed appropriate, after considering items such as, current year charge-offs, charge-off trends, new loan production, current balance by particular loan categories, and delinquent loans by particular loan categories. 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 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 December 31, 2015, we utilized recent third party appraisals of the collateral to measure impairment for $26.8 million, or 76.1%, of collateral dependent impaired loans, and used internal evaluations of the property’s value for $8.4 million, or 23.9%, 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. 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 December 31, 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. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale: Loans held for sale are carried at the lower of cost or estimated fair value. At December 31, 2015 and 2014, there were no loans classified as held for sale. |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance: Bank owned life insurance (“BOLI”) represents life insurance on the lives of certain employees who have provided positive consent allowing the Bank to be the beneficiary of such policies. BOLI is carried in the Consolidated Statements of Financial Condition at its cash surrender value. Increases in the cash value of the policies, as well as proceeds received, are recorded in other non-interest income, and are not subject to income taxes. |
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned: Other real estate owned (“OREO”) consists of property acquired through foreclosure. These properties are carried at fair value. The fair value is based on appraised value through a current appraisal, or at times through an internal review, additionally adjusted by the estimated costs to sell the property. This determination is made on an individual asset basis. If the fair value of a property is less than the carrying amount, the difference is recognized as a valuation allowance. Further decreases to the estimated value will be charged directly to expense. |
Property, Plant and Equipment, Policy [Policy Text Block] | Bank Premises and Equipment: Bank premises and equipment are stated at cost, less depreciation accumulated on a straight-line basis over the estimated useful lives of the related assets (3 to 40 years). Leasehold improvements are amortized on a straight-line basis over the term of the related leases or the lives of the assets, whichever is shorter. Maintenance, repairs and minor improvements are charged to non-interest expense in the period incurred. |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank Stock: The FHLB-NY has assigned to the Bank a mandated membership stock purchase, based on its asset size. In addition, for all borrowing activity, the Bank is required to purchase shares of FHLB-NY non-marketable capital stock at par. Such shares are redeemed by FHLB-NY at par with reductions in the Bank’s borrowing levels. The Bank carries its investment in FHLB-NY stock at historical cost. The Company periodically reviews its FHLB-NY stock to determine if impairment exists. At December 31, 2015, the Company considered among other things the earnings performance, credit rating and asset quality of the FHLB-NY. Based on this review, the Company did not consider the value of our investment in FHLB-NY stock to be impaired at December 31, 2015. |
Repurchase and Resale Agreements Policy [Policy Text Block] | Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing and are carried at amounts at which the securities will be subsequently reacquired as specified in the respective agreements. Interest incurred under these agreements is included in other interest expense. |
Income Tax, Policy [Policy Text Block] | Income Taxes: Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between book and tax bases of the various balance sheet assets and liabilities. A deferred tax liability is recognized on all taxable temporary differences and a deferred tax asset is recognized on all deductible temporary differences and operating losses and tax credit carry-forwards. A valuation allowance is recognized to reduce the potential deferred tax asset if it is “more likely than not” that all or some portion of that potential deferred tax asset will not be realized. The Company must also take into account changes in tax laws or rates when valuing the deferred income tax amounts it carries on its Consolidated Statements of Financial Condition. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Compensation Plans: The Company accounts for its stock based compensation using a fair-value-based measurement method for share-based payment transactions with employees and directors. The Company measures the cost of employee and directors services received in exchange for an award of an equity instrument based on the grant date fair value of the award. That cost is recognized over the period during which the employee and directors are required to provide services in exchange for the award. The requisite service period is usually the vesting period. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Benefit Plans: The Company sponsors a qualified pension, 401(k), and profit sharing plan for its employees. The Company also sponsors postretirement health care and life insurance benefits plans for its employees, a non-qualified deferred compensation plan for officers who have achieved the level of at least senior vice president, and a non-qualified pension plan for its outside directors. The Company recognizes the funded status of a benefit plan – measured as the difference between plan assets at fair value and the benefit obligation – in the Consolidated Statements of Financial Condition, with the unrecognized credits and charges recognized, net of taxes, as a component of accumulated other comprehensive 1oss. These credits or charges arose as a result of gains or losses and prior service costs or credits that arose during prior periods but were not recognized as components of net periodic benefit cost. |
Treasury Stock [Policy Text Block] | Treasury Stock: The Company records treasury stock at cost. Treasury stock is reissued at average cost. |
Derivatives, Policy [Policy Text Block] | Derivatives: Derivatives are required to be recorded on the Consolidated Statements of Financial Condition at fair value. The Company records derivatives on a gross basis in “Other assets” and “Other liabilities” in the Consolidated Statements of Financial Condition. The accounting for changes in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. The extent to which a derivative has been, and is expected to continue to be, effective at offsetting changes in the fair value of the hedged item must be assessed and documented at least quarterly. Any hedge ineffectiveness (i.e., the amount by which the gain or loss on the designated derivative instrument does not exactly offset the change in the hedged item attributable to the hedged risk) must be reported in current-period earnings. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes changes in unrealized gains and losses on securities available for sale arising during the period, adjustments to net periodic pension costs and reclassification adjustments for realized gains and losses on securities available for sale and OTTI charges included in net income. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting: Management views the Company as operating as a single unit, a community bank. Therefore, segment information is not provided. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense: Costs associated with advertising are expensed as incurred. The Company recorded advertising expenses of $2.1 million, $1.8 million and $1.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common 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 non-forfeitable 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 years ended December 31: 2015 2014 2013 (In thousands, except per share data) Net income, as reported $ 46,209 $ 44,239 $ 37,752 Divided by: Weighted average common shares outstanding 29,106 29,788 30,047 Weighted average common stock equivalents 20 29 26 Total weighted average common shares outstanding and common stock equivalents 29,126 29,817 30,073 Basic earnings per common share $ 1.59 $ 1.49 $ 1.26 Diluted earnings per common share $ 1.59 $ 1.48 $ 1.26 Dividend Payout ratio 40.3 % 40.3 % 41.3 % There were no options that were anti-dilutive for the years ended December 31, 2015 and 2014. Options to purchase 151,900 shares, at an average exercise price of $18.55 are anti-dilutive and were not included in the computation of diluted earnings per common share for the year ended December 31, 2013. |
Note 2 - Summary of Significa32
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 (In thousands, except per share data) Net income, as reported $ 46,209 $ 44,239 $ 37,752 Divided by: Weighted average common shares outstanding 29,106 29,788 30,047 Weighted average common stock equivalents 20 29 26 Total weighted average common shares outstanding and common stock equivalents 29,126 29,817 30,073 Basic earnings per common share $ 1.59 $ 1.49 $ 1.26 Diluted earnings per common share $ 1.59 $ 1.48 $ 1.26 Dividend Payout ratio 40.3 % 40.3 % 41.3 % |
Note 3 - Loans and Allowance 33
Note 3 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 3 - Loans and Allowance for Loan Losses (Tables) [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2015 2014 (In thousands) Multi-family residential $ 2,055,228 $ 1,923,460 Commercial real estate 1,001,236 621,569 One-to-four family ― mixed-use property 573,043 573,779 One-to-four family ― residential 187,838 187,572 Co-operative apartments 8,285 9,835 Construction 7,284 5,286 Small Business Administration 12,194 7,134 Taxi medallion 20,881 22,519 Commercial business and other 506,622 447,500 Gross loans 4,372,611 3,798,654 Net unamortized premiums and unearned loan fees 15,368 11,719 Total loans $ 4,387,979 $ 3,810,373 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | For the year ended (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 For the year ended (Dollars in thousands) Number Balance Modification description Multi-family residential 2 $ 698 Received a below market interest rate and the loan amortization was extended Commercial real estate 1 273 Received a below market interest rate and the loan amortization was extended One-to-four family - mixed-use property 1 390 Received a below market interest rate and the loan amortization was extended Commercial business and other 2 687 Received a below market interest rate and the loan amortization was extended Total 6 $ 2,048 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | At December 31, (In thousands) 2015 2014 Loans ninety days or more past due and still accruing: Multi-family residential $ 233 $ 676 Commercial real estate 1,183 820 One-to-four family mixed-use property 611 405 One-to-four family residential 13 14 Construction 1,000 - Commercial business and other 220 386 Total 3,260 2,301 Non-accrual mortgage loans: Multi-family residential 3,561 6,878 Commercial real estate 2,398 5,689 One-to-four family mixed-use property 5,952 6,936 One-to-four family residential 10,120 11,244 Total 22,031 30,747 Non-accrual non-mortgage loans: Small business administration 218 - Commercial business and other 568 1,143 Total 786 1,143 Total non-accrual loans 22,817 31,890 Total non-accrual loans and ninety days or more past due and still accruing $ 26,077 $ 34,191 |
Schedule of Interest Foregone on Non-Accrual and TDR Loans [Table Text Block] | 2015 2014 2013 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 2,387 $ 2,919 $ 4,656 Less: Interest income included in the results of operations 702 796 1,213 Total foregone interest $ 1,685 $ 2,123 $ 3,443 |
Past Due Financing Receivables [Table Text Block] | (in thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 9,421 $ 804 $ 3,794 $ 14,019 $ 2,041,209 $ 2,055,228 Commercial real estate 2,820 153 3,580 6,553 994,683 1,001,236 One-to-four family - mixed-use property 8,630 1,258 6,563 16,451 556,592 573,043 One-to-four family - residential 4,261 154 10,134 14,549 173,289 187,838 Co-operative apartments - - - - 8,285 8,285 Construction loans - - 1,000 1,000 6,284 7,284 Small Business Administration 42 - 218 260 11,934 12,194 Taxi medallion - - - - 20,881 20,881 Commercial business and other - 2 228 230 506,392 506,622 Total $ 25,174 $ 2,371 $ 25,517 $ 53,062 $ 4,319,549 $ 4,372,611 (in thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 7,721 $ 1,729 $ 7,554 $ 17,004 $ 1,906,456 $ 1,923,460 Commercial real estate 1,612 1,903 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 $ 24,588 $ 8,615 $ 33,196 $ 66,399 $ 3,732,255 $ 3,798,654 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 8,827 $ 4,202 $ 5,840 $ 1,690 $ - $ 42 $ 279 $ 11 $ 4,205 $ 25,096 Charge-off's (474 ) (32 ) (592 ) (342 ) - - (34 ) - (2,371 ) (3,845 ) Recoveries 269 168 76 375 - - 40 - 312 1,240 Provision (benefit) (1,904 ) (99 ) (1,097 ) (496 ) - 8 (23 ) 332 2,323 (956 ) Ending balance $ 6,718 $ 4,239 $ 4,227 $ 1,227 $ - $ 50 $ 262 $ 343 $ 4,469 $ 21,535 Ending balance: individually evaluated for impairment $ 252 $ 180 $ 502 $ 51 $ - $ - $ - $ 333 $ 112 $ 1,430 Ending balance: collectively evaluated for impairment $ 6,466 $ 4,059 $ 3,725 $ 1,176 $ - $ 50 $ 262 $ 10 $ 4,357 $ 20,105 (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 12,084 $ 4,959 $ 6,328 $ 2,079 $ 104 $ 444 $ 458 $ - $ 5,320 $ 31,776 Charge-off's (1,161 ) (325 ) (423 ) (103 ) - - (49 ) - (381 ) (2,442 ) Recoveries 150 481 608 269 7 - 92 - 176 1,783 Provision (benefit) (2,246 ) (913 ) (673 ) (555 ) (111 ) (402 ) (222 ) 11 (910 ) (6,021 ) Ending balance $ 8,827 $ 4,202 $ 5,840 $ 1,690 $ - $ 42 $ 279 $ 11 $ 4,205 $ 25,096 Ending balance: individually evaluated for impairment $ 286 $ 21 $ 579 $ 54 $ - $ - $ - $ - $ 154 $ 1,094 Ending balance: collectively evaluated for impairment $ 8,541 $ 4,181 $ 5,261 $ 1,636 $ - $ 42 $ 279 $ 11 $ 4,051 $ 24,002 (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 13,001 $ 5,705 $ 5,960 $ 1,999 $ 46 $ 66 $ 505 $ 7 $ 3,815 $ 31,104 Charge-off's (3,585 ) (1,051 ) (4,206 ) (701 ) (108 ) (2,678 ) (457 ) - (2,057 ) (14,843 ) Recoveries 541 324 266 272 4 - 87 - 86 1,580 Provision (benefit) 2,127 (19 ) 4,308 509 162 3,056 323 (7 ) 3,476 13,935 Ending balance $ 12,084 $ 4,959 $ 6,328 $ 2,079 $ 104 $ 444 $ 458 $ - $ 5,320 $ 31,776 Ending balance: individually evaluated for impairment $ 312 $ 164 $ 875 $ 58 $ - $ 17 $ - $ - $ 222 $ 1,648 Ending balance: collectively evaluated for impairment $ 11,772 $ 4,795 $ 5,453 $ 2,021 $ 104 $ 427 $ 458 $ - $ 5,098 $ 30,128 At December 31, 2015 (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Financing Receivables: Ending Balance $ 2,055,228 $ 1,001,236 $ 573,043 $ 187,838 $ 8,285 $ 7,284 $ 12,194 $ 20,881 $ 506,622 $ 4,372,611 Ending balance: individually evaluated for impairment $ 8,047 $ 6,183 $ 12,828 $ 12,598 $ - $ 1,000 $ 310 $ 2,118 $ 4,716 $ 47,800 Ending balance: collectively evaluated for impairment $ 2,047,181 $ 995,053 $ 560,215 $ 175,240 $ 8,285 $ 6,284 $ 11,884 $ 18,763 $ 501,906 $ 4,324,811 At December 31, 2014 (in thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Financing Receivables: Ending Balance $ 1,923,460 $ 621,569 $ 573,779 $ 187,572 $ 9,835 $ 5,286 $ 7,134 $ 22,519 $ 447,500 $ 3,798,654 Ending balance: individually evaluated for impairment $ 13,260 $ 9,473 $ 15,120 $ 13,170 $ - $ - $ - $ - $ 5,492 $ 56,515 Ending balance: collectively evaluated for impairment $ 1,910,200 $ 612,096 $ 558,659 $ 174,402 $ 9,835 $ 5,286 $ 7,134 $ 22,519 $ 442,008 $ 3,742,139 |
Impaired Financing Receivables [Table Text Block] | December 31, 2015 December 31, 2014 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 5,742 $ 6,410 $ - $ 10,481 $ 11,551 $ - Commercial real estate 3,812 3,869 - 7,100 7,221 - One-to-four family mixed-use property 10,082 11,335 - 12,027 13,381 - One-to-four family residential 12,255 14,345 - 12,816 15,709 - Co-operative apartments - - - - - - Construction 1,000 1,000 - - - - Non-mortgage loans: Small Business Administration 276 276 - - - - Taxi Medallion - - - - - - Commercial Business and other 2,682 5,347 - 2,779 3,149 - Total loans with no related allowance recorded 35,849 42,582 - 45,203 51,011 - With an allowance recorded: Mortgage loans: Multi-family residential 2,305 2,305 252 2,779 2,779 286 Commercial real estate 2,371 2,371 180 2,373 2,373 21 One-to-four family mixed-use property 2,746 2,746 502 3,093 3,093 579 One-to-four family residential 343 343 51 354 354 54 Co-operative apartments - - - - - - Construction - - - - - - Non-mortgage loans: Small Business Administration 34 34 - - - - Taxi Medallion 2,118 2,118 333 - - - Commercial Business and other 2,034 2,034 112 2,713 2,713 154 Total loans with an allowance recorded 11,951 11,951 1,430 11,312 11,312 1,094 Total Impaired Loans: Total mortgage loans $ 40,656 $ 44,724 $ 985 $ 51,023 $ 56,461 $ 940 Total non-mortgage loans $ 7,144 $ 9,809 $ 445 $ 5,492 $ 5,862 $ 154 December 31, 2015 December 31, 2014 December 31, 2013 Average Interest Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 8,285 $ 92 $ 14,168 $ 194 $ 22,091 $ 402 Commercial real estate 4,926 7 11,329 51 19,846 266 One-to-four family mixed-use property 10,295 244 12,852 321 13,916 319 One-to-four family residential 12,985 138 13,015 103 14,529 125 Co-operative apartments 153 - - - 189 - Construction 250 - 285 - 4,014 - Non-mortgage loans: Small Business Administration 299 1 - - 247 - Taxi Medallion - - - - - - Commercial Business and other 3,912 253 3,428 137 5,309 268 Total loans with no related allowance recorded 41,105 735 55,077 806 80,141 1,380 With an allowance recorded: Mortgage loans: Multi-family residential 2,343 117 2,936 149 2,892 170 Commercial real estate 997 167 3,242 167 6,388 194 One-to-four family mixed-use property 2,983 151 3,249 170 4,041 228 One-to-four family residential 347 14 358 14 368 15 Co-operative apartments - - - - - - Construction - - 187 - 1,929 18 Non-mortgage loans: Small Business Administration 38 2 - - - - Taxi Medallion 1,062 66 - - - - Commercial Business and other 2,692 102 3,149 115 4,354 239 Total loans with an allowance recorded 10,462 619 13,121 615 19,972 864 Total Impaired Loans: Total mortgage loans $ 43,564 $ 930 $ 61,621 $ 1,169 $ 90,203 $ 1,737 Total non-mortgage loans $ 8,003 $ 424 $ 6,577 $ 252 $ 9,910 $ 507 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 4,361 $ 5,421 $ - $ - $ 9,782 Commercial real estate 1,821 3,812 - - 5,633 One-to-four family - mixed-use property 3,087 10,990 - - 14,077 One-to-four family - residential 1,437 12,255 - - 13,692 Co-operative apartments - - - - - Construction loans - 1,000 - - 1,000 Small Business Administration 229 224 - - 453 Taxi Medallion - 2,118 - - 2,118 Commercial business and other - 3,123 - - 3,123 Total loans $ 10,935 $ 38,943 $ - $ - $ 49,878 (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 3 - Loans and Allowance for Loan Losses (Tables) [Line Items] | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | December 31, 2015 December 31, 2014 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 9 $ 2,626 10 $ 3,034 Commercial real estate 3 2,371 3 2,373 One-to-four family - mixed-use property 6 2,052 7 2,381 One-to-four family - residential 1 343 1 354 Small business administration 1 34 - - Commercial business and other 4 2,083 4 2,249 Total performing troubled debt restructured 24 $ 9,509 25 $ 10,391 |
Nonperforming Financial Instruments [Member] | |
Note 3 - Loans and Allowance for Loan Losses (Tables) [Line Items] | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | December 31, 2015 December 31, 2014 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 391 - $ - Commercial real estate - - 1 2,252 One-to-four family - mixed-use property - - 1 187 Total troubled debt restructurings that subsequently defaulted 1 $ 391 2 $ 2,439 |
Note 4 - Loans Held for Sale (T
Note 4 - Loans Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans Held For Sale [Abstract] | |
Delinquent and Non-Performing Loans Sold During Period [Table Text Block] | For the year ended December 31, 2015 (Dollars in thousands) Loans sold Proceeds Net recoveries Net gain (loss) Multi-family residential 9 $ 3,540 $ 134 $ (1 ) Commercial real estate 4 2,615 - 13 One-to-four family - mixed-use property 10 2,831 - 57 Total 23 $ 8,986 $ 134 $ 69 For the year ended December 31, 2014 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 12 $ 5,759 $ (80 ) $ 9 Commercial real estate 6 4,635 295 8 One-to-four family - mixed-use property 14 5,399 122 50 Commercial business and other 2 64 20 - Total 34 $ 15,857 $ 357 $ 67 For the year ended December 31, 2013 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain (loss) Multi-family residential 21 $ 11,420 $ (1,024 ) $ 99 Commercial real estate 9 5,488 (703 ) 6 One-to-four family - mixed-use property 39 11,427 (2,791 ) (52 ) Construction 2 5,066 (164 ) - Commercial business and other 1 - (21 ) - Total 72 $ 33,401 $ (4,703 ) $ 53 |
Note 5 - Other Real Estate Ow35
Note 5 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Other Real Estate, Roll Forward [Table Text Block] | For the years ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 6,326 $ 2,985 $ 5,278 Acquisitions 1,667 7,112 5,369 Reductions to carrying value (896 ) (5 ) (243 ) Sales (2,165 ) (3,766 ) (7,419 ) Balance at end of year $ 4,932 $ 6,326 $ 2,985 |
Gross Gains, Gross Losses, and Write-Downs of OREO [Table Text Block] | For the years ended December 31, 2015 2014 2013 (In thousands) Gross gains $ 306 $ 178 $ 443 Gross losses (6 ) (109 ) (89 ) Write-down of carrying value (896 ) (5 ) (243 ) Total $ (596 ) $ 64 $ 111 |
Note 6 - Debt and Equity Secu36
Note 6 - Debt and Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Trading Securities [Table Text Block] | Amortized Fair Value Gross Gross (In thousands) Securites held-to-maturity: Municipals $ 6,180 $ 6,180 $ - $ - Total $ 6,180 $ 6,180 $ - $ - Amortized Fair Value Gross Gross (In thousands) Corporate $ 115,976 $ 111,674 $ 134 $ 4,436 Municipals 127,696 131,583 3,887 - Mutual funds 21,290 21,290 - - Collateralized loan obligations 53,225 52,898 - 327 Other 7,214 7,212 - 2 Total other securities 325,401 324,657 4,021 4,765 REMIC and CMO 469,987 469,936 3,096 3,147 GNMA 11,635 11,798 302 139 FNMA 170,327 170,057 1,492 1,762 FHLMC 16,961 16,949 87 99 Total mortgage-backed securities 668,910 668,740 4,977 5,147 Total securities available for sale $ 994,311 $ 993,397 $ 8,998 $ 9,912 Amortized Fair Value Gross Gross (In thousands) 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Value (In thousands) Due in one year or less $ 6,140 $ 6,140 Due after one year through five years 40 40 Total securities held-to-maturity $ 6,180 $ 6,180 Amortized Fair Value (In thousands) Due in one year or less $ 5,976 $ 6,011 Due after one year through five years - - Due after five years through ten years 76,791 75,406 Due after ten years 221,344 221,950 Total other securities 304,111 303,367 Mutual funds 21,290 21,290 Mortgage-backed securities 668,910 668,740 Total securities available for sale $ 994,311 $ 993,397 |
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 Fair Value Unrealized Fair Value Unrealized (In thousands) Corporate $ 85,563 $ 4,436 $ 76,218 $ 3,782 $ 9,345 $ 654 Collateralized loan obligations 52,898 327 52,898 327 - - Other 298 2 - - 298 2 Total other securities 138,759 4,765 129,116 4,109 9,643 656 REMIC and CMO 238,132 3,147 182,010 1,642 56,122 1,505 GNMA 6,977 139 6,977 139 - - FNMA 102,225 1,762 75,769 1,043 26,456 719 FHLMC 14,715 99 14,715 99 - - Total mortgage-backed securities 362,049 5,147 279,471 2,923 82,578 2,224 Total securities available for sale $ 500,808 $ 9,912 $ 408,587 $ 7,032 $ 92,221 $ 2,880 Total Less than 12 months 12 months or more Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (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 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | For the years ended December 31, 2015 2014 2013 (In thousands) Beginning balance $ - $ 3,738 $ 6,178 Recognition of actual losses - - (842 ) OTTI charges due to credit loss recorded in earnings - - 1,419 Securities sold during the period - (3,738 ) (3,017 ) Ending balance $ - $ - $ 3,738 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the years ended 2015 2014 2013 (In thousands) Gross gains from the sale of securities $ 2,899 $ 5,247 $ 5,222 Gross losses from the sale of securities (2,732 ) (2,372 ) (2,201 ) Net gains from the sale of securities $ 167 $ 2,875 $ 3,021 |
Note 7 - Bank Premises and Eq37
Note 7 - Bank Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2015 2014 (In thousands) Land $ 745 $ 3,551 Building and leasehold improvements 29,610 25,717 Equipment and furniture 19,770 19,197 Total 50,125 48,465 Less: Accumulated depreciation and amortization 24,503 26,597 Bank premises and equipment, net $ 25,622 $ 21,868 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Deposits and Weighted Average Rate on Deposits [Table Text Block] | 2015 2014 Weighted (Dollars in thousands) Interest-bearing deposits: Certificate of deposit accounts $ 1,403,302 $ 1,305,823 1.41 % Savings accounts 261,748 261,942 0.45 Money market accounts 472,489 290,263 0.46 NOW accounts 1,448,695 1,359,057 0.49 Total interest-bearing deposits 3,586,234 3,217,085 Non-interest bearing demand deposits 269,469 255,834 Total due to depositors 3,855,703 3,472,919 Mortgagors' escrow deposits 36,844 35,679 0.17 Total deposits $ 3,892,547 $ 3,508,598 |
Schedule of Interest Expense on Deposits [Table Text Block] | 2015 2014 2013 (In thousands) Certificate of deposit accounts $ 20,943 $ 22,420 $ 24,414 Savings accounts 1,151 597 515 Money market accounts 1,551 667 294 NOW accounts 6,593 6,227 6,777 Total due to depositors 30,238 29,911 32,000 Mortgagors' escrow deposits 98 133 37 Total interest expense on deposits $ 30,336 $ 30,044 $ 32,037 |
Schedule of Remaining Maturities of Certificates of Deposit Accounts [Table Text Block] | 2015 2014 (In thousands) Within 12 months $ 448,229 $ 455,295 More than 12 months to 24 months 478,361 269,840 More than 24 months to 36 months 247,349 229,931 More than 36 months to 48 months 167,529 176,876 More than 48 months to 60 months 35,558 148,424 More than 60 months 26,276 25,457 Total certificate of deposit accounts $ 1,403,302 $ 1,305,823 |
Note 9 - Borrowed Funds and S39
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | 2015 2014 Amount Weighted Amount Weighted (Dollars in thousands) Repurchase agreements - fixed rate: Due in 2016 $ 38,000 1.92 % $ 38,000 1.92 % Due in 2017 38,000 4.16 38,000 4.16 Due in 2020 40,000 3.45 40,000 3.45 Total repurchase agreements - fixed rate 116,000 3.18 116,000 3.18 FHLB-NY advances - fixed rate: Due in 2015 - - 185,551 0.80 Due in 2016 386,152 1.04 315,847 1.15 Due in 2017 250,708 1.29 305,525 2.12 Due in 2018 265,088 1.30 74,798 1.29 Due in 2019 94,710 1.64 30,000 1.83 Due in 2020 110,000 2.98 - - Total FHLB-NY advances - fixed rate 1,106,658 1.40 911,721 1.44 Other Borrowings Due in 2016 20,000 0.56 - - Junior subordinated debentures - adjustable rate Due in 2037 29,018 5.67 28,771 5.96 Total borrowings $ 1,271,676 1.65 % $ 1,056,492 1.75 % |
Schedule of Borrowings Which Have Call Provisions [Table Text Block] | Amount Rate Maturity Date Call Date (Dollars in thousands) FHLB-NY advances - fixed rate $ 30,000 3.60 % 1/23/2020 1/23/2016 FHLB-NY advances - fixed rate 20,000 3.49 1/23/2020 1/25/2016 FHLB-NY advances - fixed rate 10,000 3.37 1/27/2020 1/26/2016 FHLB-NY advances - fixed rate 10,000 3.28 1/27/2020 1/26/2016 FHLB-NY advances - fixed rate 10,000 3.25 1/28/2020 1/28/2016 Repurchase agreements - fixed rate 20,000 2.20 7/12/2016 1/12/2016 Repurchase agreements - fixed rate 18,000 4.28 10/18/2017 1/19/2016 Repurchase agreements - fixed rate 18,000 1.60 4/19/2016 1/19/2016 Repurchase agreements - fixed rate 10,000 3.08 8/1/2020 2/1/2016 Repurchase agreements - fixed rate 10,000 3.19 2/1/2020 2/1/2016 Repurchase agreements - fixed rate 20,000 3.76 8/1/2020 2/1/2016 Repurchase agreements - fixed rate 20,000 4.05 9/19/2017 3/21/2016 |
Information Relating to Collateralized Repurchase Agreements [Table Text Block] | 2015 2014 2013 (Dollars in thousands) Book value of collateral $ 131,421 $ 142,925 $ 199,447 Estimated fair value of collateral 131,421 142,925 199,447 Average balance of outstanding agreements during the year 116,000 137,824 172,944 Maximum balance of outstanding agreements at a month end during the year 116,000 155,300 185,300 Average interest rate of outstanding agreements during the year (1) 3.22 % 5.37 % 3.42 % |
Terms of Securities Issued by Trusts [Table Text Block] | Flushing Financial Flushing Financial Flushing Financial Issue Date June 20, 2007 June 21, 2007 July 3, 2007 Initial Rate 7.14 % 6.89 % 6.85 % First Reset Date September 1, 2012 June 15, 2012 July 30, 2012 Spread over 3-month LIBOR 1.41 % 1.44 % 1.42 % Maturity Date September 1, 2037 September 15, 2037 July 30, 2037 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 (In thousands) Federal: Current $ 25,319 $ 18,052 $ 17,808 Deferred (3,476 ) 2,860 (464 ) Total federal tax provision 21,843 20,912 17,344 State and Local: Current 7,059 6,369 5,828 Deferred (1,735 ) 1,292 (216 ) Total state and local tax provision 5,324 7,661 5,612 Total income tax provision $ 27,167 $ 28,573 $ 22,956 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 (Dollars in thousands) Taxes at federal statutory rate $ 25,681 35.0 % $ 25,484 35.0 % $ 21,248 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 3,461 4.7 4,980 6.8 3,648 6.0 Other (1,975 ) (2.7 ) (1,891 ) (2.6 ) (1,940 ) (3.2 ) Taxes at effective rate $ 27,167 37.0 % $ 28,573 39.2 % $ 22,956 37.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 (In thousands) Deferred tax asset: Postretirement benefits $ 6,798 $ 5,407 Allowance for loan losses 9,437 11,007 Stock based compensation 3,404 2,821 Depreciation 1,941 1,740 Unrealized loss on securities available for sale 395 - Derivative financial instruments 1,724 1,025 Adjustment required to recognize funded status of postretirement pension plans 3,833 4,787 Gain on sale of buildings 2,531 - Other 2,460 3,023 Deferred tax asset 32,523 29,810 Deferred tax liability: Valuation differences resulting from acquired assets and liabilities - 2,764 Fair value adjustment on financial assets carried at fair value 187 132 Fair value adjustment on financial liabilities carried at fair value 14,364 14,480 Unrealized gains on securities available for sale - 2,588 Other 3,411 2,525 Deferred tax liability 17,962 22,489 Net deferred tax asset included in other assets $ 14,561 $ 7,321 |
Note 11 - Stock-Based Compens41
Note 11 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 11 - Stock-Based Compensation (Tables) [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Non-vested at December 31, 2014 373,154 $ 16.75 Granted 318,120 19.10 Vested (260,700 ) 17.36 Forfeited (14,665 ) 18.39 Non-vested at December 31, 2015 415,909 $ 18.10 Vested but unissued at December 31, 2015 290,226 $ 18.08 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | (In thousands, except grant date fair value) 2015 2014 2013 Proceeds from stock options exercised $ 145 $ 565 $ 533 Fair value of shares received upon exercise of stock options 447 1,962 6,814 Tax benefit related to stock options exercised 99 88 151 Intrinsic value of stock options exercised 330 488 1,228 Weighted average fair value on grant date n/a n/a n/a |
Non-Full Value Awards [Member] | |
Note 11 - Stock-Based Compensation (Tables) [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Shares Weighted- Weighted-Average Aggregate Outstanding at December 31, 2014 154,915 $ 15.19 Granted - - Exercised (45,785 ) 12.92 Forfeited - - Outstanding at December 31, 2015 109,130 $ 16.14 2.3 $ 600 Exercisable shares at December 31, 2015 109,130 $ 16.14 2.3 $ 600 |
Phantom Share Units (PSUs) [Member] | |
Note 11 - 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 12,924 19.44 Forfeited (3 ) 20.78 Distributions (594 ) 19.82 Outstanding at December 31, 2015 79,440 $ 21.64 Vested at December 31, 2015 78,857 $ 21.64 |
Note 12 - Pension and Other P42
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) [Line Items] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Net Actuarial Prior Service Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 (In thousands) Employee Retirement Plan $ 8,589 $ 9,938 $ 5,899 $ - $ - $ - $ 8,589 $ 9,938 $ 5,899 Other Postretirement Benefit Plans 1,296 2,130 205 (538 ) (623 ) (708 ) 758 1,507 (503 ) Outside Directors Plan (562 ) (488 ) (496 ) 91 131 171 (471 ) (357 ) (325 ) Total $ 9,323 $ 11,580 $ 5,608 $ (447 ) $ (492 ) $ (537 ) $ 8,876 $ 11,088 $ 5,071 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Net Actuarial Prior Service Total (In thousands) Employee Retirement Plan $ 808 $ - $ 808 Other Postretirement Benefit Plans 47 (85 ) (38 ) Outside Directors Plan (86 ) 40 (46 ) Total $ 769 $ (45 ) $ 724 |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 Rate of return on plan assets n/a n/a Discount rate 4.06 % 3.76 % Rate of increase in health care costs Initial 7.00 % 8.00 % Ultimate (year 2018) 5.00 % 5.00 % Annual rate of salary increase for life insurance n/a n/a |
Schedule of Net Benefit Costs [Table Text Block] | 2015 2014 2013 (In thousands) Service cost $ 382 $ 358 $ 449 Interest cost 300 253 219 Amortization of unrecognized loss 119 - 50 Amortization of past service credit (85 ) (85 ) (85 ) Net postretirement benefit expense 716 526 633 Current year actuarial (gain) loss (715 ) 1,925 (943 ) Amortization of actuarial loss (119 ) - (50 ) Amortization of prior service credit 85 85 85 Total recognized in other comprehensive income (749 ) 2,010 (908 ) Total recognized in net postretirement expense and other comprehensive income $ (33 ) $ 2,536 $ (275 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | 2015 2014 Equity securities 70 % 68 % Debt securities 30 % 32 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 31, 2015 Quoted Prices Significant Significant Total Level 1 Level 2 Level 3 (In thousands) Pooled Separate Accounts U.S. large-cap growth (a) $ 5,114 $ - $ 5,114 $ - U.S. large-cap value (b) 4,619 - 4,619 - U.S. small-cap blend (c) 2,094 - 2,094 - International blend (d) 2,079 - 2,079 - Bond fund (e) 5,671 - 5,671 - Prudential short term (f) 347 - 347 - Total $ 19,924 $ - $ 19,924 $ - December 31, 2014 Quoted Prices Significant Significant Total Level 1 Level 2 Level 3 (In thousands) Pooled Separate Accounts U.S. large-cap growth (a) $ 4,832 $ - $ 4,832 $ - U.S. large-cap value (b) 4,939 - 4,939 - U.S. small-cap blend (c) 2,163 - 2,163 - International blend (d) 1,966 - 1,966 - Bond fund (e) 6,274 - 6,274 - Prudential short term (f) 335 - 335 - Total $ 20,509 $ - $ 20,509 $ - |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | Increase Decrease (In thousands) Effect on postretirement benefit obligation $ 1,634 $ (1,240 ) Effect on total service and interest cost 177 (131 ) |
Schedule of Employee Benefit Trust Shares [Table Text Block] | 2015 2014 Shares owned by Employee Benefit Trust, beginning balance 800,950 913,792 Shares purchased 22,102 23,717 Shares released and allocated (147,616 ) (136,559 ) Shares owned by Employee Benefit Trust, ending balance 675,436 800,950 Market value of unallocated shares. $ 14,616,435 $ 16,235,257 |
Retirement Plan [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) [Line Items] | |
Schedule of Net Funded Status [Table Text Block] | 2015 2014 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 24,097 $ 19,740 Interest cost 889 891 Actuarial (gain) loss (1,208 ) 4,446 Benefits paid (1,014 ) (980 ) Projected benefit obligation at end of year 22,764 24,097 Change in plan assets: Market value of assets at beginning of year 20,509 20,496 Actual return on plan assets 429 993 Benefits paid (1,014 ) (980 ) Market value of plan assets at end of year 19,924 20,509 Accrued pension liability included in other liabilities $ (2,840 ) $ (3,588 ) |
Schedule of Net Benefit Costs [Table Text Block] | 2015 2014 2013 (In thousands) Interest cost $ 889 $ 891 $ 827 Amortization of unrecognized loss 1,112 759 1,222 Expected return on plan assets (1,400 ) (1,344 ) (1,261 ) Net pension expense (benefit) 601 306 788 Current year actuarial (gain) loss (237 ) 4,798 (4,722 ) Amortization of actuarial loss (1,112 ) (759 ) (1,222 ) Total recognized in other comprehensive income (1,349 ) 4,039 (5,944 ) Total recognized in net pension cost (benefit) and other comprehensive income $ (748 ) $ 4,345 $ (5,156 ) |
Schedule of Expected Benefit Payments [Table Text Block] | For the years ending December 31: Future Benefit (In thousands) 2016 $ 1,172 2017 1,184 2018 1,177 2019 1,192 2020 1,193 2021 – 2025 6,502 |
Assumptions for the Retirement Plan's Benefit Obligations [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 Weighted average discount rate 4.06 % 3.76 % Rate of increase in future compensation levels n/a n/a Expected long-term rate of return on assets 7.25 % 7.50 % |
Assumptions for Periodic Pension Benefit for the Retirement Plan [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 2013 Weighted average discount rate 3.76 % 4.60 % 3.75 % Rate of increase in future compensation levels n/a n/a n/a Expected long-term rate of return on assets 7.50 % 7.50 % 7.50 % |
Postretirement Plans [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) [Line Items] | |
Schedule of Net Funded Status [Table Text Block] | 2015 2014 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 8,073 $ 5,586 Service cost 382 358 Interest cost 300 253 Actuarial loss (gain) (715 ) 1,925 Benefits paid (63 ) (49 ) Projected benefit obligation at end of year 7,977 8,073 Change in plan assets: Market value of assets at beginning of year - - Employer contributions 63 49 Benefits paid (63 ) (49 ) Market value of plan assets at end of year - - Accrued pension cost included in other liabilities $ (7,977 ) $ (8,073 ) |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 2013 Rate of return on plan assets n/a n/a n/a Discount rate 3.76 % 4.60 % 3.75 % Rate of increase in health care costs Initial 8.00 % 9.00 % 10.00 % Ultimate (year 2018) 5.00 % 5.00 % 5.00 % Annual rate of salary increase for life insurance n/a n/a n/a |
Schedule of Expected Benefit Payments [Table Text Block] | For the years ending December 31: Future Benefit (In thousands) 2016 $ 189 2017 229 2018 255 2019 280 2020 263 2021 – 2025 1,524 |
Directors' Plan [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) [Line Items] | |
Schedule of Net Funded Status [Table Text Block] | 2015 2014 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 2,663 $ 2,666 Service cost 45 54 Interest cost 95 116 Actuarial gain (129 ) (53 ) Benefits paid (144 ) (120 ) Projected benefit obligation at end of year 2,530 2,663 Change in plan assets: Market value of assets at beginning of year - - Employer contributions 144 120 Benefits paid (144 ) (120 ) Market value of plan assets at end of year - - Accrued pension cost included in other liabilities $ (2,530 ) $ (2,663 ) |
Schedule of Net Benefit Costs [Table Text Block] | 2015 2014 2013 (In thousands) Service cost $ 45 $ 54 $ 82 Interest cost 95 116 98 Amortization of unrecognized gain (56 ) (60 ) (36 ) Amortization of past service liability 40 40 40 Net pension expense 124 150 184 Current actuarial gain (130 ) (52 ) (122 ) Amortization of actuarial gain 56 60 36 Amortization of prior service cost (40 ) (40 ) (40 ) Total recognized in other comprehensive income (114 ) (32 ) (126 ) Total recognized in net pension expense and other comprehensive income $ 10 $ 118 $ 58 |
Schedule of Expected Benefit Payments [Table Text Block] | For the years ending December 31: Future Benefit (In thousands) 2016 $ 288 2017 288 2018 272 2019 288 2020 288 2021 – 2025 1,244 |
Assumptions Used to Determine Benefit Obligations and Periodic Pension Expense for the Directors' Plan [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 2013 Weighted average discount rate for the benefit obligation 4.06 % 3.76 % 4.60 % Weighted average discount rate for periodic pension benefit expense 3.76 % 4.60 % 3.75 % Rate of increase in future compensation levels n/a n/a n/a |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2015 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 3,392 $ (6,299 ) $ (2,907 ) Other comprehensive income (loss) before reclassifications, net of tax (3,818 ) 615 (3,203 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (95 ) 643 548 Net current period other comprehensive income (loss), net of tax (3,913 ) 1,258 (2,655 ) Ending balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) December 31, 2014 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (8,522 ) $ (2,853 ) $ (11,375 ) Other comprehensive income (loss) before reclassifications, net of tax 13,548 (3,790 ) 9,758 Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1,634 ) 344 (1,290 ) Net current period other comprehensive income (loss), net of tax 11,914 (3,446 ) 8,468 Ending balance, net of tax $ 3,392 $ (6,299 ) $ (2,907 ) December 31, 2013 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 18,921 $ (6,784 ) $ 12,137 Other comprehensive income before reclassifications, net of tax (26,541 ) 3,261 (23,280 ) Amounts reclassified from accumulated other comprehensive income, net of tax (902 ) 670 (232 ) Net current period other comprehensive income, net of tax (27,443 ) 3,931 (23,512 ) Ending balance, net of tax $ (8,522 ) $ (2,853 ) $ (11,375 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ 167 Net gain on sale of securities (72 ) Tax expense $ 95 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (1,178 )(1) Other operating expense Prior service credits 46 (1) Other operating expense (1,132 ) Total before tax 489 Tax benefit $ (643 ) Net of tax Details about Accumulated Other Amounts Reclassified Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ 2,875 Net gain on sale of securities (1,241 ) Tax expense $ 1,634 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (700 )(1) Other operating expense Prior service credits 45 (1) Other operating expense (655 ) Total before tax 311 Tax benefit $ (344 ) Net of tax Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ 3,021 Net gain on sale of securities (1,321 ) Tax expense $ 1,700 Net of tax OTTI charges $ (1,419 ) OTTI charge 621 Tax benefit $ (798 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (1,237 )(1) Other operating expense Prior service credits 46 (1) Other operating expense (1,191 ) Total before tax 521 Tax benefit $ (670 ) Net of tax |
Note 14 - Regulatory Capital (T
Note 14 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | December 31, 2015 December 31, 2014 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 494,690 8.89 % $ 472,251 9.63 % Requirement to be well capitalized 278,175 5.00 245,254 5.00 Excess 216,515 3.89 226,997 4.63 Common Equity Tier I risk-based capital: Capital level $ 494,690 12.62 % n/a n/a Requirement to be well capitalized 254,768 6.50 n/a n/a Excess 239,922 6.12 n/a n/a Tier I risk-based capital: Capital level $ 494,690 12.62 % $ 472,251 13.87 % Requirement to be well capitalized 313,560 8.00 204,354 6.00 Excess 181,130 4.62 267,897 7.87 Total risk-based capital: Capital level $ 516,226 13.17 % $ 497,347 14.60 % Requirement to be well capitalized 391,950 10.00 340,589 10.00 Excess 124,276 3.17 156,758 4.60 December 31, 2015 December 31, 2014 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 490,919 8.84 % $ 471,233 9.62 % Requirement to be well capitalized 277,611 5.00 244,960 5.00 Excess 213,308 3.84 226,273 4.62 Common Equity Tier I risk-based capital: Capital level $ 462,883 11.83 % n/a n/a Requirement to be well capitalized 254,335 6.50 n/a n/a Excess 208,548 5.33 n/a n/a Tier I risk-based capital: Capital level $ 490,919 12.55 % $ 471,233 13.87 % Requirement to be well capitalized 313,028 8.00 203,878 6.00 Excess 177,891 4.55 267,355 7.87 Total risk-based capital: Capital level $ 512,454 13.10 % $ 496,329 14.61 % Requirement to be well capitalized 391,285 10.00 339,797 10.00 Excess 121,169 3.10 156,532 4.61 |
Note 15 - Commitments and Con45
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | Minimum Rental (In thousands) Years ended December 31: 2016 $ 4,516 2017 4,383 2018 4,448 2019 5,332 2020 5,357 Thereafter 25,502 Total minimum payments required $ 49,538 |
Note 18 - Fair Value of Finan46
Note 18 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 18 - Fair Value of Financial Instruments (Tables) [Line Items] | |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at December 31, at December 31, For the year ended December 31, Description 2015 2014 2015 2014 2013 (Dollars in thousands) Mortgage-backed securities $ 2,527 $ 4,678 $ (59 ) $ 75 $ (725 ) Other securities 28,205 27,915 53 598 241 Borrowed funds 29,018 28,771 (238 ) 802 (5,651 ) Net gain (loss) from fair value adjustments (1) $ (244 ) $ 1,475 $ (6,135 ) |
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 Assets: Securities available for sale Mortgage-backed Securities $ - $ - $ 668,740 $ 704,933 $ - $ - $ 668,740 $ 704,933 Other securities - - 317,445 245,768 7,212 22,609 324,657 268,377 Interest rate swaps - - 48 84 - - 48 84 Total assets $ - $ - $ 986,233 $ 950,785 $ 7,212 $ 22,609 $ 993,445 $ 973,394 Liabilities: Borrowings $ - $ - $ - $ - $ 29,018 $ 28,771 $ 29,018 $ 28,771 Interest rate swaps - - 4,314 2,649 - - 4,314 2,649 Total liabilities $ - $ - $ 4,314 $ 2,649 $ 29,018 $ 28,771 $ 33,332 $ 31,420 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the year ended December 31, 2015 Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 15,519 $ 7,090 $ 28,771 Transfers to held-to-maturity (4,510 ) - - Purchases 1,000 - - Principal repayments (8,009 ) - - Maturities (4,000 ) - - Sales - - - Net gain from fair value adjustment of financial assets (1) - 117 - Net loss from fair value adjustment of financial liabilities (1) - - 238 Increase in accrued interest payable - - 9 Change in unrealized gains included in other comprehensive income - 5 - Ending balance $ - $ 7,212 $ 29,018 Changes in unrealized held at period end $ - $ 5 $ - For the year ended December 31, 2014 Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 9,223 $ 14,935 $ 29,570 Purchases 7,595 - - Principal repayments (214 ) - - Maturities (1,085 ) - - Sales - (11,133 ) - Net gain from fair value adjustment of financial assets (1) - 71 - Net gain from fair value adjustment of financial liabilities (1) - - (801 ) Increase in accrued interest payable - - 2 Change in unrealized gains included in other comprehensive income - 3,217 - Ending balance $ 15,519 $ 7,090 $ 28,771 Changes in unrealized held at period end $ - $ 3,217 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices Significant Other Significant Other Total carried at fair value 2015 2014 2015 2014 2015 2014 2015 2014 Assets: Impaired loans $ - $ - $ - $ - $ 15,360 $ 22,174 $ 15,360 $ 22,174 Other real estate owned - - - - 4,932 6,326 4,932 6,326 Total assets $ - $ - $ - $ - $ 20,292 $ 28,500 $ 20,292 $ 28,500 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2015 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets: Cash and due from banks $ 42,363 $ 42,363 $ 42,363 $ - $ - Securities held-to-maturity Other securities 6,180 6,180 - - 6,180 Securities available for sale Mortgage-backed securities 668,740 668,740 - 668,740 - Other securities 324,657 324,657 - 317,445 7,212 Loans 4,387,979 4,434,079 - - 4,434,079 FHLB-NY stock 56,066 56,066 - 56,066 - Interest rate swaps 48 48 - 48 - Total assets $ 5,486,033 $ 5,532,133 $ 42,363 $ 1,042,299 $ 4,447,471 Liabilities: Deposits $ 3,892,547 $ 3,902,888 $ 2,489,245 $ 1,413,643 $ - Borrowings 1,271,676 1,279,946 - 1,250,928 29,018 Interest rate swaps 4,314 4,314 - 4,314 - Total liabilities $ 5,168,537 $ 5,187,148 $ 2,489,245 $ 2,668,885 $ 29,018 December 31, 2014 Carrying Fair Level 1 Level 2 Level 3 (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 |
Fair Value, Measurements, Recurring [Member] | |
Note 18 - Fair Value of Financial Instruments (Tables) [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,212 Discounted cash flows Discount rate 7.0% - 7.07% 7.1 % Liabilities: Junior subordinated debentures $ 29,018 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, Measurements, Nonrecurring [Member] | |
Note 18 - Fair Value of Financial Instruments (Tables) [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 3,878 Income approach Capitalization rate 7.3% to 8.5% 7.7 % Loss severity discount 15.0% 15.0 % Impaired loans $ 5,555 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 40.0% -2.2 % Loss severity discount 15.0% 15.0 % Impaired loans $ 5,927 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 25.0% -2.2 % Capitalization rate 5.3% to 9.0% 7.0 % Loss severity discount 5.2% to 15.0% 13.7 % Other real estate owned $ 3,750 Income approach Capitalization rate 9.0% 9.0 % Other real estate owned $ 366 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -5.0% to 25.0% 12.0 % Other real estate owned $ 816 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -10.0% to 15.0% 2.5 % Capitalization rate 8.6% 8.6 % 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 % |
Note 19 - Derivative Financia47
Note 19 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | At or for the year ended December 31, 2015 Notional Net Carrying (1) (In thousands) Interest rate swaps (non-hedge) $ 36,321 $ (2,799 ) Interest rate swaps (hedge) 28,588 48 Interest rate swaps (hedge) 99,955 (1,515 ) Total derivatives $ 164,864 $ (4,266 ) At or for the year ended December 31, 2014 Notional Net Carrying (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 year ended (In thousands) 2015 2014 2013 Financial Derivatives: Interest rate caps (non-hedge) $ - $ - $ (18 ) Interest rate swaps (non-hedge) (561 ) (3,919 ) 3,603 Interest rate swaps (hedge) (1,036 ) (124 ) 29 Net Gain (loss) (1) $ (1,597 ) $ (4,043 ) $ 3,614 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, 2015 Gross Amounts Not Offset in the (In thousands) Gross Amount of Gross Amount Offset in Net Amount of Assets Financial Cash Collateral Net Amount Interest rate swaps $ 48 $ - $ 48 $ 48 $ - $ - December 31, 2014 Gross Amounts Not Offset in the (In thousands) Gross Amount of Gross Amount Offset in Net Amount of Assets Financial Cash Collateral Net Amount Interest rate swaps $ 84 $ - $ 84 $ 84 $ - $ - December 31, 2015 Gross Amounts Not Offset in the (In thousands) Gross Amount of Gross Amount Offset in Net Amount of Liabilities Financial Cash Collateral Net Amount Interest rate swaps $ 4,314 $ - $ 4,314 $ 48 $ 4,266 $ - December 31, 2014 Gross Amounts Not Offset in the (In thousands) Gross Amount of Gross Amount Offset in Net Amount of Liabilities Financial Cash Collateral Net Amount Interest rate swaps $ 2,649 $ - $ 2,649 $ 84 $ 2,565 $ - |
Note 21 - Quarterly Financial48
Note 21 - Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 2014 4th 3rd 2nd 1st 4th 3rd 2nd 1st (In thousands, except per share data) Quarterly operating data: Interest income $ 52,468 $ 51,913 $ 50,222 $ 49,543 $ 49,171 $ 49,177 $ 49,569 $ 49,211 Interest expense 13,052 12,603 12,082 11,989 12,057 17,220 12,740 12,724 Net interest income 39,416 39,310 38,140 37,554 37,114 31,957 36,829 36,487 Provision (benefit) for loan losses 664 (370 ) (516 ) (734 ) (3,192 ) (618 ) (1,092 ) (1,119 ) Other operating income 2,145 1,697 9,947 1,930 (576 ) 7,123 1,986 1,710 Other operating expense 23,824 23,708 24,248 25,939 21,685 21,437 20,624 22,093 Income before income tax expense 17,073 17,669 24,355 14,279 18,045 18,261 19,283 17,223 Income tax expense 5,439 6,661 9,521 5,546 6,988 7,060 7,598 6,927 Net income $ 11,634 $ 11,008 $ 14,834 $ 8,733 $ 11,057 $ 11,201 $ 11,685 $ 10,296 Basic earnings per common share $ 0.40 $ 0.38 $ 0.51 $ 0.30 $ 0.38 $ 0.38 $ 0.39 $ 0.34 Diluted earnings per common share $ 0.40 $ 0.38 $ 0.51 $ 0.30 $ 0.38 $ 0.38 $ 0.39 $ 0.34 Dividends per common share $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.15 $ 0.15 $ 0.15 $ 0.15 Average common shares outstanding for: Basic earnings per share 28,862 28,927 29,246 29,397 29,343 29,772 30,059 29,984 Diluted earnings per share 28,879 28,946 29,268 29,419 29,366 29,796 30,090 30,022 |
Note 22 - Parent Company Only49
Note 22 - Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Statements of Financial Condition December 31, December 31, (Dollars in thousands) Assets: Cash and due from banks $ 5,654 $ 7,749 Securities available for sale: Other securities ($872 and $864 at fair value pursuant to the fair value option at December 31, 2015 and 2014, respectively) 1,170 1,156 Interest receivable 4 4 Investment in subsidiaries 502,798 482,996 Goodwill 2,185 2,185 Other assets 4,251 4,402 Total assets $ 516,062 $ 498,492 Liabilities: Borrowings (at fair value pursuant to the fair value option at December 31, 2015 and 2014) $ 29,018 $ 28,770 Other liabilities 13,977 13,475 Total liabilities 42,995 42,245 Stockholders' Equity: Preferred stock - - Common stock 315 315 Additional paid-in capital 210,652 206,437 Treasury stock, at average cost (2,700,037 shares and 2,126,772 at December 31, 2015 and 2014, respectively) (48,868 ) (37,221 ) Retained earnings 316,530 289,623 Accumulated other comprehensive loss, net of taxes (5,562 ) (2,907 ) Total equity 473,067 456,247 Total liabilities and equity $ 516,062 $ 498,492 |
Condensed Income Statement [Table Text Block] | For the years ended December 31, Condensed Statements of Income 2015 2014 2013 (In thousands) Dividends from the Bank $ 26,000 $ 20,000 $ 20,000 Interest income 242 512 590 Interest expense (1,075 ) (1,039 ) (1,066 ) Gain on sale of securities - - 17 Net gain (loss) from fair value adjustments (231 ) 779 (5,475 ) Other operating expenses (1,298 ) (786 ) (621 ) Income before taxes and equity in undistributed earnings of subsidiary 23,638 19,466 13,445 Income tax benefit 687 668 2,857 Income before equity in undistributed earnings of subsidiary 24,325 20,134 16,302 Equity in undistributed earnings of the Bank 21,884 24,105 21,450 Net income 46,209 44,239 37,752 Other comprehensive (loss) income, net of tax (2,655 ) 8,468 (23,512 ) Comprehensive income $ 43,554 $ 52,707 $ 14,240 |
Condensed Cash Flow Statement [Table Text Block] | For the years ended December 31, Condensed Statements of Cash Flows 2015 2014 2013 (In thousands) Operating activities: Net income $ 46,209 $ 44,239 $ 37,752 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the Bank (21,884 ) (24,105 ) (21,450 ) Net gain on sale of securities - - (17 ) Deferred income tax (benefit) provision 575 17 (2,348 ) Fair value adjustments for financial assets and financial liabilities 231 (779 ) 5,475 Stock based compensation expense 4,676 4,246 3,068 Net change in operating assets and liabilities 2,174 2,088 1,746 Net cash provided by operating activities 31,981 25,706 24,226 Investing activities: Purchases of securities available for sale - (22 ) (23 ) Proceeds from sales and calls of securities available for sale - 1,699 517 Net cash provided by investing activities - 1,677 494 Financing activities: Purchase of treasury stock (15,605 ) (18,872 ) (14,151 ) Cash dividends paid (18,616 ) (17,852 ) (15,618 ) Stock options exercised 145 565 533 Net cash used in financing activities (34,076 ) (36,159 ) (29,236 ) Net decrease in cash and cash equivalents (2,095 ) (8,776 ) (4,516 ) Cash and cash equivalents, beginning of year 7,749 16,525 21,041 Cash and cash equivalents, end of year $ 5,654 $ 7,749 $ 16,525 |
Note 2 - Summary of Significa50
Note 2 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012USD ($) | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 42,363,000 | $ 34,265,000 | $ 33,485,000 | $ 40,425,000 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 32,800,000 | 23,000,000 | ||
Cash Reserve Deposit Required and Made | 9,900,000 | 7,500,000 | ||
Goodwill, Impairment Loss | 0 | |||
Goodwill | $ 16,127,000 | 16,127,000 | ||
Number of Loan Portfolios | 2 | |||
Fair Value, Collateral Dependent Loans, Percentage of Appraised or Internally Estimated Value of Property | 85.00% | |||
Amount of Collateral Dependent Impaired Loans Measured For Impairment By Utilizing Third Party Appraisals | $ 26,800,000 | |||
Percentage of Collateral Dependent Impaired Loans Measured for Impairment by Utilizing Third Party Appraisals | 76.10% | |||
Amount of Collateral Dependent Impaired Loans Measured For Impairment Using Internal Evaluations | $ 8,400,000 | |||
Percentage of Collateral Dependent Impaired Loans Measured for Impairment Using Internal Evaluations | 23.90% | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | $ 0 | 0 | ||
Advertising Expense | $ 2,100,000 | $ 1,800,000 | $ 1,900,000 | |
Employee Stock Option [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | shares | 151,900 | |||
Antidilutive Options Excluded from Computation of Earnings Per Share [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 18.55 | |||
Employee Stock Option [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | shares | 0 | 0 | ||
Minimum [Member] | Bank Premises and Equipment [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | Bank Premises and Equipment [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years |
Note 2 - Summary of Significa51
Note 2 - Summary of Significant Accounting Policies (Details) - Earnings Per Common Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Common Share [Abstract] | |||||||||||
Net income, as reported (in Dollars) | $ 11,634 | $ 11,008 | $ 14,834 | $ 8,733 | $ 11,057 | $ 11,201 | $ 11,685 | $ 10,296 | $ 46,209 | $ 44,239 | $ 37,752 |
Divided by: | |||||||||||
Weighted average common shares outstanding | 28,862 | 28,927 | 29,246 | 29,397 | 29,343 | 29,772 | 30,059 | 29,984 | 29,106 | 29,788 | 30,047 |
Weighted average common stock equivalents | 20 | 29 | 26 | ||||||||
Total weighted average common shares outstanding and common stock equivalents | 28,879 | 28,946 | 29,268 | 29,419 | 29,366 | 29,796 | 30,090 | 30,022 | 29,126 | 29,817 | 30,073 |
Basic earnings per common share (in Dollars per share) | $ 0.40 | $ 0.38 | $ 0.51 | $ 0.30 | $ 0.38 | $ 0.38 | $ 0.39 | $ 0.34 | $ 1.59 | $ 1.49 | $ 1.26 |
Diluted earnings per common share (in Dollars per share) | $ 0.40 | $ 0.38 | $ 0.51 | $ 0.30 | $ 0.38 | $ 0.38 | $ 0.39 | $ 0.34 | $ 1.59 | $ 1.48 | $ 1.26 |
Dividend Payout ratio | 40.30% | 40.30% | 41.30% |
Note 3 - Loans and Allowance 52
Note 3 - Loans and Allowance for Loan Losses (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Note 3 - Loans and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 0 | 6 |
Financing Receivable Modification Number of Contracts Paid in Full | 2 | ||
Performing Financial Instruments [Member] | |||
Note 3 - Loans and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Re-modifications, Number of Contracts | 1 | ||
Financing Receivable, Re-modifications, Recorded Investment, Additional Advancement (in Dollars) | $ 28,000 | ||
Financing Receivable, Modifications, Number of Contracts | 24 | 25 | |
Financing Receivable, Modifications, Recorded Investment (in Dollars) | $ 9,509,000 | $ 10,391,000 | |
Nonperforming Financial Instruments [Member] | |||
Note 3 - Loans and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 3 | |
Financing Receivable, Modifications, Recorded Investment (in Dollars) | $ 400,000 | $ 2,700,000 | |
Multi-family Residential Property and Commercial Real Estate and Commerical Business and Other Loans [Member] | |||
Note 3 - Loans and Allowance for Loan Losses (Details) [Line Items] | |||
Loan Origination, Underwriting Requirements, Minimum Debt Service Coverage | 125.00% | ||
Loan Origination, Value, Maximum Percentage | 75.00% | ||
Multi-family Residential Property and Commercial Real Estate and Commerical Business and Other Loans [Member] | Gross Loans [Member] | Credit Concentration Risk [Member] | |||
Note 3 - Loans and Allowance for Loan Losses (Details) [Line Items] | |||
Concentration Risk, Percentage | 81.50% |
Note 3 - Loans and Allowance 53
Note 3 - Loans and Allowance for Loan Losses (Details) - The Composition of Loans is as Follows - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 4,372,611 | $ 3,798,654 |
Net unamortized premiums and unearned loan fees | 15,368 | 11,719 |
Total loans | 4,387,979 | 3,810,373 |
Multi-Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,055,228 | 1,923,460 |
Commercial Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,001,236 | 621,569 |
One-To-Four Family - Mixed-Use Property [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 573,043 | 573,779 |
One-To-Four Family - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 187,838 | 187,572 |
Co-Operative Apartments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,285 | 9,835 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,284 | 5,286 |
Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 12,194 | 7,134 |
Taxi Medallion [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,881 | 22,519 |
Commercial Business And Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 506,622 | $ 447,500 |
Note 3 - Loans and Allowance 54
Note 3 - Loans and Allowance for Loan Losses (Details) - Loans Modified and Classified as TDR $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014 | Dec. 31, 2013USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Number | 1 | 0 | 6 |
Balance | $ 41 | $ 2,048 | |
Small Business Administration Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number | 1 | ||
Balance | $ 41 | ||
Multi-family Residential Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number | 2 | ||
Balance | $ 698 | ||
Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number | 1 | ||
Balance | $ 273 | ||
One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number | 1 | ||
Balance | $ 390 | ||
Commercial Business and Other Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number | 2 | ||
Balance | $ 687 |
Note 3 - Loans and Allowance 55
Note 3 - Loans and Allowance for Loan Losses (Details) - Troubled Debt Restructurings That Are Performing According to Their Restructured Terms $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 1 | 0 | 6 |
Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 24 | 25 | |
Recorded investment | $ 9,509 | $ 10,391 | |
Performing Financial Instruments [Member] | Multi-family Residential Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 9 | 10 | |
Recorded investment | $ 2,626 | $ 3,034 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 3 | 3 | |
Recorded investment | $ 2,371 | $ 2,373 | |
Performing Financial Instruments [Member] | One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 6 | 7 | |
Recorded investment | $ 2,052 | $ 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 | $ 343 | $ 354 | |
Performing Financial Instruments [Member] | Small Business Administration Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 1 | ||
Recorded investment | $ 34 | ||
Performing Financial Instruments [Member] | Commercial Business and Other Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 4 | 4 | |
Recorded investment | $ 2,083 | $ 2,249 |
Note 3 - Loans and Allowance 56
Note 3 - Loans and Allowance for Loan Losses (Details) - Troubled Debt Restructurings That Are Not Performing According to Their Restructured Terms - Nonperforming Financial Instruments [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 2 |
Recorded investment | $ 391 | $ 2,439 |
Multi-family Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | |
Recorded investment | $ 391 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | |
Recorded investment | $ 2,252 | |
One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | |
Recorded investment | $ 187 |
Note 3 - Loans and Allowance 57
Note 3 - Loans and Allowance for Loan Losses (Details) - Non-performing Loans - Nonperforming Financial Instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans ninety days or more past due and still accruing: | ||
Loans ninety days or more past due and still accruing | $ 3,260 | $ 2,301 |
Non-accrual mortgage loans: | ||
Non-accrual loans | 22,817 | 31,890 |
Total non-accrual loans and ninety days or more past due and still accruing | 26,077 | 34,191 |
Mortgage Receivable [Member] | ||
Non-accrual mortgage loans: | ||
Non-accrual loans | 22,031 | 30,747 |
Non-mortgage Receivables [Member] | ||
Non-accrual mortgage loans: | ||
Non-accrual loans | 786 | 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 | 233 | 676 |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual mortgage loans: | ||
Non-accrual loans | 3,561 | 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 | 1,183 | 820 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual mortgage loans: | ||
Non-accrual loans | 2,398 | 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 | 611 | 405 |
One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual mortgage loans: | ||
Non-accrual loans | 5,952 | 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] | ||
Non-accrual mortgage loans: | ||
Non-accrual loans | 10,120 | 11,244 |
Construction Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Loans ninety days or more past due and still accruing | 1,000 | |
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 | 220 | 386 |
Commercial Business and Other Portfolio Segment [Member] | Non-mortgage Receivables [Member] | ||
Non-accrual mortgage loans: | ||
Non-accrual loans | 568 | $ 1,143 |
Small Business Administration Portfolio Segment [Member] | Non-mortgage Receivables [Member] | ||
Non-accrual mortgage loans: | ||
Non-accrual loans | $ 218 |
Note 3 - Loans and Allowance 58
Note 3 - Loans and Allowance for Loan Losses (Details) - Summary of Interest Foregone on Non-Accrual Loans and Loans Classified as TDR - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 2,387 | $ 2,919 | $ 4,656 |
Less: Interest income included in the results of operations | 702 | 796 | 1,213 |
Total foregone interest | $ 1,685 | $ 2,123 | $ 3,443 |
Note 3 - Loans and Allowance 59
Note 3 - Loans and Allowance for Loan Losses (Details) - Age Analysis of Recorded Investment in Loans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 53,062 | $ 66,399 |
Current | 4,319,549 | 3,732,255 |
Total Loans | 4,372,611 | 3,798,654 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 25,174 | 24,588 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,371 | 8,615 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 25,517 | 33,196 |
Multi-family Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 14,019 | 17,004 |
Current | 2,041,209 | 1,906,456 |
Total Loans | 2,055,228 | 1,923,460 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 9,421 | 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] | ||
Past Due | 804 | 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] | ||
Past Due | 3,794 | 7,554 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 6,553 | 10,025 |
Current | 994,683 | 611,544 |
Total Loans | 1,001,236 | 621,569 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,820 | 1,612 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 153 | 1,903 |
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] | ||
Past Due | 3,580 | 6,510 |
One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 16,451 | 18,903 |
Current | 556,592 | 554,876 |
Total Loans | 573,043 | 573,779 |
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] | ||
Past Due | 8,630 | 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] | ||
Past Due | 1,258 | 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] | ||
Past Due | 6,563 | 7,341 |
One-to-Four Family Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 14,549 | 15,046 |
Current | 173,289 | 172,526 |
Total Loans | 187,838 | 187,572 |
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] | ||
Past Due | 4,261 | 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] | ||
Past Due | 154 | 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] | ||
Past Due | 10,134 | 11,051 |
Co-oerative Apartments Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,285 | 9,835 |
Total Loans | 8,285 | 9,835 |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,000 | 3,000 |
Current | 6,284 | 2,286 |
Total Loans | 7,284 | 5,286 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,000 | |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,000 | |
Small Business Administration Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 260 | 90 |
Current | 11,934 | 7,044 |
Total Loans | 12,194 | 7,134 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 42 | 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] | ||
Past Due | 218 | |
Tax Medallion Portflio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 20,881 | 22,519 |
Total Loans | 20,881 | 22,519 |
Commercial Business and Other Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 230 | 2,331 |
Current | 506,392 | 445,169 |
Total Loans | 506,622 | 447,500 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 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] | ||
Past Due | 2 | 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] | ||
Past Due | $ 228 | $ 740 |
Note 3 - Loans and Allowance 60
Note 3 - Loans and Allowance for Loan Losses (Details) - Activity in the Allowance for Loan Losses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for credit losses: | |||
Allowance for credit losses - balance | $ 25,096 | $ 31,776 | $ 31,104 |
Allowance for credit losses - balance | 21,535 | 25,096 | 31,776 |
Ending balance: individually evaluated for impairment | 1,430 | 1,094 | 1,648 |
Ending balance: collectively evaluated for impairment | 20,105 | 24,002 | 30,128 |
Charge-off's | (3,845) | (2,442) | (14,843) |
Recoveries | 1,240 | 1,783 | 1,580 |
Provision | (956) | (6,021) | 13,935 |
Financing Receivables: | |||
Ending Balance | 4,372,611 | 3,798,654 | |
Ending balance: individually evaluated for impairment | 47,800 | 56,515 | |
Ending balance: collectively evaluated for impairment | 4,324,811 | 3,742,139 | |
Multi-family Residential Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 8,827 | 12,084 | 13,001 |
Allowance for credit losses - balance | 6,718 | 8,827 | 12,084 |
Ending balance: individually evaluated for impairment | 252 | 286 | 312 |
Ending balance: collectively evaluated for impairment | 6,466 | 8,541 | 11,772 |
Charge-off's | (474) | (1,161) | (3,585) |
Recoveries | 269 | 150 | 541 |
Provision | (1,904) | (2,246) | 2,127 |
Financing Receivables: | |||
Ending Balance | 2,055,228 | 1,923,460 | |
Ending balance: individually evaluated for impairment | 8,047 | 13,260 | |
Ending balance: collectively evaluated for impairment | 2,047,181 | 1,910,200 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 4,202 | 4,959 | 5,705 |
Allowance for credit losses - balance | 4,239 | 4,202 | 4,959 |
Ending balance: individually evaluated for impairment | 180 | 21 | 164 |
Ending balance: collectively evaluated for impairment | 4,059 | 4,181 | 4,795 |
Charge-off's | (32) | (325) | (1,051) |
Recoveries | 168 | 481 | 324 |
Provision | (99) | (913) | (19) |
Financing Receivables: | |||
Ending Balance | 1,001,236 | 621,569 | |
Ending balance: individually evaluated for impairment | 6,183 | 9,473 | |
Ending balance: collectively evaluated for impairment | 995,053 | 612,096 | |
One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 5,840 | 6,328 | 5,960 |
Allowance for credit losses - balance | 4,227 | 5,840 | 6,328 |
Ending balance: individually evaluated for impairment | 502 | 579 | 875 |
Ending balance: collectively evaluated for impairment | 3,725 | 5,261 | 5,453 |
Charge-off's | (592) | (423) | (4,206) |
Recoveries | 76 | 608 | 266 |
Provision | (1,097) | (673) | 4,308 |
Financing Receivables: | |||
Ending Balance | 573,043 | 573,779 | |
Ending balance: individually evaluated for impairment | 12,828 | 15,120 | |
Ending balance: collectively evaluated for impairment | 560,215 | 558,659 | |
One-to-Four Family Residential Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 1,690 | 2,079 | 1,999 |
Allowance for credit losses - balance | 1,227 | 1,690 | 2,079 |
Ending balance: individually evaluated for impairment | 51 | 54 | 58 |
Ending balance: collectively evaluated for impairment | 1,176 | 1,636 | 2,021 |
Charge-off's | (342) | (103) | (701) |
Recoveries | 375 | 269 | 272 |
Provision | (496) | (555) | 509 |
Financing Receivables: | |||
Ending Balance | 187,838 | 187,572 | |
Ending balance: individually evaluated for impairment | 12,598 | 13,170 | |
Ending balance: collectively evaluated for impairment | 175,240 | 174,402 | |
Co-oerative Apartments Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 104 | 46 | |
Allowance for credit losses - balance | 104 | ||
Ending balance: collectively evaluated for impairment | 104 | ||
Charge-off's | (108) | ||
Recoveries | 7 | 4 | |
Provision | (111) | 162 | |
Financing Receivables: | |||
Ending Balance | 8,285 | 9,835 | |
Ending balance: collectively evaluated for impairment | 8,285 | 9,835 | |
Construction Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 42 | 444 | 66 |
Allowance for credit losses - balance | 50 | 42 | 444 |
Ending balance: individually evaluated for impairment | 17 | ||
Ending balance: collectively evaluated for impairment | 50 | 42 | 427 |
Charge-off's | (2,678) | ||
Provision | 8 | (402) | 3,056 |
Financing Receivables: | |||
Ending Balance | 7,284 | 5,286 | |
Ending balance: individually evaluated for impairment | 1,000 | ||
Ending balance: collectively evaluated for impairment | 6,284 | 5,286 | |
Small Business Administration Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 279 | 458 | 505 |
Allowance for credit losses - balance | 262 | 279 | 458 |
Ending balance: collectively evaluated for impairment | 262 | 279 | 458 |
Charge-off's | (34) | (49) | (457) |
Recoveries | 40 | 92 | 87 |
Provision | (23) | (222) | 323 |
Financing Receivables: | |||
Ending Balance | 12,194 | 7,134 | |
Ending balance: individually evaluated for impairment | 310 | ||
Ending balance: collectively evaluated for impairment | 11,884 | 7,134 | |
Tax Medallion Portflio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 11 | 7 | |
Allowance for credit losses - balance | 343 | 11 | |
Ending balance: individually evaluated for impairment | 333 | ||
Ending balance: collectively evaluated for impairment | 10 | 11 | |
Provision | 332 | 11 | (7) |
Financing Receivables: | |||
Ending Balance | 20,881 | 22,519 | |
Ending balance: individually evaluated for impairment | 2,118 | ||
Ending balance: collectively evaluated for impairment | 18,763 | 22,519 | |
Commercial Business and Other Portfolio Segment [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses - balance | 4,205 | 5,320 | 3,815 |
Allowance for credit losses - balance | 4,469 | 4,205 | 5,320 |
Ending balance: individually evaluated for impairment | 112 | 154 | 222 |
Ending balance: collectively evaluated for impairment | 4,357 | 4,051 | 5,098 |
Charge-off's | (2,371) | (381) | (2,057) |
Recoveries | 312 | 176 | 86 |
Provision | 2,323 | (910) | $ 3,476 |
Financing Receivables: | |||
Ending Balance | 506,622 | 447,500 | |
Ending balance: individually evaluated for impairment | 4,716 | 5,492 | |
Ending balance: collectively evaluated for impairment | $ 501,906 | $ 442,008 |
Note 3 - Loans and Allowance 61
Note 3 - Loans and Allowance for Loan Losses (Details) - Impaired Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage loans: | |||
Recorded Investment, With no related allowance recorded | $ 35,849 | $ 45,203 | |
Unpaid Principal Balance, With no related allowance recorded | 42,582 | 51,011 | |
Average Recorded Investment, With no related allowance recorded | 41,105 | 55,077 | $ 80,141 |
Interest Income Recognized, With no related allowance recorded | 735 | 806 | 1,380 |
Mortgage loans: | |||
Recorded Investment, With an allowance recorded | 11,951 | 11,312 | |
Unpaid Principal Balance, With an allowance recorded | 11,951 | 11,312 | |
Related Allowance, With an allowance recorded | 1,430 | 1,094 | |
Average Recorded Investment, With an allowance recorded | 10,462 | 13,121 | 19,972 |
Interest Income Recognized, With an allowance recorded | 619 | 615 | 864 |
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 49,878 | 70,156 | |
Related Allowance, Total Impaired Loans | 1,430 | 1,094 | |
Multi-family Residential Portfolio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 9,782 | 16,720 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 5,633 | 12,553 | |
One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 14,077 | 17,753 | |
One-to-Four Family Residential Portfolio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 13,692 | 15,408 | |
Co-oerative Apartments Portfolio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 623 | ||
Construction Portfolio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 1,000 | ||
Small Business Administration Portfolio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 453 | 479 | |
Tax Medallion Portflio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 2,118 | ||
Commercial Business and Other Portfolio Segment [Member] | |||
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 3,123 | 6,620 | |
Mortgage Receivable [Member] | Multi-family Residential Portfolio Segment [Member] | |||
Mortgage loans: | |||
Recorded Investment, With no related allowance recorded | 5,742 | 10,481 | |
Unpaid Principal Balance, With no related allowance recorded | 6,410 | 11,551 | |
Average Recorded Investment, With no related allowance recorded | 8,285 | 14,168 | 22,091 |
Interest Income Recognized, With no related allowance recorded | 92 | 194 | 402 |
Mortgage loans: | |||
Recorded Investment, With an allowance recorded | 2,305 | 2,779 | |
Unpaid Principal Balance, With an allowance recorded | 2,305 | 2,779 | |
Related Allowance, With an allowance recorded | 252 | 286 | |
Average Recorded Investment, With an allowance recorded | 2,343 | 2,936 | 2,892 |
Interest Income Recognized, With an allowance recorded | 117 | 149 | 170 |
Total Impaired Loans: | |||
Related Allowance, Total Impaired Loans | 252 | 286 | |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Mortgage loans: | |||
Recorded Investment, With no related allowance recorded | 3,812 | 7,100 | |
Unpaid Principal Balance, With no related allowance recorded | 3,869 | 7,221 | |
Average Recorded Investment, With no related allowance recorded | 4,926 | 11,329 | 19,846 |
Interest Income Recognized, With no related allowance recorded | 7 | 51 | 266 |
Mortgage loans: | |||
Recorded Investment, With an allowance recorded | 2,371 | 2,373 | |
Unpaid Principal Balance, With an allowance recorded | 2,371 | 2,373 | |
Related Allowance, With an allowance recorded | 180 | 21 | |
Average Recorded Investment, With an allowance recorded | 997 | 3,242 | 6,388 |
Interest Income Recognized, With an allowance recorded | 167 | 167 | 194 |
Total Impaired Loans: | |||
Related Allowance, Total Impaired Loans | 180 | 21 | |
Mortgage Receivable [Member] | One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Mortgage loans: | |||
Recorded Investment, With no related allowance recorded | 10,082 | 12,027 | |
Unpaid Principal Balance, With no related allowance recorded | 11,335 | 13,381 | |
Average Recorded Investment, With no related allowance recorded | 10,295 | 12,852 | 13,916 |
Interest Income Recognized, With no related allowance recorded | 244 | 321 | 319 |
Mortgage loans: | |||
Recorded Investment, With an allowance recorded | 2,746 | 3,093 | |
Unpaid Principal Balance, With an allowance recorded | 2,746 | 3,093 | |
Related Allowance, With an allowance recorded | 502 | 579 | |
Average Recorded Investment, With an allowance recorded | 2,983 | 3,249 | 4,041 |
Interest Income Recognized, With an allowance recorded | 151 | 170 | 228 |
Total Impaired Loans: | |||
Related Allowance, Total Impaired Loans | 502 | 579 | |
Mortgage Receivable [Member] | One-to-Four Family Residential Portfolio Segment [Member] | |||
Mortgage loans: | |||
Recorded Investment, With no related allowance recorded | 12,255 | 12,816 | |
Unpaid Principal Balance, With no related allowance recorded | 14,345 | 15,709 | |
Average Recorded Investment, With no related allowance recorded | 12,985 | 13,015 | 14,529 |
Interest Income Recognized, With no related allowance recorded | 138 | 103 | 125 |
Mortgage loans: | |||
Recorded Investment, With an allowance recorded | 343 | 354 | |
Unpaid Principal Balance, With an allowance recorded | 343 | 354 | |
Related Allowance, With an allowance recorded | 51 | 54 | |
Average Recorded Investment, With an allowance recorded | 347 | 358 | 368 |
Interest Income Recognized, With an allowance recorded | 14 | 14 | 15 |
Total Impaired Loans: | |||
Related Allowance, Total Impaired Loans | 51 | 54 | |
Mortgage Receivable [Member] | Co-oerative Apartments Portfolio Segment [Member] | |||
Mortgage loans: | |||
Average Recorded Investment, With no related allowance recorded | 153 | 189 | |
Mortgage Receivable [Member] | Construction Portfolio Segment [Member] | |||
Mortgage loans: | |||
Recorded Investment, With no related allowance recorded | 1,000 | ||
Unpaid Principal Balance, With no related allowance recorded | 1,000 | ||
Average Recorded Investment, With no related allowance recorded | 250 | 285 | 4,014 |
Mortgage loans: | |||
Average Recorded Investment, With an allowance recorded | 187 | 1,929 | |
Interest Income Recognized, With an allowance recorded | 18 | ||
Non-Mortgage Loans [Member] | |||
Mortgage loans: | |||
Related Allowance, With an allowance recorded | 445 | 154 | |
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 7,144 | 5,492 | |
Unpaid Principal Balance, Total Impaired Loans | 9,809 | 5,862 | |
Related Allowance, Total Impaired Loans | 445 | 154 | |
Average Recorded Investment, Total Impaired Loans | 8,003 | 6,577 | 9,910 |
Interest Income Recognized, Total Impaired Loans | 424 | 252 | 507 |
Non-Mortgage Loans [Member] | Small Business Administration Portfolio Segment [Member] | |||
Mortgage loans: | |||
Recorded Investment, With no related allowance recorded | 276 | ||
Unpaid Principal Balance, With no related allowance recorded | 276 | ||
Average Recorded Investment, With no related allowance recorded | 299 | 247 | |
Interest Income Recognized, With no related allowance recorded | 1 | ||
Mortgage loans: | |||
Recorded Investment, With an allowance recorded | 34 | ||
Unpaid Principal Balance, With an allowance recorded | 34 | ||
Average Recorded Investment, With an allowance recorded | 38 | ||
Interest Income Recognized, With an allowance recorded | 2 | ||
Non-Mortgage Loans [Member] | Tax Medallion Portflio Segment [Member] | |||
Mortgage loans: | |||
Recorded Investment, With an allowance recorded | 2,118 | ||
Unpaid Principal Balance, With an allowance recorded | 2,118 | ||
Related Allowance, With an allowance recorded | 333 | ||
Average Recorded Investment, With an allowance recorded | 1,062 | ||
Interest Income Recognized, With an allowance recorded | 66 | ||
Total Impaired Loans: | |||
Related Allowance, Total Impaired Loans | 333 | ||
Non-Mortgage Loans [Member] | Commercial Business and Other Portfolio Segment [Member] | |||
Mortgage loans: | |||
Recorded Investment, With no related allowance recorded | 2,682 | 2,779 | |
Unpaid Principal Balance, With no related allowance recorded | 5,347 | 3,149 | |
Average Recorded Investment, With no related allowance recorded | 3,912 | 3,428 | 5,309 |
Interest Income Recognized, With no related allowance recorded | 253 | 137 | 268 |
Mortgage loans: | |||
Recorded Investment, With an allowance recorded | 2,034 | 2,713 | |
Unpaid Principal Balance, With an allowance recorded | 2,034 | 2,713 | |
Related Allowance, With an allowance recorded | 112 | 154 | |
Average Recorded Investment, With an allowance recorded | 2,692 | 3,149 | 4,354 |
Interest Income Recognized, With an allowance recorded | 102 | 115 | 239 |
Total Impaired Loans: | |||
Related Allowance, Total Impaired Loans | 112 | 154 | |
Mortgage Loans [Member] | |||
Mortgage loans: | |||
Related Allowance, With an allowance recorded | 985 | 940 | |
Total Impaired Loans: | |||
Recorded Investment, Total Impaired Loans | 40,656 | 51,023 | |
Unpaid Principal Balance, Total Impaired Loans | 44,724 | 56,461 | |
Related Allowance, Total Impaired Loans | 985 | 940 | |
Average Recorded Investment, Total Impaired Loans | 43,564 | 61,621 | 90,203 |
Interest Income Recognized, Total Impaired Loans | $ 930 | $ 1,169 | $ 1,737 |
Note 3 - Loans and Allowance 62
Note 3 - Loans and Allowance for Loan Losses (Details) - Loans Designated as Criticized or Classified - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | $ 49,878 | $ 70,156 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 10,935 | 23,496 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 38,943 | 46,660 |
Multi-family Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 9,782 | 16,720 |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 4,361 | 6,494 |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 5,421 | 10,226 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 5,633 | 12,553 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 1,821 | 5,453 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 3,812 | 7,100 |
One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 14,077 | 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 | 3,087 | 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 | 10,990 | 12,499 |
One-to-Four Family Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 13,692 | 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 | 1,437 | 2,352 |
One-to-Four Family Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 12,255 | 13,056 |
Co-oerative Apartments Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 623 | |
Co-oerative Apartments Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 623 | |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 1,000 | |
Construction Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 1,000 | |
Small Business Administration Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 453 | 479 |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 229 | 479 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 224 | |
Tax Medallion Portflio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 2,118 | |
Tax Medallion Portflio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 2,118 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 3,123 | 6,620 |
Commercial Business and Other Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | 2,841 | |
Commercial Business and Other Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans designated as criticized or classified | $ 3,123 | $ 3,779 |
Note 4 - Loans Held for Sale (D
Note 4 - Loans Held for Sale (Details) - Performing Financial Instruments [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | |
Commercial Real Estate Portfolio Segment [Member] | ||
Note 4 - Loans Held for Sale (Details) [Line Items] | ||
Number of Loans Held for Sale | 1 | 1 |
Proceeds from Sale of Loans Held-for-sale | $ 3.1 | $ 2.4 |
Gain (Loss) on Sale of Loans and Leases | $ 0.2 | |
SBA Loans [Member] | ||
Note 4 - Loans Held for Sale (Details) [Line Items] | ||
Number of Loans Held for Sale | 5 | |
Proceeds from Sale of Loans Held-for-sale | $ 4.2 | |
Commercial Real Estate Portfolio Segment and SBA Loans [Member] | ||
Note 4 - Loans Held for Sale (Details) [Line Items] | ||
Gain (Loss) on Sale of Loans and Leases | $ 0.3 |
Note 4 - Loans Held for Sale 64
Note 4 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 4 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | |||
Loans sold | 23 | 34 | 72 |
Proceeds | $ 8,986 | $ 15,857 | $ 33,401 |
Net (charge-offs) recoveries | 134 | 357 | (4,703) |
Net gain (loss) | $ 69 | $ 67 | $ 53 |
Multi-family Residential Portfolio Segment [Member] | |||
Note 4 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | |||
Loans sold | 9 | 12 | 21 |
Proceeds | $ 3,540 | $ 5,759 | $ 11,420 |
Net (charge-offs) recoveries | 134 | (80) | (1,024) |
Net gain (loss) | $ (1) | $ 9 | $ 99 |
Commercial Real Estate Portfolio Segment [Member] | |||
Note 4 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | |||
Loans sold | 4 | 6 | 9 |
Proceeds | $ 2,615 | $ 4,635 | $ 5,488 |
Net (charge-offs) recoveries | 295 | (703) | |
Net gain (loss) | $ 13 | $ 8 | $ 6 |
One-to-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Note 4 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | |||
Loans sold | 10 | 14 | 39 |
Proceeds | $ 2,831 | $ 5,399 | $ 11,427 |
Net (charge-offs) recoveries | 122 | (2,791) | |
Net gain (loss) | $ 57 | $ 50 | $ (52) |
Commercial Business and Other Portfolio Segment [Member] | |||
Note 4 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | |||
Loans sold | 2 | 1 | |
Proceeds | $ 64 | ||
Net (charge-offs) recoveries | $ 20 | $ (21) | |
Construction Portfolio Segment [Member] | |||
Note 4 - Loans Held for Sale (Details) - Delinquent and Non-Performing Loans Sold During the Period [Line Items] | |||
Loans sold | 2 | ||
Proceeds | $ 5,066 | ||
Net (charge-offs) recoveries | $ (164) |
Note 5 - Other Real Estate Ow65
Note 5 - Other Real Estate Owned (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Consumer Portfolio Segment [Member] | ||
Note 5 - Other Real Estate Owned (Details) [Line Items] | ||
Securities Received as Collateral, Amount Foreclosed | $ 5 | |
Mortgage Loans in Process of Foreclosure, Amount | 15,200,000 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Note 5 - Other Real Estate Owned (Details) [Line Items] | ||
Repossessed Assets | $ 100,000 | $ 1,300,000 |
Note 5 - Other Real Estate Ow66
Note 5 - Other Real Estate Owned (Details) - Activity in OREO - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Activity in OREO [Abstract] | |||
Balance at beginning of year | $ 6,326 | $ 2,985 | $ 5,278 |
Acquisitions | 1,667 | 7,112 | 5,369 |
Reductions to carrying value | (896) | (5) | (243) |
Sales | (2,165) | (3,766) | (7,419) |
Balance at end of year | $ 4,932 | $ 6,326 | $ 2,985 |
Note 5 - Other Real Estate Ow67
Note 5 - Other Real Estate Owned (Details) - Gross Gains, Gross Losses and Write-Downs of Oreo Reported in the Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gross Gains, Gross Losses and Write-Downs of Oreo Reported in the Consolidated Statements of Income [Abstract] | |||
Gross gains | $ 306 | $ 178 | $ 443 |
Gross losses | (6) | (109) | (89) |
Write-down of carrying value | (896) | (5) | (243) |
Total | $ (596) | $ 64 | $ 111 |
Note 6 - Debt and Equity Secu68
Note 6 - Debt and Equity Securities (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Trading Securities | $ 0 | $ 0 | |
Held-to-maturity Securities | 6,180,000 | $ 0 | |
4,510,000 | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 1,419,000 | ||
REMIC and CMO [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | |
REMIC and CMO [Member] | FHLMC [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 6 | 7 | |
REMIC and CMO [Member] | FNMA [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 12 | 14 | |
REMIC and CMO [Member] | GNMA [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 15 | 8 | |
Corporate Debt Securities [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 12 | 5 | |
Collateralized Debt Obligations [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 7 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | ||
Municipal Debt Securities [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Held-to-maturity Securities | $ 6,180,000 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | ||
Municipal [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | ||
Single Issuer Trust Preferred Security [Member] | |||
Note 6 - 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 | $ 0 | $ 0 | |
Pooled Trust Preferred Securities [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | ||
Proceeds from Sale of Available-for-sale Securities | $ 11,100,000 | ||
Available-for-sale Securities, Gross Realized Losses | $ 2,300,000 | ||
GNMA [Member] | |||
Note 6 - 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 | $ 0 | $ 0 | |
FNMA [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 20 | 13 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | |
FHLMC [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | 1 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | |
Collateralized Mortgage Backed Securities [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | ||
Commercial Mortgage Backed Securities [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | ||
Collateralized Mortgage Obligations [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 1,400,000 | ||
Proceeds from Sale of Available-for-sale Securities | 18,300,000 | ||
Available-for-sale Securities, Gross Realized Losses | $ 1,700,000 | ||
Municipal Bonds [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
$ 4,500,000 | |||
Municipal Bonds [Member] | REMIC and CMO [Member] | FHLMC [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Held-to-maturity Securities, Maturity Term | 7 months | ||
Non-Qualified Deferred Compensation Plan [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Defined Benefit Plan, Assets for Plan Benefits | $ 10,600,000 | 10,000,000 | |
Non-Qualified Deferred Compensation Plan [Member] | Other Assets [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Defined Benefit Plan, Assets for Plan Benefits | $ 14,800,000 | $ 14,000,000 | |
Collateralized Mortgage Obligations [Member] | Collateralized by Commercial Real Estate [Member] | |||
Note 6 - Debt and Equity Securities (Details) [Line Items] | |||
Private Issue Collateralized Mortgage Obligations, Number | 1 | 3 | |
Mortgage Backed Securities Available for Sale, Amortized Cost | $ 7,700,000 | $ 12,400,000 |
Note 6 - Debt and Equity Secu69
Note 6 - Debt and Equity Securities (Details) - Amortized Cost and Fair Value of Securities Available For Sale - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Securites held-to-maturity: | ||
Amortized Cost | $ 6,180,000 | $ 0 |
Fair Value | 6,180,000 | |
Amortized Cost | 994,311,000 | 967,329,000 |
Fair Value | 993,397,000 | 973,310,000 |
Gross Unrealized Gains | 8,998,000 | 13,240,000 |
Gross Unrealized Losses | 9,912,000 | 7,259,000 |
Municipal Debt Securities [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 6,180,000 | |
Fair Value | 6,180,000 | |
Amortized Cost | 127,696,000 | 145,864,000 |
Fair Value | 131,583,000 | 148,896,000 |
Gross Unrealized Gains | 3,887,000 | 3,093,000 |
Gross Unrealized Losses | 61,000 | |
Corporate Debt Securities [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 115,976,000 | 90,719,000 |
Fair Value | 111,674,000 | 91,273,000 |
Gross Unrealized Gains | 134,000 | 1,268,000 |
Gross Unrealized Losses | 4,436,000 | 714,000 |
Mutual Fund Debt Securities [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 21,290,000 | 21,118,000 |
Fair Value | 21,290,000 | 21,118,000 |
Collateralized Debt Obligations [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 53,225,000 | |
Fair Value | 52,898,000 | |
Gross Unrealized Losses | 327,000 | |
Other Debt Obligations [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 7,214,000 | 7,098,000 |
Fair Value | 7,212,000 | 7,090,000 |
Gross Unrealized Losses | 2,000 | 8,000 |
Available For Sale Securities, Excluding Mortgage-Backed Securities [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 325,401,000 | 264,799,000 |
Fair Value | 324,657,000 | 268,377,000 |
Gross Unrealized Gains | 4,021,000 | 4,361,000 |
Gross Unrealized Losses | 4,765,000 | 783,000 |
REMIC and CMO [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 469,987,000 | 504,207,000 |
Fair Value | 469,936,000 | 505,768,000 |
Gross Unrealized Gains | 3,096,000 | 6,188,000 |
Gross Unrealized Losses | 3,147,000 | 4,627,000 |
GNMA [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 11,635,000 | 13,862,000 |
Fair Value | 11,798,000 | 14,159,000 |
Gross Unrealized Gains | 302,000 | 421,000 |
Gross Unrealized Losses | 139,000 | 124,000 |
FNMA [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 170,327,000 | 169,956,000 |
Fair Value | 170,057,000 | 170,367,000 |
Gross Unrealized Gains | 1,492,000 | 2,128,000 |
Gross Unrealized Losses | 1,762,000 | 1,717,000 |
FHLMC [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 16,961,000 | 14,505,000 |
Fair Value | 16,949,000 | 14,639,000 |
Gross Unrealized Gains | 87,000 | 142,000 |
Gross Unrealized Losses | 99,000 | 8,000 |
Commercial Mortgage Backed Securities [Member] | ||
Securites held-to-maturity: | ||
Amortized Cost | 668,910,000 | 702,530,000 |
Fair Value | 668,740,000 | 704,933,000 |
Gross Unrealized Gains | 4,977,000 | 8,879,000 |
Gross Unrealized Losses | $ 5,147,000 | $ 6,476,000 |
Note 6 - Debt and Equity Secu70
Note 6 - Debt and Equity Securities (Details) - Securities Available For Sale and Held-to-Maturity by Contractual Maturity - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 6 - Debt and Equity Securities (Details) - Securities Available For Sale and Held-to-Maturity by Contractual Maturity [Line Items] | ||
Due in one year or less | $ 6,140,000 | |
Due in one year or less | 6,140,000 | |
Due after one year through five years | 40,000 | |
Due after one year through five years | 40,000 | |
Total securities held-to-maturity | 6,180,000 | $ 0 |
Total securities held-to-maturity | 6,180,000 | |
Due in one year or less | 5,976,000 | |
Due in one year or less | 6,011,000 | |
Due after five years through ten years | 76,791,000 | |
Due after five years through ten years | 75,406,000 | |
Due after ten years | 221,344,000 | |
Due after ten years | 221,950,000 | |
Total other securities | 304,111,000 | |
Total other securities | 324,657,000 | 268,377,000 |
Amortized Cost | 994,311,000 | 967,329,000 |
Fair Value | 993,397,000 | 973,310,000 |
Mutual Fund Debt Securities [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Securities Available For Sale and Held-to-Maturity by Contractual Maturity [Line Items] | ||
Amortized Cost | 21,290,000 | 21,118,000 |
Fair Value | 21,290,000 | 21,118,000 |
Commercial Mortgage Backed Securities [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Securities Available For Sale and Held-to-Maturity by Contractual Maturity [Line Items] | ||
Amortized Cost | 668,910,000 | 702,530,000 |
Fair Value | $ 668,740,000 | $ 704,933,000 |
Note 6 - Debt and Equity Secu71
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | $ 500,808 | $ 374,858 |
Unrealized Losses | 9,912 | 7,259 |
Less Than 12 Months - Fair Value | 408,587 | 97,274 |
Less Than 12 Months - Unrealized Losses | 7,032 | 846 |
12 Months or More - Fair Value | 92,221 | 277,584 |
12 Months or More - Unrealized Losses | 2,880 | 6,413 |
Corporate Debt Securities [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 85,563 | 39,287 |
Unrealized Losses | 4,436 | 714 |
Less Than 12 Months - Fair Value | 76,218 | 9,573 |
Less Than 12 Months - Unrealized Losses | 3,782 | 428 |
12 Months or More - Fair Value | 9,345 | 29,714 |
12 Months or More - Unrealized Losses | 654 | 286 |
Collateralized Debt Obligations [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 52,898 | |
Unrealized Losses | 327 | |
Less Than 12 Months - Fair Value | 52,898 | |
Less Than 12 Months - Unrealized Losses | 327 | |
Other Debt Obligations [Member] | ||
Note 6 - 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 |
12 Months or More - Fair Value | 298 | 292 |
12 Months or More - Unrealized Losses | 2 | 8 |
Available For Sale Securities, Excluding Mortgage-Backed Securities [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 138,759 | 48,389 |
Unrealized Losses | 4,765 | 783 |
Less Than 12 Months - Fair Value | 129,116 | 13,119 |
Less Than 12 Months - Unrealized Losses | 4,109 | 439 |
12 Months or More - Fair Value | 9,643 | 35,270 |
12 Months or More - Unrealized Losses | 656 | 344 |
REMIC and CMO [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 238,132 | 216,190 |
Unrealized Losses | 3,147 | 4,627 |
Less Than 12 Months - Fair Value | 182,010 | 77,382 |
Less Than 12 Months - Unrealized Losses | 1,642 | 399 |
12 Months or More - Fair Value | 56,122 | 138,808 |
12 Months or More - Unrealized Losses | 1,505 | 4,228 |
GNMA [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 6,977 | 8,358 |
Unrealized Losses | 139 | 124 |
Less Than 12 Months - Fair Value | 6,977 | |
Less Than 12 Months - Unrealized Losses | 139 | |
12 Months or More - Fair Value | 8,358 | |
12 Months or More - Unrealized Losses | 124 | |
FNMA [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 102,225 | 95,148 |
Unrealized Losses | 1,762 | 1,717 |
Less Than 12 Months - Fair Value | 75,769 | |
Less Than 12 Months - Unrealized Losses | 1,043 | |
12 Months or More - Fair Value | 26,456 | 95,148 |
12 Months or More - Unrealized Losses | 719 | 1,717 |
FHLMC [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 14,715 | 6,773 |
Unrealized Losses | 99 | 8 |
Less Than 12 Months - Fair Value | 14,715 | 6,773 |
Less Than 12 Months - Unrealized Losses | 99 | 8 |
Collateralized Mortgage Backed Securities [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 362,049 | 326,469 |
Unrealized Losses | 5,147 | 6,476 |
Less Than 12 Months - Fair Value | 279,471 | 84,155 |
Less Than 12 Months - Unrealized Losses | 2,923 | 407 |
12 Months or More - Fair Value | 82,578 | 242,314 |
12 Months or More - Unrealized Losses | $ 2,224 | 6,069 |
Municipal [Member] | ||
Note 6 - Debt and Equity Securities (Details) - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value [Line Items] | ||
Fair Value | 8,810 | |
Unrealized Losses | 61 | |
Less Than 12 Months - Fair Value | 3,546 | |
Less Than 12 Months - Unrealized Losses | 11 | |
12 Months or More - Fair Value | 5,264 | |
12 Months or More - Unrealized Losses | $ 50 |
Note 6 - Debt and Equity Secu72
Note 6 - 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 | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Credit Loss Component Recognized in Earnings on Debt Securities for Which a Portion of OTTI Was Recognized in AOCI [Abstract] | ||
Beginning balance | $ 3,738 | $ 6,178 |
Recognition of actual losses | (842) | |
OTTI charges due to credit loss recorded in earnings | 1,419 | |
Securities sold during the period | $ (3,738) | (3,017) |
Ending balance | $ 3,738 |
Note 6 - Debt and Equity Secu73
Note 6 - Debt and Equity Securities (Details) - Gross Gains and Gross Losses Realized From the Sale of Securities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gross Gains and Gross Losses Realized From the Sale of Securities [Abstract] | |||
Gross gains from the sale of securities | $ 2,899 | $ 5,247 | $ 5,222 |
Gross losses from the sale of securities | (2,732) | (2,372) | (2,201) |
Net gains from the sale of securities | $ 167 | $ 2,875 | $ 3,021 |
Note 7 - Bank Premises and Eq74
Note 7 - Bank Premises and Equipment, Net (Details) - Branch Buildings [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Note 7 - Bank Premises and Equipment, Net (Details) [Line Items] | |
Sale Leaseback Transaction, Number of Property Sold | 3 |
Sale Leaseback Transaction, Gain (Loss), Net | $ 12.7 |
Sale Leaseback Transaction, Current Period Gain Recognized | 6.5 |
Sale Leaseback Transaction, Deferred Gain, Net | $ 6.2 |
Note 7 - Bank Premises and Eq75
Note 7 - Bank Premises and Equipment, Net (Details) - Bank Premises and Equipment - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 50,125 | $ 48,465 |
Less: Accumulated depreciation and amortization | 24,503 | 26,597 |
Bank premises and equipment, net | 25,622 | 21,868 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 745 | 3,551 |
Building and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 29,610 | 25,717 |
Equipment and Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 19,770 | $ 19,197 |
Note 8 - Deposits (Details)
Note 8 - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 8 - Deposits (Details) [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 982,800 | $ 763,900 |
Time Deposits, $250,000 or More | 169,200 | 109,600 |
Deposits | 3,892,547 | 3,508,598 |
Denomination [Member] | ||
Note 8 - Deposits (Details) [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | 1,000,000 | |
Letter of Credit Pledged as Collateral [Member] | ||
Note 8 - Deposits (Details) [Line Items] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | 494,000 | |
Government Deposits [Member] | ||
Note 8 - Deposits (Details) [Line Items] | ||
Deposits | 975,900 | 891,900 |
Government Deposits [Member] | ICS Deposits [Member] | ||
Note 8 - Deposits (Details) [Line Items] | ||
Deposits | 210,700 | 94,000 |
Government Deposits [Member] | Collateralized Deposits [Member] | ||
Note 8 - Deposits (Details) [Line Items] | ||
Deposits | 765,200 | 797,900 |
Government Deposits [Member] | Securities Pledged as Collateral [Member] | ||
Note 8 - Deposits (Details) [Line Items] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | 364,700 | 379,300 |
Government Deposits [Member] | Letter of Credit Pledged as Collateral [Member] | ||
Note 8 - Deposits (Details) [Line Items] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 494,000 | $ 499,100 |
Note 8 - Deposits (Details) - T
Note 8 - Deposits (Details) - Total Deposits and the Weighted Average Rate on Deposits - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest-bearing deposits: | ||
Certificate of deposit accounts | $ 1,403,302 | $ 1,305,823 |
Certificate of deposit accounts | 1.41% | |
Savings accounts | $ 261,748 | 261,942 |
Savings accounts | 0.45% | |
Money market accounts | $ 472,489 | 290,263 |
Money market accounts | 0.46% | |
NOW accounts | $ 1,448,695 | 1,359,057 |
NOW accounts | 0.49% | |
Total interest-bearing deposits | $ 3,586,234 | 3,217,085 |
Non-interest bearing demand deposits | 269,469 | 255,834 |
Total due to depositors | 3,855,703 | 3,472,919 |
Mortgagors' escrow deposits | $ 36,844 | 35,679 |
Mortgagors' escrow deposits | 0.17% | |
Total deposits | $ 3,892,547 | $ 3,508,598 |
Note 8 - Deposits (Details) - I
Note 8 - Deposits (Details) - Interest Expense on Deposits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Expense on Deposits [Abstract] | |||
Certificate of deposit accounts | $ 20,943 | $ 22,420 | $ 24,414 |
Savings accounts | 1,151 | 597 | 515 |
Money market accounts | 1,551 | 667 | 294 |
NOW accounts | 6,593 | 6,227 | 6,777 |
Total due to depositors | 30,238 | 29,911 | 32,000 |
Mortgagors' escrow deposits | 98 | 133 | 37 |
Total interest expense on deposits | $ 30,336 | $ 30,044 | $ 32,037 |
Note 8 - Deposits (Details) - R
Note 8 - Deposits (Details) - Remaining Maturities of Certificate of Deposit Accounts - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 8 - Deposits (Details) - Remaining Maturities of Certificate of Deposit Accounts [Line Items] | ||
Total certificate of deposit accounts | $ 1,403,302 | $ 1,305,823 |
Certificates of Deposit [Member] | ||
Note 8 - Deposits (Details) - Remaining Maturities of Certificate of Deposit Accounts [Line Items] | ||
Within 12 months | 448,229 | 455,295 |
More than 12 months to 24 months | 478,361 | 269,840 |
More than 24 months to 36 months | 247,349 | 229,931 |
More than 36 months to 48 months | 167,529 | 176,876 |
More than 48 months to 60 months | 35,558 | 148,424 |
More than 60 months | 26,276 | 25,457 |
Total certificate of deposit accounts | $ 1,403,302 | $ 1,305,823 |
Note 9 - Borrowed Funds and S80
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |
Jun. 30, 2007 | Jul. 31, 2007 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) [Line Items] | ||||
Advances Outstanding, Collateral Agreement, Collateralized Percentage | 110.00% | |||
Capital Securities [Member] | Flushing Financial Capital Trust II [Member] | ||||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) [Line Items] | ||||
Proceeds from Issuance of Debt | $ 20,600 | |||
Capital Securities [Member] | Flushing Financial's Capital Trusts [Member] | ||||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) [Line Items] | ||||
Proceeds from Issuance of Debt | 20,600 | $ 61,900 | ||
Capital Securities [Member] | Flushing Financial Capital Trust III [Member] | ||||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) [Line Items] | ||||
Proceeds from Issuance of Debt | $ 20,600 | |||
Unsecured Line of Credit [Member] | ||||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) [Line Items] | ||||
Long-term Line of Credit | $ 60,000 | |||
Federal Home Loan Bank of New York [Member] | ||||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) [Line Items] | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | $ 80,000 | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.46% | 4.41% | ||
Extended Average Maturity without Prepayment Penalty | 2 years 109 days | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 2,478,800 | |||
Advances from Federal Home Loan Banks | $ 1,106,658 | $ 911,721 | ||
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase | $ (30,000) | |||
Securities Sold Under Agreements to Repurchase Prepayments Weighted Average Interest Rate | 4.98% | |||
Prepayment Penalty on Advances | $ 2,700 | |||
Securities Sold Under Agreements to Repurchase Excluding Prepayments Weighted Average Interest Rate | 3.40% |
Note 9 - Borrowed Funds and S81
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowed Funds and Securities Sold Under Agreements to Repurchase - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Repurchase agreements - fixed rate: | ||
Due in 2016 | $ 38,000 | $ 38,000 |
Due in 2016 | 1.92% | 1.92% |
Due in 2017 | $ 38,000 | $ 38,000 |
Due in 2017 | 4.16% | 4.16% |
Due in 2020 | $ 40,000 | $ 40,000 |
Due in 2020 | 3.45% | 3.45% |
Total repurchase agreements - fixed rate | $ 116,000 | $ 116,000 |
Total repurchase agreements - fixed rate | 3.18% | 3.18% |
Other Borrowings | ||
Due in 2016 | $ 20,000 | |
Due in 2016 | 0.56% | |
Junior subordinated debentures - adjustable rate | ||
Due in 2037 | $ 29,018 | $ 28,771 |
Due in 2037 | 5.67% | 5.96% |
Total borrowings | $ 1,271,676 | $ 1,056,492 |
Total borrowings | 1.65% | 1.75% |
Federal Home Loan Bank of New York [Member] | ||
Junior subordinated debentures - adjustable rate | ||
Due in 2015 | $ 386,152 | $ 185,551 |
Due in 2015 | 1.04% | 0.80% |
Due in 2016 | $ 386,152 | $ 185,551 |
Due in 2016 | 1.04% | 0.80% |
Due in 2016 | $ 250,708 | $ 315,847 |
Due in 2016 | 1.29% | 1.15% |
Due in 2017 | $ 250,708 | $ 315,847 |
Due in 2017 | 1.29% | 1.15% |
Due in 2017 | $ 265,088 | $ 305,525 |
Due in 2017 | 1.30% | 2.12% |
Due in 2018 | $ 265,088 | $ 305,525 |
Due in 2018 | 1.30% | 2.12% |
Due in 2018 | $ 94,710 | $ 74,798 |
Due in 2018 | 1.64% | 1.29% |
Due in 2019 | $ 94,710 | $ 74,798 |
Due in 2019 | 1.64% | 1.29% |
Due in 2019 | $ 110,000 | $ 30,000 |
Due in 2019 | 2.98% | 1.83% |
Due in 2020 | $ 110,000 | $ 30,000 |
Due in 2020 | 2.98% | 1.83% |
Total FHLB-NY advances - fixed rate | $ 1,106,658 | $ 911,721 |
Total FHLB-NY advances - fixed rate | 1.40% | 1.44% |
Note 9 - Borrowed Funds and S82
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, Repurchase agreements - fixed rate | $ 116,000 | $ 116,000 |
Repurchase Agreement 11 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, Repurchase agreements - fixed rate | $ 20,000 | |
Rate, Repurchase agreements - fixed rate | 2.20% | |
Maturity Date, Repurchase agreements - fixed rate | 7/12/2016 | |
Call Date, Repurchase agreements - fixed rate | 1/12/2016 | |
Repurchase Agreement 1 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, Repurchase agreements - fixed rate | $ 18,000 | |
Rate, Repurchase agreements - fixed rate | 4.28% | |
Maturity Date, Repurchase agreements - fixed rate | 10/18/2017 | |
Call Date, Repurchase agreements - fixed rate | 1/19/2016 | |
Repurchase Agreement 10 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, Repurchase agreements - fixed rate | $ 18,000 | |
Rate, Repurchase agreements - fixed rate | 1.60% | |
Maturity Date, Repurchase agreements - fixed rate | 4/19/2016 | |
Call Date, Repurchase agreements - fixed rate | 1/19/2016 | |
Repurchase Agreement 3 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, Repurchase agreements - fixed rate | $ 10,000 | |
Rate, Repurchase agreements - fixed rate | 3.08% | |
Maturity Date, Repurchase agreements - fixed rate | 8/1/2020 | |
Call Date, Repurchase agreements - fixed rate | 2/1/2016 | |
Repurchase Agreement 4 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, Repurchase agreements - fixed rate | $ 10,000 | |
Rate, Repurchase agreements - fixed rate | 3.19% | |
Maturity Date, Repurchase agreements - fixed rate | 2/1/2020 | |
Call Date, Repurchase agreements - fixed rate | 2/1/2016 | |
Repurchase Agreement 2 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, Repurchase agreements - fixed rate | $ 20,000 | |
Rate, Repurchase agreements - fixed rate | 3.76% | |
Maturity Date, Repurchase agreements - fixed rate | 8/1/2020 | |
Call Date, Repurchase agreements - fixed rate | 2/1/2016 | |
Repurchase Agreement 7 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, Repurchase agreements - fixed rate | $ 20,000 | |
Rate, Repurchase agreements - fixed rate | 4.05% | |
Maturity Date, Repurchase agreements - fixed rate | 9/19/2017 | |
Call Date, Repurchase agreements - fixed rate | 3/21/2016 | |
FHLB - NY advance 1 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, FHLB-NY advances - fixed rate | $ 30,000 | |
Rate, FHLB-NY advances - fixed rate | 3.60% | |
Maturity Date, FHLB-NY advances - fixed rate | Jan. 23, 2020 | |
Call Date, FHLB-NY advances - fixed rate | Jan. 23, 2016 | |
FHLB - NY advance 2 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, FHLB-NY advances - fixed rate | $ 20,000 | |
Rate, FHLB-NY advances - fixed rate | 3.49% | |
Maturity Date, FHLB-NY advances - fixed rate | Jan. 23, 2020 | |
Call Date, FHLB-NY advances - fixed rate | Jan. 25, 2016 | |
FHLB - NY advance 3 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, FHLB-NY advances - fixed rate | $ 10,000 | |
Rate, FHLB-NY advances - fixed rate | 3.37% | |
Maturity Date, FHLB-NY advances - fixed rate | Jan. 27, 2020 | |
Call Date, FHLB-NY advances - fixed rate | Jan. 26, 2016 | |
FHLB - NY advance 4 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, FHLB-NY advances - fixed rate | $ 10,000 | |
Rate, FHLB-NY advances - fixed rate | 3.28% | |
Maturity Date, FHLB-NY advances - fixed rate | Jan. 27, 2020 | |
Call Date, FHLB-NY advances - fixed rate | Jan. 26, 2016 | |
FHLB - NY advance 5 [Member] | ||
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Borrowings Which Have Call Provisions [Line Items] | ||
Amount, FHLB-NY advances - fixed rate | $ 10,000 | |
Rate, FHLB-NY advances - fixed rate | 3.25% | |
Maturity Date, FHLB-NY advances - fixed rate | Jan. 28, 2020 | |
Call Date, FHLB-NY advances - fixed rate | Jan. 28, 2016 |
Note 9 - Borrowed Funds and S83
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Information Relating to All Repurchase Agreements Which Are Collateralized by Mortgage-Backed Securities - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Information Relating to All Repurchase Agreements Which Are Collateralized by Mortgage-Backed Securities [Abstract] | ||||
Book value of collateral | $ 131,421 | $ 142,925 | $ 199,447 | |
Estimated fair value of collateral | 131,421 | 142,925 | 199,447 | |
Average balance of outstanding agreements during the year | 116,000 | 137,824 | 172,944 | |
Maximum balance of outstanding agreements at a month end during the year | $ 116,000 | $ 155,300 | $ 185,300 | |
Average interest rate of outstanding agreements during the year (1) | [1] | 3.22% | 5.37% | 3.42% |
[1] | During the year ended December 31, 2014, the Company prepaid $30.0 million in FHLB-NY repurchase agreements at an average cost of 4.98% while incurring a prepayment penalty totaling $2.7 million. Excluding the prepayment penalty, the average interest rate of agreements during the year ended December 31, 2014 was 3.40%. |
Note 9 - Borrowed Funds and S84
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Terms of the Securities Issued by the Trusts - Capital Securities [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Flushing Financial Capital Trust II [Member] | |
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Terms of the Securities Issued by the Trusts [Line Items] | |
Initial Rate | 7.14% |
First Reset Date | Sep. 1, 2012 |
Spread over 3-month LIBOR | 1.41% |
Maturity Date | Sep. 1, 2037 |
Flushing Financial Capital Trust III [Member] | |
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Terms of the Securities Issued by the Trusts [Line Items] | |
Initial Rate | 6.89% |
First Reset Date | Jun. 15, 2012 |
Spread over 3-month LIBOR | 1.44% |
Maturity Date | Sep. 15, 2037 |
Flushing Financial Capital Trust IV [Member] | |
Note 9 - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - Terms of the Securities Issued by the Trusts [Line Items] | |
Initial Rate | 6.85% |
First Reset Date | Jul. 30, 2012 |
Spread over 3-month LIBOR | 1.42% |
Maturity Date | Jul. 30, 2037 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | 37.00% | 39.20% | 37.80% |
Deferred Tax Assets, Net of Valuation Allowance | $ 32,500,000 | ||
Deferred Tax Liabilities, Gross | 17,962,000 | $ 22,489,000 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 |
Note 10 - Income Taxes (Detai86
Note 10 - Income Taxes (Details) - Income Tax Provisions - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal: | |||||||||||
Current | $ 25,319 | $ 18,052 | $ 17,808 | ||||||||
Deferred | (3,476) | 2,860 | (464) | ||||||||
Total federal tax provision | 21,843 | 20,912 | 17,344 | ||||||||
State and Local: | |||||||||||
Current | 7,059 | 6,369 | 5,828 | ||||||||
Deferred | (1,735) | 1,292 | (216) | ||||||||
Total state and local tax provision | 5,324 | 7,661 | 5,612 | ||||||||
Total income tax provision | $ 5,439 | $ 6,661 | $ 9,521 | $ 5,546 | $ 6,988 | $ 7,060 | $ 7,598 | $ 6,927 | $ 27,167 | $ 28,573 | $ 22,956 |
Note 10 - Income Taxes (Detai87
Note 10 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||||||||||
Taxes at federal statutory rate | $ 25,681 | $ 25,484 | $ 21,248 | ||||||||
Taxes at federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Increase (reduction) in taxes resulting from: | |||||||||||
State and local income tax, net of Federal income tax benefit | $ 3,461 | $ 4,980 | $ 3,648 | ||||||||
State and local income tax, net of Federal income tax benefit | 4.70% | 6.80% | 6.00% | ||||||||
Other | $ (1,975) | $ (1,891) | $ (1,940) | ||||||||
Other | (2.70%) | (2.60%) | (3.20%) | ||||||||
Taxes at effective rate | $ 5,439 | $ 6,661 | $ 9,521 | $ 5,546 | $ 6,988 | $ 7,060 | $ 7,598 | $ 6,927 | $ 27,167 | $ 28,573 | $ 22,956 |
Taxes at effective rate | 37.00% | 39.20% | 37.80% |
Note 10 - Income Taxes (Detai88
Note 10 - Income Taxes (Details) - The Components of the Net Deferred Tax Assets (Liabilities) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax asset: | ||
Postretirement benefits | $ 6,798 | $ 5,407 |
Allowance for loan losses | 9,437 | 11,007 |
Stock based compensation | 3,404 | 2,821 |
Depreciation | 1,941 | 1,740 |
Unrealized loss on securities available for sale | 395 | |
Derivative financial instruments | 1,724 | 1,025 |
Adjustment required to recognize funded status of postretirement pension plans | 3,833 | 4,787 |
Gain on sale of buildings | 2,531 | |
Other | 2,460 | 3,023 |
Deferred tax asset | 32,523 | 29,810 |
Deferred tax liability: | ||
Valuation differences resulting from acquired assets and liabilities | 2,764 | |
Fair value adjustment on financial assets carried at fair value | 187 | 132 |
Fair value adjustment on financial liabilities carried at fair value | 14,364 | 14,480 |
Unrealized gains on securities available for sale | 2,588 | |
Other | 3,411 | 2,525 |
Deferred tax liability | 17,962 | 22,489 |
Net deferred tax asset included in other assets | $ 14,561 | $ 7,321 |
Note 11 - Stock-Based Compens89
Note 11 - Stock-Based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 11 - Stock-Based Compensation (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | $ 4,800,000 | $ 4,300,000 | $ 3,400,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,800,000 | 1,700,000 | 1,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 318,120 | ||
Twenty Fourteen Omnibus Incentive Plan [Member] | |||
Note 11 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 787,180 | ||
Phantom Stock Plan [Member] | |||
Note 11 - Stock-Based Compensation (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | $ 169,000 | 17,000 | 343,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares) | 12,924 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 12,000 | $ 35,000 | $ 9,000 |
Annually [Member] | Phantom Stock Plan [Member] | Officer [Member] | |||
Note 11 - 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 11 - 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 11 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 318,120 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 266,895 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares) | 246,045 | ||
Restricted Stock Units (RSUs) [Member] | Twenty Fourteen Omnibus Incentive Plan [Member] | |||
Note 11 - Stock-Based Compensation (Details) [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,400,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 73 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 4,900,000 | $ 4,400,000 | $ 2,900,000 |
Employee Stock Option [Member] | Twenty Fourteen Omnibus Incentive Plan [Member] | |||
Note 11 - Stock-Based Compensation (Details) [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | ||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | |||
Note 11 - 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 11 - 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 11 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years |
Note 11 - Stock-Based Compens90
Note 11 - Stock-Based Compensation (Details) - Full Value Awards | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Full Value Awards [Abstract] | |
Shares | shares | 373,154 |
Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.75 |
Vested but unissued at December 31, 2015 | shares | 290,226 |
Vested but unissued at December 31, 2015 | $ / shares | $ 18.08 |
Granted | shares | 318,120 |
Granted | $ / shares | $ 19.10 |
Vested | shares | (260,700) |
Vested | $ / shares | $ 17.36 |
Forfeited | shares | (14,665) |
Forfeited | $ / shares | $ 18.39 |
Shares | shares | 415,909 |
Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.10 |
Note 11 - Stock-Based Compens91
Note 11 - Stock-Based Compensation (Details) - Non-Full Value Awards, all of Which Have Been Granted as Stock Options $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | ||
Non-Full Value Awards, all of Which Have Been Granted as Stock Options [Abstract] | ||
Shares | shares | 154,915 | |
Weighted-Average Exercise Price | $ / shares | $ 15.19 | |
Weighted-Average Remaining Contractual Term | 2 years 109 days | |
Aggregate Intrinsic Value $(000) | $ | $ 600 | |
Exercisable shares at December 31, 2015 | shares | 109,130 | |
Exercisable shares at December 31, 2015 | $ / shares | $ 16.14 | |
Exercisable shares at December 31, 2015 | 2 years 109 days | |
Exercisable shares at December 31, 2015 | $ | $ 600 | [1] |
Exercised | shares | (45,785) | |
Exercised | $ / shares | $ 12.92 | |
Shares | shares | 109,130 | |
Weighted-Average Exercise Price | $ / shares | $ 16.14 | |
[1] | * The intrinsic value of a stock option is the difference between the market value of the underlying stock and the exercise price of the option. |
Note 11 - Stock-Based Compens92
Note 11 - Stock-Based Compensation (Details) - Stock Options Exercised - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options Exercised [Abstract] | |||
Proceeds from stock options exercised | $ 145 | $ 565 | $ 533 |
Fair value of shares received upon exercise of stock options | 447 | 1,962 | 6,814 |
Tax benefit related to stock options exercised | 99 | 88 | 151 |
Intrinsic value of stock options exercised | $ 330 | $ 488 | $ 1,228 |
Weighted average fair value on grant date (in Dollars per share) |
Note 11 - Stock-Based Compens93
Note 11 - Stock-Based Compensation (Details) - Phantom Stock Plan - Phantom Stock Plan [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Note 11 - Stock-Based Compensation (Details) - Phantom Stock Plan [Line Items] | |
Shares | shares | 67,113 |
Fair Value | $ / shares | $ 20.27 |
Vested at December 31, 2015 | shares | 78,857 |
Vested at December 31, 2015 | $ / shares | $ 21.64 |
Granted | shares | 12,924 |
Granted | $ / shares | $ 19.44 |
Forfeited | shares | (3) |
Forfeited | $ / shares | $ 20.78 |
Distributions | shares | (594) |
Distributions | $ / shares | $ 19.82 |
Shares | shares | 79,440 |
Fair Value | $ / shares | $ 21.64 |
Note 12 - Pension and Other P94
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 1995 | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | ||||
Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | $ 22,764,000 | $ 24,097,000 | $ 19,740,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.50% | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 1,172,000 | |||
Postretirement Plans [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 63,000 | $ 49,000 | ||
Defined Benefit Plan, Benefit Obligation | $ 7,977,000 | $ 8,073,000 | $ 5,586,000 | |
Number of Unfunded Postretirement Benefit Plans | 2 | |||
Full Time Employment Years of Service | 5 years | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 189,000 | |||
Postretirement Plan 1 [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Cost Sharing Arrangement, Medical Benefits, Percentage | 50.00% | |||
Medical Premiums, Required Percentage to be Paid by Spouses of Future Retirees | 100.00% | |||
401(k) [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan Service Period Requirement | 1 year | |||
Directors' Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | $ 144,000 | $ 120,000 | ||
Defined Benefit Plan, Benefit Obligation | $ 2,530,000 | 2,663,000 | 2,666,000 | |
Full Time Employment Years of Service | 5 years | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 288,000 | |||
In Event of Termination [Member] | Directors' Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Full Time Employment Years of Service | 2 years | |||
Defined Benefit Contributions, Months of Benefit Used in Lump Sum Payment | 120 months | |||
Trust for Benefit of Employees [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Full Time Employment Years of Service | 1 year | |||
Amount Borrowed From the Company by the Employee Benefit Trust | $ 7,900,000 | |||
Stock Issued During Period, Value, Employee Benefit Plan | $ 7,000 | |||
Stock Issued During Period, Shares, Employee Benefit Plan (in Shares) | 2,328,750 | |||
Employer Contributions to the 401(k) and Profit Sharing Plans Funded By the Employee Benefit Trust | $ 2,800,000 | 2,700,000 | 2,300,000 | |
401(k) [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | |||
Defined Contribution Plan, Vesting Period | 5 years | |||
Defined Contribution Plan, Employers Matching Contribution, Vesting Percentage Upon Change of Control | 100.00% | |||
Defined Contribution Plan, Cost Recognized | $ 3,000,000 | 3,100,000 | 2,900,000 | |
Non-Qualified Deferred Compensation Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan Annual Employer Matching of Employee's Contribution Percent | 50.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | |||
Defined Contribution Plan, Vesting Period | 5 years | |||
Defined Contribution Plan, Employers Matching Contribution, Vesting Percentage Upon Change of Control | 100.00% | |||
Defined Contribution Plan, Cost Recognized | $ 400,000 | 400,000 | 400,000 | |
Defined Benefit Plan, Assets for Plan Benefits | 10,600,000 | 10,000,000 | ||
Savings Bank [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 0 | 0 | $ 800,000 | |
Defined Benefit Plan, Benefit Obligation | 22,800,000 | 24,100,000 | ||
Savings Bank [Member] | Directors' Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 2,500,000 | 2,700,000 | ||
Defined Benefit Plan, Assets for Plan Benefits | 4,200,000 | $ 3,900,000 | ||
Annual Retirement Benefit Paid to Terminating Eligible Directors | 48,000 | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 288,000 | |||
Savings Bank [Member] | U.S. Small-Cap Blend [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Pension Plan Assets, Equity Securities Held in Mutual Funds, Minimum Market Capitalization | $ 100,000,000 | |||
Savings Bank [Member] | Equity Securities [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 60.00% | |||
Savings Bank [Member] | Fixed Income Securities [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 40.00% | |||
Savings Bank [Member] | 401(k) [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan Annual Employer Matching of Employee's Contribution Percent | 50.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | |||
Savings Bank [Member] | Defined Contribution Retirement Plan ("DCRP") [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | |||
Minimum [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Benefit Service Period | 3 years | |||
Minimum [Member] | Savings Bank [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% | |||
Minimum [Member] | Savings Bank [Member] | U.S. Large-Cap Growth [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Number of Stocks Held in Portfolio | 55 | |||
Minimum [Member] | Savings Bank [Member] | U.S. Small-Cap Blend [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Number of Stocks Held in Portfolio | 40 | |||
Minimum [Member] | Savings Bank [Member] | International blend [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Number of Stocks Held in Portfolio | 80 | |||
Minimum [Member] | Savings Bank [Member] | Equity Securities [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% | |||
Minimum [Member] | Savings Bank [Member] | Fixed Income Securities [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 3.00% | |||
Maximum [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Benefit Service Period | 10 years | |||
Maximum [Member] | Savings Bank [Member] | U.S. Large-Cap Growth [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Number of Stocks Held in Portfolio | 70 | |||
Maximum [Member] | Savings Bank [Member] | U.S. Small-Cap Blend [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Number of Stocks Held in Portfolio | 100 | |||
Maximum [Member] | Savings Bank [Member] | International blend [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Number of Stocks Held in Portfolio | 90 | |||
Maximum [Member] | Savings Bank [Member] | Equity Securities [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 10.00% | |||
Maximum [Member] | Savings Bank [Member] | Fixed Income Securities [Member] | Retirement Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.00% | |||
Less Than [Member] | In Event of Termination [Member] | Directors' Plan [Member] | ||||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) [Line Items] | ||||
Full Time Employment Years of Service | 2 years |
Note 12 - Pension and Other P95
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income, on a Pre-Tax Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income, on a Pre-Tax Basis [Line Items] | |||
Net Actuarial loss (gain) | $ 9,323 | $ 11,580 | $ 5,608 |
Prior Service cost (credit) | (447) | (492) | (537) |
Total | 8,876 | 11,088 | 5,071 |
Retirement Plan [Member] | |||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income, on a Pre-Tax Basis [Line Items] | |||
Net Actuarial loss (gain) | 8,589 | 9,938 | 5,899 |
Total | 8,589 | 9,938 | 5,899 |
Other Postretirement Benefit Plan [Member] | |||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income, on a Pre-Tax Basis [Line Items] | |||
Net Actuarial loss (gain) | 1,296 | 2,130 | 205 |
Prior Service cost (credit) | (538) | (623) | (708) |
Total | 758 | 1,507 | (503) |
Directors' Plan [Member] | |||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income, on a Pre-Tax Basis [Line Items] | |||
Net Actuarial loss (gain) | (562) | (488) | (496) |
Prior Service cost (credit) | 91 | 131 | 171 |
Total | $ (471) | $ (357) | $ (325) |
Note 12 - Pension and Other P96
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts in Accumulated Other Comprehensive Income to be Recognized as Components of Net Periodic Expense for These Plans in 2013 $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts in Accumulated Other Comprehensive Income to be Recognized as Components of Net Periodic Expense for These Plans in 2013 [Line Items] | |
Net Actuarial loss (gain) | $ 769 |
Prior Service cost (credit) | (45) |
Total | 724 |
Retirement Plan [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts in Accumulated Other Comprehensive Income to be Recognized as Components of Net Periodic Expense for These Plans in 2013 [Line Items] | |
Net Actuarial loss (gain) | 808 |
Total | 808 |
Other Postretirement Benefit Plan [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts in Accumulated Other Comprehensive Income to be Recognized as Components of Net Periodic Expense for These Plans in 2013 [Line Items] | |
Net Actuarial loss (gain) | 47 |
Prior Service cost (credit) | (85) |
Total | (38) |
Directors' Plan [Member] | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Amounts in Accumulated Other Comprehensive Income to be Recognized as Components of Net Periodic Expense for These Plans in 2013 [Line Items] | |
Net Actuarial loss (gain) | (86) |
Prior Service cost (credit) | 40 |
Total | $ (46) |
Note 12 - Pension and Other P97
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - For the Retirement Plan, the Change in Benefit Obligation and Assets - Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation: | |||
Projected benefit obligation, balance | $ 24,097 | $ 19,740 | |
Interest cost | 889 | 891 | $ 827 |
Actuarial (gain) loss | (1,208) | 4,446 | |
Benefits paid | (1,014) | (980) | |
Projected benefit obligation, balance | 22,764 | 24,097 | 19,740 |
Change in plan assets: | |||
Market value of assets, balance | 20,509 | 20,496 | |
Actual return on plan assets | 429 | 993 | |
Benefits paid | (1,014) | (980) | |
Market value of assets, balance | 19,924 | 20,509 | $ 20,496 |
Accrued pension liability included in other liabilities | $ (2,840) | $ (3,588) |
Note 12 - Pension and Other P98
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Determine the Retirement Plan’s Benefit Obligations - Retirement Plan [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Determine the Retirement Plan’s Benefit Obligations [Line Items] | ||
Weighted average discount rate | 4.06% | 3.76% |
Rate of increase in future compensation levels | ||
Expected long-term rate of return on assets | 7.25% | 7.50% |
Note 12 - Pension and Other P99
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Components of the Net Pension Expense for the Retirement Plan - Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Components of the Net Pension Expense for the Retirement Plan [Line Items] | |||
Interest cost | $ 889 | $ 891 | $ 827 |
Amortization of unrecognized loss | 1,112 | 759 | 1,222 |
Expected return on plan assets | (1,400) | (1,344) | (1,261) |
Net pension expense (benefit) | 601 | 306 | 788 |
Current year actuarial (gain) loss | (237) | 4,798 | (4,722) |
Amortization of actuarial loss | (1,112) | (759) | (1,222) |
Total recognized in other comprehensive income | (1,349) | 4,039 | (5,944) |
Total recognized in net pension cost (benefit) and other comprehensive income | $ (748) | $ 4,345 | $ (5,156) |
Note 12 - Pension and Other 100
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Develop Periodic Pension Benefit for the Retirement Plan | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Develop Periodic Pension Benefit for the Retirement Plan [Line Items] | |||
Weighted average discount rate | 3.76% | 4.60% | 3.75% |
Rate of increase in future compensation levels | |||
Expected long-term rate of return on assets | |||
Retirement Plan [Member] | |||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Develop Periodic Pension Benefit for the Retirement Plan [Line Items] | |||
Weighted average discount rate | 3.76% | 4.60% | 3.75% |
Rate of increase in future compensation levels | |||
Expected long-term rate of return on assets | 7.50% | 7.50% | 7.50% |
Note 12 - Pension and Other 101
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Following Benefit Payments, Which Reflect Expected Future Service, Are Expected to be Paid by the Retirement Plan - Retirement Plan [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Following Benefit Payments, Which Reflect Expected Future Service, Are Expected to be Paid by the Retirement Plan [Line Items] | |
2,016 | $ 1,172 |
2,017 | 1,184 |
2,018 | 1,177 |
2,019 | 1,192 |
2,020 | 1,193 |
2021 – 2025 | $ 6,502 |
Note 12 - Pension and Other 102
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Retirement Plan’s Weighted Average Asset Allocations - Retirement Plan [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Equity Securities [Member] | ||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Retirement Plan’s Weighted Average Asset Allocations [Line Items] | ||
Weighted average asset allocation | 70.00% | 68.00% |
Debt Securities [Member] | ||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Retirement Plan’s Weighted Average Asset Allocations [Line Items] | ||
Weighted average asset allocation | 30.00% | 32.00% |
Note 12 - Pension and Other 103
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Employee Pension Plan’s Assets that are Carried at Fair Value, and the Method Used to Determine Fair Value - Retirement Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pooled Separate Accounts | ||||
Plan Invesments | $ 19,924 | $ 20,509 | $ 20,496 | |
U.S. Large-Cap Growth [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [1] | 5,114 | 4,832 | |
U.S. Large-Cap Value [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [2] | 4,619 | 4,939 | |
U.S. Small-Cap Blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [3] | 2,094 | 2,163 | |
International blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [4] | 2,079 | 1,966 | |
PIMCO Bond Fund [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [5] | 5,671 | 6,274 | |
Prudential Short-term [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [6] | $ 347 | $ 335 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Large-Cap Growth [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [1] | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Large-Cap Value [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [2] | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Small-Cap Blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [3] | |||
Fair Value, Inputs, Level 1 [Member] | International blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [4] | |||
Fair Value, Inputs, Level 1 [Member] | PIMCO Bond Fund [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [5] | |||
Fair Value, Inputs, Level 1 [Member] | Prudential Short-term [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [6] | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | $ 19,924 | $ 20,509 | ||
Fair Value, Inputs, Level 2 [Member] | U.S. Large-Cap Growth [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [1] | 5,114 | 4,832 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Large-Cap Value [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [2] | 4,619 | 4,939 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Small-Cap Blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [3] | 2,094 | 2,163 | |
Fair Value, Inputs, Level 2 [Member] | International blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [4] | 2,079 | 1,966 | |
Fair Value, Inputs, Level 2 [Member] | PIMCO Bond Fund [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [5] | 5,671 | 6,274 | |
Fair Value, Inputs, Level 2 [Member] | Prudential Short-term [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [6] | $ 347 | $ 335 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Large-Cap Growth [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [1] | |||
Fair Value, Inputs, Level 3 [Member] | U.S. Large-Cap Value [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [2] | |||
Fair Value, Inputs, Level 3 [Member] | U.S. Small-Cap Blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [3] | |||
Fair Value, Inputs, Level 3 [Member] | International blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [4] | |||
Fair Value, Inputs, Level 3 [Member] | PIMCO Bond Fund [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [5] | |||
Fair Value, Inputs, Level 3 [Member] | Prudential Short-term [Member] | ||||
Pooled Separate Accounts | ||||
Plan Invesments | [6] | |||
[1] | Comprised of large-cap stocks seeking to outperform, over the long term, the Russell 1000 Growth Index. The portfolio will typically hold between 55 and 70 stocks. | |||
[2] | Comprised of large-cap stocks seeking to outperform the Russell 1000 Value benchmark over the rolling three and five year periods, or a full market cycle, whichever is longer. | |||
[3] | Comprised of stocks with market capitalization of between $100 million and the market capitalization of the largest stock in the Russell 2000 index at the time of purchase. The portfolio will typically hold between 40 and 100 stocks. | |||
[4] | Comprised of non-U.S. domiciled stocks. The portfolio will typically hold between 80 and 90 stocks. | |||
[5] | Comprised of a portfolio of fixed income securities including U.S agency mortgage-backed securities and investment grade bonds. | |||
[6] | Comprised of money market instruments with an emphasis on safety and liquidity. |
Note 12 - Pension and Other 104
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - For the Postretirement Plans, the Change in Benefit Obligation and Assets - Postretirement Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation: | |||
Projected benefit obligation, balance | $ 8,073 | $ 5,586 | |
Service cost | 382 | 358 | $ 449 |
Interest cost | 300 | 253 | 219 |
Actuarial loss (gain) | (715) | 1,925 | |
Benefits paid | (63) | (49) | |
Projected benefit obligation, balance | 7,977 | 8,073 | $ 5,586 |
Change in plan assets: | |||
Employer contributions | 63 | 49 | |
Benefits paid | (63) | (49) | |
Accrued pension cost included in other liabilities | $ (7,977) | $ (8,073) |
Note 12 - Pension and Other 105
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used in Determining the Actuarial Present Value of the Accumulated Postretirement Benefit Obligations | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rate of increase in health care costs | |||
Initial | 8.00% | 9.00% | 10.00% |
Ultimate (year 2018) | 5.00% | 5.00% | 5.00% |
Postretirement Plans [Member] | |||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used in Determining the Actuarial Present Value of the Accumulated Postretirement Benefit Obligations [Line Items] | |||
Rate of return on plan assets | |||
Discount rate | 4.06% | 3.76% | |
Rate of increase in health care costs | |||
Annual rate of salary increase for life insurance | |||
Initial [Member] | Postretirement Plans [Member] | |||
Rate of increase in health care costs | |||
Initial | 7.00% | 8.00% | |
Ultimate Year 2018 [Member] | Postretirement Plans [Member] | |||
Rate of increase in health care costs | |||
Ultimate (year 2018) | 5.00% | 5.00% |
Note 12 - Pension and Other 106
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Resulting Net Periodic Postretirement Expense Consisted of the Following Components for the Year - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Resulting Net Periodic Postretirement Expense Consisted of the Following Components for the Year [Line Items] | |||
Amortization of prior service credit | $ (26) | $ (26) | $ (26) |
Postretirement Plans [Member] | |||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Resulting Net Periodic Postretirement Expense Consisted of the Following Components for the Year [Line Items] | |||
Service cost | 382 | 358 | 449 |
Interest cost | 300 | 253 | 219 |
Amortization of unrecognized loss | 119 | 50 | |
Amortization of past service credit | (85) | (85) | (85) |
Net postretirement benefit expense | 716 | 526 | 633 |
Current year actuarial (gain) loss | (715) | 1,925 | (943) |
Amortization of actuarial loss | (119) | (50) | |
Amortization of prior service credit | 85 | 85 | 85 |
Total recognized in other comprehensive income | (749) | 2,010 | (908) |
Total recognized in net postretirement expense and other comprehensive income | $ (33) | $ 2,536 | $ (275) |
Note 12 - Pension and Other 107
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Develop Periodic Postretirement Expense for the Postretirement Plans | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assumptions Used to Develop Periodic Postretirement Expense for the Postretirement Plans [Abstract] | |||
Rate of return on plan assets | |||
Discount rate | 3.76% | 4.60% | 3.75% |
Rate of increase in health care costs | |||
Initial | 8.00% | 9.00% | 10.00% |
Ultimate (year 2018) | 5.00% | 5.00% | 5.00% |
Annual rate of salary increase for life insurance |
Note 12 - Pension and Other 108
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Effect of a One Percentage Point Change in Assumed Health Care Trend Rates $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Effect of a One Percentage Point Change in Assumed Health Care Trend Rates [Abstract] | |
Effect on postretirement benefit obligation | $ 1,634 |
Effect on postretirement benefit obligation | (1,240) |
Effect on total service and interest cost | 177 |
Effect on total service and interest cost | $ (131) |
Note 12 - Pension and Other 109
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Following Benefit Payments under the Postretirement Plan, Which Reflect Expected Future Service, Are Expected to be Paid - Postretirement Plans [Member] | Dec. 31, 2015USD ($) |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Following Benefit Payments under the Postretirement Plan, Which Reflect Expected Future Service, Are Expected to be Paid [Line Items] | |
2,016 | $ 189,000 |
2,017 | 229,000 |
2,018 | 255,000 |
2,019 | 280,000 |
2,020 | 263,000 |
2021 – 2025 | $ 1,524,000 |
Note 12 - Pension and Other 110
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Employee Benefit Trust (EBT) Shares - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Trust (EBT) Shares [Abstract] | ||
Shares owned by Employee Benefit Trust, balance | 800,950 | 913,792 |
Market value of unallocated shares. (in Dollars) | $ 14,616,435 | $ 16,235,257 |
Shares purchased | 22,102 | 23,717 |
Shares released and allocated | (147,616) | (136,559) |
Shares owned by Employee Benefit Trust, balance | 675,436 | 800,950 |
Note 12 - Pension and Other 111
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - For the Directors’ Plan, the Change in Benefit Obligation and Assets - Directors' Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation: | |||
Projected benefit obligation, balance | $ 2,663 | $ 2,666 | |
Service cost | 45 | 54 | $ 82 |
Interest cost | 95 | 116 | 98 |
Actuarial gain | (129) | (53) | |
Benefits paid | (144) | (120) | |
Projected benefit obligation, balance | 2,530 | 2,663 | $ 2,666 |
Change in plan assets: | |||
Employer contributions | 144 | 120 | |
Benefits paid | (144) | (120) | |
Accrued pension cost included in other liabilities | $ (2,530) | $ (2,663) |
Note 12 - Pension and Other 112
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Components of the Net Pension Expense for the Directors’ Plan - Directors' Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Components of the Net Pension Expense for the Directors’ Plan [Line Items] | |||
Service cost | $ 45 | $ 54 | $ 82 |
Interest cost | 95 | 116 | 98 |
Amortization of unrecognized gain | (56) | (60) | (36) |
Amortization of past service liability | 40 | 40 | 40 |
Net pension expense | 124 | 150 | 184 |
Current actuarial gain | (130) | (52) | (122) |
Amortization of actuarial gain | 56 | 60 | 36 |
Amortization of prior service cost | (40) | (40) | (40) |
Total recognized in other comprehensive income | (114) | (32) | (126) |
Total recognized in net pension expense and other comprehensive income | $ 10 | $ 118 | $ 58 |
Note 12 - Pension and Other 113
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Determine Benefit Obligations and Periodic Pension Expense for the Directors’ Plan | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Determine Benefit Obligations and Periodic Pension Expense for the Directors’ Plan [Line Items] | |||
Weighted average discount rate for periodic pension benefit expense | 3.76% | 4.60% | 3.75% |
Rate of increase in future compensation levels | |||
Directors' Plan [Member] | |||
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - Assumptions Used to Determine Benefit Obligations and Periodic Pension Expense for the Directors’ Plan [Line Items] | |||
Weighted average discount rate for the benefit obligation | 4.06% | 3.76% | 4.60% |
Weighted average discount rate for periodic pension benefit expense | 3.76% | 4.60% | 3.75% |
Rate of increase in future compensation levels |
Note 12 - Pension and Other 114
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Following Benefit Payments Under the Directors’ Plan, Which Reflect Expected Future Service, are Expected to be Paid - Directors' Plan [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Note 12 - Pension and Other Postretirement Benefit Plans (Details) - The Following Benefit Payments Under the Directors’ Plan, Which Reflect Expected Future Service, are Expected to be Paid [Line Items] | |
2,016 | $ 288 |
2,017 | 288 |
2,018 | 272 |
2,019 | 288 |
2,020 | 288 |
2021 – 2025 | $ 1,244 |
Note 13 - Stockholders' Equi115
Note 13 - Stockholders' Equity (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014$ / sharesshares | |
Note 13 - Stockholders' Equity (Details) [Line Items] | ||
Treasury Stock, Shares, Acquired | shares | 735,599 | 914,671 |
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 19.51 | $ 19.29 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 899,600 | |
Shareholder Rights Plan [Member] | ||
Note 13 - Stockholders' Equity (Details) [Line Items] | ||
Number of Rights to Purchase Series A Junior Participating Preferred Stock Per Common Stock Owned | 1 | |
Purchase Price of Series A Junior Participating Preferred Stock, Per Right To Purchase | $ 65 | |
Percentage Ownership of Holding Company's Common Stock At Which Rights Become Exercisable | 15.00% | |
Percentage of Common Stock Prior to Acquisition | 50.00% | |
Percentage of Assets or Earning Power Sold | 50.00% | |
Shareholder Rights Plan [Member] | Common Stock [Member] | ||
Note 13 - Stockholders' Equity (Details) [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1 | |
Shareholder Rights Plan [Member] | Common Stock Equivalent [Member] | ||
Note 13 - Stockholders' Equity (Details) [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1 | |
Savings Bank [Member] | ||
Note 13 - Stockholders' Equity (Details) [Line Items] | ||
Liquidation Account, Conversion From Mutual to Stock Form | $ 800,000 | |
Available to Distribute to the Holding Company as Cash Dividends [Member] | ||
Note 13 - Stockholders' Equity (Details) [Line Items] | ||
Retained Earnings, Unappropriated | $ 67,400,000 |
Note 13 - Stockholders' Equi116
Note 13 - Stockholders' Equity (Details) - Components of Accumulated Other Comprehensive Loss and Changes During the Year: - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, net of tax | $ (2,907) | $ (11,375) | $ 12,137 |
Net current period other comprehensive income (loss), net of tax | (2,655) | 8,468 | (23,512) |
Ending balance, net of tax | (5,562) | (2,907) | (11,375) |
Other comprehensive income (loss) before reclassifications, net of tax | (3,203) | 9,758 | (23,280) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 548 | (1,290) | (232) |
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) | 18,921 |
Net current period other comprehensive income (loss), net of tax | (3,913) | 11,914 | (27,443) |
Ending balance, net of tax | (521) | 3,392 | (8,522) |
Other comprehensive income (loss) before reclassifications, net of tax | (3,818) | 13,548 | (26,541) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (95) | (1,634) | (902) |
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) | (6,784) |
Net current period other comprehensive income (loss), net of tax | 1,258 | (3,446) | 3,931 |
Ending balance, net of tax | (5,041) | (6,299) | (2,853) |
Other comprehensive income (loss) before reclassifications, net of tax | 615 | (3,790) | 3,261 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | $ 643 | $ 344 | $ 670 |
Note 13 - Stockholders' Equi117
Note 13 - Stockholders' Equity (Details) - Amounts Reclassified Out of Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||
Total income tax provision | $ 5,439 | $ 6,661 | $ 9,521 | $ 5,546 | $ 6,988 | $ 7,060 | $ 7,598 | $ 6,927 | $ 27,167 | $ 28,573 | $ 22,956 | |
Net of tax | 11,634 | 11,008 | 14,834 | 8,733 | 11,057 | 11,201 | 11,685 | 10,296 | 46,209 | 44,239 | 37,752 | |
Amortization of defined benefit pension items: | ||||||||||||
OTTI charges | 1,419 | |||||||||||
Amortization of defined benefit pension items: | ||||||||||||
Total before tax | $ 17,073 | $ 17,669 | $ 24,355 | $ 14,279 | $ 18,045 | $ 18,261 | $ 19,283 | $ 17,223 | 73,376 | 72,812 | 60,708 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||
Unrealized gains (losses) on available for sale securities | 167 | 2,875 | 3,021 | |||||||||
Total income tax provision | (72) | (1,241) | (1,321) | |||||||||
Net of tax | 95 | 1,634 | 1,700 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||
Total income tax provision | 489 | 311 | 521 | |||||||||
Net of tax | (643) | (344) | (670) | |||||||||
Amortization of defined benefit pension items: | ||||||||||||
Total before tax | (1,132) | (655) | (1,191) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||
Total income tax provision | 621 | |||||||||||
Net of tax | (798) | |||||||||||
Amortization of defined benefit pension items: | ||||||||||||
OTTI charges | (1,419) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Actuarial Losses [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||||
Amortization of defined benefit pension items: | ||||||||||||
Other expense | [1] | (1,178) | (700) | (1,237) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior Service Credits [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||||
Amortization of defined benefit pension items: | ||||||||||||
Other expense | [1] | $ 46 | $ 45 | $ 46 | ||||||||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 of the Notes to Consolidated Financial Statements "Pension and Other Postretirement Benefit Plans"). |
Note 14 - Regulatory Capital (D
Note 14 - Regulatory Capital (Details) - Savings Bank [Member] | Jan. 01, 2019 | Jan. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Note 14 - Regulatory Capital (Details) [Line Items] | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |||
Scenario, Forecast [Member] | ||||
Note 14 - Regulatory Capital (Details) [Line Items] | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.50% | |||
Capital Required for Capital Adequacy to Risk Weighted Assets | 10.50% | |||
Capital Conservation Buffer Required for Capital Adequacy | 2.50% | 0.625% |
Note 14 - Regulatory Capital119
Note 14 - Regulatory Capital (Details) - Summary of the Bank’s Compliance with Banking Regulatory Capital Standards: - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Capital level | $ 494,690 | $ 472,251 |
Capital level | 8.89% | 9.63% |
Requirement to be well capitalized | $ 278,175 | $ 245,254 |
Requirement to be well capitalized | 5.00% | 5.00% |
Excess | $ 216,515 | $ 226,997 |
Excess | 3.89% | 4.63% |
Common Equity Tier I risk-based capital: | ||
Capital level | $ 494,690 | $ 0 |
Capital level | 12.62% | 0.00% |
Requirement to be well capitalized | $ 254,768 | $ 0 |
Requirement to be well capitalized | 6.50% | 0.00% |
Excess | $ 239,922 | $ 0 |
Excess | 6.12% | 0.00% |
Tier I risk-based capital: | ||
Capital level | $ 494,690 | $ 472,251 |
Capital level | 12.62% | 13.87% |
Requirement to be well capitalized | $ 313,560 | $ 204,354 |
Requirement to be well capitalized | 8.00% | 6.00% |
Excess | $ 181,130 | $ 267,897 |
Excess | 4.62% | 7.87% |
Total risk-based capital: | ||
Capital level | $ 516,226 | $ 497,347 |
Capital level | 13.17% | 14.60% |
Requirement to be well capitalized | $ 391,950 | $ 340,589 |
Requirement to be well capitalized | 10.00% | 10.00% |
Excess | $ 124,276 | $ 156,758 |
Excess | 3.17% | 4.60% |
Holding Company [Member] | ||
Tier I (leverage) capital: | ||
Capital level | $ 490,919 | $ 471,233 |
Capital level | 8.84% | 9.62% |
Requirement to be well capitalized | $ 277,611 | $ 244,960 |
Requirement to be well capitalized | 5.00% | 5.00% |
Excess | $ 213,308 | $ 226,273 |
Excess | 3.84% | 4.62% |
Common Equity Tier I risk-based capital: | ||
Capital level | $ 462,883 | $ 0 |
Capital level | 11.83% | 0.00% |
Requirement to be well capitalized | $ 254,335 | $ 0 |
Requirement to be well capitalized | 6.50% | 0.00% |
Excess | $ 208,548 | $ 0 |
Excess | 5.33% | 0.00% |
Tier I risk-based capital: | ||
Capital level | $ 490,919 | $ 471,233 |
Capital level | 12.55% | 13.87% |
Requirement to be well capitalized | $ 313,028 | $ 203,878 |
Requirement to be well capitalized | 8.00% | 6.00% |
Excess | $ 177,891 | $ 267,355 |
Excess | 4.55% | 7.87% |
Total risk-based capital: | ||
Capital level | $ 512,454 | $ 496,329 |
Capital level | 13.10% | 14.61% |
Requirement to be well capitalized | $ 391,285 | $ 339,797 |
Requirement to be well capitalized | 10.00% | 10.00% |
Excess | $ 121,169 | $ 156,532 |
Excess | 3.10% | 4.61% |
Note 15 - Commitments and Co120
Note 15 - Commitments and Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
Jun. 30, 2007 | Jul. 31, 2007 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 50.1 | ||||
Loans and Leases Receivable, Commitments, Weighted Average Fixed Rate of Interest | 4.18% | ||||
Loans and Leases Receivable, Commitments, Variable Rates | $ 278.7 | ||||
Loans and Leases Receivable, Commitments, Variable Rates, Weighted Average Rate | 3.46% | ||||
Loan Commitments Expiration | 90 days | ||||
Line of Credit, Maturity, Max | 18 months | ||||
Operating Leases, Rent Expense | $ 5.8 | $ 3.8 | $ 3.7 | ||
Home Equity Line of Credit [Member] | |||||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||||
Loans and Leases Receivable, Commitments, Credit | $ 232.5 | ||||
Line of Credit, Maturity, Max | 10 years | ||||
Letter of Credit Pledged as Collateral [Member] | |||||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 494 | ||||
Mortgages [Member] | |||||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||||
Loans and Leases Receivable, Commitments, Credit | $ 96.2 | ||||
Capital Securities [Member] | Flushing Financial's Capital Trusts [Member] | |||||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||||
Proceeds from Issuance of Debt | $ 20.6 | $ 61.9 |
Note 15 - Commitments and Co121
Note 15 - Commitments and Contingencies (Details) - The Company’s Minimum Annual Rental Payments for Bank Premises Due Under Non-Cancelable Leases: $ in Thousands | Dec. 31, 2015USD ($) |
The Company’s Minimum Annual Rental Payments for Bank Premises Due Under Non-Cancelable Leases: [Abstract] | |
2,016 | $ 4,516 |
2,017 | 4,383 |
2,018 | 4,448 |
2,019 | 5,332 |
2,020 | 5,357 |
Thereafter | 25,502 |
Total minimum payments required | $ 49,538 |
Note 16 - Concentration of C122
Note 16 - Concentration of Credit Risk (Details) $ in Millions | Dec. 31, 2015USD ($) |
Risks and Uncertainties [Abstract] | |
Lending Limit to Single Borrower | $ 74.2 |
Largest Aggregate Amount of Loans to Single Borrower | $ 65.5 |
Note 17 - Related Party Tran123
Note 17 - Related Party Transactions (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Note 17 - Related Party Transactions (Details) [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 |
Executive Officer [Member] | ||
Note 17 - Related Party Transactions (Details) [Line Items] | ||
Number of Related Party Loans | 1 | |
Due to Related Parties | $ 18,000 | |
Director [Member] | ||
Note 17 - Related Party Transactions (Details) [Line Items] | ||
Number of Related Party Loans | 1 | |
Due to Related Parties | $ 356,000 |
Note 18 - Fair Value of Fina124
Note 18 - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | |||
Financial Assets at Fair Value Option | $ 30,700 | $ 32,600 | |
Financial Liabilities at Fair Value Option | 29,000 | 28,800 | |
Financial Assets, Fair Value Option Election During Period | 5,000 | ||
Proceeds From Sale of Financial Assets | 6,200 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (1,841) | (2,568) | $ (2,521) |
Financial Liabilities at Fair Value Option, Contractual Principal | 61,900 | 61,900 | |
Financial Liabilities at Fair Value Option, Accrued Interest Payable | $ 100 | 100 | |
Nonaccruing Collateral Dependent Loans - Percent Of The Appraised Or Internally Estimated Value Of The Property [Member] | |||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | |||
Fair Value Inputs, Discount Rate | 85.00% | ||
Interest Rate Swaps [Member] | |||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (1,600) | $ (4,000) | $ 3,600 |
Note 18 - Fair Value of Fina125
Note 18 - Fair Value of Financial Instruments (Details) - Financial Assets and Liabilities Reported Under the Fair Value Option - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Measurements | $ 30,700 | $ 32,600 | ||
Net gain (loss) from fair value adjustments | (1,841) | (2,568) | $ (2,521) | |
Collateralized Mortgage Backed Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Measurements | 2,527 | 4,678 | ||
Net gain (loss) from fair value adjustments | (59) | 75 | (725) | |
Other Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Measurements | 28,205 | 27,915 | ||
Net gain (loss) from fair value adjustments | 53 | 598 | 241 | |
Borrowed Funds [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value Measurements | 29,018 | 28,771 | ||
Net gain (loss) from fair value adjustments | (238) | 802 | (5,651) | |
Financial Assets And Liabilities, Excluding Interest Rate Caps / Swaps [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Net gain (loss) from fair value adjustments | [1] | $ (244) | $ 1,475 | $ (6,135) |
[1] | The net gain (loss) from fair value adjustments presented in the above table does not include net gains and (losses) of ($1.6) million, ($4.0) million and $3.6 million from the change in fair value of derivative instruments during the years ended December 31, 2015, 2014 and 2013, respectively. |
Note 18 - Fair Value of Fina126
Note 18 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Carried at Fair Value on a Recurring Basis, and the Method Used to Determine Their Fair Value - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available for sale | ||
Assets | $ 993,445 | $ 973,394 |
Liabilities: | ||
Liabilities | 33,332 | 31,420 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale | ||
Assets | 668,740 | 704,933 |
Other Securities [Member] | ||
Securities available for sale | ||
Assets | 324,657 | 268,377 |
Interest Rate Swaps [Member] | ||
Securities available for sale | ||
Assets | 48 | 84 |
Liabilities: | ||
Liabilities | 4,314 | 2,649 |
Borrowings [Member] | ||
Liabilities: | ||
Liabilities | 29,018 | 28,771 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | ||
Assets | 0 | 0 |
Liabilities: | ||
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale | ||
Assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale | ||
Assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swaps [Member] | ||
Securities available for sale | ||
Assets | 0 | 0 |
Liabilities: | ||
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Borrowings [Member] | ||
Liabilities: | ||
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | ||
Assets | 986,233 | 950,785 |
Liabilities: | ||
Liabilities | 4,314 | 2,649 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale | ||
Assets | 668,740 | 704,933 |
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale | ||
Assets | 317,445 | 245,768 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Securities available for sale | ||
Assets | 48 | 84 |
Liabilities: | ||
Liabilities | 4,314 | 2,649 |
Fair Value, Inputs, Level 2 [Member] | Borrowings [Member] | ||
Liabilities: | ||
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | ||
Assets | 7,212 | 22,609 |
Liabilities: | ||
Liabilities | 29,018 | 28,771 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale | ||
Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Securities available for sale | ||
Assets | 7,212 | 22,609 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps [Member] | ||
Securities available for sale | ||
Assets | 0 | 0 |
Liabilities: | ||
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Borrowings [Member] | ||
Liabilities: | ||
Liabilities | $ 29,018 | $ 28,771 |
Note 18 - Fair Value of Fina127
Note 18 - 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 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Municipal Debt Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | $ 15,519 | ||
Ending balance | 7,212 | $ 15,519 | |
Trust Preferred Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 7,090 | ||
Ending balance | 7,090 | ||
Junior Subordinated Debentures [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 28,771 | ||
Ending balance | 29,018 | 28,771 | |
Fair Value, Inputs, Level 3 [Member] | Municipal Debt Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 15,519 | 9,223 | |
Transfers to held-to-maturity | (4,510) | ||
Purchases | 1,000 | 7,595 | |
Principal repayments | (8,009) | (214) | |
Maturities | (4,000) | (1,085) | |
Ending balance | 15,519 | ||
Fair Value, Inputs, Level 3 [Member] | Trust Preferred Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 7,090 | 14,935 | |
Sales | (11,133) | ||
Net gain from fair value adjustment of financial assets (1) | [1] | 117 | 71 |
Change in unrealized gains included in other comprehensive income | 5 | 3,217 | |
Ending balance | 7,212 | 7,090 | |
Changes in unrealized held at period end | 5 | 3,217 | |
Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 28,771 | 29,570 | |
Net loss from fair value adjustment of financial liabilities (1) | [1] | 238 | (801) |
Increase in accrued interest payable | 9 | 2 | |
Ending balance | $ 29,018 | $ 28,771 | |
[1] | These totals in the tables above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. |
Note 18 - Fair Value of Fina128
Note 18 - Fair Value of Financial Instruments (Details) - Quantitative Information About Recurring and Non-Recurring Level 3 Fair Value of Financial Instruments as Well as Assumptions Used in Estimating Fair Value - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Municipal Debt Securities [Member] | ||
Assets: | ||
Fair Value (in Dollars) | $ 7,212 | $ 15,519 |
Valuation Technique | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Junior Subordinated Debentures [Member] | ||
Assets: | ||
Fair Value (in Dollars) | $ 29,018 | $ 28,771 |
Valuation Technique | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Range (Weighted Average) | 7.00% | 7.00% |
Trust Preferred Securities [Member] | ||
Assets: | ||
Fair Value (in Dollars) | $ 7,090 | |
Valuation Technique | Discounted cash flows | |
Unobservable Input | Discount rate | |
Minimum [Member] | Municipal Debt Securities [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.00% | 0.20% |
Minimum [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.00% | |
Maximum [Member] | Municipal Debt Securities [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.07% | 4.00% |
Maximum [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.25% | |
Weighted Average [Member] | Municipal Debt Securities [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.10% | 2.30% |
Weighted Average [Member] | Junior Subordinated Debentures [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.00% | 7.00% |
Weighted Average [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.20% |
Note 18 - Fair Value of Fina129
Note 18 - 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 ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets | $ 20,292 | $ 28,500 |
Impaired Loans [Member] | ||
Assets: | ||
Assets | 15,360 | 22,174 |
Other Real Estate Owned [Member] | ||
Assets: | ||
Assets | 4,932 | 6,326 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | 20,292 | 28,500 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Assets: | ||
Assets | 15,360 | 22,174 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Assets: | ||
Assets | $ 4,932 | $ 6,326 |
Note 18 - Fair Value of Fina130
Note 18 - Fair Value of Financial Instruments (Details) - Quantitative Information About Non-Recurring Level 3 Fair Value of Financial Instruments and the Fair Value Measurements - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | ||
Fair Value (in Dollars) | $ 20,292 | $ 28,500 |
Fair Value (in Dollars) | 20,292 | 28,500 |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | ||
Assets: | ||
Fair Value (in Dollars) | $ 3,878 | $ 6,981 |
Range (Weighted Average) | ||
Range (Weighted Average) | 15.00% | |
Fair Value (in Dollars) | $ 3,878 | $ 6,981 |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | ||
Assets: | ||
Fair Value (in Dollars) | $ 5,555 | $ 6,935 |
Range (Weighted Average) | 15.00% | |
Fair Value (in Dollars) | $ 5,555 | $ 6,935 |
Range (Weighted Average) | ||
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | ||
Assets: | ||
Fair Value (in Dollars) | $ 5,927 | $ 8,258 |
Range (Weighted Average) | ||
Range (Weighted Average) | ||
Fair Value (in Dollars) | $ 5,927 | $ 8,258 |
Range (Weighted Average) | ||
Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | ||
Assets: | ||
Fair Value (in Dollars) | $ 3,750 | $ 4,768 |
Range (Weighted Average) | 9.00% | |
Range (Weighted Average) | ||
Fair Value (in Dollars) | $ 3,750 | $ 4,768 |
Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | ||
Assets: | ||
Fair Value (in Dollars) | 366 | $ 587 |
Range (Weighted Average) | ||
Fair Value (in Dollars) | $ 366 | $ 587 |
Range (Weighted Average) | ||
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | ||
Assets: | ||
Fair Value (in Dollars) | $ 816 | $ 971 |
Range (Weighted Average) | 8.60% | |
Range (Weighted Average) | ||
Fair Value (in Dollars) | $ 816 | $ 971 |
Range (Weighted Average) | ||
Minimum [Member] | Impaired Loans [Member] | Income Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.30% | 7.30% |
Range (Weighted Average) | 0.50% | |
Minimum [Member] | Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 1.80% | |
Range (Weighted Average) | (50.00%) | (41.50%) |
Minimum [Member] | Impaired Loans [Member] | Blended Income and Sales Approach [Member] | ||
Assets: | ||
Range (Weighted Average) | 5.30% | 5.80% |
Range (Weighted Average) | 5.20% | 0.90% |
Range (Weighted Average) | (50.00%) | (55.00%) |
Minimum [Member] | Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 9.00% | |
Range (Weighted Average) | 0.90% | |
Minimum [Member] | Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 0.00% | |
Range (Weighted Average) | (5.00%) | (11.90%) |
Minimum [Member] | Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.50% | |
Range (Weighted Average) | 0.00% | |
Range (Weighted Average) | (10.00%) | (25.00%) |
Maximum [Member] | Impaired Loans [Member] | Income Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 8.50% | 8.50% |
Range (Weighted Average) | 81.70% | |
Maximum [Member] | Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 89.40% | |
Range (Weighted Average) | 40.00% | 40.00% |
Maximum [Member] | Impaired Loans [Member] | Blended Income and Sales Approach [Member] | ||
Assets: | ||
Range (Weighted Average) | 9.00% | 11.00% |
Range (Weighted Average) | 15.00% | 74.40% |
Range (Weighted Average) | 25.00% | 25.00% |
Maximum [Member] | Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 12.00% | |
Range (Weighted Average) | 4.90% | |
Maximum [Member] | Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 36.90% | |
Range (Weighted Average) | 25.00% | 15.00% |
Maximum [Member] | Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | ||
Assets: | ||
Range (Weighted Average) | 8.00% | |
Range (Weighted Average) | 6.20% | |
Range (Weighted Average) | 15.00% | 0.00% |
Weighted Average [Member] | Impaired Loans [Member] | Income Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.70% | 7.80% |
Range (Weighted Average) | 15.00% | 21.30% |
Weighted Average [Member] | Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 15.00% | 20.00% |
Range (Weighted Average) | (2.20%) | (2.20%) |
Weighted Average [Member] | Impaired Loans [Member] | Blended Income and Sales Approach [Member] | ||
Assets: | ||
Range (Weighted Average) | 7.00% | 8.00% |
Range (Weighted Average) | 13.70% | 30.00% |
Range (Weighted Average) | (2.20%) | (6.10%) |
Weighted Average [Member] | Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 9.00% | 9.10% |
Range (Weighted Average) | 1.00% | |
Weighted Average [Member] | Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | ||
Assets: | ||
Range (Weighted Average) | 9.60% | |
Range (Weighted Average) | 12.00% | (3.50%) |
Weighted Average [Member] | Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | ||
Assets: | ||
Range (Weighted Average) | 8.60% | 7.70% |
Range (Weighted Average) | 3.00% | |
Range (Weighted Average) | 2.50% | (8.90%) |
Note 18 - Fair Value of Fina131
Note 18 - 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Carrying Amount, Assets | $ 5,704,634 | $ 5,077,013 |
Liabilities: | ||
Carrying Amount, Liabilities | 5,231,567 | 4,620,766 |
Cash and Due From Banks [Member] | ||
Assets: | ||
Carrying Amount, Assets | 42,363 | 34,265 |
Fair Value, Assets | 42,363 | 34,265 |
Securities Held to Maturity [Member] | ||
Assets: | ||
Carrying Amount, Assets | 6,180 | |
Fair Value, Assets | 6,180 | |
Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Carrying Amount, Assets | 668,740 | 704,933 |
Fair Value, Assets | 668,740 | 704,933 |
Other Securities [Member] | ||
Assets: | ||
Carrying Amount, Assets | 324,657 | 268,377 |
Fair Value, Assets | 324,657 | 268,377 |
Loans [Member] | ||
Assets: | ||
Carrying Amount, Assets | 4,387,979 | 3,810,373 |
Fair Value, Assets | 4,434,079 | 3,871,087 |
FHLB - NY Stock [Member] | ||
Assets: | ||
Carrying Amount, Assets | 56,066 | 46,924 |
Fair Value, Assets | 56,066 | 46,924 |
Interest Rate Swaps [Member] | ||
Assets: | ||
Carrying Amount, Assets | 48 | 84 |
Fair Value, Assets | 48 | 84 |
Total Assets - Financial Instruments [Member] | ||
Assets: | ||
Carrying Amount, Assets | 5,486,033 | 4,864,956 |
Fair Value, Assets | 5,532,133 | 4,925,670 |
Borrowings [Member] | ||
Liabilities: | ||
Carrying Amount, Liabilities | 1,271,676 | 1,056,492 |
Fair Value, Liabilities | 1,279,946 | 1,070,428 |
Interest Rate Swaps [Member] | ||
Liabilities: | ||
Carrying Amount, Liabilities | 4,314 | 2,649 |
Fair Value, Liabilities | 4,314 | 2,649 |
Total Liabilities - Financial Instruments [Member] | ||
Liabilities: | ||
Carrying Amount, Liabilities | 5,168,537 | 4,567,739 |
Fair Value, Liabilities | 5,187,148 | 4,597,200 |
Deposits [Member] | ||
Liabilities: | ||
Carrying Amount, Liabilities | 3,892,547 | 3,508,598 |
Fair Value, Liabilities | 3,902,888 | 3,524,123 |
Fair Value, Inputs, Level 1 [Member] | Cash and Due From Banks [Member] | ||
Assets: | ||
Fair Value, Assets | 42,363 | 34,265 |
Fair Value, Inputs, Level 1 [Member] | Total Assets - Financial Instruments [Member] | ||
Assets: | ||
Fair Value, Assets | 42,363 | 34,265 |
Fair Value, Inputs, Level 1 [Member] | Total Liabilities - Financial Instruments [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 2,489,245 | 2,202,775 |
Fair Value, Inputs, Level 1 [Member] | Deposits [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 2,489,245 | 2,202,775 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Fair Value, Assets | 668,740 | 704,933 |
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Assets: | ||
Fair Value, Assets | 317,445 | 245,768 |
Fair Value, Inputs, Level 2 [Member] | FHLB - NY Stock [Member] | ||
Assets: | ||
Fair Value, Assets | 56,066 | 46,924 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Assets: | ||
Fair Value, Assets | 48 | 84 |
Fair Value, Inputs, Level 2 [Member] | Total Assets - Financial Instruments [Member] | ||
Assets: | ||
Fair Value, Assets | 1,042,299 | 997,709 |
Fair Value, Inputs, Level 2 [Member] | Borrowings [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 1,250,928 | 1,041,657 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 4,314 | 2,649 |
Fair Value, Inputs, Level 2 [Member] | Total Liabilities - Financial Instruments [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 2,668,885 | 2,365,654 |
Fair Value, Inputs, Level 2 [Member] | Deposits [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 1,413,643 | 1,321,348 |
Fair Value, Inputs, Level 3 [Member] | Securities Held to Maturity [Member] | ||
Assets: | ||
Fair Value, Assets | 6,180 | |
Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Assets: | ||
Fair Value, Assets | 7,212 | 22,609 |
Fair Value, Inputs, Level 3 [Member] | Loans [Member] | ||
Assets: | ||
Fair Value, Assets | 4,434,079 | 3,871,087 |
Fair Value, Inputs, Level 3 [Member] | Total Assets - Financial Instruments [Member] | ||
Assets: | ||
Fair Value, Assets | 4,447,471 | 3,893,696 |
Fair Value, Inputs, Level 3 [Member] | Borrowings [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | 29,018 | 28,771 |
Fair Value, Inputs, Level 3 [Member] | Total Liabilities - Financial Instruments [Member] | ||
Liabilities: | ||
Fair Value, Liabilities | $ 29,018 | $ 28,771 |
Note 19 - Derivative Financi132
Note 19 - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 19 - Derivative Financial Instruments (Details) [Line Items] | ||
Junior Subordinated Notes | $ 29,018 | $ 28,771 |
Derivative Asset, Notional Amount | 164,864 | 50,792 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Note 19 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative Asset, Notional Amount | 36,300 | |
Designated as Hedging Instrument [Member] | ||
Note 19 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative Asset, Notional Amount | 128,500 | 14,500 |
Interest Rate Swap [Member] | ||
Note 19 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative Asset, Notional Amount | 146,900 | 32,800 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Note 19 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative Asset, Notional Amount | 36,321 | 36,321 |
Floating Rate Junior Subordinated Debentures [Member] | ||
Note 19 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative, Amount of Hedged Item | 18,000 | 18,000 |
Junior Subordinated Notes | $ 61,900 | $ 61,900 |
Note 19 - Derivative Financi133
Note 19 - Derivative Financial Instruments (Details) - Information Regarding the Company’s Derivative Financial Instruments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Notional Amount | $ 164,864 | $ 50,792 | |
Net Carrying Value | [1] | (4,266) | (2,565) |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 36,300 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 128,500 | 14,500 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 146,900 | 32,800 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 36,321 | 36,321 | |
Net Carrying Value | [1] | (2,799) | (2,239) |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 28,588 | 4,131 | |
Net Carrying Value | [1] | 48 | 84 |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 99,955 | 10,340 | |
Net Carrying Value | [1] | $ (1,515) | $ (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. There were no unrealized losses on derivative financial instruments at December 31, 2015 and 2014. |
Note 19 - Derivative Financi134
Note 19 - Derivative Financial Instruments (Details) - Effect of Derivative Instruments on the Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financial Derivatives: | ||||
Financial Derivatives | [1] | $ (1,597) | $ (4,043) | $ 3,614 |
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Financial Derivatives: | ||||
Financial Derivatives | (18) | |||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Financial Derivatives: | ||||
Financial Derivatives | (561) | (3,919) | 3,603 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||
Financial Derivatives: | ||||
Financial Derivatives | $ (1,036) | $ (124) | $ 29 | |
[1] | Net gains (losses) are recorded as "Net gain (losses) from fair value adjustments" in the Consolidated Statements of Income. |
Note 19 - Derivative Financi135
Note 19 - Derivative Financial Instruments (Details) - Effect of Master Netting Arrangements on Derivative Assets and Liabilities in the Consolidated Statements of Condition - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 48 | $ 84 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | 0 |
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Condition | 48 | 84 |
Interest Rate Swaps, Financial Instruments | 48 | 84 |
Interest Rate Swaps, Cash Collateral Received | 0 | 0 |
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 4,314 | 2,649 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | 0 |
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 4,314 | 2,649 |
Interest Rate Swaps, Financial Instruments | 48 | 84 |
Interest Rate Swaps, Cash Collateral Pledged | 4,266 | 2,565 |
Interest Rate Swaps, Net Amount | $ 0 | $ 0 |
Note 21 - Quarterly Financia136
Note 21 - Quarterly Financial Data (unaudited) (Details) - Selected Unaudited Quarterly Financial Data - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly operating data: | |||||||||||
Interest income | $ 52,468 | $ 51,913 | $ 50,222 | $ 49,543 | $ 49,171 | $ 49,177 | $ 49,569 | $ 49,211 | $ 204,146 | $ 197,128 | $ 200,526 |
Interest expense | 13,052 | 12,603 | 12,082 | 11,989 | 12,057 | 17,220 | 12,740 | 12,724 | 49,726 | 54,741 | 54,863 |
Net interest income | 39,416 | 39,310 | 38,140 | 37,554 | 37,114 | 31,957 | 36,829 | 36,487 | 154,420 | 142,387 | 145,663 |
Provision (benefit) for loan losses | 664 | (370) | (516) | (734) | (3,192) | (618) | (1,092) | (1,119) | (956) | (6,021) | 13,935 |
Other operating income | 2,145 | 1,697 | 9,947 | 1,930 | (576) | 7,123 | 1,986 | 1,710 | 15,719 | 10,243 | 9,556 |
Other operating expense | 23,824 | 23,708 | 24,248 | 25,939 | 21,685 | 21,437 | 20,624 | 22,093 | 97,719 | 85,839 | 80,576 |
Income before income tax expense | 17,073 | 17,669 | 24,355 | 14,279 | 18,045 | 18,261 | 19,283 | 17,223 | 73,376 | 72,812 | 60,708 |
Income tax expense | 5,439 | 6,661 | 9,521 | 5,546 | 6,988 | 7,060 | 7,598 | 6,927 | 27,167 | 28,573 | 22,956 |
Net income | $ 11,634 | $ 11,008 | $ 14,834 | $ 8,733 | $ 11,057 | $ 11,201 | $ 11,685 | $ 10,296 | $ 46,209 | $ 44,239 | $ 37,752 |
Basic earnings per common share (in Dollars per share) | $ 0.40 | $ 0.38 | $ 0.51 | $ 0.30 | $ 0.38 | $ 0.38 | $ 0.39 | $ 0.34 | $ 1.59 | $ 1.49 | $ 1.26 |
Diluted earnings per common share (in Dollars per share) | 0.40 | 0.38 | 0.51 | 0.30 | 0.38 | 0.38 | 0.39 | 0.34 | $ 1.59 | $ 1.48 | $ 1.26 |
Dividends per common share (in Dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | |||
Average common shares outstanding for: | |||||||||||
Basic earnings per share (in Shares) | 28,862 | 28,927 | 29,246 | 29,397 | 29,343 | 29,772 | 30,059 | 29,984 | 29,106 | 29,788 | 30,047 |
Diluted earnings per share (in Shares) | 28,879 | 28,946 | 29,268 | 29,419 | 29,366 | 29,796 | 30,090 | 30,022 | 29,126 | 29,817 | 30,073 |
Note 22 - Parent Company Onl137
Note 22 - Parent Company Only Financial Information (Details) - Condensed Statements of Financial Condition for the Holding Company: - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||
Cash and due from banks | $ 42,363 | $ 34,265 | ||
Securities available for sale: | ||||
Other securities ($872 and $864 at fair value pursuant to the fair value option at December 31, 2015 and 2014, respectively) | 324,657 | 268,377 | ||
Goodwill | 16,127 | 16,127 | ||
Other assets | 63,962 | 69,335 | ||
Total assets | 5,704,634 | 5,077,013 | ||
Liabilities: | ||||
Borrowings (at fair value pursuant to the fair value option at December 31, 2015 and 2014) | 29,018 | 28,771 | ||
Other liabilities | 67,344 | 55,676 | ||
Total liabilities | 5,231,567 | 4,620,766 | ||
Stockholders' Equity: | ||||
Common stock | 315 | 315 | ||
Treasury stock, at average cost (2,700,037 shares and 2,126,772 at December 31, 2015 and 2014, respectively) | 48,868 | 37,221 | ||
Retained earnings | 316,530 | 289,623 | ||
Accumulated other comprehensive loss, net of taxes | (5,562) | (2,907) | $ (11,375) | $ 12,137 |
Total equity | 473,067 | 456,247 | $ 432,532 | |
Total liabilities and equity | 5,704,634 | 5,077,013 | ||
Holding Company [Member] | ||||
Assets: | ||||
Cash and due from banks | 5,654 | 7,749 | ||
Securities available for sale: | ||||
Other securities ($872 and $864 at fair value pursuant to the fair value option at December 31, 2015 and 2014, respectively) | 1,170 | 1,156 | ||
Interest receivable | 4 | 4 | ||
Investment in subsidiaries | 502,798 | 482,996 | ||
Goodwill | 2,185 | 2,185 | ||
Other assets | 4,251 | 4,402 | ||
Total assets | 516,062 | 498,492 | ||
Liabilities: | ||||
Borrowings (at fair value pursuant to the fair value option at December 31, 2015 and 2014) | 29,018 | 28,770 | ||
Other liabilities | 13,977 | 13,475 | ||
Total liabilities | 42,995 | 42,245 | ||
Stockholders' Equity: | ||||
Common stock | 315 | 315 | ||
Additional paid-in capital | 210,652 | 206,437 | ||
Treasury stock, at average cost (2,700,037 shares and 2,126,772 at December 31, 2015 and 2014, respectively) | (48,868) | (37,221) | ||
Retained earnings | 316,530 | 289,623 | ||
Accumulated other comprehensive loss, net of taxes | (5,562) | (2,907) | ||
Total equity | 473,067 | 456,247 | ||
Total liabilities and equity | $ 516,062 | $ 498,492 |
Note 22 - Parent Company Onl138
Note 22 - Parent Company Only Financial Information (Details) - Condensed Statements of Financial Condition for the Holding Company: (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Other securities, at fair value pursuant to fair value option | $ 28,205 | $ 27,915 |
Treasury stock, shares | 2,700,037 | 2,126,772 |
Holding Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Other securities, at fair value pursuant to fair value option | $ 872 | $ 864 |
Treasury stock, shares | 2,700,037 | 2,126,772 |
Note 22 - Parent Company Onl139
Note 22 - Parent Company Only Financial Information (Details) - Condensed Statements of Income for the Holding Company: - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $ 24,827 | $ 25,969 | $ 28,310 | ||||||||
Interest expense | $ (13,052) | $ (12,603) | $ (12,082) | $ (11,989) | $ (12,057) | $ (17,220) | $ (12,740) | $ (12,724) | (49,726) | (54,741) | (54,863) |
Gain on sale of securities | 167 | 2,875 | 3,021 | ||||||||
Net gain (loss) from fair value adjustments | (1,841) | (2,568) | (2,521) | ||||||||
Other operating expenses | (15,118) | (11,809) | (10,634) | ||||||||
Income tax benefit | 5,439 | 6,661 | 9,521 | 5,546 | 6,988 | 7,060 | 7,598 | 6,927 | 27,167 | 28,573 | 22,956 |
Net income | $ 11,634 | $ 11,008 | $ 14,834 | $ 8,733 | $ 11,057 | $ 11,201 | $ 11,685 | $ 10,296 | 46,209 | 44,239 | 37,752 |
Other comprehensive (loss) income, net of tax | (2,655) | 8,468 | (23,512) | ||||||||
Comprehensive income | 43,554 | 52,707 | 14,240 | ||||||||
Holding Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from the Bank | 26,000 | 20,000 | 20,000 | ||||||||
Interest income | 242 | 512 | 590 | ||||||||
Interest expense | (1,075) | (1,039) | (1,066) | ||||||||
Gain on sale of securities | 17 | ||||||||||
Net gain (loss) from fair value adjustments | (231) | 779 | (5,475) | ||||||||
Other operating expenses | (1,298) | (786) | (621) | ||||||||
Income before taxes and equity in undistributed earnings of subsidiary | 23,638 | 19,466 | 13,445 | ||||||||
Income tax benefit | 687 | 668 | 2,857 | ||||||||
Income before equity in undistributed earnings of subsidiary | 24,325 | 20,134 | 16,302 | ||||||||
Equity in undistributed earnings of the Bank | 21,884 | 24,105 | 21,450 | ||||||||
Net income | 46,209 | 44,239 | 37,752 | ||||||||
Other comprehensive (loss) income, net of tax | (2,655) | 8,468 | (23,512) | ||||||||
Comprehensive income | $ 43,554 | $ 52,707 | $ 14,240 |
Note 22 - Parent Company Onl140
Note 22 - Parent Company Only Financial Information (Details) - Condensed Statements of Cash Flows for the Holding Company: - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||||||||||
Net income | $ 11,634 | $ 11,008 | $ 14,834 | $ 8,733 | $ 11,057 | $ 11,201 | $ 11,685 | $ 10,296 | $ 46,209 | $ 44,239 | $ 37,752 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Net gain on sale of securities | (167) | (2,875) | (3,021) | ||||||||
Deferred income tax (benefit) provision | (5,210) | 4,154 | (682) | ||||||||
Fair value adjustments for financial assets and financial liabilities | 1,841 | 2,568 | 2,521 | ||||||||
Stock based compensation expense | 4,845 | 4,263 | 3,412 | ||||||||
Net cash provided by operating activities | 44,730 | 57,376 | 74,435 | ||||||||
Investing activities: | |||||||||||
Purchases of securities available for sale | (313,822) | (162,830) | (458,596) | ||||||||
Proceeds from sales and calls of securities available for sale | 163,158 | 115,294 | 194,009 | ||||||||
Net cash provided by investing activities | (600,516) | (339,576) | (326,024) | ||||||||
Financing activities: | |||||||||||
Purchase of treasury stock | (15,605) | (18,872) | (14,151) | ||||||||
Cash dividends paid | (18,616) | (17,852) | (15,618) | ||||||||
Stock options exercised | 145 | 565 | 533 | ||||||||
Net cash used in financing activities | 563,884 | 282,980 | 244,649 | ||||||||
Net decrease in cash and cash equivalents | 8,098 | 780 | (6,940) | ||||||||
Cash and cash equivalents, beginning of year | 34,265 | 33,485 | 34,265 | 33,485 | 40,425 | ||||||
Cash and cash equivalents, end of year | 42,363 | 34,265 | 42,363 | 34,265 | 33,485 | ||||||
Holding Company [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 46,209 | 44,239 | 37,752 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of the Bank | (21,884) | (24,105) | (21,450) | ||||||||
Net gain on sale of securities | (17) | ||||||||||
Deferred income tax (benefit) provision | 575 | 17 | (2,348) | ||||||||
Fair value adjustments for financial assets and financial liabilities | 231 | (779) | 5,475 | ||||||||
Stock based compensation expense | 4,676 | 4,246 | 3,068 | ||||||||
Net change in operating assets and liabilities | 2,174 | 2,088 | 1,746 | ||||||||
Net cash provided by operating activities | 31,981 | 25,706 | 24,226 | ||||||||
Investing activities: | |||||||||||
Purchases of securities available for sale | (22) | (23) | |||||||||
Proceeds from sales and calls of securities available for sale | 1,699 | 517 | |||||||||
Net cash provided by investing activities | 1,677 | 494 | |||||||||
Financing activities: | |||||||||||
Purchase of treasury stock | (15,605) | (18,872) | (14,151) | ||||||||
Cash dividends paid | (18,616) | (17,852) | (15,618) | ||||||||
Stock options exercised | 145 | 565 | 533 | ||||||||
Net cash used in financing activities | (34,076) | (36,159) | (29,236) | ||||||||
Net decrease in cash and cash equivalents | (2,095) | (8,776) | (4,516) | ||||||||
Cash and cash equivalents, beginning of year | $ 7,749 | $ 16,525 | 7,749 | 16,525 | 21,041 | ||||||
Cash and cash equivalents, end of year | $ 5,654 | $ 7,749 | $ 5,654 | $ 7,749 | $ 16,525 |