Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | Flushing Financial Corporation | |
Entity Central Index Key | 923,139 | |
Trading Symbol | ffic | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 28,618,493 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Multi-Family Residential [Member] | ||
Loans: | ||
Loans Receivable | $ 2,171,289,000 | $ 2,055,228,000 |
Commercial Real Estate Loans [Member] | ||
Loans: | ||
Loans Receivable | 1,195,266,000 | 1,001,236,000 |
One-To-Four Family - Mixed Used Property [Member] | ||
Loans: | ||
Loans Receivable | 555,691,000 | 573,043,000 |
One-To-Four Family - Residential [Member] | ||
Loans: | ||
Loans Receivable | 183,993,000 | 187,838,000 |
Co-Operative Apartments [Member] | ||
Loans: | ||
Loans Receivable | 7,494,000 | 8,285,000 |
Construction [Member] | ||
Loans: | ||
Loans Receivable | 11,250,000 | 7,284,000 |
Small Business Administration [Member] | ||
Loans: | ||
Loans Receivable | 14,339,000 | 12,194,000 |
Taxi Medallion [Member] | ||
Loans: | ||
Loans Receivable | 20,536,000 | 20,881,000 |
Commercial Business and Other [Member] | ||
Loans: | ||
Loans Receivable | 564,972,000 | 506,622,000 |
Cash and due from banks | 47,880,000 | 42,363,000 |
Other securities (none pledged) (fair value of $33,410 and $6,180 at September 30, 2016 and December 31, 2015, respectively) | 33,274,000 | 6,180,000 |
Mortgage-backed securities (including assets pledged of $133,470 and $496,121 at September 30, 2016 and December 31, 2015, respectively; $2,166 and $2,527 at fair value pursuant to the fair value option at September 30, 2016 and December 31, 2015, respectively) | 545,067,000 | 668,740,000 |
Other securities (including assets pledged of $91,799 and none at September 30, 2016 and December 31, 2015, respectively; $28,551 and $28,205 at fair value pursuant to the fair value option at September 30, 2016 and December 31, 2015, respectively) | 365,812,000 | 324,657,000 |
Net unamortized premiums and unearned loan fees | 16,447,000 | 15,368,000 |
Allowance for loan losses | (21,795,000) | (21,535,000) |
Net loans | 4,719,482,000 | 4,366,444,000 |
Interest and dividends receivable | 19,833,000 | 18,937,000 |
Bank premises and equipment, net | 26,000,000 | 25,622,000 |
Federal Home Loan Bank of New York stock | 65,185,000 | 56,066,000 |
Bank owned life insurance | 115,807,000 | 115,536,000 |
Goodwill | 16,127,000 | 16,127,000 |
Other assets | 44,788,000 | 63,962,000 |
Total assets | 5,999,255,000 | 5,704,634,000 |
LIABILITIES | ||
Non-interest bearing | 320,060,000 | 269,469,000 |
Certificate of deposit accounts | 1,384,551,000 | 1,403,302,000 |
Savings accounts | 258,058,000 | 261,748,000 |
Money market accounts | 733,361,000 | 472,489,000 |
NOW accounts | 1,296,475,000 | 1,448,695,000 |
Total interest-bearing deposits | 3,672,445,000 | 3,586,234,000 |
Mortgagors' escrow deposits | 49,276,000 | 36,844,000 |
Borrowed funds ($27,791 and $29,018 at fair value pursuant to the fair value option at September 30, 2016 and December 31, 2015, respectively) | 1,320,515,000 | 1,155,676,000 |
Securities sold under agreements to repurchase | 40,000,000 | 116,000,000 |
Other liabilities | 84,338,000 | 67,344,000 |
Total liabilities | 5,486,634,000 | 5,231,567,000 |
STOCKHOLDERS' EQUITY | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; None issued) | 0 | 0 |
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595 shares issued at September 30, 2016 and December 31, 2015; 28,632,796 shares and 28,830,558 shares outstanding at September 30, 2016 and December 31, 2015, respectively) | 315,000 | 315,000 |
Additional paid-in capital | 213,488,000 | 210,652,000 |
Treasury stock, at average cost (2,897,799 shares and 2,700,037 shares at September 30, 2016 and December 31, 2015, respectively) | (53,373,000) | (48,868,000) |
Retained earnings | 351,942,000 | 316,530,000 |
Accumulated other comprehensive income (loss), net of taxes | 249,000 | (5,562,000) |
Total stockholders' equity | 512,621,000 | 473,067,000 |
Total liabilities and stockholders' equity | $ 5,999,255,000 | $ 5,704,634,000 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Collateralized Mortgage Backed Securities [Member] | ||
Mortgage-backed securities, assets pledged | $ 133,470,000 | $ 496,121,000 |
Other Securities [Member] | ||
Mortgage-backed securities, assets pledged | 91,799,000 | 0 |
Other securities, fair value option | 33,410,000 | 6,180,000 |
Mortgage-backed securities, fair value option | 2,166,000 | 2,527,000 |
Other securities, fair value option | 28,551,000 | 28,205,000 |
Borrowed funds, fair value option | $ 27,791,000 | $ 29,018,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 31,530,595 | 31,530,595 |
Common stock, shares outstanding (in shares) | 28,632,796 | 28,830,558 |
Treasury stock, at average cost (in shares) | 2,897,799 | 2,700,037 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Interest and dividend income | |||||
Interest and fees on loans | $ 49,181 | $ 45,243 | $ 145,152 | $ 132,861 | |
Interest and dividends on securities: | |||||
Interest | 6,173 | 6,508 | 19,275 | 18,366 | |
Dividends | 121 | 119 | 360 | 355 | |
Other interest income | 49 | 43 | 191 | 96 | |
Total interest and dividend income | 55,524 | 51,913 | 164,978 | 151,678 | |
Interest expense | |||||
Deposits | 8,520 | 7,701 | 24,590 | 22,596 | |
Other interest expense | 5,291 | 4,902 | 15,653 | 14,078 | |
Total interest expense | 13,811 | 12,603 | 40,243 | 36,674 | |
Net interest income | 41,713 | 39,310 | 124,735 | 115,004 | |
Benefit for loan losses | (370) | (1,620) | |||
Net interest income after benefit for loan losses | 41,713 | 39,680 | 124,735 | 116,624 | |
Non-interest income | |||||
Banking services fee income | 826 | 778 | 2,775 | 2,560 | |
Net gain on sale of securities | 103 | 2,363 | 167 | ||
Net gain on sale of loans | 240 | 306 | 584 | 355 | |
Net gain on sale of buildings | 33,814 | 6,537 | |||
Net loss from fair value adjustments | (823) | (1,094) | (2,925) | (921) | |
Federal Home Loan Bank of New York stock dividends | 665 | 480 | 1,870 | 1,455 | |
Gain from life insurance proceeds | 47 | 458 | |||
Bank owned life insurance | 707 | 725 | 2,096 | 2,157 | |
Other income | 191 | 399 | 1,075 | 1,264 | |
Total non-interest income | 1,853 | 1,697 | 42,110 | 13,574 | |
Non-interest expense | |||||
Salaries and employee benefits | 14,795 | 12,648 | 45,024 | 40,471 | |
Occupancy and equipment | 2,576 | 2,443 | 7,298 | 7,791 | |
Professional services | 1,730 | 1,907 | 5,907 | 5,036 | |
FDIC deposit insurance | 536 | 817 | 2,380 | 2,377 | |
Data processing | 939 | 1,178 | 3,229 | 3,425 | |
Depreciation and amortization of bank premises and equipment | 1,169 | 993 | 3,263 | 2,528 | |
Other real estate owned/foreclosure expense | 273 | 110 | 831 | 717 | |
Prepayment penalty on borrowings | 2,082 | ||||
Other operating expenses | 4,259 | 3,612 | 13,214 | 11,550 | |
Total non-interest expense | 26,277 | 23,708 | 83,228 | 73,895 | |
Income before income taxes | 17,289 | 17,669 | 83,617 | 56,303 | |
Federal: | |||||
Federal | 5,568 | 5,375 | 25,518 | 16,782 | |
State and local | 1,087 | 1,286 | 7,469 | 4,946 | |
Total taxes | 6,655 | 6,661 | 32,987 | 21,728 | |
Net income | $ 10,634 | $ 11,008 | $ 50,630 | $ 34,575 | |
Basic earnings per common share (in dollars per share) | $ 0.37 | $ 0.38 | $ 1.75 | $ 1.18 | |
Diluted earnings per common share (in dollars per share) | [1] | 0.37 | 0.38 | 1.75 | 1.18 |
Dividends per common share (in dollars per share) | $ 0.17 | $ 0.16 | $ 0.51 | $ 0.48 | |
[1] | For the three and nine months ended September 30, 2016 and 2015, there were no stock options that were anti-dilutive. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 10,634 | $ 11,008 | $ 50,630 | $ 34,575 |
Other comprehensive income (loss), net of tax: | ||||
Amortization of actuarial losses, net of taxes of ($82) and ($134) for the three months ended September 30, 2016 and 2015, respectively and of ($247) and ($402) for the nine months ended September 30, 2016 and 2015, respectively. | 110 | 173 | 329 | 518 |
Amortization of prior service credits, net of taxes of $4 and $5 for the three months ended September 30, 2016 and 2015, respectively and of $14 and $15 for the nine months ended September 30, 2016 and 2015, respectively. | (7) | (6) | (20) | (19) |
Reclassificaton adjustment for net gains included in income, net of taxes of $45 for the three months ended September 30, 2015 and of $1,013 and $73 for the nine months ended September 30, 2016 and 2015, respectively. | (58) | (1,350) | (94) | |
Net unrealized gains (losses) on securities, net of taxes of $2,177 and ($3,063) for the three months ended September 30, 2016 and 2015, respectively and of ($5,103) and ($2,230) for the nine months ended September 30, 2016 and 2015, respectively. | (2,942) | 3,943 | 6,852 | 2,798 |
Total other comprehensive income (loss), net of tax | (2,839) | 4,052 | 5,811 | 3,203 |
Comprehensive income | $ 7,795 | $ 15,060 | $ 56,441 | $ 37,778 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amortization of actuarial losses, tax | $ (82) | $ (134) | $ (247) | $ (402) |
Amortization of prior service credits, tax | 4 | 5 | 14 | 15 |
Reclassification adjustment for net gains included in income, tax | 45 | 1,013 | 73 | |
Net unrealized gains of securities, tax | $ 2,177 | $ (3,063) | $ (5,103) | $ (2,230) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 50,630 | $ 34,575 |
Purchases of bank premises and equipment | (4,159) | (9,933) |
Net purchases of Federal Home Loan Bank of New York shares | (9,119) | (6,467) |
Purchases of securities held-to-maturity | (35,705) | (3,100) |
Proceeds from maturities of securities held-to-maturity | 8,475 | 1,390 |
Purchases of securities available for sale | (59,678) | (294,453) |
Proceeds from sales and calls of securities | 66,996 | 163,158 |
Proceeds from maturities and prepayments of securities | 85,829 | 92,733 |
Proceeds from bank owned life insurance | 2,236 | |
Proceeds from sale of buildings | 34,332 | 20,209 |
Net originations of loans | (210,506) | (163,037) |
Purchases of loans | (137,994) | (216,333) |
Proceeds from sale of real estate owned | 853 | 2,185 |
Proceeds from sale of loans | 11,499 | 10,363 |
Net cash used in investing activities | (246,941) | (403,285) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Benefit for loan losses | (1,620) | |
Depreciation and amortization of bank premises and equipment | 3,263 | 2,528 |
Amortization of premium, net of accretion of discount | 6,344 | 6,804 |
Net (gain) loss from fair value adjustments | 2,925 | 921 |
Net gain from sale of loans | (584) | (355) |
Net gain from sale of securities | (2,363) | (167) |
Net gain from sale of buildings | (33,814) | (6,537) |
Income from bank owned life insurance | (2,096) | (2,157) |
Gain from life insurance proceeds | (458) | |
Stock-based compensation expense | 4,169 | 4,222 |
Deferred compensation | (3,140) | (2,768) |
Excess tax benefit from stock-based payment arrangements | (470) | (467) |
Deferred income tax benefit | (1,228) | (5,024) |
Increase in other liabilities | 7,680 | 2,432 |
Decrease in other assets | 6,549 | 2,065 |
Net cash provided by operating activities | 37,407 | 34,452 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in non-interest bearing deposits | 50,591 | 1,362 |
Net increase in interest-bearing deposits | 85,616 | 207,653 |
Net increase in mortgagors' escrow deposits | 12,432 | 9,021 |
Net proceeds from short-term borrowed funds | 150,000 | 45,000 |
Proceeds from long-term borrowings | 200,000 | 225,000 |
Repayment of long-term borrowings | (260,301) | (90,000) |
Purchases of treasury stock | (9,102) | (15,604) |
Excess tax benefit from stock-based payment arrangements | 470 | 467 |
Proceeds from issuance of common stock upon exercise of stock options | 132 | 142 |
Cash dividends paid | (14,787) | (13,999) |
Net cash provided by financing activities | 215,051 | 369,042 |
Net increase in cash and cash equivalents | 5,517 | 209 |
Cash and cash equivalents, beginning of period | 42,363 | 34,265 |
Cash and cash equivalents, end of period | 47,880 | 34,474 |
SUPPLEMENTAL CASHFLOW DISCLOSURE | ||
Interest paid | 39,792 | 35,838 |
Income taxes paid | 28,610 | 26,518 |
Taxes paid if excess tax benefits were not tax deductible | 29,080 | 26,985 |
Non-cash activities: | ||
Securities purchased not yet settled | 2,000 | |
Securities transferred from available for sale to held-to-maturity | 4,510 | |
Loans transferred to Other Real Estate Owned | 486 | 1,588 |
Loans provided for the sale of Other Real Estate Owned | 280 | |
Loans held for investment transferred to loans held for sale | $ 300 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Shares Purchased to Fund Options Exercised [Member]Treasury Stock [Member] | Shares Purchased to Fund Options Exercised [Member] | Restricted Stock Awards Repurchased to Satisfy Tax Obligations [Member]Treasury Stock [Member] | Restricted Stock Awards Repurchased to Satisfy Tax Obligations [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2014 | $ 315,000 | $ 206,437,000 | $ 289,623,000 | $ (37,221,000) | $ (2,907,000) | $ 456,247,000 | ||||
Net Income | 34,575,000 | 34,575,000 | ||||||||
Award of common shares released from Employee Benefit Trust | 2,031,000 | 2,031,000 | ||||||||
Vesting of restricted stock unit award | (3,076,000) | (504,000) | 3,580,000 | |||||||
Exercise of stock options | (51,000) | (179,000) | 372,000 | 142,000 | ||||||
Stock-based compensation expense | 4,128,000 | 4,128,000 | ||||||||
Stock-based income tax benefit | 467,000 | 467,000 | ||||||||
Purchase of treasury shares | $ (14,351,000) | $ (14,351,000) | $ (1,253,000) | $ (1,253,000) | ||||||
Dividends on common stock | (13,999,000) | (13,999,000) | ||||||||
Other comprehensive income | 3,203,000 | 3,203,000 | ||||||||
Balance at Sep. 30, 2015 | 315,000 | 209,936,000 | 309,516,000 | (48,873,000) | 296,000 | 471,190,000 | ||||
Balance at Dec. 31, 2015 | 315,000 | 210,652,000 | 316,530,000 | (48,868,000) | (5,562,000) | 473,067,000 | ||||
Net Income | 50,630,000 | 50,630,000 | ||||||||
Award of common shares released from Employee Benefit Trust | 1,984,000 | 1,984,000 | ||||||||
Vesting of restricted stock unit award | (4,049,000) | (397,000) | 4,446,000 | |||||||
Exercise of stock options | 15,000 | (34,000) | 151,000 | 132,000 | ||||||
Stock-based compensation expense | 4,416,000 | 4,416,000 | ||||||||
Stock-based income tax benefit | 470,000 | 470,000 | ||||||||
Purchase of treasury shares | $ (7,492,000) | $ (7,492,000) | $ (1,610,000) | $ (1,610,000) | ||||||
Dividends on common stock | (14,787,000) | (14,787,000) | ||||||||
Other comprehensive income | 5,811,000 | 5,811,000 | ||||||||
Balance at Sep. 30, 2016 | $ 315,000 | $ 213,488,000 | $ 351,942,000 | $ (53,373,000) | $ 249,000 | $ 512,621,000 |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Additional Paid-in Capital [Member] | ||
Award of common shares released from Employee Benefit Trust (in shares) | 138,519 | 139,607 |
Shares issued upon vesting of restricted stock unit awards (in shares) | 245,311 | 204,110 |
Issuance upon exercise of stock options (in shares) | 41,670 | 9,725 |
Treasury Stock [Member] | Shares Purchased to Fund Options Exercised [Member] | ||
Purchases of shares (in shares) | 378,695 | 635,199 |
Treasury Stock [Member] | Restricted Stock Awards Repurchased to Satisfy Tax Obligations [Member] | ||
Purchases of shares (in shares) | 77,994 | 58,461 |
Retained Earnings [Member] | ||
Cash dividends declared and paid on common shares (in dollars per share) | $ 0.51 | $ 0.48 |
Issuance upon exercise of stock options (in shares) | 41,670 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. Basis of Presentation The primary business of Flushing Financial Corporation (the “Holding Company”), a Delaware corporation, is the operation of its wholly-owned subsidiary, Flushing Bank (the “Bank”). The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q (“Quarterly Report”) include the collective results of the Holding Company and its direct and indirect wholly-owned subsidiaries, including the Bank, Flushing Preferred Funding Corporation, Flushing Service Corporation, and FSB Properties Inc., which are collectively herein referred to as “we,” “us,” “our” and the “Company.” The Holding Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III, and Flushing Financial Capital Trust IV (the “Trusts”), which are special purpose business trusts. The Trusts are not included in the Company’s consolidated financial statements as the Company would not absorb the losses of the Trusts if any losses were to occur. The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for such presented periods of the Company. Such adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report. All inter-company balances and transactions have been eliminated in consolidation. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited consolidated interim financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Note 2 - Use of Estimates
Note 2 - Use of Estimates | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for loan losses (“ALL”), 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. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Earnings Per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the total weighted average number of common shares outstanding, which includes unvested participating securities. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and as such are included in the calculation of earnings per share. The Company’s unvested restricted stock 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 unit awards. The computation of diluted earnings per share includes the additional dilutive effect of stock options outstanding and other common stock equivalents during the period. Common stock equivalents that are anti-dilutive are not included in the computation of diluted earnings per common share. The numerator for calculating basic and diluted earnings per common share is net income available to common shareholders. The shares held in the Company’s Employee Benefit Trust are not included in shares outstanding for purposes of calculating earnings per common share. Earnings per common share have been computed based on the following: For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands, except per share data) Net income, as reported $ 10,634 $ 11,008 $ 50,630 $ 34,575 Divided by: Weighted average common shares outstanding 28,861 28,927 28,993 29,188 Weighted average common stock equivalents 14 19 13 21 Total weighted average common shares outstanding and common stock equivalents 28,875 28,946 29,006 29,209 Basic earnings per common share $ 0.37 $ 0.38 $ 1.75 $ 1.18 Diluted earnings per common share (1) $ 0.37 $ 0.38 $ 1.75 $ 1.18 Dividend payout ratio 45.9 % 42.1 % 29.1 % 40.7 % (1) For the three and nine months ended September 30, 2016 and 2015, there were no stock options that were anti-dilutive. |
Note 4 - Debt and Equity Securi
Note 4 - Debt and Equity Securities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Debt and Equity Securities The Company’s investments in equity securities that have readily determinable fair values and all investments in debt securities are classified in one of the following three categories and accounted for accordingly: (1) trading securities, (2) securities available for sale and (3) securities held-to-maturity. The Company did not hold any trading securities at September 30, 2016 and December 31, 2015. 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 September 30, 2016: Amortized Fair Value Gross Gross (In thousands) Securites held-to-maturity: Municipals $ 33,274 $ 33,410 $ 136 $ - Total $ 33,274 $ 33,410 $ 136 $ - 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 $ - $ - The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2016: Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 104,011 $ 191 $ 6,180 Municipals 125,667 130,380 4,713 - Mutual funds 21,658 21,658 - - Collateralized loan obligations 101,660 102,572 920 8 Other 7,193 7,191 - 2 Total other securities 366,178 365,812 5,824 6,190 REMIC and CMO 383,912 389,426 6,144 630 GNMA 7,520 7,700 180 - FNMA 129,791 132,831 3,085 45 FHLMC 14,802 15,110 308 - Total mortgage-backed securities 536,025 545,067 9,717 675 Total securities available for sale $ 902,203 $ 910,879 $ 15,541 $ 6,865 Mortgage-backed securities shown in the table above include one private issue collateralized mortgage obligation (“CMO”) that is collateralized by commercial real estate mortgages with an amortized cost and market value of $0.4 million at September 30, 2016. 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 include one private issue 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 details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at September 30, 2016, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Value (In thousands) Due in one year or less $ 11,370 $ 11,370 Due after one year through five years 40 40 Due after ten years 21,864 22,000 Total securities held-to-maturity $ 33,274 $ 33,410 The amortized cost and fair value of the Company’s securities, classified as available for sale at September 30, 2016, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Value (In thousands) Due in one year or less $ - $ - Due after one year through five years 1,795 1,821 Due after five years through ten years 118,691 117,707 Due after ten years 224,034 224,626 Total other securities 344,520 344,154 Mutual funds 21,658 21,658 Mortgage-backed securities 536,025 545,067 Total securities available for sale $ 902,203 $ 910,879 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 September 30, 2016: Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Corporate 13 $ 93,820 $ 6,180 $ 19,294 $ 706 $ 74,526 $ 5,474 Collateralized loan obligations 1 7,474 8 - - 7,474 8 Other 1 299 2 - - 299 2 Total other securities 15 101,593 6,190 19,294 706 82,299 5,484 REMIC and CMO 11 55,603 630 19,707 131 35,896 499 FNMA 1 6,694 45 - - 6,694 45 Total mortgage-backed securities 12 62,297 675 19,707 131 42,590 544 Total securities available for sale 27 $ 163,890 $ 6,865 $ 39,001 $ 837 $ 124,889 $ 6,028 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 Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Corporate 12 $ 85,563 $ 4,436 $ 76,218 $ 3,782 $ 9,345 $ 654 Collateralized loan obligations 7 52,898 327 52,898 327 - - Other 1 298 2 - - 298 2 Total other securities 20 138,759 4,765 129,116 4,109 9,643 656 REMIC and CMO 33 238,132 3,147 182,010 1,642 56,122 1,505 GNMA 1 6,977 139 6,977 139 - - FNMA 20 102,225 1,762 75,769 1,043 26,456 719 FHLMC 3 14,715 99 14,715 99 - - Total mortgage-backed securities 57 362,049 5,147 279,471 2,923 82,578 2,224 Total securities available for sale 77 $ 500,808 $ 9,912 $ 408,587 $ 7,032 $ 92,221 $ 2,880 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 September 30, 2016 and December 31, 2015. An unrealized loss exists when the current fair value of an investment is less than its amortized cost basis. Unrealized losses on available for sale securities, that are deemed to be temporary, are recorded in AOCI, net of tax. The unrealized losses in total securities available for sale at September 30, 2016 and December 31, 2015 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 September 30, 2016 and December 31, 2015. The Company sold available for sale securities with book values at the time of sale totaling $64.6 million and $163.0 million during the nine months ended September 30, 2016 and 2015, respectively. The Company did not sell any available for sale securities during the three months ended September 30, 2016. The Company sold available for sale securities with book values at the time of sale totaling $138.0 million during the three months ended September 30, 2015. The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands) Gross gains from the sale of securities $ - $ 2,666 $ 2,370 $ 2,899 Gross losses from the sale of securities - (2,563 ) (7 ) (2,732 ) Net gains from the sale of securities $ - $ 103 $ 2,363 $ 167 |
Note 5 - Loans
Note 5 - Loans | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans Loans are reported at their outstanding principal 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. Payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected. The Company maintains an allowance for loan losses at an amount, which, in management’s judgment, is adequate to absorb probable estimated losses inherent in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of loans. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The allowance is established through charges to earnings in the form of 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. Increases and decreases in the allowance other than charge-offs and recoveries are included in the provision for loan losses. When a loan or a portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. The 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. The Company segregated its loans into two portfolios based on year of origination. One portfolio was reviewed for loans originated after December 31, 2009 and a second portfolio for loans originated prior to January 1, 2010. Our decision to segregate the portfolio based upon origination dates was based on changes made in our underwriting standards during 2009. By the end of 2009, all loans were being underwritten based on revised and tightened underwriting standards. Loans originated prior to 2010 have a higher delinquency rate and loss history. Each of the years in the portfolio for loans originated prior to 2010 has a similar delinquency rate. The 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 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. Prior to a loan becoming 90 days delinquent an updated appraisal is ordered and/or an internal evaluation is prepared. The loan balances of collateral dependent impaired loans are compared to the property’s updated fair value. The Company considers fair value of collateral dependent loans to be 85% of the appraised or internally estimated value of the property. The balance which exceeds fair value is generally charged-off, except for taxi medallion loans. The fair value of the underlying collateral of taxi medallion loans is the value of the underlying medallion based upon the most recently reported arm’s length transaction. When there is no recent sale activity, the fair value is calculated using capitalization rates. In addition, taxi medallion loans with a loan-to-value greater than 100% are classified as impaired and allocated a portion of the ALL in the amount of the excess of the loan-to-value over the loan’s principal balance. The 85% is based on the actual net proceeds the Bank has received from the sale of other real estate owned (“OREO”) as a percentage of OREO’s appraised value. A loan is considered impaired when, based upon current information, the Company believes it is probable that it will be unable to collect all amounts due, both principal and interest, in accordance with the original terms of the loan. Impaired loans are measured based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or, as a practical expedient, the fair value of the collateral if the loan is collateral dependent. All non-accrual loans are considered impaired. Interest income on impaired loans is recorded on the cash basis. The Company reviews each impaired loan on an individual basis to determine if either a charge-off or a valuation allowance needs to be allocated to the loan. The Company does not charge-off or allocate a valuation allowance to loans for which management has concluded the current value of the underlying collateral will allow for recovery of the loan balance either through the sale of the loan or by foreclosure and sale of the property. The Company evaluates the underlying collateral through a third party appraisal, or when a third party appraisal is not available, the Company will use an internal evaluation. The internal evaluations are prepared using an income approach or a sales approach. The income approach is used for income producing properties and uses current revenues less operating expenses to determine the net cash flow of the property. Once the net cash flow is determined, the value of the property is calculated using an appropriate capitalization rate for the property. The sales approach uses comparable sales prices in the market. When an internal evaluation is used, we place greater reliance on the income approach to value the collateral. In preparing internal evaluations of property values, the Company seeks to obtain current data on the subject property from various sources, including: (1) the borrower; (2) copies of existing leases; (3) local real estate brokers and appraisers; (4) public records (such as for real estate taxes and water and sewer charges); (5) comparable sales and rental data in the market; (6) an inspection of the property and (7) interviews with tenants. These internal evaluations primarily focus on the income approach and comparable sales data to value the property. As of September 30, 2016, we utilized recent third party appraisals of the collateral to measure impairment for $45.3 million, or 88.2%, of collateral dependent impaired loans, and used internal evaluations of the property’s value for $6.1 million, or 11.8%, 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. 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 September 30, 2016, there were no commitments to lend additional funds to borrowers whose loans were modified to a TDR. The modification of loans to a TDR did not have a significant effect on our operating results, nor did it require a significant allocation of the allowance for loan losses. The following table shows loans modified and classified as TDR during the period indicated: For the nine months ended For the nine months ended (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - residential 2 $ 263 Received a below market interest rate and the loan amortizations were extended. - $ - Commercial business and other 2 739 One received an amortization extension and one received a below market interest rate and an amortization extension. - - Small Business Administration - - 1 41 Received a below market interest rate and the loan amortization was extended. Total 4 $ 1,002 1 $ 41 The recorded investment of the loans modified and classified as TDR presented in the table above, were unchanged as there was no principal forgiven in this modification. The Company did not modify and classify any loans as TDR during the three months ended September 30, 2016 or 2015. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated: September 30, 2016 December 31, 2015 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 9 $ 2,586 9 $ 2,626 Commercial real estate 2 2,074 3 2,371 One-to-four family - mixed-use property 5 1,809 6 2,052 One-to-four family - residential 3 596 1 343 Small business administration - - 1 34 Commercial business and other 3 1,139 4 2,083 Total performing troubled debt restructured 22 $ 8,204 24 $ 9,509 During the three months ended September 30, 2016 and 2015 and the nine months ended September 30, 2016, there were no TDR loans transferred to non-performing status. During the nine months ended September 30, 2015, one TDR loan of $0.4 million was transferred to non-performing status, which resulted in this loan being included in non-performing loans. The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated: September 30, 2016 December 31, 2015 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 392 1 $ 391 Total troubled debt restructurings that subsequently defaulted 1 $ 392 1 $ 391 The following table shows our non-performing loans at the periods indicated: (In thousands) September 30, December 31, Loans ninety days or more past due and still accruing: Multi-family residential $ - $ 233 Commercial real estate 1,183 1,183 One-to-four family - mixed-use property 470 611 One-to-four family - residential - 13 Construction - 1,000 Commercial Business and other - 220 Total 1,653 3,260 Non-accrual mortgage loans: Multi-family residential 1,649 3,561 Commercial real estate 1,157 2,398 One-to-four family - mixed-use property 4,534 5,952 One-to-four family - residential 8,340 10,120 Total 15,680 22,031 Non-accrual non-mortgage loans: Small business administration 2,132 218 Taxi medallion 3,971 - Commercial business and other 99 568 Total 6,202 786 Total non-accrual loans 21,882 22,817 Total non-accrual loans and loans ninety days or more past due and still accruing $ 23,535 $ 26,077 The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the periods indicated: For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 468 $ 627 $ 1,405 $ 1,879 Less: Interest income included in the results of operations 99 153 391 540 Total foregone interest $ 369 $ 474 $ 1,014 $ 1,339 The following tables show an age analysis of our recorded investment in loans, including loans past maturity, at the periods indicated: September 30, 2016 (In thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 5,441 $ 917 $ 1,649 $ 8,007 $ 2,163,282 $ 2,171,289 Commercial real estate 3,052 377 2,340 5,769 1,189,497 1,195,266 One-to-four family - mixed-use property 4,396 746 5,004 10,146 545,545 555,691 One-to-four family - residential 1,081 427 8,146 9,654 174,339 183,993 Co-operative apartments - - - - 7,494 7,494 Construction loans - - - - 11,250 11,250 Small Business Administration 28 - 2,044 2,072 12,267 14,339 Taxi medallion - 1,408 2,563 3,971 16,565 20,536 Commercial business and other 247 4 1 252 564,720 564,972 Total $ 14,245 $ 3,879 $ 21,747 $ 39,871 $ 4,684,959 $ 4,724,830 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 tables show the activity in the allowance for loan losses for the three month periods indicated: September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,177 $ 4,445 $ 3,326 $ 1,044 $ 75 $ 574 $ 1,042 $ 4,669 $ 846 $ 22,198 Charge-off's (90 ) - (71 ) - - (361 ) - (19 ) - (541 ) Recoveries 11 11 47 - - 44 - 25 - 138 Provision (Benefit) (103 ) 60 (234 ) (27 ) 15 151 1,290 (477 ) (675 ) - Ending balance $ 5,995 $ 4,516 $ 3,068 $ 1,017 $ 90 $ 408 $ 2,332 $ 4,198 $ 171 $ 21,795 September 30, 2015 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 8,300 $ 3,726 $ 5,180 $ 1,433 $ 29 $ 291 $ 11 $ 4,114 $ 23,084 Charge-off's (58 ) - (99 ) - - (9 ) - (10 ) (176 ) Recoveries 4 100 26 300 - 5 - - 435 Provision (Benefit) (596 ) 331 (233 ) (371 ) 16 (42 ) 231 294 (370 ) Ending balance $ 7,650 $ 4,157 $ 4,874 $ 1,362 $ 45 $ 245 $ 242 $ 4,398 $ 22,973 The following tables show the activity in the allowance for loan losses for the nine month periods indicated: September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,718 $ 4,239 $ 4,227 $ 1,227 $ 50 $ 262 $ 343 $ 4,469 $ - $ 21,535 Charge-off's (155 ) - (139 ) (74 ) - (362 ) - (59 ) - (789 ) Recoveries 230 11 252 366 - 118 - 72 - 1,049 Provision (Benefit) (798 ) 266 (1,272 ) (502 ) 40 390 1,989 (284 ) 171 - Ending balance $ 5,995 $ 4,516 $ 3,068 $ 1,017 $ 90 $ 408 $ 2,332 $ 4,198 $ 171 $ 21,795 September 30, 2015 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 8,827 $ 4,202 $ 5,840 $ 1,690 $ 42 $ 279 $ 11 $ 4,205 $ 25,096 Charge-off's (458 ) (32 ) (571 ) (244 ) - (9 ) - (62 ) (1,376 ) Recoveries 218 168 73 374 - 32 - 8 873 Provision (Benefit) (937 ) (181 ) (468 ) (458 ) 3 (57 ) 231 247 (1,620 ) Ending balance $ 7,650 $ 4,157 $ 4,874 $ 1,362 $ 45 $ 245 $ 242 $ 4,398 $ 22,973 The following tables show the manner in which loans were evaluated for impairment at the periods indicated: September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Unallocated Total Financing Receivables: Ending Balance $ 2,171,289 $ 1,195,266 $ 555,691 $ 183,993 $ 7,494 $ 11,250 $ 14,339 $ 20,536 $ 564,972 $ - $ 4,724,830 Ending balance: individually evaluated for impairment $ 5,820 $ 6,443 $ 9,997 $ 10,507 $ - $ - $ 664 $ 16,659 $ 2,608 $ - $ 52,698 Ending balance: collectively evaluated for impairment $ 2,165,469 $ 1,188,823 $ 545,694 $ 173,486 $ 7,494 $ 11,250 $ 13,675 $ 3,877 $ 562,364 $ - $ 4,672,132 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 237 $ 190 $ 449 $ 62 $ - $ - $ 47 $ 2,330 $ 13 $ - $ 3,328 Ending balance: collectively evaluated for impairment $ 5,758 $ 4,326 $ 2,619 $ 955 $ - $ 90 $ 361 $ 2 $ 4,185 $ 171 $ 18,467 December 31, 2015 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Unallocated 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 Allowance for credit losses: 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 our recorded investment, unpaid principal balance and allocated allowance for loan losses for impaired loans at the periods indicated: September 30, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,546 $ 3,877 $ - $ 5,742 $ 6,410 $ - Commercial real estate 4,369 4,396 - 3,812 3,869 - One-to-four family mixed-use property 7,366 8,418 - 10,082 11,335 - One-to-four family residential 10,074 11,591 - 12,255 14,345 - Co-operative apartments - - - - - - Construction - - - 1,000 1,000 - Non-mortgage loans: Small Business Administration 546 908 - 276 276 - Taxi Medallion 10,106 10,106 - - - - Commercial Business and other 2,170 2,549 - 2,682 5,347 - Total loans with no related allowance recorded 38,177 41,845 - 35,849 42,582 - With an allowance recorded: Mortgage loans: Multi-family residential 2,274 2,274 237 2,305 2,305 252 Commercial real estate 2,074 2,074 190 2,371 2,371 180 One-to-four family mixed-use property 2,631 2,633 449 2,746 2,746 502 One-to-four family residential 433 433 62 343 343 51 Co-operative apartments - - - - - - Construction - - - - - - Non-mortgage loans: Small Business Administration 118 118 47 34 34 - Taxi Medallion 6,553 6,553 2,330 2,118 2,118 333 Commercial Business and other 438 439 13 2,034 2,034 112 Total loans with an allowance recorded 14,521 14,524 3,328 11,951 11,951 1,430 Total Impaired Loans: Total mortgage loans $ 32,767 $ 35,696 $ 938 $ 40,656 $ 44,724 $ 985 Total non-mortgage loans $ 19,931 $ 20,673 $ 2,390 $ 7,144 $ 9,809 $ 445 The following table shows our average recorded investment and interest income recognized for impaired loans for the three months ended September 30, 2016 and 2015: September 30, 2016 September 30, 2015 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 4,639 $ 23 $ 8,034 $ 14 Commercial real estate 4,661 55 4,930 35 One-to-four family mixed-use property 8,234 37 9,814 39 One-to-four family residential 10,204 19 13,040 28 Co-operative apartments - - 307 - Construction 285 - - - Non-mortgage loans: Small Business Administration 404 13 301 6 Taxi Medallion 5,053 52 - - Commercial Business and other 2,211 45 3,363 51 Total loans with no related allowance recorded 35,691 244 39,789 173 With an allowance recorded: Mortgage loans: Multi-family residential 2,279 29 2,326 30 Commercial real estate 2,080 24 538 7 One-to-four family mixed-use property 2,567 35 3,054 42 One-to-four family residential 435 4 348 3 Co-operative apartments - - - - Construction - - - - Non-mortgage loans: Small Business Administration 397 1 38 1 Taxi Medallion 6,459 17 1,065 16 Commercial Business and other 448 7 3,064 32 Total loans with an allowance recorded 14,665 117 10,433 131 Total Impaired Loans: Total mortgage loans $ 35,384 $ 226 $ 42,391 $ 198 Total non-mortgage loans $ 14,972 $ 135 $ 7,831 $ 106 The following table shows our average recorded investment and interest income recognized for impaired loans for the nine months ended September 30, 2016 and 2015: September 30, 2016 September 30, 2015 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 5,129 $ 69 $ 9,470 $ 46 Commercial real estate 4,841 162 5,748 107 One-to-four family mixed-use property 8,407 119 10,781 133 One-to-four family residential 10,457 69 13,125 101 Co-operative apartments - - 153 - Construction 380 - - - Non-mortgage loans: Small Business Administration 353 38 230 18 Taxi Medallion 3,369 155 - - Commercial Business and other 2,265 136 3,937 170 Total loans with no related allowance recorded 35,201 748 43,444 575 With an allowance recorded: Mortgage loans: Multi-family residential 2,284 87 2,461 89 Commercial real estate 2,173 73 998 22 One-to-four family mixed-use property 2,622 107 3,069 126 One-to-four family residential 403 10 350 10 Co-operative apartments - - - - Construction - - - - Non-mortgage loans: Small Business Administration 315 4 29 1 Taxi Medallion 5,009 91 532 49 Commercial Business and other 962 20 2,862 120 Total loans with an allowance recorded 13,768 392 10,301 417 Total Impaired Loans: Total mortgage loans $ 36,696 $ 696 $ 46,155 $ 634 Total non-mortgage loans $ 12,273 $ 444 $ 7,590 $ 358 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.” Loans that are non-accrual are designated as Substandard, Doubtful or Loss. 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. 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 the periods indicated: September 30, 2016 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 7,700 $ 3,234 $ - $ - $ 10,934 Commercial real estate 3,332 4,369 - - 7,701 One-to-four family - mixed-use property 3,732 8,188 - - 11,920 One-to-four family - residential 1,109 10,171 - - 11,280 Co-operative apartments - - - - - Construction loans - - - - - Small Business Administration 702 607 - - 1,309 Taxi Medallion - 16,659 - - 16,659 Commercial business and other 1,030 2,607 - - 3,637 Total loans $ 17,605 $ 45,835 $ - $ - $ 63,440 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 Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally home equity lines of credit and business lines of credit) amounted to $87.2 million and $231.8 million, respectively, at September 30, 2016. |
Note 6 - Loans Held for Sale
Note 6 - Loans Held for Sale | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Loans Held for Sale [Text Block] | 6. Loans held for sale Loans held for sale are carried at the lower of cost or estimated fair value. At September 30, 2016 and December 31, 2015, the Bank did not have any 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 closes in a short period of time, generally within the same quarter. Loans designated held for sale are reclassified from loans held for investment to loans held for sale. Terms of sale include cash due upon the closing of the sale, no contingencies or recourse to the Company and servicing is released to the buyer. The following table shows delinquent and non-performing loans sold during the period indicated: For the three months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 3 $ 632 $ - $ 1 One-to-four family - mixed-use property 8 2,507 - 239 Total 11 $ 3,139 $ - $ 240 The following table shows delinquent and non-performing loans sold during the period indicated: For the three months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 4 $ 1,539 $ (3 ) $ 1 Commercial real estate 2 741 - 13 Total (1) 6 $ 2,280 $ (3 ) $ 14 (1) The above table does not include one performing commercial real estate loan for $3.0 million, which sold for a net gain of $30,000, and four performing SBA loans totaling $3.8 million, which sold for a net gain of $0.3 million, during the three months ended September 30, 2015. The following table shows delinquent and non-performing loans sold during the period indicated: For the nine months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 9 $ 2,680 $ (8 ) $ 3 Commercial real estate 2 192 - - One-to-four family - mixed-use property 15 5,093 - 262 Total (1) 26 $ 7,965 $ (8 ) $ 265 (1) The above table does not include the sale of six performing small business administration loans for proceeds totaling $3.5 million during the nine months ended September 30, 2016. These loans were sold for a net gain of $0.3 million. The following table shows delinquent and non-performing loans sold during the period indicated: For the nine months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain (loss) Multi-family residential 8 $ 3,420 $ 134 $ (1 ) Commercial real estate 3 2,051 - 13 One-to-four family - mixed-use property 7 1,836 - 51 Total (1) 18 $ 7,307 $ 134 $ 63 (1) The above table does not include one performing commercial real estate loan for $3.0 million, which sold for a net gain of $30,000, and four performing SBA loans totaling $3.8 million, which sold for a net gain of $0.3 million, during the nine months ended September 30, 2015. |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 7. Other Real Estate Owned The following are changes in OREO during the periods indicated: For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ 3,668 $ 4,255 $ 4,932 $ 6,326 Acquisitions - 816 486 1,588 Write-down of carrying value (829 ) - (1,763 ) (896 ) Sales - (216 ) (816 ) (2,163 ) Balance at end of period (1) $ 2,839 $ 4,855 $ 2,839 $ 4,855 (1) OREO are included in other assets on the Company’s 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 during the periods indicated: For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands) Gross gains $ - $ 4 $ 37 $ 306 Gross losses - - - (6 ) Write-down of carrying value (829 ) - (1,763 ) (896 ) Total net loss $ (829 ) $ 4 $ (1,726 ) $ (596 ) We may obtain physical possession of residential real estate collateralizing a consumer mortgage loan via foreclosure or an in-substance repossession. During the three and nine months ended September 30, 2016, we did not foreclose on any consumer mortgages through in-substance repossession. At September 30, 2016, we held two foreclosed residential real estate properties totaling $0.6 million and at December 31, 2015, we held one foreclosed residential real estate property for $0.l million. Included within net loans as of September 30, 2016 and December 31, 2015 was a recorded investment of $12.9 million and $15.2 million, respectively, 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 8 - Repurchase Agreements
Note 8 - Repurchase Agreements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 8. Repurchase Agreements As part of the Company’s strategy to finance investment opportunities and manage its cost of funds, the Company enters into repurchase agreements with broker-dealers and the Federal Home Loan Bank of New York (“FHLB-NY”). These agreements are recorded as financing transactions and the obligations to repurchase are reflected as a liability in the consolidated financial statements. The securities underlying the agreements are delivered to the broker-dealers or the FHLB-NY who arrange the transaction. The securities remain registered in the name of the Company and are returned upon the maturity of the agreement. The Company retains the right of substitution of collateral throughout the terms of the agreements. As a condition of the repurchase agreements the Company is required to provide sufficient collateral. If the fair value of the collateral were to fall below the required level, the Company is obligated to pledge additional collateral. All the repurchase agreements are collateralized by mortgage-backed securities. The following tables show the type of securities pledged and remaining maturity of repurchase agreements held at the periods indicated: At September 30, 2016 Remaining Contractual Maturity of Agreements Less than 1 year 1 year to 3 years Over 3 years Total (In thousands) Repurchase agreements: Mortgage-backed securities $ - $ - $ 40,000 $ 40,000 Total repurchase agreements $ - $ - $ 40,000 $ 40,000 At December 31, 2015 Remaining Contractual Maturity of Agreements Less than 1 year 1 year to 3 years Over 3 years Total (In thousands) Repurchase agreements: Mortgage-backed securities $ 38,000 $ 38,000 $ 40,000 $ 116,000 Total repurchase agreements $ 38,000 $ 38,000 $ 40,000 $ 116,000 The fair value of the collateral pledged for the repurchase agreements above was $44.1 million and $131.4 million at September 30, 2016 and December 31, 2015, respectively. During the nine months ended September 30, 2016, $38.0 million in repurchase agreements, at an average cost of 4.16%, which were scheduled to mature in late 2017, were pre-paid. A $2.1 million prepayment penalty was incurred as part of this transaction. |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. Stock-Based Compensation For the three months ended September 30, 2016 and 2015, the Company’s net income, as reported, includes $1.1 million and $0.5 million, respectively, of stock-based compensation costs and $0.4 million and $0.2 million, respectively, of income tax benefits related to the stock-based compensation plans in each of the periods. For the nine months ended September 30, 2016 and 2015, the Company’s net income, as reported, includes $4.7 million and $4.2 million of stock-based compensation costs and $1.8 million and $1.6 million of income tax benefits related to the stock-based compensation plans. The Company did not issue any restricted stock units during the three months ended September 30, 2016 and 2015. During the nine months ended September 30, 2016 and 2015, the Company granted 337,175 and 318,120 restricted stock units, respectively. The Company has not granted any stock options since 2009. The Company estimated the fair value of stock options using the Black-Scholes valuation model. Key assumptions used to estimate the fair value of stock options included 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. The following table summarizes the Company’s restricted stock unit (“RSU”) awards under the 2014 Omnibus Plan and the Prior Plans in the aggregate at or for the nine months ended September 30, 2016: Shares Weighted-Average Non-vested at December 31, 2015 415,909 $ 18.10 Granted 337,175 19.85 Vested (235,535 ) 18.70 Forfeited (17,010 ) 18.50 Non-vested at September 30, 2016 500,539 $ 18.98 Vested but unissued at September 30, 2016 280,450 $ 19.28 As of September 30, 2016, there was $7.4 million of total unrecognized compensation cost related to non-vested full value awards granted under the 2014 Omnibus Plan and the Prior Plans. That cost is expected to be recognized over a weighted-average period of 3.3 years. The total fair value of awards vested for the three months ended September 30, 2016 and 2015 were $4,000 and $39,000, respectively. The total fair value of awards vested for the nine months ended September 30, 2016 and 2015 was $4.8 million and $4.9 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. The following table summarizes certain information regarding the stock option awards under the 2014 Omnibus Plan and the Prior Plans in the aggregate at or for the nine months ended September 30, 2016: Shares Weighted- Weighted-Average Aggregate Outstanding at December 31, 2015 109,130 $ 16.14 Granted - - Exercised (41,670 ) 17.82 Forfeited - - Outstanding at September 30, 2016 67,460 $ 15.10 1.7 $ 582 * 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 three and nine months ended September 30, 2016 and 2015 are provided in the following table: For the three months ended For the nine months ended (In thousands) 2016 2015 2016 2015 Proceeds from stock options exercised $ 5 $ - $ 132 $ 142 Fair value of shares received upon exercise of stock options 262 421 612 441 Tax benefit (expense) related to stock options exercised (10 ) 87 (12 ) 324 Intrinsic value of stock options exercised 44 291 156 96 Phantom Stock Plan: The Company maintains a non-qualified phantom stock plan as a supplement to its profit sharing plan for officers who have achieved the designated level and completed one year of service. The Company adjusts its liability under this plan to the fair value of the shares at the end of each period. The following table summarizes the Phantom Stock Plan at or for the nine months ended September 30, 2016: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2015 79,440 $ 21.64 Granted 11,543 20.09 Forfeited - - Distributions (1,364 ) 20.28 Outstanding at September 30, 2016 89,619 $ 23.72 Vested at September 30, 2016 89,435 $ 23.72 The Company recorded stock-based compensation expense for the Phantom Stock Plan of $0.4 million and $0.1 million for the three months ended September 30, 2016 and 2015, respectively. There were no distributions for the three months ended September 30, 2016 and 2015. For the nine months ended September 30, 2016 and 2015, the Company recorded stock-based compensation expense for the Phantom Stock Plan of $0.2 million and $29,000, respectively. The total fair value of the distributions from the Phantom Stock Plan during the nine months ended September 30, 2016 and 2015 was $28,000 and $9,000, respectively. |
Note 10 - Pension and Other Pos
Note 10 - Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. Pension and Other Postretirement Benefit Plans The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans. Three months ended Nine months ended (In thousands) 2016 2015 2016 2015 Employee Pension Plan: Interest cost $ 226 $ 221 $ 678 $ 663 Amortization of unrecognized loss 201 291 604 872 Expected return on plan assets (348 ) (350 ) (1,044 ) (1,050 ) Net employee pension expense $ 79 $ 162 $ 238 $ 485 Outside Director Pension Plan: Service cost $ 11 $ 11 $ 33 $ 33 Interest cost 24 24 72 72 Amortization of unrecognized gain (21 ) (14 ) (65 ) (42 ) Amortization of past service liability 9 10 30 30 Net outside director pension expense $ 23 $ 31 $ 70 $ 93 Other Postretirement Benefit Plans: Service cost $ 90 $ 95 $ 270 $ 285 Interest cost 80 75 240 225 Amortization of unrecognized loss 12 30 36 90 Amortization of past service credit (22 ) (21 ) (64 ) (64 ) Net other postretirement expense $ 160 $ 179 $ 482 $ 536 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2015 that it expects to contribute $0.3 million and $0.2 million to the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), respectively, during the year ending December 31, 2016. The Company does not expect to make a contribution to the Employee Pension Plan (the “Employee Pension Plan”). As of September 30, 2016, the Company has contributed $108,000 to the Outside Director Pension Plan and $48,000 to the Other Postretirement Benefit Plans. As of September 30, 2016, the Company has not revised its expected contributions for the year ending December 31, 2016. |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value of Financial Instruments The Company carries certain financial assets and financial liabilities at fair value in accordance with GAAP which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, establishes a framework for measuring fair value and expands disclosures about fair value measurements. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At September 30, 2016, the Company carried financial assets and financial liabilities under the fair value option with fair values of $30.7 million and $27.8 million, respectively. 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. The Company did not elect to carry any additional financial assets or financial liabilities under the fair value option during the three and nine months ended September 30, 2016. The following table presents the financial assets and financial liabilities reported at fair value under the fair value option, and the changes in fair value included in the Consolidated Statement of Income – Net gain (loss) from fair value adjustments, at or for the periods ended as indicated: Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at September 30, at December 31, Three Months Ended Nine Months Ended (Dollars in thousands) 2016 2015 September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Mortgage-backed securities $ 2,166 $ 2,527 $ (6 ) $ - $ (4 ) $ (36 ) Other securities 28,551 28,205 (30 ) 59 156 148 Borrowed funds 27,791 29,018 (296 ) 987 1,250 282 Net gain (loss) from fair value adjustments (1) (2) $ (332 ) $ 1,046 $ 1,402 $ 394 (1) The net gain (loss) from fair value adjustments presented in the above table does not include net losses of $0.5 million and $2.1 million for the three months ended September 30, 2016 and 2015, respectively, from the change in the fair value of interest rate swaps. (2) The net gain (loss) from fair value adjustments presented in the above table does not include net losses of $4.3 million and $1.3 million for the nine months ended September 30, 2016 and 2015, respectively, from the change in the fair value of interest rate swaps. Included in the fair value of the financial assets and financial liabilities selected for the fair value option is the accrued interest receivable or payable for the related instrument. The Company reports as interest income or interest expense in the Consolidated Statement of Income, the interest receivable or payable on the financial instruments selected for the fair value option at their respective contractual rates. The borrowed funds had a contractual principal amount of $61.9 million at both September 30, 2016 and December 31, 2015. The fair value of borrowed funds includes accrued interest payable of $0.1 million at both September 30, 2016 and December 31, 2015. 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 September 30, 2016 and December 31, 2015. 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 September 30, 2016 and December 31, 2015, Level 2 included mortgage related securities, corporate debt, municipals 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 September 30, 2016 and December 31, 2015, Level 3 included trust preferred securities owned and junior subordinated debentures issued by the Company and a single issuer trust preferred security. The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies, assumptions and models to determine fair value of certain financial instruments could produce different estimates of fair value at the reporting date. The following table sets forth the assets and liabilities that are carried at fair value on a recurring basis and the method that was used to determine their fair value, at September 30, 2016 and December 31, 2015: Quoted Prices Significant Other Significant Other Total carried at fair value 2016 2015 2016 2015 2016 2015 2016 2015 (In thousands) Assets: Mortgage-backed Securities $ - $ - $ 545,067 $ 668,740 $ - $ - $ 545,067 $ 668,740 Other securities - - 358,621 317,445 7,191 7,212 365,812 324,657 Interest rate swaps - - - 48 - - - 48 Total assets $ - $ - $ 903,688 $ 986,233 $ 7,191 $ 7,212 $ 910,879 $ 993,445 Liabilities: Borrowings $ - $ - $ - $ - $ 27,791 $ 29,018 $ 27,791 $ 29,018 Interest rate swaps - - 15,426 4,314 - - 15,426 4,314 Total liabilities $ - $ - $ 15,426 $ 4,314 $ 27,791 $ 29,018 $ 43,217 $ 33,332 The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the period indicated: For the three months ended Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,167 $ 27,485 Net gain from fair value adjustment of financial assets (1) 23 - Net loss from fair value adjustment of financial liabilities (1) - 296 Increase in accrued interest payable - 10 Change in unrealized gains (losses) included in other comprehensive income 1 - Ending balance $ 7,191 $ 27,791 Changes in unrealized gains (losses) held at period end $ 1 $ - (1) These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the period indicated: For the three months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,899 $ 7,226 $ 29,476 Transfer to held-to-maturity - - - Principal repayments (7,899 ) - - Maturities - - - Net loss from fair value adjustment of financial assets included in earnings (1) - (44 ) - Net gain from fair value adjustment of financial liabilities included in earnings (1) - - (988 ) Increase in accrued interest payable - - 3 Change in unrealized gains (losses) included in other comprehensive income - (1 ) - Ending balance $ - $ 7,181 $ 28,491 Changes in unrealized gains (losses) held at period end $ - $ (1 ) $ - (1) These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the period indicated: For the nine months ended Trust preferred Junior subordinated Beginning balance $ 7,212 $ 29,018 Net loss from fair value adjustment of financial assets included in earnings (1) (23 ) - Net gain from fair value adjustment of financial liabilities included in earnings (1) - (1,250 ) Increase in accrued interest payable 1 23 Change in unrealized gains (losses) included in other comprehensive income 1 - Ending balance $ 7,191 $ 27,791 Changes in unrealized gains (losses) held at period end $ 1 $ - (1) These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the period indicated: For the nine months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 15,519 $ 7,090 $ 28,771 Transfer to held-to-maturity (4,510 ) - - Purchases 1,000 - - Principal repayments (8,009 ) - - Maturities (4,000 ) - - Net gain from fair value adjustment of financial assets included in earnings (1) - 86 - Net gain from fair value adjustment of financial liabilities included in earnings (1) - - (283 ) Increase in accrued interest payable - - 3 Change in unrealized gains (losses) included in other comprehensive income - 5 - Ending balance $ - $ 7,181 $ 28,491 Changes in unrealized gains (losses) held at period end $ - $ 5 $ - (1) These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. During the three and nine months ended September 30, 2016 and 2015, there were no transfers between Levels 1, 2 and 3. The following tables present the quantitative information about recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: September 30, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,191 Discounted cash flows Discount rate 7.0% - 7.05% 7.0 % Liabilities: Junior subordinated debentures $ 27,791 Discounted cash flows Discount rate 7.0% 7.0 % 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 at September 30, 2016 and December 31, 2015, 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 September 30, 2016 and December 31, 2015: Quoted Prices Significant Other Significant Other Total carried at fair value 2016 2015 2016 2015 2016 2015 2016 2015 (In thousands) Assets: Impaired loans $ - $ - $ - $ - $ 12,144 $ 15,360 $ 12,144 $ 15,360 Other real estate owned - - - - 2,839 4,932 2,839 4,932 Total assets $ - $ - $ - $ - $ 14,983 $ 20,292 $ 14,983 $ 20,292 The following tables present the quantitative information about non-recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: September 30, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 2,472 Income approach Capitalization rate 6.0% to 7.1% 7.1 % Loss severity discount 8.7% to 15.0% 14.0 % Impaired loans $ 4,426 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -40.0% to 16.2% -3.1 % Loss severity discount 15.0% 15.0 % Impaired loans $ 5,246 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 25.0% -2.4 % Capitalization rate 5.3% to 11.0% 7.1 % Loss severity discount 6.9% to 15.0% 13.8 % Other real estate owned $ 2,839 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -5.0% to 25.0% 2.8 % 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 Company did not have any liabilities that were carried at fair value on a non-recurring basis at September 30, 2016 and December 31, 2015. The fair value of each material class of financial instruments at September 30, 2016 and December 31, 2015 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 4 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, 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. When there is no recent sale activity, the fair value is calculated using capitalization rates. 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 September 30, 2016 and December 31, 2015, 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 tables set forth the carrying amounts and estimated fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at the periods indicated: September 30, 2016 Carrying Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 47,880 $ 47,880 $ 47,880 $ - $ - Securities held-to-maturity Other securities 33,274 33,410 - - 33,410 Securities available for sale Mortgage-backed securities 545,067 545,067 - 545,067 - Other securities 365,812 365,812 - 358,621 7,191 Loans 4,741,277 4,780,500 - - 4,780,500 FHLB-NY stock 65,185 65,185 - 65,185 - Total assets $ 5,798,495 $ 5,837,854 $ 47,880 $ 968,873 $ 4,821,101 Liabilities: Deposits $ 4,041,781 $ 4,058,678 $ 2,657,230 $ 1,401,448 $ - Borrowings 1,360,515 1,370,749 - 1,342,958 27,791 Interest rate swaps 15,426 15,426 - 15,426 - Total liabilities $ 5,417,722 $ 5,444,853 $ 2,657,230 $ 2,759,832 $ 27,791 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 |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12. Derivative Financial Instruments At September 30, 2016 and December 31, 2015, the Company’s derivative financial instruments consist 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 at both September 30, 2016 and December 31, 2015. The second purpose is to mitigate the Company’s exposure to rising interest rates on certain fixed rate loans totaling $208.1 million and $146.9 million at September 30, 2016 and December 31, 2015, respectively. At September 30, 2016 and December 31, 2015, derivatives with a combined notional amount of $36.3 million were not designated as hedges. At September 30, 2016 and December 31, 2015, derivatives with a combined notional amount of $189.8 million and $128.5 million were designated as fair value hedges. Changes in the fair value of interest rate swaps not designated as hedges are reflected in “Net gain (loss) from fair value adjustments” in the Consolidated Statements of Income. The following table sets forth information regarding the Company’s derivative financial instruments at the periods indicated: September 30, 2016 December 31, 2015 Notional Net Carrying (1) Notional Net Carrying (1) Interest rate swaps (hedge) $ - $ - $ 28,588 $ 48 Interest rate swaps (hedge) 189,791 (9,095 ) 99,955 (1,515 ) Interest rate swaps (non-hedge) 36,321 (6,331 ) 36,321 (2,799 ) Total derivatives $ 226,112 $ (15,426 ) $ 164,864 $ (4,266 ) (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 at September 30, 2016 and December 31, 2015. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income for the periods indicated: For the three months ended For the nine months ended (In thousands) 2016 2015 2016 2015 Financial Derivatives: Interest rate swaps (non-hedge) $ (111 ) $ (1,753 ) $ (3,532 ) $ (882 ) Interest rate swaps (hedge) (380 ) (387 ) (795 ) (433 ) Net (loss) gain (1) $ (491 ) $ (2,140 ) $ (4,327 ) $ (1,315 ) (1) Net gains and losses are recorded as part of “Net gain (losses) from fair value adjustments” in the Consolidated Statements of Income. During the three months and nine months ended September 30, 2016 and 2015, the Company did not record any hedge ineffectiveness. 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 Company did not have derivative assets presented in the Consolidated Statements of Condition at September 30, 2016. 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 Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Condition Net Amount of Assets Presented in the Statement of Condition Financial Instruments Cash Collateral Received Net Amount Interest rate swaps $ 48 $ - $ 48 $ 48 $ - $ - 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: September 30, 2016 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 15,426 $ - $ 15,426 $ - $ 15,426 $ - December 31, 2015 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 4,314 $ - $ 4,314 $ 48 $ 4,266 $ - |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes Flushing Financial Corporation files consolidated Federal and combined New York State and New York City income tax returns with its subsidiaries, with the exception of the Company’s trusts, which file separate Federal income tax returns as trusts, and Flushing Preferred Funding Corporation, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns. Income tax provisions are summarized as follows: For the three months For the nine months (In thousands) 2016 2015 2016 2015 Federal: Current $ 6,474 $ 6,195 $ 26,362 $ 20,262 Deferred (906 ) (820 ) (844 ) (3,480 ) Total federal tax provision 5,568 5,375 25,518 16,782 State and Local: Current 1,492 1,635 7,853 6,490 Deferred (405 ) (349 ) (384 ) (1,544 ) Total state and local tax provision 1,087 1,286 7,469 4,946 Total income tax provision $ 6,655 $ 6,661 $ 32,987 $ 21,728 The effective tax rate was 38.5% and 37.7% for the three months ended September 30, 2016 and 2015, respectively, and 39.5% and 38.6% for the nine months ended September 30, 2016 and 2015, respectively. The increase in the effective tax rate reflects the reduced impact of preferential tax items, as a result of the gain on sale of one of our properties in Flushing, Queens recorded during the nine months ended September 30, 2016. The effective rates differ from the statutory federal income tax rate as follows: For the three months For the nine months (dollars in thousands) 2016 2015 2016 2015 Taxes at federal statutory rate $ 6,051 35.0 % $ 6,184 35.0 % $ 29,266 35.0 % $ 19,706 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 707 4.1 836 4.7 4,855 5.8 3,215 5.7 Other (103 ) (0.6 ) (359 ) (2.0 ) (1,134 ) (1.3 ) (1,193 ) (2.1 ) Taxes at effective rate $ 6,655 38.5 % $ 6,661 37.7 % $ 32,987 39.5 % $ 21,728 38.6 % The Company has recorded a deferred tax asset of $34.8 million at September 30, 2016, which is included in “Other assets” in the Consolidated Statements of Financial Condition. This represents the net federal, state and local tax benefits expected to be realized in future years upon the utilization of the underlying tax attributes comprising this balance. The Company has reported taxable income for federal, state, and local tax purposes in each of the past three fiscal years. In management’s opinion, in view of the Company’s previous, current and projected future earnings trend, the probability that some of the Company’s $23.3 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 September 30, 2016. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. Accumulated Other Comprehensive Income: The following table sets forth the changes in accumulated other comprehensive income by component for the three months ended September 30, 2016: Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 7,923 $ (4,835 ) $ 3,088 Other comprehensive income (loss) before reclassifications, net of tax (2,942 ) - (2,942 ) Amounts reclassified from accumulated other comprehensive income, net of tax - 103 103 Net current period other comprehensive income (loss), net of tax (2,942 ) 103 (2,839 ) Ending balance, net of tax $ 4,981 $ (4,732 ) $ 249 The following table sets forth the changes in accumulated other comprehensive income by component for the three months ended September 30, 2015: Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 2,211 $ (5,967 ) $ (3,756 ) Other comprehensive income before reclassifications, net of tax 3,943 - 3,943 Amounts reclassified from accumulated other comprehensive income, net of tax (58 ) 167 109 Net current period other comprehensive income, net of tax 3,885 167 4,052 Ending balance, net of tax $ 6,096 $ (5,800 ) $ 296 The following table sets forth the changes in accumulated other comprehensive income by component for the nine months ended September 30, 2016: Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) Other comprehensive income before reclassifications, net of tax 6,852 - 6,852 Amounts reclassified from accumulated other comprehensive income, net of tax (1,350 ) 309 (1,041 ) Net current period other comprehensive income, net of tax 5,502 309 5,811 Ending balance, net of tax $ 4,981 $ (4,732 ) $ 249 The following table sets forth the changes in accumulated other comprehensive income by component for the nine months ended September 30, 2015: Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 3,392 $ (6,299 ) $ (2,907 ) Other comprehensive income before reclassifications, net of tax 2,798 - 2,798 Amounts reclassified from accumulated other comprehensive income, net of tax (94 ) 499 405 Net current period other comprehensive income, net of tax 2,704 499 3,203 Ending balance, net of tax $ 6,096 $ (5,800 ) $ 296 The following tables set forth significant amounts reclassified from accumulated other comprehensive income by component for the periods indicated: For the three months ended September 30, 2016 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Amortization of defined benefit pension items: Net actuarial losses $ (192 ) (1) Other expense Net prior service credits 11 (1) Other expense (181 ) Total before tax 78 Tax benefit $ (103 ) Net of tax For the three months ended September 30, 2015 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Net unrealized gains on available for sale securities $ 103 Net gain on sale of securities (45 ) Tax expense $ 58 Net of tax Amortization of defined benefit pension items: Net actuarial losses $ (307 ) (1) Other expense Net prior service credits 11 (1) Other expense (296 ) Total before tax 129 Tax benefit $ (167 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 10 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”.) The following tables set forth significant amounts reclassified from accumulated other comprehensive income by component for the periods indicated: For the nine months ended September 30, 2016 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Net unrealized gains on available for sale securities $ 2,363 Net gain on sale of securities (1,013 ) Tax expense $ 1,350 Net of tax Amortization of defined benefit pension items: Net actuarial losses $ (575 ) (1) Other expense Net prior service credits 33 (1) Other expense (542 ) Total before tax 233 Tax benefit $ (309 ) Net of tax For the nine months ended September 30, 2015 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (in thousands) Net unrealized gains on available for sale securities $ 167 Net gain on sale of securities (73 ) Tax expense $ 94 Net of tax Amortization of defined benefit pension items: Net actuarial losses $ (920 ) (1) Other expense Net prior service credits 34 (1) Other expense (886 ) Total before tax 387 Tax benefit $ (499 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 10 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”.) |
Note 15 - Regulatory Capital
Note 15 - Regulatory Capital | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15. Regulatory Capital Under current capital regulations, the Bank is required to comply with four separate capital adequacy standards. As of September 30, 2016, the Bank continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. In 2016, a Capital Conservation Buffer (“CCB”) requirement became effective for banks. The CCB is designed to establish a capital range above minimum capital requirements and impose constraints on dividends, share buybacks and discretionary bonus payments when capital levels fall below prescribed levels. The minimum CCB in 2016 is 0.625% and increases 0.625% annually through 2019 to 2.5%. The CCB for the Bank at September 30, 2016 was 4.96%. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. September 30, 2016 December 31, 2015 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 528,168 8.88 % $ 494,690 8.89 % Requirement to be well capitalized 297,261 5.00 278,175 5.00 Excess 230,907 3.88 216,515 3.89 Common Equity Tier I risk-based capital: Capital level $ 528,168 12.44 % $ 494,690 12.62 Requirement to be well capitalized 275,911 6.50 254,768 6.50 Excess 252,257 5.94 239,922 6.12 Tier 1 risk-based capital: Capital level $ 528,168 12.44 % $ 494,690 12.62 % Requirement to be well capitalized 339,583 8.00 313,560 8.00 Excess 188,585 4.44 181,130 4.62 Total risk-based capital: Capital level $ 549,963 12.96 % $ 516,226 13.17 % Requirement to be well capitalized 424,479 10.00 391,950 10.00 Excess 125,484 2.96 124,276 3.17 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of September 30, 2016, the Holding Company continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The CCB for the Holding Company at September 30, 2016 was 4.87%. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. September 30, 2016 December 31, 2015 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 523,428 8.80 % $ 490,919 8.84 % Requirement to be well capitalized 297,458 5.00 277,611 5.00 Excess 225,970 3.80 213,308 3.84 Common Equity Tier I risk-based capital: Capital level $ 496,605 11.72 % $ 462,883 11.83 Requirement to be well capitalized 275,404 6.50 254,335 6.50 Excess 221,201 5.22 208,548 5.33 Tier 1 risk-based capital: Capital level $ 523,428 12.35 % $ 490,919 12.55 % Requirement to be well capitalized 338,958 8.00 313,028 8.00 Excess 184,470 4.35 177,891 4.55 Total risk-based capital: Capital level $ 545,223 12.87 % $ 512,454 13.10 % Requirement to be well capitalized 423,698 10.00 391,285 10.00 Excess 121,525 2.87 121,169 3.10 |
Note 16 - New Authoritative Acc
Note 16 - New Authoritative Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 16. New Authoritative Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15 “Classification of Certain Cash Receipts and Cash Payments”, to clarify how certain cash receipts and cash payments are presented and classified in the statements of cash flows. The amendments are intended to reduce diversity in practice by clarifying whether the following items should be categorized as operating, investing or financing in the statement of cash flows: (i) debt prepayments and extinguishment costs, (ii) settlement of zero-coupon debt, (iii) settlement of contingent consideration, (iv) insurance proceeds, (v) settlement of corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) policies, (vi) distributions from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) receipts and payments with aspects of more than one class of cash flows. The ASU will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not expect adoption of this ASU will have a material affect on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses” which sets forth a “current expected credit loss” (“CECL”) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and will apply to the measurement of credit losses on financial assets measured at amortized cost and to some off-balance sheet credit exposures. This ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of this ASU on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation”, which introduces targeted amendments intended to simplify the accounting for stock compensation. Specifically, the ASU requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefit reduces taxes payable in the current period. That is, off balance sheet accounting for net operating losses stemming from excess tax benefits would no longer be required and instead such net operating losses would be recognized when they arise. Existing net operating losses that are currently tracked off balance sheet would be recognized, net of a valuation allowance if required, through an adjustment to opening retained earnings in the period of adoption. Entities will no longer need to maintain and track an additional paid in capital pool. The ASU also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. In addition, the ASU elevates the statutory tax withholding threshold to qualify for equity classification up to the maximum statutory tax rates in the applicable jurisdiction(s). The ASU also clarifies that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. The ASU provides an optional accounting policy election (with limited exceptions), to be applied on an entity-wide basis, to either estimate the number of awards that are expected to vest (consistent with existing GAAP) or account for forfeitures when they occur. The amendments are effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. 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 January 2016, FASB issued 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. |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands, except per share data) Net income, as reported $ 10,634 $ 11,008 $ 50,630 $ 34,575 Divided by: Weighted average common shares outstanding 28,861 28,927 28,993 29,188 Weighted average common stock equivalents 14 19 13 21 Total weighted average common shares outstanding and common stock equivalents 28,875 28,946 29,006 29,209 Basic earnings per common share $ 0.37 $ 0.38 $ 1.75 $ 1.18 Diluted earnings per common share (1) $ 0.37 $ 0.38 $ 1.75 $ 1.18 Dividend payout ratio 45.9 % 42.1 % 29.1 % 40.7 % |
Note 4 - Debt and Equity Secu27
Note 4 - Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Trading Securities [Table Text Block] | Amortized Fair Value Gross Gross (In thousands) Securites held-to-maturity: Municipals $ 33,274 $ 33,410 $ 136 $ - Total $ 33,274 $ 33,410 $ 136 $ - 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 $ 110,000 $ 104,011 $ 191 $ 6,180 Municipals 125,667 130,380 4,713 - Mutual funds 21,658 21,658 - - Collateralized loan obligations 101,660 102,572 920 8 Other 7,193 7,191 - 2 Total other securities 366,178 365,812 5,824 6,190 REMIC and CMO 383,912 389,426 6,144 630 GNMA 7,520 7,700 180 - FNMA 129,791 132,831 3,085 45 FHLMC 14,802 15,110 308 - Total mortgage-backed securities 536,025 545,067 9,717 675 Total securities available for sale $ 902,203 $ 910,879 $ 15,541 $ 6,865 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Value (In thousands) Due in one year or less $ 11,370 $ 11,370 Due after one year through five years 40 40 Due after ten years 21,864 22,000 Total securities held-to-maturity $ 33,274 $ 33,410 Amortized Fair Value (In thousands) Due in one year or less $ - $ - Due after one year through five years 1,795 1,821 Due after five years through ten years 118,691 117,707 Due after ten years 224,034 224,626 Total other securities 344,520 344,154 Mutual funds 21,658 21,658 Mortgage-backed securities 536,025 545,067 Total securities available for sale $ 902,203 $ 910,879 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Corporate 13 $ 93,820 $ 6,180 $ 19,294 $ 706 $ 74,526 $ 5,474 Collateralized loan obligations 1 7,474 8 - - 7,474 8 Other 1 299 2 - - 299 2 Total other securities 15 101,593 6,190 19,294 706 82,299 5,484 REMIC and CMO 11 55,603 630 19,707 131 35,896 499 FNMA 1 6,694 45 - - 6,694 45 Total mortgage-backed securities 12 62,297 675 19,707 131 42,590 544 Total securities available for sale 27 $ 163,890 $ 6,865 $ 39,001 $ 837 $ 124,889 $ 6,028 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Corporate 12 $ 85,563 $ 4,436 $ 76,218 $ 3,782 $ 9,345 $ 654 Collateralized loan obligations 7 52,898 327 52,898 327 - - Other 1 298 2 - - 298 2 Total other securities 20 138,759 4,765 129,116 4,109 9,643 656 REMIC and CMO 33 238,132 3,147 182,010 1,642 56,122 1,505 GNMA 1 6,977 139 6,977 139 - - FNMA 20 102,225 1,762 75,769 1,043 26,456 719 FHLMC 3 14,715 99 14,715 99 - - Total mortgage-backed securities 57 362,049 5,147 279,471 2,923 82,578 2,224 Total securities available for sale 77 $ 500,808 $ 9,912 $ 408,587 $ 7,032 $ 92,221 $ 2,880 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands) Gross gains from the sale of securities $ - $ 2,666 $ 2,370 $ 2,899 Gross losses from the sale of securities - (2,563 ) (7 ) (2,732 ) Net gains from the sale of securities $ - $ 103 $ 2,363 $ 167 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Nonperforming Financial Instruments [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | September 30, 2016 December 31, 2015 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 392 1 $ 391 Total troubled debt restructurings that subsequently defaulted 1 $ 392 1 $ 391 |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | September 30, 2016 December 31, 2015 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 9 $ 2,586 9 $ 2,626 Commercial real estate 2 2,074 3 2,371 One-to-four family - mixed-use property 5 1,809 6 2,052 One-to-four family - residential 3 596 1 343 Small business administration - - 1 34 Commercial business and other 3 1,139 4 2,083 Total performing troubled debt restructured 22 $ 8,204 24 $ 9,509 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | For the nine months ended For the nine months ended (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - residential 2 $ 263 Received a below market interest rate and the loan amortizations were extended. - $ - Commercial business and other 2 739 One received an amortization extension and one received a below market interest rate and an amortization extension. - - Small Business Administration - - 1 41 Received a below market interest rate and the loan amortization was extended. Total 4 $ 1,002 1 $ 41 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (In thousands) September 30, December 31, Loans ninety days or more past due and still accruing: Multi-family residential $ - $ 233 Commercial real estate 1,183 1,183 One-to-four family - mixed-use property 470 611 One-to-four family - residential - 13 Construction - 1,000 Commercial Business and other - 220 Total 1,653 3,260 Non-accrual mortgage loans: Multi-family residential 1,649 3,561 Commercial real estate 1,157 2,398 One-to-four family - mixed-use property 4,534 5,952 One-to-four family - residential 8,340 10,120 Total 15,680 22,031 Non-accrual non-mortgage loans: Small business administration 2,132 218 Taxi medallion 3,971 - Commercial business and other 99 568 Total 6,202 786 Total non-accrual loans 21,882 22,817 Total non-accrual loans and loans ninety days or more past due and still accruing $ 23,535 $ 26,077 |
Schedule of Interest Foregone on Non-Accrual and TDR Loans [Table Text Block] | For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 468 $ 627 $ 1,405 $ 1,879 Less: Interest income included in the results of operations 99 153 391 540 Total foregone interest $ 369 $ 474 $ 1,014 $ 1,339 |
Past Due Financing Receivables [Table Text Block] | September 30, 2016 (In thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 5,441 $ 917 $ 1,649 $ 8,007 $ 2,163,282 $ 2,171,289 Commercial real estate 3,052 377 2,340 5,769 1,189,497 1,195,266 One-to-four family - mixed-use property 4,396 746 5,004 10,146 545,545 555,691 One-to-four family - residential 1,081 427 8,146 9,654 174,339 183,993 Co-operative apartments - - - - 7,494 7,494 Construction loans - - - - 11,250 11,250 Small Business Administration 28 - 2,044 2,072 12,267 14,339 Taxi medallion - 1,408 2,563 3,971 16,565 20,536 Commercial business and other 247 4 1 252 564,720 564,972 Total $ 14,245 $ 3,879 $ 21,747 $ 39,871 $ 4,684,959 $ 4,724,830 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 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,177 $ 4,445 $ 3,326 $ 1,044 $ 75 $ 574 $ 1,042 $ 4,669 $ 846 $ 22,198 Charge-off's (90 ) - (71 ) - - (361 ) - (19 ) - (541 ) Recoveries 11 11 47 - - 44 - 25 - 138 Provision (Benefit) (103 ) 60 (234 ) (27 ) 15 151 1,290 (477 ) (675 ) - Ending balance $ 5,995 $ 4,516 $ 3,068 $ 1,017 $ 90 $ 408 $ 2,332 $ 4,198 $ 171 $ 21,795 September 30, 2015 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 8,300 $ 3,726 $ 5,180 $ 1,433 $ 29 $ 291 $ 11 $ 4,114 $ 23,084 Charge-off's (58 ) - (99 ) - - (9 ) - (10 ) (176 ) Recoveries 4 100 26 300 - 5 - - 435 Provision (Benefit) (596 ) 331 (233 ) (371 ) 16 (42 ) 231 294 (370 ) Ending balance $ 7,650 $ 4,157 $ 4,874 $ 1,362 $ 45 $ 245 $ 242 $ 4,398 $ 22,973 September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,718 $ 4,239 $ 4,227 $ 1,227 $ 50 $ 262 $ 343 $ 4,469 $ - $ 21,535 Charge-off's (155 ) - (139 ) (74 ) - (362 ) - (59 ) - (789 ) Recoveries 230 11 252 366 - 118 - 72 - 1,049 Provision (Benefit) (798 ) 266 (1,272 ) (502 ) 40 390 1,989 (284 ) 171 - Ending balance $ 5,995 $ 4,516 $ 3,068 $ 1,017 $ 90 $ 408 $ 2,332 $ 4,198 $ 171 $ 21,795 September 30, 2015 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 8,827 $ 4,202 $ 5,840 $ 1,690 $ 42 $ 279 $ 11 $ 4,205 $ 25,096 Charge-off's (458 ) (32 ) (571 ) (244 ) - (9 ) - (62 ) (1,376 ) Recoveries 218 168 73 374 - 32 - 8 873 Provision (Benefit) (937 ) (181 ) (468 ) (458 ) 3 (57 ) 231 247 (1,620 ) Ending balance $ 7,650 $ 4,157 $ 4,874 $ 1,362 $ 45 $ 245 $ 242 $ 4,398 $ 22,973 |
Schedule of Loans and the Manner in which they are Evaluated for Impairment [Table Text Block] | September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Unallocated Total Financing Receivables: Ending Balance $ 2,171,289 $ 1,195,266 $ 555,691 $ 183,993 $ 7,494 $ 11,250 $ 14,339 $ 20,536 $ 564,972 $ - $ 4,724,830 Ending balance: individually evaluated for impairment $ 5,820 $ 6,443 $ 9,997 $ 10,507 $ - $ - $ 664 $ 16,659 $ 2,608 $ - $ 52,698 Ending balance: collectively evaluated for impairment $ 2,165,469 $ 1,188,823 $ 545,694 $ 173,486 $ 7,494 $ 11,250 $ 13,675 $ 3,877 $ 562,364 $ - $ 4,672,132 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 237 $ 190 $ 449 $ 62 $ - $ - $ 47 $ 2,330 $ 13 $ - $ 3,328 Ending balance: collectively evaluated for impairment $ 5,758 $ 4,326 $ 2,619 $ 955 $ - $ 90 $ 361 $ 2 $ 4,185 $ 171 $ 18,467 December 31, 2015 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi Medallion Commercial business and other Unallocated 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 Allowance for credit losses: 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 |
Impaired Financing Receivables [Table Text Block] | September 30, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,546 $ 3,877 $ - $ 5,742 $ 6,410 $ - Commercial real estate 4,369 4,396 - 3,812 3,869 - One-to-four family mixed-use property 7,366 8,418 - 10,082 11,335 - One-to-four family residential 10,074 11,591 - 12,255 14,345 - Co-operative apartments - - - - - - Construction - - - 1,000 1,000 - Non-mortgage loans: Small Business Administration 546 908 - 276 276 - Taxi Medallion 10,106 10,106 - - - - Commercial Business and other 2,170 2,549 - 2,682 5,347 - Total loans with no related allowance recorded 38,177 41,845 - 35,849 42,582 - With an allowance recorded: Mortgage loans: Multi-family residential 2,274 2,274 237 2,305 2,305 252 Commercial real estate 2,074 2,074 190 2,371 2,371 180 One-to-four family mixed-use property 2,631 2,633 449 2,746 2,746 502 One-to-four family residential 433 433 62 343 343 51 Co-operative apartments - - - - - - Construction - - - - - - Non-mortgage loans: Small Business Administration 118 118 47 34 34 - Taxi Medallion 6,553 6,553 2,330 2,118 2,118 333 Commercial Business and other 438 439 13 2,034 2,034 112 Total loans with an allowance recorded 14,521 14,524 3,328 11,951 11,951 1,430 Total Impaired Loans: Total mortgage loans $ 32,767 $ 35,696 $ 938 $ 40,656 $ 44,724 $ 985 Total non-mortgage loans $ 19,931 $ 20,673 $ 2,390 $ 7,144 $ 9,809 $ 445 September 30, 2016 September 30, 2015 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 4,639 $ 23 $ 8,034 $ 14 Commercial real estate 4,661 55 4,930 35 One-to-four family mixed-use property 8,234 37 9,814 39 One-to-four family residential 10,204 19 13,040 28 Co-operative apartments - - 307 - Construction 285 - - - Non-mortgage loans: Small Business Administration 404 13 301 6 Taxi Medallion 5,053 52 - - Commercial Business and other 2,211 45 3,363 51 Total loans with no related allowance recorded 35,691 244 39,789 173 With an allowance recorded: Mortgage loans: Multi-family residential 2,279 29 2,326 30 Commercial real estate 2,080 24 538 7 One-to-four family mixed-use property 2,567 35 3,054 42 One-to-four family residential 435 4 348 3 Co-operative apartments - - - - Construction - - - - Non-mortgage loans: Small Business Administration 397 1 38 1 Taxi Medallion 6,459 17 1,065 16 Commercial Business and other 448 7 3,064 32 Total loans with an allowance recorded 14,665 117 10,433 131 Total Impaired Loans: Total mortgage loans $ 35,384 $ 226 $ 42,391 $ 198 Total non-mortgage loans $ 14,972 $ 135 $ 7,831 $ 106 September 30, 2016 September 30, 2015 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 5,129 $ 69 $ 9,470 $ 46 Commercial real estate 4,841 162 5,748 107 One-to-four family mixed-use property 8,407 119 10,781 133 One-to-four family residential 10,457 69 13,125 101 Co-operative apartments - - 153 - Construction 380 - - - Non-mortgage loans: Small Business Administration 353 38 230 18 Taxi Medallion 3,369 155 - - Commercial Business and other 2,265 136 3,937 170 Total loans with no related allowance recorded 35,201 748 43,444 575 With an allowance recorded: Mortgage loans: Multi-family residential 2,284 87 2,461 89 Commercial real estate 2,173 73 998 22 One-to-four family mixed-use property 2,622 107 3,069 126 One-to-four family residential 403 10 350 10 Co-operative apartments - - - - Construction - - - - Non-mortgage loans: Small Business Administration 315 4 29 1 Taxi Medallion 5,009 91 532 49 Commercial Business and other 962 20 2,862 120 Total loans with an allowance recorded 13,768 392 10,301 417 Total Impaired Loans: Total mortgage loans $ 36,696 $ 696 $ 46,155 $ 634 Total non-mortgage loans $ 12,273 $ 444 $ 7,590 $ 358 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2016 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 7,700 $ 3,234 $ - $ - $ 10,934 Commercial real estate 3,332 4,369 - - 7,701 One-to-four family - mixed-use property 3,732 8,188 - - 11,920 One-to-four family - residential 1,109 10,171 - - 11,280 Co-operative apartments - - - - - Construction loans - - - - - Small Business Administration 702 607 - - 1,309 Taxi Medallion - 16,659 - - 16,659 Commercial business and other 1,030 2,607 - - 3,637 Total loans $ 17,605 $ 45,835 $ - $ - $ 63,440 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 |
Note 6 - Loans Held for Sale (T
Note 6 - Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Delinquent and Non-Performing Loans Sold During Period [Table Text Block] | For the three months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 3 $ 632 $ - $ 1 One-to-four family - mixed-use property 8 2,507 - 239 Total 11 $ 3,139 $ - $ 240 For the three months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 4 $ 1,539 $ (3 ) $ 1 Commercial real estate 2 741 - 13 Total (1) 6 $ 2,280 $ (3 ) $ 14 For the nine months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 9 $ 2,680 $ (8 ) $ 3 Commercial real estate 2 192 - - One-to-four family - mixed-use property 15 5,093 - 262 Total (1) 26 $ 7,965 $ (8 ) $ 265 For the nine months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain (loss) Multi-family residential 8 $ 3,420 $ 134 $ (1 ) Commercial real estate 3 2,051 - 13 One-to-four family - mixed-use property 7 1,836 - 51 Total (1) 18 $ 7,307 $ 134 $ 63 |
Note 7 - Other Real Estate Ow30
Note 7 - Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ 3,668 $ 4,255 $ 4,932 $ 6,326 Acquisitions - 816 486 1,588 Write-down of carrying value (829 ) - (1,763 ) (896 ) Sales - (216 ) (816 ) (2,163 ) Balance at end of period (1) $ 2,839 $ 4,855 $ 2,839 $ 4,855 |
Gross Gains, Gross (Losses) and Write-downs of OREO [Table Text Block] | For the three months ended For the nine months ended 2016 2015 2016 2015 (In thousands) Gross gains $ - $ 4 $ 37 $ 306 Gross losses - - - (6 ) Write-down of carrying value (829 ) - (1,763 ) (896 ) Total net loss $ (829 ) $ 4 $ (1,726 ) $ (596 ) |
Note 8 - Repurchase Agreements
Note 8 - Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | At September 30, 2016 Remaining Contractual Maturity of Agreements Less than 1 year 1 year to 3 years Over 3 years Total (In thousands) Repurchase agreements: Mortgage-backed securities $ - $ - $ 40,000 $ 40,000 Total repurchase agreements $ - $ - $ 40,000 $ 40,000 At December 31, 2015 Remaining Contractual Maturity of Agreements Less than 1 year 1 year to 3 years Over 3 years Total (In thousands) Repurchase agreements: Mortgage-backed securities $ 38,000 $ 38,000 $ 40,000 $ 116,000 Total repurchase agreements $ 38,000 $ 38,000 $ 40,000 $ 116,000 |
Note 9 - Stock-based Compensa32
Note 9 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2015 79,440 $ 21.64 Granted 11,543 20.09 Forfeited - - Distributions (1,364 ) 20.28 Outstanding at September 30, 2016 89,619 $ 23.72 Vested at September 30, 2016 89,435 $ 23.72 |
Non Full Value Awards [Member] | |
Notes Tables | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Shares Weighted- Weighted-Average Aggregate Outstanding at December 31, 2015 109,130 $ 16.14 Granted - - Exercised (41,670 ) 17.82 Forfeited - - Outstanding at September 30, 2016 67,460 $ 15.10 1.7 $ 582 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Non-vested at December 31, 2015 415,909 $ 18.10 Granted 337,175 19.85 Vested (235,535 ) 18.70 Forfeited (17,010 ) 18.50 Non-vested at September 30, 2016 500,539 $ 18.98 Vested but unissued at September 30, 2016 280,450 $ 19.28 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | For the three months ended For the nine months ended (In thousands) 2016 2015 2016 2015 Proceeds from stock options exercised $ 5 $ - $ 132 $ 142 Fair value of shares received upon exercise of stock options 262 421 612 441 Tax benefit (expense) related to stock options exercised (10 ) 87 (12 ) 324 Intrinsic value of stock options exercised 44 291 156 96 |
Note 10 - Pension and Other P33
Note 10 - Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three months ended Nine months ended (In thousands) 2016 2015 2016 2015 Employee Pension Plan: Interest cost $ 226 $ 221 $ 678 $ 663 Amortization of unrecognized loss 201 291 604 872 Expected return on plan assets (348 ) (350 ) (1,044 ) (1,050 ) Net employee pension expense $ 79 $ 162 $ 238 $ 485 Outside Director Pension Plan: Service cost $ 11 $ 11 $ 33 $ 33 Interest cost 24 24 72 72 Amortization of unrecognized gain (21 ) (14 ) (65 ) (42 ) Amortization of past service liability 9 10 30 30 Net outside director pension expense $ 23 $ 31 $ 70 $ 93 Other Postretirement Benefit Plans: Service cost $ 90 $ 95 $ 270 $ 285 Interest cost 80 75 240 225 Amortization of unrecognized loss 12 30 36 90 Amortization of past service credit (22 ) (21 ) (64 ) (64 ) Net other postretirement expense $ 160 $ 179 $ 482 $ 536 |
Note 11 - Fair Value of Finan34
Note 11 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | September 30, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 2,472 Income approach Capitalization rate 6.0% to 7.1% 7.1 % Loss severity discount 8.7% to 15.0% 14.0 % Impaired loans $ 4,426 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -40.0% to 16.2% -3.1 % Loss severity discount 15.0% 15.0 % Impaired loans $ 5,246 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 25.0% -2.4 % Capitalization rate 5.3% to 11.0% 7.1 % Loss severity discount 6.9% to 15.0% 13.8 % Other real estate owned $ 2,839 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -5.0% to 25.0% 2.8 % 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 % |
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 September 30, at December 31, Three Months Ended Nine Months Ended (Dollars in thousands) 2016 2015 September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Mortgage-backed securities $ 2,166 $ 2,527 $ (6 ) $ - $ (4 ) $ (36 ) Other securities 28,551 28,205 (30 ) 59 156 148 Borrowed funds 27,791 29,018 (296 ) 987 1,250 282 Net gain (loss) from fair value adjustments (1) (2) $ (332 ) $ 1,046 $ 1,402 $ 394 |
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 2016 2015 2016 2015 2016 2015 2016 2015 (In thousands) Assets: Mortgage-backed Securities $ - $ - $ 545,067 $ 668,740 $ - $ - $ 545,067 $ 668,740 Other securities - - 358,621 317,445 7,191 7,212 365,812 324,657 Interest rate swaps - - - 48 - - - 48 Total assets $ - $ - $ 903,688 $ 986,233 $ 7,191 $ 7,212 $ 910,879 $ 993,445 Liabilities: Borrowings $ - $ - $ - $ - $ 27,791 $ 29,018 $ 27,791 $ 29,018 Interest rate swaps - - 15,426 4,314 - - 15,426 4,314 Total liabilities $ - $ - $ 15,426 $ 4,314 $ 27,791 $ 29,018 $ 43,217 $ 33,332 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,167 $ 27,485 Net gain from fair value adjustment of financial assets (1) 23 - Net loss from fair value adjustment of financial liabilities (1) - 296 Increase in accrued interest payable - 10 Change in unrealized gains (losses) included in other comprehensive income 1 - Ending balance $ 7,191 $ 27,791 Changes in unrealized gains (losses) held at period end $ 1 $ - For the three months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,899 $ 7,226 $ 29,476 Transfer to held-to-maturity - - - Principal repayments (7,899 ) - - Maturities - - - Net loss from fair value adjustment of financial assets included in earnings (1) - (44 ) - Net gain from fair value adjustment of financial liabilities included in earnings (1) - - (988 ) Increase in accrued interest payable - - 3 Change in unrealized gains (losses) included in other comprehensive income - (1 ) - Ending balance $ - $ 7,181 $ 28,491 Changes in unrealized gains (losses) held at period end $ - $ (1 ) $ - For the nine months ended Trust preferred Junior subordinated Beginning balance $ 7,212 $ 29,018 Net loss from fair value adjustment of financial assets included in earnings (1) (23 ) - Net gain from fair value adjustment of financial liabilities included in earnings (1) - (1,250 ) Increase in accrued interest payable 1 23 Change in unrealized gains (losses) included in other comprehensive income 1 - Ending balance $ 7,191 $ 27,791 Changes in unrealized gains (losses) held at period end $ 1 $ - For the nine months ended Municipals Trust preferred Junior subordinated (In thousands) Beginning balance $ 15,519 $ 7,090 $ 28,771 Transfer to held-to-maturity (4,510 ) - - Purchases 1,000 - - Principal repayments (8,009 ) - - Maturities (4,000 ) - - Net gain from fair value adjustment of financial assets included in earnings (1) - 86 - Net gain from fair value adjustment of financial liabilities included in earnings (1) - - (283 ) Increase in accrued interest payable - - 3 Change in unrealized gains (losses) included in other comprehensive income - 5 - Ending balance $ - $ 7,181 $ 28,491 Changes in unrealized gains (losses) held at period end $ - $ 5 $ - |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | September 30, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,191 Discounted cash flows Discount rate 7.0% - 7.05% 7.0 % Liabilities: Junior subordinated debentures $ 27,791 Discounted cash flows Discount rate 7.0% 7.0 % 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 % |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices Significant Other Significant Other Total carried at fair value 2016 2015 2016 2015 2016 2015 2016 2015 (In thousands) Assets: Impaired loans $ - $ - $ - $ - $ 12,144 $ 15,360 $ 12,144 $ 15,360 Other real estate owned - - - - 2,839 4,932 2,839 4,932 Total assets $ - $ - $ - $ - $ 14,983 $ 20,292 $ 14,983 $ 20,292 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2016 Carrying Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 47,880 $ 47,880 $ 47,880 $ - $ - Securities held-to-maturity Other securities 33,274 33,410 - - 33,410 Securities available for sale Mortgage-backed securities 545,067 545,067 - 545,067 - Other securities 365,812 365,812 - 358,621 7,191 Loans 4,741,277 4,780,500 - - 4,780,500 FHLB-NY stock 65,185 65,185 - 65,185 - Total assets $ 5,798,495 $ 5,837,854 $ 47,880 $ 968,873 $ 4,821,101 Liabilities: Deposits $ 4,041,781 $ 4,058,678 $ 2,657,230 $ 1,401,448 $ - Borrowings 1,360,515 1,370,749 - 1,342,958 27,791 Interest rate swaps 15,426 15,426 - 15,426 - Total liabilities $ 5,417,722 $ 5,444,853 $ 2,657,230 $ 2,759,832 $ 27,791 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 |
Note 12 - Derivative Financia35
Note 12 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2016 December 31, 2015 Notional Net Carrying (1) Notional Net Carrying (1) Interest rate swaps (hedge) $ - $ - $ 28,588 $ 48 Interest rate swaps (hedge) 189,791 (9,095 ) 99,955 (1,515 ) Interest rate swaps (non-hedge) 36,321 (6,331 ) 36,321 (2,799 ) Total derivatives $ 226,112 $ (15,426 ) $ 164,864 $ (4,266 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the three months ended For the nine months ended (In thousands) 2016 2015 2016 2015 Financial Derivatives: Interest rate swaps (non-hedge) $ (111 ) $ (1,753 ) $ (3,532 ) $ (882 ) Interest rate swaps (hedge) (380 ) (387 ) (795 ) (433 ) Net (loss) gain (1) $ (491 ) $ (2,140 ) $ (4,327 ) $ (1,315 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, 2015 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Condition Net Amount of Assets Presented in the Statement of Condition Financial Instruments Cash Collateral Received Net Amount Interest rate swaps $ 48 $ - $ 48 $ 48 $ - $ - September 30, 2016 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 15,426 $ - $ 15,426 $ - $ 15,426 $ - December 31, 2015 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 4,314 $ - $ 4,314 $ 48 $ 4,266 $ - |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the three months For the nine months (In thousands) 2016 2015 2016 2015 Federal: Current $ 6,474 $ 6,195 $ 26,362 $ 20,262 Deferred (906 ) (820 ) (844 ) (3,480 ) Total federal tax provision 5,568 5,375 25,518 16,782 State and Local: Current 1,492 1,635 7,853 6,490 Deferred (405 ) (349 ) (384 ) (1,544 ) Total state and local tax provision 1,087 1,286 7,469 4,946 Total income tax provision $ 6,655 $ 6,661 $ 32,987 $ 21,728 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the three months For the nine months (dollars in thousands) 2016 2015 2016 2015 Taxes at federal statutory rate $ 6,051 35.0 % $ 6,184 35.0 % $ 29,266 35.0 % $ 19,706 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 707 4.1 836 4.7 4,855 5.8 3,215 5.7 Other (103 ) (0.6 ) (359 ) (2.0 ) (1,134 ) (1.3 ) (1,193 ) (2.1 ) Taxes at effective rate $ 6,655 38.5 % $ 6,661 37.7 % $ 32,987 39.5 % $ 21,728 38.6 % |
Note 14 - Accumulated Other C37
Note 14 - Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 7,923 $ (4,835 ) $ 3,088 Other comprehensive income (loss) before reclassifications, net of tax (2,942 ) - (2,942 ) Amounts reclassified from accumulated other comprehensive income, net of tax - 103 103 Net current period other comprehensive income (loss), net of tax (2,942 ) 103 (2,839 ) Ending balance, net of tax $ 4,981 $ (4,732 ) $ 249 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 2,211 $ (5,967 ) $ (3,756 ) Other comprehensive income before reclassifications, net of tax 3,943 - 3,943 Amounts reclassified from accumulated other comprehensive income, net of tax (58 ) 167 109 Net current period other comprehensive income, net of tax 3,885 167 4,052 Ending balance, net of tax $ 6,096 $ (5,800 ) $ 296 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) Other comprehensive income before reclassifications, net of tax 6,852 - 6,852 Amounts reclassified from accumulated other comprehensive income, net of tax (1,350 ) 309 (1,041 ) Net current period other comprehensive income, net of tax 5,502 309 5,811 Ending balance, net of tax $ 4,981 $ (4,732 ) $ 249 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 3,392 $ (6,299 ) $ (2,907 ) Other comprehensive income before reclassifications, net of tax 2,798 - 2,798 Amounts reclassified from accumulated other comprehensive income, net of tax (94 ) 499 405 Net current period other comprehensive income, net of tax 2,704 499 3,203 Ending balance, net of tax $ 6,096 $ (5,800 ) $ 296 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | For the three months ended September 30, 2016 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Amortization of defined benefit pension items: Net actuarial losses $ (192 ) (1) Other expense Net prior service credits 11 (1) Other expense (181 ) Total before tax 78 Tax benefit $ (103 ) Net of tax For the three months ended September 30, 2015 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Net unrealized gains on available for sale securities $ 103 Net gain on sale of securities (45 ) Tax expense $ 58 Net of tax Amortization of defined benefit pension items: Net actuarial losses $ (307 ) (1) Other expense Net prior service credits 11 (1) Other expense (296 ) Total before tax 129 Tax benefit $ (167 ) Net of tax For the nine months ended September 30, 2016 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Net unrealized gains on available for sale securities $ 2,363 Net gain on sale of securities (1,013 ) Tax expense $ 1,350 Net of tax Amortization of defined benefit pension items: Net actuarial losses $ (575 ) (1) Other expense Net prior service credits 33 (1) Other expense (542 ) Total before tax 233 Tax benefit $ (309 ) Net of tax For the nine months ended September 30, 2015 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (in thousands) Net unrealized gains on available for sale securities $ 167 Net gain on sale of securities (73 ) Tax expense $ 94 Net of tax Amortization of defined benefit pension items: Net actuarial losses $ (920 ) (1) Other expense Net prior service credits 34 (1) Other expense (886 ) Total before tax 387 Tax benefit $ (499 ) Net of tax |
Note 15 - Regulatory Capital (T
Note 15 - Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | September 30, 2016 December 31, 2015 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 528,168 8.88 % $ 494,690 8.89 % Requirement to be well capitalized 297,261 5.00 278,175 5.00 Excess 230,907 3.88 216,515 3.89 Common Equity Tier I risk-based capital: Capital level $ 528,168 12.44 % $ 494,690 12.62 Requirement to be well capitalized 275,911 6.50 254,768 6.50 Excess 252,257 5.94 239,922 6.12 Tier 1 risk-based capital: Capital level $ 528,168 12.44 % $ 494,690 12.62 % Requirement to be well capitalized 339,583 8.00 313,560 8.00 Excess 188,585 4.44 181,130 4.62 Total risk-based capital: Capital level $ 549,963 12.96 % $ 516,226 13.17 % Requirement to be well capitalized 424,479 10.00 391,950 10.00 Excess 125,484 2.96 124,276 3.17 September 30, 2016 December 31, 2015 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 523,428 8.80 % $ 490,919 8.84 % Requirement to be well capitalized 297,458 5.00 277,611 5.00 Excess 225,970 3.80 213,308 3.84 Common Equity Tier I risk-based capital: Capital level $ 496,605 11.72 % $ 462,883 11.83 Requirement to be well capitalized 275,404 6.50 254,335 6.50 Excess 221,201 5.22 208,548 5.33 Tier 1 risk-based capital: Capital level $ 523,428 12.35 % $ 490,919 12.55 % Requirement to be well capitalized 338,958 8.00 313,028 8.00 Excess 184,470 4.35 177,891 4.55 Total risk-based capital: Capital level $ 545,223 12.87 % $ 512,454 13.10 % Requirement to be well capitalized 423,698 10.00 391,285 10.00 Excess 121,525 2.87 121,169 3.10 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Net Income | $ 10,634 | $ 11,008 | $ 50,630 | $ 34,575 | |
Divided by: | |||||
Weighted average common shares outstanding (in shares) | 28,861 | 28,927 | 28,993 | 29,188 | |
Weighted average common stock equivalents (in shares) | 14 | 19 | 13 | 21 | |
Total weighted average common shares outstanding and common stock equivalents (in shares) | 28,875 | 28,946 | 29,006 | 29,209 | |
Basic earnings per common share (in dollars per share) | $ 0.37 | $ 0.38 | $ 1.75 | $ 1.18 | |
Diluted earnings per common share (in dollars per share) | [1] | $ 0.37 | $ 0.38 | $ 1.75 | $ 1.18 |
Dividend payout ratio | 45.90% | 42.10% | 29.10% | 40.70% | |
[1] | For the three and nine months ended September 30, 2016 and 2015, there were no stock options that were anti-dilutive. |
Note 4 - Debt and Equity Secu41
Note 4 - Debt and Equity Securities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Collateralized By Commercial Real Estate [Member] | Collateralized Mortgage Obligations [Member] | |||||
Mortgage Backed Securities Available for Sale Fair Value | $ 400,000 | $ 400,000 | $ 7,700,000 | ||
Mortgage Backed Securities Available for Sale Amortized Cost | 400,000 | 400,000 | 7,700,000 | ||
Proceeds from Sale of Available-for-sale Securities | 0 | $ 138,000,000 | 64,600,000 | $ 163,000,000 | |
Trading Securities | $ 0 | 0 | 0 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 |
Note 4 - Debt and Equity Secu42
Note 4 - Debt and Equity Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Corporate Debt Securities [Member] | ||
Amortized Cost | $ 110,000,000 | $ 115,976,000 |
Fair Value | 104,011,000 | 111,674,000 |
Gross Unrealized Gains | 191,000 | 134,000 |
Gross Unrealized Losses | 6,180,000 | 4,436,000 |
Municipal Debt Securities [Member] | ||
Amortized Cost | 33,274,000 | 6,180,000 |
Fair Value | 33,410,000 | 6,180,000 |
Gross Unrealized Gains | 136,000 | |
Gross Unrealized Losses | ||
Amortized Cost | 125,667,000 | 127,696,000 |
Fair Value | 130,380,000 | 131,583,000 |
Gross Unrealized Gains | 4,713,000 | 3,887,000 |
Gross Unrealized Losses | ||
Mutual Fund Debt Securities [Member] | ||
Amortized Cost | 21,658,000 | 21,290,000 |
Fair Value | 21,658,000 | 21,290,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Collateralized Debt Obligations [Member] | ||
Amortized Cost | 101,660,000 | 53,225,000 |
Fair Value | 102,572,000 | 52,898,000 |
Gross Unrealized Gains | 920,000 | |
Gross Unrealized Losses | 8,000 | 327,000 |
Other Debt Obligations [Member] | ||
Amortized Cost | 7,193,000 | 7,214,000 |
Fair Value | 7,191,000 | 7,212,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | 2,000 | 2,000 |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Amortized Cost | 366,178,000 | 325,401,000 |
Fair Value | 365,812,000 | 324,657,000 |
Gross Unrealized Gains | 5,824,000 | 4,021,000 |
Gross Unrealized Losses | 6,190,000 | 4,765,000 |
REMIC and CMO [Member] | ||
Amortized Cost | 383,912,000 | 469,987,000 |
Fair Value | 389,426,000 | 469,936,000 |
Gross Unrealized Gains | 6,144,000 | 3,096,000 |
Gross Unrealized Losses | 630,000 | 3,147,000 |
GNMA [Member] | ||
Amortized Cost | 7,520,000 | 11,635,000 |
Fair Value | 7,700,000 | 11,798,000 |
Gross Unrealized Gains | 180,000 | 302,000 |
Gross Unrealized Losses | 139,000 | |
FNMA [Member] | ||
Amortized Cost | 129,791,000 | 170,327,000 |
Fair Value | 132,831,000 | 170,057,000 |
Gross Unrealized Gains | 3,085,000 | 1,492,000 |
Gross Unrealized Losses | 45,000 | 1,762,000 |
FHLMC [Member] | ||
Amortized Cost | 14,802,000 | 16,961,000 |
Fair Value | 15,110,000 | 16,949,000 |
Gross Unrealized Gains | 308,000 | 87,000 |
Gross Unrealized Losses | 99,000 | |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized Cost | 536,025,000 | 668,910,000 |
Fair Value | 545,067,000 | 668,740,000 |
Gross Unrealized Gains | 9,717,000 | 4,977,000 |
Gross Unrealized Losses | 675,000 | 5,147,000 |
Amortized Cost | 33,274,000 | 6,180,000 |
Fair Value | 33,410,000 | 6,180,000 |
Gross Unrealized Gains | 136,000 | |
Gross Unrealized Losses | ||
Amortized Cost | 902,203,000 | 994,311,000 |
Fair Value | 910,879,000 | 993,397,000 |
Gross Unrealized Gains | 15,541,000 | 8,998,000 |
Gross Unrealized Losses | $ 6,865,000 | $ 9,912,000 |
Note 4 - Debt and Equity Secu43
Note 4 - Debt and Equity Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Mutual Fund Debt Securities [Member] | ||
Amortized Cost | $ 21,658,000 | $ 21,290,000 |
Fair Value | 21,658,000 | 21,290,000 |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | 536,025,000 | |
Fair Value | 545,067,000 | |
Due in one year or less | 11,370,000 | |
Due in one year or less | 11,370,000 | |
Due after one year through five years | 40,000 | |
Due after one year through five years | 40,000 | |
Due after ten years | 21,864,000 | |
Due after ten years | 22,000,000 | |
Amortized Cost | 33,274,000 | 6,180,000 |
Fair Value | 33,410,000 | 6,180,000 |
Due in one year or less | ||
Due in one year or less | ||
Due after one year through five years | 1,795,000 | |
Due after one year through five years | 1,821,000 | |
Due after five years through ten years | 118,691,000 | |
Due after five years through ten years | 117,707,000 | |
Due after ten years | 224,034,000 | |
Due after ten years | 224,626,000 | |
Total other securities | 344,520,000 | |
Total other securities | 344,154,000 | |
Amortized Cost | 902,203,000 | 994,311,000 |
Fair Value | $ 910,879,000 | $ 993,397,000 |
Note 4 - Debt and Equity Secu44
Note 4 - Debt and Equity Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Corporate Debt Securities [Member] | ||
Count | 13 | 12 |
Fair Value | $ 93,820 | $ 85,563 |
Unrealized Losses | 6,180 | 4,436 |
Less Than 12 Months - Fair Value | 19,294 | 76,218 |
Less Than 12 Months - Unrealized Losses | 706 | 3,782 |
12 Months or More - Fair Value | 74,526 | 9,345 |
12 Months or More - Unrealized Losses | $ 5,474 | $ 654 |
Collateralized Debt Obligations [Member] | ||
Count | 1 | 7 |
Fair Value | $ 7,474 | $ 52,898 |
Unrealized Losses | 8 | 327 |
Less Than 12 Months - Fair Value | 52,898 | |
Less Than 12 Months - Unrealized Losses | 327 | |
12 Months or More - Fair Value | 7,474 | |
12 Months or More - Unrealized Losses | $ 8 | |
Other Debt Obligations [Member] | ||
Count | 1 | 1 |
Fair Value | $ 299 | $ 298 |
Unrealized Losses | 2 | 2 |
Less Than 12 Months - Fair Value | ||
Less Than 12 Months - Unrealized Losses | ||
12 Months or More - Fair Value | 299 | 298 |
12 Months or More - Unrealized Losses | $ 2 | $ 2 |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Count | 15 | 20 |
Fair Value | $ 101,593 | $ 138,759 |
Unrealized Losses | 6,190 | 4,765 |
Less Than 12 Months - Fair Value | 19,294 | 129,116 |
Less Than 12 Months - Unrealized Losses | 706 | 4,109 |
12 Months or More - Fair Value | 82,299 | 9,643 |
12 Months or More - Unrealized Losses | $ 5,484 | $ 656 |
REMIC and CMO [Member] | ||
Count | 11 | 33 |
Fair Value | $ 55,603 | $ 238,132 |
Unrealized Losses | 630 | 3,147 |
Less Than 12 Months - Fair Value | 19,707 | 182,010 |
Less Than 12 Months - Unrealized Losses | 131 | 1,642 |
12 Months or More - Fair Value | 35,896 | 56,122 |
12 Months or More - Unrealized Losses | $ 499 | $ 1,505 |
FNMA [Member] | ||
Count | 1 | 20 |
Fair Value | $ 6,694 | $ 102,225 |
Unrealized Losses | 45 | 1,762 |
Less Than 12 Months - Fair Value | 75,769 | |
Less Than 12 Months - Unrealized Losses | 1,043 | |
12 Months or More - Fair Value | 6,694 | 26,456 |
12 Months or More - Unrealized Losses | $ 45 | $ 719 |
GNMA [Member] | ||
Count | 1 | |
Fair Value | $ 6,977 | |
Unrealized Losses | 139 | |
Less Than 12 Months - Fair Value | 6,977 | |
Less Than 12 Months - Unrealized Losses | 139 | |
12 Months or More - Fair Value | ||
12 Months or More - Unrealized Losses | ||
Collateralized Mortgage Backed Securities [Member] | ||
Count | 12 | 57 |
Fair Value | $ 62,297 | $ 362,049 |
Unrealized Losses | 675 | 5,147 |
Less Than 12 Months - Fair Value | 19,707 | 279,471 |
Less Than 12 Months - Unrealized Losses | 131 | 2,923 |
12 Months or More - Fair Value | 42,590 | 82,578 |
12 Months or More - Unrealized Losses | $ 544 | $ 2,224 |
FHLMC [Member] | ||
Count | 3 | |
Fair Value | $ 14,715 | |
Unrealized Losses | 99 | |
Less Than 12 Months - Fair Value | 14,715 | |
Less Than 12 Months - Unrealized Losses | 99 | |
12 Months or More - Fair Value | ||
12 Months or More - Unrealized Losses | ||
Count | 27 | 77 |
Fair Value | $ 163,890 | $ 500,808 |
Unrealized Losses | 6,865 | 9,912 |
Less Than 12 Months - Fair Value | 39,001 | 408,587 |
Less Than 12 Months - Unrealized Losses | 837 | 7,032 |
12 Months or More - Fair Value | 124,889 | 92,221 |
12 Months or More - Unrealized Losses | $ 6,028 | $ 2,880 |
Note 4 - Debt and Equity Secu45
Note 4 - Debt and Equity Securities - Gross Gain (Loss) Realized From Available for Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gross gains from the sale of securities | $ 2,666 | $ 2,370 | $ 2,899 | |
Gross losses from the sale of securities | (2,563) | (7) | (2,732) | |
Net gains from the sale of securities | $ 103 | $ 2,363 | $ 167 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015 | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Extension of Credit [Member] | ||||
Commitments and Contingencies | $ 87.2 | $ 87.2 | ||
Extension of Lines of Credit [Member] | ||||
Commitments and Contingencies | $ 231.8 | $ 231.8 | ||
TDR Loans Transferred to Non-performing, Number of Contracts | 0 | 0 | 0 | 1 |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 4 | 1 |
Fair Value of Collateral Dependent Loans as a Percentage of Appraised or Estimated Value of Collateral | 85.00% | |||
Collateral Dependent Impaired Loans Measured by Third Party Appraisals | $ 45.3 | |||
Collateral Dependent Impaired Loans Measured by Third Party Appraisals Percentage | 88.20% | |||
Collateral Dependent Impaired Loans Measured Internally | $ 6.1 | |||
Collateral Dependent Impaired Loans Measured Internally Percentage | 11.80% | |||
Financing Receivable, Modifications, Transferred to Non-performing Loans | $ 0.4 |
Note 5 - Loans - Loans Modified
Note 5 - Loans - Loans Modified and Classified as TDR (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
One-To-Four Family - Residential Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 2 | |||
Financing Receivable, Modifications, Balance | $ 263 | |||
Commercial Business and Other Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 2 | |||
Financing Receivable, Modifications, Balance | $ 739 | |||
Small Business Administration Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | |||
Financing Receivable, Modifications, Balance | $ 41 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 4 | 1 |
Financing Receivable, Modifications, Balance | $ 1,002 | $ 41 |
Note 5 - Loans - Troubled Debt
Note 5 - Loans - Troubled Debt Restructurings That are Performing According to Their Restructured Terms (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015 | Sep. 30, 2016USD ($) | Sep. 30, 2015 | Dec. 31, 2015USD ($) | |
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 9 | 9 | |||
Recorded investment | $ 2,586 | $ 2,586 | $ 2,626 | ||
Commercial Real Estate Loans [Member] | Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 2 | 3 | |||
Recorded investment | 2,074 | $ 2,074 | $ 2,371 | ||
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 5 | 6 | |||
Recorded investment | 1,809 | $ 1,809 | $ 2,052 | ||
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 3 | 1 | |||
Recorded investment | 596 | $ 596 | $ 343 | ||
Small Business Administration Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 1 | ||||
Recorded investment | $ 34 | ||||
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 3 | 4 | |||
Recorded investment | 1,139 | $ 1,139 | $ 2,083 | ||
Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 22 | 24 | |||
Recorded investment | $ 8,204 | $ 8,204 | $ 9,509 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 4 | 1 |
Note 5 - Loans - Troubled Deb49
Note 5 - Loans - Troubled Debt Restructurings That are Not Performing According to Their Restructured Terms (Details) - Nonperforming Financial Instruments [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Multi-family Residential Portfolio Segment [Member] | ||
Number of contracts | 1 | 1 |
Recorded investment | $ 392 | $ 391 |
Number of contracts | 1 | 1 |
Recorded investment | $ 392 | $ 391 |
Note 5 - Loans - Non-performing
Note 5 - Loans - Non-performing Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | $ 1,649 | $ 3,561 |
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 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 1,157 | 2,398 |
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 | 1,183 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 4,534 | 5,952 |
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 | 470 | 611 |
One-To-Four Family - Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 8,340 | 10,120 |
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 | |
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] | Non-Mortgage Loans [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 99 | 568 |
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 | |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 2,132 | 218 |
Taxi Medallion [Member] | Non-Mortgage Loans [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 3,971 | |
Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 15,680 | 22,031 |
Non-Mortgage Loans [Member] | ||
Loans ninety days or more past due and still accruing: | ||
Non-accrual loans | 6,202 | 786 |
Loans ninety days or more past due and still accruing | 1,653 | 3,260 |
Non-accrual loans | 21,882 | 22,817 |
Total non-accrual loans and loans ninety days or more past due and still accruing | $ 23,535 | $ 26,077 |
Note 5 - Loans - Summary of Int
Note 5 - Loans - Summary of Interest Foregone On Non-accrual Loans and Loans Classified as TDR (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 468 | $ 627 | $ 1,405 | $ 1,879 |
Less: Interest income included in the results of operations | 99 | 153 | 391 | 540 |
Total foregone interest | $ 369 | $ 474 | $ 1,014 | $ 1,339 |
Note 5 - Loans - Age Analysis o
Note 5 - Loans - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | $ 5,441 | $ 9,421 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | 917 | 804 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 1,649 | 3,794 |
Multi-family Residential Portfolio Segment [Member] | ||
Past due | 8,007 | 14,019 |
Current | 2,163,282 | 2,041,209 |
Total Loans | 2,171,289 | 2,055,228 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | 3,052 | 2,820 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | 377 | 153 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 2,340 | 3,580 |
Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 5,769 | 6,553 |
Current | 1,189,497 | 994,683 |
Total Loans | 1,195,266 | 1,001,236 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | 4,396 | 8,630 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | 746 | 1,258 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 5,004 | 6,563 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Past due | 10,146 | 16,451 |
Current | 545,545 | 556,592 |
Total Loans | 555,691 | 573,043 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | 1,081 | 4,261 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | 427 | 154 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 8,146 | 10,134 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 9,654 | 14,549 |
Current | 174,339 | 173,289 |
Total Loans | 183,993 | 187,838 |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | ||
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | ||
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | ||
Co-Operative Apartments Portfolio Segment [Member] | ||
Past due | ||
Current | 7,494 | 8,285 |
Total Loans | 7,494 | 8,285 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | ||
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | ||
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 1,000 | |
Construction Portfolio Segment [Member] | ||
Past due | 1,000 | |
Current | 11,250 | 6,284 |
Total Loans | 11,250 | 7,284 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | 28 | 42 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | ||
Small Business Administration Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 2,044 | 218 |
Small Business Administration Portfolio Segment [Member] | ||
Past due | 2,072 | 260 |
Current | 12,267 | 11,934 |
Total Loans | 14,339 | 12,194 |
Taxi Medallion Portflio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | ||
Taxi Medallion Portflio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | 1,408 | |
Taxi Medallion Portflio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 2,563 | |
Taxi Medallion Portflio Segment [Member] | ||
Past due | 3,971 | |
Current | 16,565 | 20,881 |
Total Loans | 20,536 | 20,881 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | 247 | |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | 4 | 2 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 1 | 228 |
Commercial Business and Other Portfolio Segment [Member] | ||
Past due | 252 | 230 |
Current | 564,720 | 506,392 |
Total Loans | 564,972 | 506,622 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | 14,245 | 25,174 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | 3,879 | 2,371 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 21,747 | 25,517 |
Past due | 39,871 | 53,062 |
Current | 4,684,959 | 4,319,549 |
Total Loans | $ 4,724,830 | $ 4,372,611 |
Note 5 - Loans - Activity in th
Note 5 - Loans - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Multi-family Residential Portfolio Segment [Member] | ||||
Beginning balance | $ 6,177 | $ 8,300 | $ 6,718 | $ 8,827 |
Charge-off's | (90) | (58) | (155) | (458) |
Recoveries | 11 | 4 | 230 | 218 |
Provision (Benefit) | (103) | (596) | (798) | (937) |
Ending balance | 5,995 | 7,650 | 5,995 | 7,650 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 4,445 | 3,726 | 4,239 | 4,202 |
Charge-off's | (32) | |||
Recoveries | 11 | 100 | 11 | 168 |
Provision (Benefit) | 60 | 331 | 266 | (181) |
Ending balance | 4,516 | 4,157 | 4,516 | 4,157 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Beginning balance | 3,326 | 5,180 | 4,227 | 5,840 |
Charge-off's | (71) | (99) | (139) | (571) |
Recoveries | 47 | 26 | 252 | 73 |
Provision (Benefit) | (234) | (233) | (1,272) | (468) |
Ending balance | 3,068 | 4,874 | 3,068 | 4,874 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Beginning balance | 1,044 | 1,433 | 1,227 | 1,690 |
Charge-off's | (74) | (244) | ||
Recoveries | 300 | 366 | 374 | |
Provision (Benefit) | (27) | (371) | (502) | (458) |
Ending balance | 1,017 | 1,362 | 1,017 | 1,362 |
Construction Portfolio Segment [Member] | ||||
Beginning balance | 75 | 29 | 50 | 42 |
Charge-off's | ||||
Recoveries | ||||
Provision (Benefit) | 15 | 16 | 40 | 3 |
Ending balance | 90 | 45 | 90 | 45 |
Small Business Administration Portfolio Segment [Member] | ||||
Beginning balance | 574 | 291 | 262 | 279 |
Charge-off's | (361) | (9) | (362) | (9) |
Recoveries | 44 | 5 | 118 | 32 |
Provision (Benefit) | 151 | (42) | 390 | (57) |
Ending balance | 408 | 245 | 408 | 245 |
Taxi Medallion Portflio Segment [Member] | ||||
Beginning balance | 1,042 | 11 | 343 | 11 |
Charge-off's | ||||
Recoveries | ||||
Provision (Benefit) | 1,290 | 231 | 1,989 | 231 |
Ending balance | 2,332 | 242 | 2,332 | 242 |
Commercial Business and Other Portfolio Segment [Member] | ||||
Beginning balance | 4,669 | 4,114 | 4,469 | 4,205 |
Charge-off's | (19) | (10) | (59) | (62) |
Recoveries | 25 | 72 | 8 | |
Provision (Benefit) | (477) | 294 | (284) | 247 |
Ending balance | 4,198 | 4,398 | 4,198 | 4,398 |
Unallocated Financing Receivables [Member] | ||||
Beginning balance | 846 | |||
Charge-off's | ||||
Recoveries | ||||
Provision (Benefit) | (675) | 171 | ||
Ending balance | 171 | 171 | ||
Beginning balance | 22,198 | 23,084 | 21,535 | 25,096 |
Charge-off's | (541) | (176) | (789) | (1,376) |
Recoveries | 138 | 435 | 1,049 | 873 |
Provision (Benefit) | (370) | (1,620) | ||
Ending balance | $ 21,795 | $ 22,973 | $ 21,795 | $ 22,973 |
Note 5 - Loans - Loans Evaluate
Note 5 - Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Multi-family Residential Portfolio Segment [Member] | ||
Ending Balance | $ 2,171,289 | $ 2,055,228 |
Ending balance: individually evaluated for impairment | 5,820 | 8,047 |
Ending balance: collectively evaluated for impairment | 2,165,469 | 2,047,181 |
Ending balance: individually evaluated for impairment | 237 | 252 |
Ending balance: collectively evaluated for impairment | 5,758 | 6,466 |
Commercial Real Estate Portfolio Segment [Member] | ||
Ending Balance | 1,195,266 | 1,001,236 |
Ending balance: individually evaluated for impairment | 6,443 | 6,183 |
Ending balance: collectively evaluated for impairment | 1,188,823 | 995,053 |
Ending balance: individually evaluated for impairment | 190 | 180 |
Ending balance: collectively evaluated for impairment | 4,326 | 4,059 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Ending Balance | 555,691 | 573,043 |
Ending balance: individually evaluated for impairment | 9,997 | 12,828 |
Ending balance: collectively evaluated for impairment | 545,694 | 560,215 |
Ending balance: individually evaluated for impairment | 449 | 502 |
Ending balance: collectively evaluated for impairment | 2,619 | 3,725 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Ending Balance | 183,993 | 187,838 |
Ending balance: individually evaluated for impairment | 10,507 | 12,598 |
Ending balance: collectively evaluated for impairment | 173,486 | 175,240 |
Ending balance: individually evaluated for impairment | 62 | 51 |
Ending balance: collectively evaluated for impairment | 955 | 1,176 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Ending Balance | 7,494 | 8,285 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 7,494 | 8,285 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | ||
Construction Portfolio Segment [Member] | ||
Ending Balance | 11,250 | 7,284 |
Ending balance: individually evaluated for impairment | 1,000 | |
Ending balance: collectively evaluated for impairment | 11,250 | 6,284 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 90 | 50 |
Small Business Administration Portfolio Segment [Member] | ||
Ending Balance | 14,339 | 12,194 |
Ending balance: individually evaluated for impairment | 664 | 310 |
Ending balance: collectively evaluated for impairment | 13,675 | 11,884 |
Ending balance: individually evaluated for impairment | 47 | |
Ending balance: collectively evaluated for impairment | 361 | 262 |
Taxi Medallion Portflio Segment [Member] | ||
Ending Balance | 20,536 | 20,881 |
Ending balance: individually evaluated for impairment | 16,659 | 2,118 |
Ending balance: collectively evaluated for impairment | 3,877 | 18,763 |
Ending balance: individually evaluated for impairment | 2,330 | 333 |
Ending balance: collectively evaluated for impairment | 2 | 10 |
Commercial Business and Other Portfolio Segment [Member] | ||
Ending Balance | 564,972 | 506,622 |
Ending balance: individually evaluated for impairment | 2,608 | 4,716 |
Ending balance: collectively evaluated for impairment | 562,364 | 501,906 |
Ending balance: individually evaluated for impairment | 13 | 112 |
Ending balance: collectively evaluated for impairment | 4,185 | 4,357 |
Unallocated Financing Receivables [Member] | ||
Ending Balance | ||
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | ||
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 171 | |
Ending Balance | 4,724,830 | 4,372,611 |
Ending balance: individually evaluated for impairment | 52,698 | 47,800 |
Ending balance: collectively evaluated for impairment | 4,672,132 | 4,324,811 |
Ending balance: individually evaluated for impairment | 3,328 | 1,430 |
Ending balance: collectively evaluated for impairment | $ 18,467 | $ 20,105 |
Note 5 - Loans - Impaired Loans
Note 5 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Mortgage Receivable [Member] | Multi-family Residential Portfolio Segment [Member] | |||||
Recorded Investment, With no related allowance recorded | $ 3,546 | $ 3,546 | $ 5,742 | ||
Unpaid Principal Balance, With no related allowance recorded | 3,877 | 3,877 | 6,410 | ||
Recorded Investment, With an allowance recorded | 2,274 | 2,274 | 2,305 | ||
Unpaid Principal Balance, With an allowance recorded | 2,274 | 2,274 | 2,305 | ||
Related Allowance | 237 | 237 | 252 | ||
Average Recorded Investment, With no related allowance recorded | 4,639 | $ 8,034 | 5,129 | $ 9,470 | |
Interest Income Recognized, With no related allowance recorded | 23 | 14 | 69 | 46 | |
Average Recorded Investment, With an allowance recorded | 2,279 | 2,326 | 2,284 | 2,461 | |
Interest Income Recognized, With an allowance recorded | 29 | 30 | 87 | 89 | |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Recorded Investment, With no related allowance recorded | 4,369 | 4,369 | 3,812 | ||
Unpaid Principal Balance, With no related allowance recorded | 4,396 | 4,396 | 3,869 | ||
Recorded Investment, With an allowance recorded | 2,074 | 2,074 | 2,371 | ||
Unpaid Principal Balance, With an allowance recorded | 2,074 | 2,074 | 2,371 | ||
Related Allowance | 190 | 190 | 180 | ||
Average Recorded Investment, With no related allowance recorded | 4,661 | 4,930 | 4,841 | 5,748 | |
Interest Income Recognized, With no related allowance recorded | 55 | 35 | 162 | 107 | |
Average Recorded Investment, With an allowance recorded | 2,080 | 538 | 2,173 | 998 | |
Interest Income Recognized, With an allowance recorded | 24 | 7 | 73 | 22 | |
Mortgage Receivable [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||||
Recorded Investment, With no related allowance recorded | 7,366 | 7,366 | 10,082 | ||
Unpaid Principal Balance, With no related allowance recorded | 8,418 | 8,418 | 11,335 | ||
Recorded Investment, With an allowance recorded | 2,631 | 2,631 | 2,746 | ||
Unpaid Principal Balance, With an allowance recorded | 2,633 | 2,633 | 2,746 | ||
Related Allowance | 449 | 449 | 502 | ||
Average Recorded Investment, With no related allowance recorded | 8,234 | 9,814 | 8,407 | 10,781 | |
Interest Income Recognized, With no related allowance recorded | 37 | 39 | 119 | 133 | |
Average Recorded Investment, With an allowance recorded | 2,567 | 3,054 | 2,622 | 3,069 | |
Interest Income Recognized, With an allowance recorded | 35 | 42 | 107 | 126 | |
Mortgage Receivable [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | |||||
Recorded Investment, With no related allowance recorded | 10,074 | 10,074 | 12,255 | ||
Unpaid Principal Balance, With no related allowance recorded | 11,591 | 11,591 | 14,345 | ||
Recorded Investment, With an allowance recorded | 433 | 433 | 343 | ||
Unpaid Principal Balance, With an allowance recorded | 433 | 433 | 343 | ||
Related Allowance | 62 | 62 | 51 | ||
Average Recorded Investment, With no related allowance recorded | 10,204 | 13,040 | 10,457 | 13,125 | |
Interest Income Recognized, With no related allowance recorded | 19 | 28 | 69 | 101 | |
Average Recorded Investment, With an allowance recorded | 435 | 348 | 403 | 350 | |
Interest Income Recognized, With an allowance recorded | 4 | 3 | 10 | 10 | |
Mortgage Receivable [Member] | Co-Operative Apartments Portfolio Segment [Member] | |||||
Recorded Investment, With an allowance recorded | |||||
Unpaid Principal Balance, With an allowance recorded | |||||
Average Recorded Investment, With no related allowance recorded | 307 | 153 | |||
Interest Income Recognized, With no related allowance recorded | |||||
Average Recorded Investment, With an allowance recorded | |||||
Interest Income Recognized, With an allowance recorded | |||||
Mortgage Receivable [Member] | Construction Portfolio Segment [Member] | |||||
Recorded Investment, With no related allowance recorded | 1,000 | ||||
Unpaid Principal Balance, With no related allowance recorded | 1,000 | ||||
Recorded Investment, With an allowance recorded | |||||
Unpaid Principal Balance, With an allowance recorded | |||||
Average Recorded Investment, With no related allowance recorded | 285 | 380 | |||
Interest Income Recognized, With no related allowance recorded | |||||
Average Recorded Investment, With an allowance recorded | |||||
Interest Income Recognized, With an allowance recorded | |||||
Mortgage Receivable [Member] | |||||
Related Allowance | 938 | 938 | 985 | ||
Recorded Investment, Total Impaired Loans | 32,767 | 32,767 | 40,656 | ||
Unpaid Principal Balance, Total Impaired Loans | 35,696 | 35,696 | 44,724 | ||
Average Recorded Investment, Total mortgage loans | 35,384 | 42,391 | 36,696 | 46,155 | |
Interest Income Recognized, Total mortgage loans | 226 | 198 | 696 | 634 | |
Non-Mortgage Loans [Member] | Small Business Administration Portfolio Segment [Member] | |||||
Recorded Investment, With no related allowance recorded | 546 | 546 | 276 | ||
Unpaid Principal Balance, With no related allowance recorded | 908 | 908 | 276 | ||
Recorded Investment, With an allowance recorded | 118 | 118 | 34 | ||
Unpaid Principal Balance, With an allowance recorded | 118 | 118 | 34 | ||
Related Allowance | 47 | 47 | |||
Average Recorded Investment, With no related allowance recorded | 404 | 301 | 353 | 230 | |
Interest Income Recognized, With no related allowance recorded | 13 | 6 | 38 | 18 | |
Average Recorded Investment, With an allowance recorded | 397 | 38 | 315 | 29 | |
Interest Income Recognized, With an allowance recorded | 1 | 1 | 4 | 1 | |
Non-Mortgage Loans [Member] | Taxi Medallion Portflio Segment [Member] | |||||
Recorded Investment, With no related allowance recorded | 10,106 | 10,106 | |||
Unpaid Principal Balance, With no related allowance recorded | 10,106 | 10,106 | |||
Recorded Investment, With an allowance recorded | 6,553 | 6,553 | 2,118 | ||
Unpaid Principal Balance, With an allowance recorded | 6,553 | 6,553 | 2,118 | ||
Related Allowance | 2,330 | 2,330 | 333 | ||
Average Recorded Investment, With no related allowance recorded | 5,053 | 3,369 | |||
Interest Income Recognized, With no related allowance recorded | 52 | 155 | |||
Average Recorded Investment, With an allowance recorded | 6,459 | 1,065 | 5,009 | 532 | |
Interest Income Recognized, With an allowance recorded | 17 | 16 | 91 | 49 | |
Non-Mortgage Loans [Member] | Commercial Business and Other Portfolio Segment [Member] | |||||
Recorded Investment, With no related allowance recorded | 2,170 | 2,170 | 2,682 | ||
Unpaid Principal Balance, With no related allowance recorded | 2,549 | 2,549 | 5,347 | ||
Recorded Investment, With an allowance recorded | 438 | 438 | 2,034 | ||
Unpaid Principal Balance, With an allowance recorded | 439 | 439 | 2,034 | ||
Related Allowance | 13 | 13 | 112 | ||
Average Recorded Investment, With no related allowance recorded | 2,211 | 3,363 | 2,265 | 3,937 | |
Interest Income Recognized, With no related allowance recorded | 45 | 51 | 136 | 170 | |
Average Recorded Investment, With an allowance recorded | 448 | 3,064 | 962 | 2,862 | |
Interest Income Recognized, With an allowance recorded | 7 | 32 | 20 | 120 | |
Non-Mortgage Loans [Member] | |||||
Related Allowance | 2,390 | 2,390 | 445 | ||
Recorded Investment, Total Impaired Loans | 19,931 | 19,931 | 7,144 | ||
Unpaid Principal Balance, Total Impaired Loans | 20,673 | 20,673 | 9,809 | ||
Average Recorded Investment, Total mortgage loans | 14,972 | 7,831 | 12,273 | 7,590 | |
Interest Income Recognized, Total mortgage loans | 135 | 106 | 444 | 358 | |
Multi-family Residential Portfolio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | 10,934 | 10,934 | 9,782 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | 7,701 | 7,701 | 5,633 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | 11,920 | 11,920 | 14,077 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | 11,280 | 11,280 | 13,692 | ||
Co-Operative Apartments Portfolio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | |||||
Construction Portfolio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | 1,000 | ||||
Small Business Administration Portfolio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | 1,309 | 1,309 | 453 | ||
Taxi Medallion Portflio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | 16,659 | 16,659 | 2,118 | ||
Commercial Business and Other Portfolio Segment [Member] | |||||
Recorded Investment, Total Impaired Loans | 3,637 | 3,637 | 3,123 | ||
Recorded Investment, With no related allowance recorded | 38,177 | 38,177 | 35,849 | ||
Unpaid Principal Balance, With no related allowance recorded | 41,845 | 41,845 | 42,582 | ||
Recorded Investment, With an allowance recorded | 14,521 | 14,521 | 11,951 | ||
Unpaid Principal Balance, With an allowance recorded | 14,524 | 14,524 | 11,951 | ||
Related Allowance | 3,328 | 3,328 | 1,430 | ||
Recorded Investment, Total Impaired Loans | 63,440 | 63,440 | $ 49,878 | ||
Average Recorded Investment, With no related allowance recorded | 35,691 | 39,789 | 35,201 | 43,444 | |
Interest Income Recognized, With no related allowance recorded | 244 | 173 | 748 | 575 | |
Average Recorded Investment, With an allowance recorded | 14,665 | 10,433 | 13,768 | 10,301 | |
Interest Income Recognized, With an allowance recorded | $ 117 | $ 131 | $ 392 | $ 417 |
Note 5 - Loans - Loans Designat
Note 5 - Loans - Loans Designated as Criticized or Classified (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | $ 7,700 | $ 4,361 |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 3,234 | 5,421 |
Multi-family Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Multi-family Residential Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Multi-family Residential Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 10,934 | 9,782 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 3,332 | 1,821 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 4,369 | 3,812 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 7,701 | 5,633 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 3,732 | 3,087 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 8,188 | 10,990 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 11,920 | 14,077 |
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 1,109 | 1,437 |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 10,171 | 12,255 |
One-To-Four Family - Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 11,280 | 13,692 |
Co-Operative Apartments Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | ||
Co-Operative Apartments Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | ||
Co-Operative Apartments Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Co-Operative Apartments Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Co-Operative Apartments Portfolio Segment [Member] | ||
Loans designated as criticized or classified | ||
Construction Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | ||
Construction Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 1,000 | |
Construction Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Construction Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Construction Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 1,000 | |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 702 | 229 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 607 | 224 |
Small Business Administration Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Small Business Administration Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Small Business Administration Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 1,309 | 453 |
Taxi Medallion Portflio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | ||
Taxi Medallion Portflio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 16,659 | 2,118 |
Taxi Medallion Portflio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Taxi Medallion Portflio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Taxi Medallion Portflio Segment [Member] | ||
Loans designated as criticized or classified | 16,659 | 2,118 |
Commercial Business and Other Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 1,030 | |
Commercial Business and Other Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 2,607 | 3,123 |
Commercial Business and Other Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Commercial Business and Other Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Commercial Business and Other Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 3,637 | 3,123 |
Special Mention [Member] | ||
Loans designated as criticized or classified | 17,605 | 10,935 |
Substandard [Member] | ||
Loans designated as criticized or classified | 45,835 | 38,943 |
Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Loss [Member] | ||
Loans designated as criticized or classified | ||
Loans designated as criticized or classified | $ 63,440 | $ 49,878 |
Note 6 - Loans Held for Sale (D
Note 6 - Loans Held for Sale (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Number of Loans Held for Sale | 1 | ||
Proceeds from Sale of Loans Held-for-sale | $ 3,000,000 | ||
Gain (Loss) on Sale of Loans and Leases | $ 30,000 | ||
Performing Financial Instruments [Member] | Small Business Administration Portfolio Segment [Member] | |||
Number of Loans Held for Sale | 4 | 6 | |
Proceeds from Sale of Loans Held-for-sale | $ 3,800,000 | $ 3,500,000 | |
Gain (Loss) on Sale of Loans and Leases | $ 300,000 | $ 300,000 | |
Number of Loans Held for Sale | 0 | 0 |
Note 6 - Loans Held for Sale -
Note 6 - Loans Held for Sale - Delinquent and Non-performing Loans Sold During the Period Indicated (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | ||||
Multi-family Residential Portfolio Segment [Member] | |||||||
Loans sold | 3 | ||||||
Proceeds | $ 632 | ||||||
Net (charge-offs) recoveries | |||||||
Net gain | $ 1 | ||||||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||||||
Loans sold | 8 | ||||||
Proceeds | $ 2,507 | ||||||
Net (charge-offs) recoveries | |||||||
Net gain | $ 239 | ||||||
Multi-family Residential Portfolio Segment [Member] | |||||||
Loans sold | 4 | 9 | 8 | ||||
Proceeds | $ 1,539 | $ 2,680 | $ 3,420 | ||||
Net (charge-offs) recoveries | (3) | (8) | 134 | ||||
Net gain | $ 1 | $ 3 | $ (1) | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Loans sold | 2 | 2 | 3 | ||||
Proceeds | $ 741 | $ 192 | $ 2,051 | ||||
Net (charge-offs) recoveries | |||||||
Net gain | $ 13 | $ 13 | |||||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||||||
Loans sold | 15 | 7 | |||||
Proceeds | $ 5,093 | $ 1,836 | |||||
Net (charge-offs) recoveries | |||||||
Net gain | $ 262 | $ 51 | |||||
Loans sold | 11 | 6 | [1] | 26 | [2] | 18 | [3] |
Proceeds | $ 3,139 | $ 2,280 | [1] | $ 7,965 | [2] | $ 7,307 | [3] |
Net (charge-offs) recoveries | (3) | [1] | (8) | [2] | 134 | [3] | |
Net gain | $ 240 | $ 14 | [1] | $ 265 | [2] | $ 63 | [3] |
[1] | The above table does not include one performing commercial real estate loan for $3.0 million, which sold for a net gain of $30,000, and four performing SBA loans totaling $3.8 million, which sold for a net gain of $0.3 million, during the three months ended September 30, 2015. | ||||||
[2] | The above table does not include the sale of six performing small business administration loans for proceeds totaling $3.5 million during the nine months ended September 30, 2016. These loans were sold for a net gain of $0.3 million. | ||||||
[3] | The above table does not include one performing commercial real estate loan for $3.0 million, which sold for a net gain of $30,000, and four performing SBA loans totaling $3.8 million, which sold for a net gain of $0.3 million, during the nine months ended September 30, 2015. |
Note 7 - Other Real Estate Ow59
Note 7 - Other Real Estate Owned (Details Textual) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Consumer Portfolio Segment [Member] | |||
Securities Received as Collateral, Amount Foreclosed | $ 0 | $ 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 12,900,000 | $ 12,900,000 | $ 15,200,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Number of Foreclosed Real Estate Held | 2 | 2 | 1 |
Repossessed Assets | $ 600,000 | $ 600,000 | $ 100,000 |
Note 7 - Other Real Estate Ow60
Note 7 - Other Real Estate Owned - Changes in Other Real Estate Owned ("OREO") (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Balance at beginning of period | $ 3,668 | $ 4,255 | $ 4,932 | $ 6,326 | |
Acquisitions | 816 | 486 | 1,588 | ||
Write-down of carrying value | (829) | (1,763) | (896) | ||
Sales | (216) | (816) | (2,163) | ||
Balance at end of period (1) | [1] | $ 2,839 | $ 4,855 | $ 2,839 | $ 4,855 |
[1] | OREO are included in other assets on the Company's Consolidated Statements of Financial Condition. |
Note 7 - Other Real Estate Ow61
Note 7 - Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gross gains | $ 4 | $ 37 | $ 306 | |
Gross losses | (6) | |||
Write-down of carrying value | (829) | (1,763) | (896) | |
Total net loss | $ (829) | $ 4 | $ (1,726) | $ (596) |
Note 8 - Repurchase Agreement62
Note 8 - Repurchase Agreements (Details Textual) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Securities Loaned or Sold under Agreements to Repurchase [Member] | |||
Repayments of Long-term Debt | $ 38,000,000 | ||
Debt, Average Cost, Percentage | 4.16 | ||
Payments of Debt Extinguishment Costs | 2,100,000 | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 44,100,000 | $ 131,400,000 | |
Repayments of Long-term Debt | $ 260,301,000 | $ 90,000,000 |
Note 8 - Repurchase Agreement63
Note 8 - Repurchase Agreements - Summary of Repurchase Agreement (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Maturity Less than One Year [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Repurchase agreements | $ 38 | |
Maturity Less than One Year [Member] | ||
Repurchase agreements | 38 | |
Maturity Less than One Year to Three Years [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Repurchase agreements | 38 | |
Maturity Less than One Year to Three Years [Member] | ||
Repurchase agreements | 38 | |
Maturity over Three Years [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Repurchase agreements | 40 | 40 |
Maturity over Three Years [Member] | ||
Repurchase agreements | 40 | 40 |
Collateralized Mortgage Backed Securities [Member] | ||
Repurchase agreements | 40 | 116 |
Repurchase agreements | $ 40 | $ 116 |
Note 9 - Stock-based Compensa64
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 4,000 | $ 39,000 | $ 4,800,000 | $ 4,900,000 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 337,175 | 318,120 |
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | |||
Phantom Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 | $ 0 | $ 28,000 | $ 9,000 |
Allocated Share-based Compensation Expense | 400,000 | 100,000 | 200,000 | 29,000 |
Omnibus Plan 2014 [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 7,400,000 | $ 7,400,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | |||
Allocated Share-based Compensation Expense | 1,100,000 | 500,000 | $ 4,700,000 | 4,200,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 400,000 | $ 200,000 | $ 1,800,000 | $ 1,600,000 |
Note 9 - Stock-based Compensa65
Note 9 - Stock-based Compensation - Full Value Awards (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Non-vested at December 31, 2015 (in shares) | 415,909 | |||
Non-vested at December 31, 2015 (in dollars per share) | $ 18.10 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 337,175 | 318,120 |
Granted (in dollars per share) | $ 19.85 | |||
Vested (in shares) | (235,535) | |||
Vested (in dollars per share) | $ 18.70 | |||
Forfeited (in shares) | (17,010) | |||
Forfeited (in dollars per share) | $ 18.50 | |||
Non-vested at September 30, 2016 (in shares) | 500,539 | 500,539 | ||
Non-vested at September 30, 2016 (in dollars per share) | $ 18.98 | $ 18.98 | ||
Vested but unissued at September 30, 2016 (in shares) | 280,450 | 280,450 | ||
Vested but unissued at September 30, 2016 (in dollars per share) | $ 19.28 | $ 19.28 |
Note 9 - Stock-based Compensa66
Note 9 - Stock-based Compensation - Non-full Value Awards (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($)$ / sharesshares | ||
Outstanding at December 31, 2015 (in shares) | 109,130 | |
Outstanding at December 31, 2015 (in dollars per share) | $ / shares | $ 16.14 | |
Granted (in shares) | ||
Exercised (in shares) | (41,670) | |
Exercised (in dollars per share) | $ / shares | $ 17.82 | |
Forfeited (in shares) | ||
Forfeited (in dollars per share) | $ / shares | ||
Outstanding at September 30, 2016 (in shares) | 67,460 | |
Outstanding at September 30, 2016 (in dollars per share) | $ / shares | $ 15.10 | |
Outstanding at September 30, 2016 | 1 year 255 days | |
Outstanding at September 30, 2016 | $ | $ 582 | [1] |
[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 9 - Stock-based Compensa67
Note 9 - Stock-based Compensation - Stock Options Exercised (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Proceeds from issuance of common stock upon exercise of stock options | $ 5 | $ 132 | $ 142 | |
Fair value of shares received upon exercise of stock options | 262 | 421 | 612 | 441 |
Tax benefit (expense) related to stock options exercised | (10) | 87 | (12) | 324 |
Intrinsic value of stock options exercised | $ 44 | $ 291 | $ 156 | $ 96 |
Note 9 - Stock-based Compensa68
Note 9 - Stock-based Compensation - Phantom Stock Plan (Details) - Phantom Share Units (PSUs) [Member] - Phantom Stock Plan [Member] | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Outstanding at December 31, 2015 (in shares) | shares | 79,440 |
Outstanding at December 31, 2015 (in dollars per share) | $ / shares | $ 21.64 |
Granted (in shares) | shares | 11,543 |
Granted (in dollars per share) | $ / shares | $ 20.09 |
Forfeited (in shares) | shares | |
Forfeited (in dollars per share) | $ / shares | |
Distributions (in shares) | shares | (1,364) |
Distributions (in dollars per share) | $ / shares | $ 20.28 |
Outstanding at September 30, 2016 (in shares) | shares | 89,619 |
Outstanding at September 30, 2016 (in dollars per share) | $ / shares | $ 23.72 |
Vested at September 30, 2016 (in shares) | shares | 89,435 |
Vested at September 30, 2016 (in dollars per share) | $ / shares | $ 23.72 |
Note 10 - Pension and Other P69
Note 10 - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Directors Plan [Member] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Contributions by Employer | $ 108,000 | |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 200,000 | |
Defined Benefit Plan, Contributions by Employer | $ 48,000 |
Note 10 - Pension and Other P70
Note 10 - Pension and Other Postretirement Benefit Plans - Components of Net Expense for Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Pension Plan [Member] | ||||
Employee Pension Plan: | ||||
Interest cost | $ 226 | $ 221 | $ 678 | $ 663 |
Amortization of unrecognized (gain) loss | 201 | 291 | 604 | 872 |
Expected return on plan assets | (348) | (350) | (1,044) | (1,050) |
Net expense | 79 | 162 | 238 | 485 |
Directors Plan [Member] | ||||
Employee Pension Plan: | ||||
Interest cost | 24 | 24 | 72 | 72 |
Amortization of unrecognized (gain) loss | (21) | (14) | (65) | (42) |
Net expense | 23 | 31 | 70 | 93 |
Service cost | 11 | 11 | 33 | 33 |
Amortization of past service liability (credit) | 9 | 10 | 30 | 30 |
Other Postretirement Benefit Plan [Member] | ||||
Employee Pension Plan: | ||||
Interest cost | 80 | 75 | 240 | 225 |
Amortization of unrecognized (gain) loss | 12 | 30 | 36 | 90 |
Net expense | 160 | 179 | 482 | 536 |
Service cost | 90 | 95 | 270 | 285 |
Amortization of past service liability (credit) | $ (22) | $ (21) | $ (64) | $ (64) |
Note 11 - Fair Value of Finan71
Note 11 - Fair Value of Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Measurements, Nonrecurring [Member] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | $ 0 | ||
Interest Rate Swap [Member] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 500,000 | $ 2,100,000 | 4,300,000 | $ 1,300,000 | |
Financial Liabilites at Fair Value Option Contractual Principal | 61,900,000 | 61,900,000 | 61,900,000 | ||
Financial Liabilities at Fair Value Option Accrued Interest Payable | 100,000 | 100,000 | 100,000 | ||
Financial Assets at Fair Value Option | 30,700,000 | 30,700,000 | 30,700,000 | ||
Financial Liabilities at Fair Value Option | 27,800,000 | 27,800,000 | $ 29,000,000 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (823,000) | $ (1,094,000) | $ (2,925,000) | $ (921,000) | |
Fair Value Inputs, Discount Rate | 85.00% |
Note 11 - Fair Value of Finan72
Note 11 - Fair Value of Financial Instruments - Financial Assets and Liabilities Reported Under the Fair Value Option (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Collateralized Mortgage Backed Securities [Member] | ||||||
Financial Assets at Fair Value Option | $ 2,166,000 | $ 2,166,000 | $ 2,527,000 | |||
Net loss from fair value adjustments | (6,000) | (4,000) | $ (36,000) | |||
Other Securities [Member] | ||||||
Financial Assets at Fair Value Option | 28,551,000 | 28,551,000 | 28,205,000 | |||
Net loss from fair value adjustments | (30,000) | 59,000 | 156,000 | 148,000 | ||
Borrowed Funds [Member] | ||||||
Net loss from fair value adjustments | (296,000) | 987,000 | 1,250,000 | 282,000 | ||
Financial Liabilities at Fair Value Option | 27,791,000 | 27,791,000 | 29,018,000 | |||
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | ||||||
Net loss from fair value adjustments | [1],[2] | (332,000) | 1,046,000 | 1,402,000 | 394,000 | |
Financial Assets at Fair Value Option | 30,700,000 | 30,700,000 | 30,700,000 | |||
Net loss from fair value adjustments | (823,000) | $ (1,094,000) | (2,925,000) | $ (921,000) | ||
Financial Liabilities at Fair Value Option | $ 27,800,000 | $ 27,800,000 | $ 29,000,000 | |||
[1] | The net gain (loss) from fair value adjustments presented in the above table does not include net losses of $0.5 million and $2.1 million for the three months ended September 30, 2016 and 2015, respectively, from the change in the fair value of interest rate swaps. | |||||
[2] | The net gain (loss) from fair value adjustments presented in the above table does not include net losses of $4.3 million and $1.3 million for the nine months ended September 30, 2016 and 2015, respectively, from the change in the fair value of interest rate swaps. |
Note 11 - Fair Value of Finan73
Note 11 - Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets | $ 545,067 | $ 668,740 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | ||
Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Assets | 545,067 | 668,740 |
Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets | 358,621 | 317,445 |
Other Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | 7,191 | 7,212 |
Other Securities [Member] | ||
Assets: | ||
Assets | 365,812 | 324,657 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets | 48 | |
Liabilities: | ||
Liabilities | 15,426 | 4,314 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | ||
Liabilities: | ||
Liabilities | ||
Interest Rate Swap [Member] | ||
Assets: | ||
Assets | 48 | |
Liabilities: | ||
Liabilities | 15,426 | 4,314 |
Borrowed Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities: | ||
Liabilities | ||
Borrowed Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Liabilities | 27,791 | 29,018 |
Borrowed Funds [Member] | ||
Liabilities: | ||
Liabilities | 27,791 | 29,018 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets | 903,688 | 986,233 |
Liabilities: | ||
Liabilities | 15,426 | 4,314 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | 7,191 | 7,212 |
Liabilities: | ||
Liabilities | 27,791 | 29,018 |
Assets | 910,879 | 993,445 |
Liabilities | $ 43,217 | $ 33,332 |
Note 11 - Fair Value of Finan74
Note 11 - Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Recurring Basis, Classified Within Level 3 of the Valuation Hierarchy (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Fair Value, Inputs, Level 3 [Member] | Trust Preferred Securities [Member] | |||||
Beginning balance | $ 7,167 | $ 7,226 | $ 7,212 | $ 7,090 | |
Net gain from fair value adjustment of financial assets (1) | [1] | 23 | (44) | (23) | 86 |
Net loss from fair value adjustment of financial liabilities (1) | [1] | ||||
Increase in accrued interest payable | 1 | ||||
Change in unrealized gains (losses) included in other comprehensive income | 1 | (1) | 1 | 5 | |
Ending balance | 7,191 | 7,181 | 7,191 | 7,181 | |
Changes in unrealized gains (losses) held at period end | 1 | (1) | 1 | 5 | |
Transfer to held-to-maturity | |||||
Principal repayments | |||||
Maturities | |||||
Purchases | |||||
Fair Value, Inputs, Level 3 [Member] | Municipal [Member] | |||||
Beginning balance | 7,899 | 15,519 | |||
Net gain from fair value adjustment of financial assets (1) | [1] | ||||
Net loss from fair value adjustment of financial liabilities (1) | [1] | ||||
Increase in accrued interest payable | |||||
Change in unrealized gains (losses) included in other comprehensive income | |||||
Ending balance | |||||
Changes in unrealized gains (losses) held at period end | |||||
Transfer to held-to-maturity | (4,510) | ||||
Principal repayments | (7,899) | (8,009) | |||
Maturities | (4,000) | ||||
Purchases | 1,000 | ||||
Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | |||||
Beginning balance | 27,485 | 29,476 | 29,018 | 28,771 | |
Net gain from fair value adjustment of financial assets (1) | [1] | ||||
Net loss from fair value adjustment of financial liabilities (1) | [1] | 296 | (988) | (1,250) | (283) |
Increase in accrued interest payable | 10 | 3 | 23 | 3 | |
Change in unrealized gains (losses) included in other comprehensive income | |||||
Ending balance | 27,791 | 28,491 | 27,791 | 28,491 | |
Changes in unrealized gains (losses) held at period end | |||||
Transfer to held-to-maturity | |||||
Principal repayments | |||||
Maturities | |||||
Purchases | |||||
Trust Preferred Securities [Member] | |||||
Beginning balance | 7,212 | ||||
Ending balance | $ 7,191 | $ 7,191 | |||
[1] | These totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. |
Note 11 - Fair Value of Finan75
Note 11 - Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Trust Preferred Securities [Member] | Minimum [Member] | ||
Range | 7.00% | 7.00% |
Trust Preferred Securities [Member] | Maximum [Member] | ||
Range | 7.05% | 7.07% |
Trust Preferred Securities [Member] | Weighted Average [Member] | ||
Range | 7.00% | 7.10% |
Trust Preferred Securities [Member] | ||
Fair Value | $ 7,191 | $ 7,212 |
Valuation Technique | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Junior Subordinated Debentures [Member] | Weighted Average [Member] | ||
Range | 7.00% | 7.00% |
Junior Subordinated Debentures [Member] | ||
Valuation Technique | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Range | 7.00% | 7.00% |
Fair Value | $ 27,791 | $ 29,018 |
Note 11 - Fair Value of Finan76
Note 11 - Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Non-recurring Basis, and the Method Used to Determine Their Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ||
Assets | ||
Fair Value, Inputs, Level 1 [Member] | Other Real Estate Owned [Member] | ||
Assets | ||
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Assets | ||
Fair Value, Inputs, Level 2 [Member] | Other Real Estate Owned [Member] | ||
Assets | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Assets | 12,144 | 15,360 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Assets | 2,839 | 4,932 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | 14,983 | 20,292 |
Impaired Loans [Member] | ||
Assets | 12,144 | 15,360 |
Other Real Estate Owned [Member] | ||
Assets | 2,839 | 4,932 |
Assets | $ 14,983 | $ 20,292 |
Note 11 - Fair Value of Finan77
Note 11 - Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments and the Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | ||
Range, capitalization rate | 6.00% | 7.30% |
Range, loss severity discount | 8.70% | |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | ||
Range, capitalization rate | 7.10% | 8.50% |
Range, loss severity discount | 15.00% | |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range, capitalization rate | 7.10% | 7.70% |
Range, loss severity discount | 14.00% | 15.00% |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | ||
Assets | $ 2,472 | $ 3,878 |
Range, loss severity discount | 15.00% | |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Minimum [Member] | ||
Range, comparability adjustments | (40.00%) | (50.00%) |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Maximum [Member] | ||
Range, comparability adjustments | 16.20% | 40.00% |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range, loss severity discount | 15.00% | 15.00% |
Range, comparability adjustments | (3.10%) | (2.20%) |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | ||
Assets | $ 4,426 | $ 5,555 |
Range, loss severity discount | 15.00% | 15.00% |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Minimum [Member] | ||
Range, capitalization rate | 5.30% | 5.30% |
Range, loss severity discount | 6.90% | 5.20% |
Range, comparability adjustments | (50.00%) | (50.00%) |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Maximum [Member] | ||
Range, capitalization rate | 11.00% | 9.00% |
Range, loss severity discount | 15.00% | 15.00% |
Range, comparability adjustments | 25.00% | 25.00% |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Weighted Average [Member] | ||
Range, capitalization rate | 7.10% | 7.00% |
Range, loss severity discount | 13.80% | 13.70% |
Range, comparability adjustments | (2.40%) | (2.20%) |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | ||
Assets | $ 5,246 | $ 5,927 |
Impaired Loans [Member] | ||
Assets | $ 12,144 | $ 15,360 |
Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | ||
Range, comparability adjustments | (5.00%) | |
Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | ||
Range, comparability adjustments | 25.00% | |
Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range, capitalization rate | 9.00% | |
Range, comparability adjustments | 2.80% | |
Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | ||
Assets | $ 2,839 | $ 3,750 |
Range, capitalization rate | 9.00% | |
Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | Minimum [Member] | ||
Range, comparability adjustments | (5.00%) | |
Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | Maximum [Member] | ||
Range, comparability adjustments | 25.00% | |
Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range, comparability adjustments | 12.00% | |
Other Real Estate Owned [Member] | Sales Approach Valuation Technique [Member] | ||
Assets | $ 366 | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Minimum [Member] | ||
Range, comparability adjustments | (10.00%) | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Maximum [Member] | ||
Range, comparability adjustments | 15.00% | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Weighted Average [Member] | ||
Range, capitalization rate | 8.60% | |
Range, comparability adjustments | 2.50% | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | ||
Assets | $ 816 | |
Range, capitalization rate | 8.60% | |
Other Real Estate Owned [Member] | ||
Assets | 2,839 | $ 4,932 |
Assets | $ 14,983 | $ 20,292 |
Note 11 - Fair Value of Finan78
Note 11 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | $ 15,426,000 | $ 4,314,000 |
Derivative Asset | 48,000 | |
Reported Value Measurement [Member] | ||
Cash and due from banks | 47,880,000 | 42,363,000 |
Fair Value | 33,274,000 | 6,180,000 |
Mortgage-backed securities | 545,067,000 | 668,740,000 |
Other securities | 365,812,000 | 324,657,000 |
Loans | 4,741,277,000 | 4,387,979,000 |
FHLB-NY stock | 65,185,000 | 56,066,000 |
Total assets | 5,798,495,000 | 5,486,033,000 |
Deposits | 4,041,781,000 | 3,892,547,000 |
Borrowings | 1,360,515,000 | 1,271,676,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,417,722,000 | 5,168,537,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | ||
Derivative Asset | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 47,880,000 | 42,363,000 |
Fair Value | ||
Mortgage-backed securities | ||
Other securities | ||
Loans | ||
FHLB-NY stock | ||
Total assets | 47,880,000 | 42,363,000 |
Deposits | 2,657,230,000 | 2,489,245,000 |
Borrowings | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,657,230,000 | 2,489,245,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | 15,426,000 | 4,314,000 |
Derivative Asset | 48,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Fair Value | ||
Mortgage-backed securities | 545,067,000 | 668,740,000 |
Other securities | 358,621,000 | 317,445,000 |
Loans | ||
FHLB-NY stock | 65,185,000 | 56,066,000 |
Total assets | 968,873,000 | 1,042,299,000 |
Deposits | 1,401,448,000 | 1,413,643,000 |
Borrowings | 1,342,958,000 | 1,250,928,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,759,832,000 | 2,668,885,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | ||
Derivative Asset | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Fair Value | 33,410,000 | 6,180,000 |
Mortgage-backed securities | ||
Other securities | 7,191,000 | 7,212,000 |
Loans | 4,780,500,000 | 4,434,079,000 |
FHLB-NY stock | ||
Total assets | 4,821,101,000 | 4,447,471,000 |
Deposits | ||
Borrowings | 27,791,000 | 29,018,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 27,791,000 | 29,018,000 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | 15,426,000 | 4,314,000 |
Derivative Asset | 48,000 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 47,880,000 | 42,363,000 |
Fair Value | 33,410,000 | 6,180,000 |
Mortgage-backed securities | 545,067,000 | 668,740,000 |
Other securities | 365,812,000 | 324,657,000 |
Loans | 4,780,500,000 | 4,434,079,000 |
FHLB-NY stock | 65,185,000 | 56,066,000 |
Total assets | 5,837,854,000 | 5,532,133,000 |
Deposits | 4,058,678,000 | 3,902,888,000 |
Borrowings | 1,370,749,000 | 1,279,946,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,444,853,000 | 5,187,148,000 |
Interest Rate Swap [Member] | ||
Interest rate swaps | ||
Derivative Asset | 0 | |
Fair Value | 33,410,000 | 6,180,000 |
Mortgage-backed securities | 545,067,000 | $ 668,740,000 |
Derivative Asset | $ 0 |
Note 12 - Derivative Financia79
Note 12 - Derivative Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Floating Rate Junior Subordinated Debentures [Member] | |||||
Derivative, Amount of Hedged Item | $ 18,000,000 | $ 18,000,000 | $ 18,000,000 | ||
Junior Subordinated Notes | 61,900,000 | 61,900,000 | 61,900,000 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative Asset, Notional Amount | 36,321,000 | 36,321,000 | 36,321,000 | ||
Not Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Notional Amount | 36,300,000 | 36,300,000 | 36,300,000 | ||
Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Notional Amount | 189,800,000 | 189,800,000 | 128,500,000 | ||
Interest Rate Swap [Member] | |||||
Derivative Asset, Notional Amount | 208,100,000 | 208,100,000 | 146,900,000 | ||
Derivative Asset | 0 | ||||
Derivative Asset, Notional Amount | 226,112,000 | 226,112,000 | 164,864,000 | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | $ 0 | 0 | $ 0 | |
Unrealized Gain (Loss) on Derivatives | 0 | $ 0 | |||
Derivative Asset | $ 0 | $ 0 |
Note 12 - Derivative Financia80
Note 12 - Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | |
Interest Rate Swaps1 [Member] | Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | $ 28,588,000 | ||
Interest rate swaps, net carrying value | [1] | 48,000 | |
Interest Rate Swaps2 [Member] | Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 189,791,000 | 99,955,000 | |
Interest rate swaps, net carrying value | [1] | (9,095,000) | (1,515,000) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 36,321,000 | 36,321,000 | |
Interest rate swaps, net carrying value | [1] | (6,331,000) | (2,799,000) |
Interest Rate Swap [Member] | |||
Interest rate swaps, notional amount | 208,100,000 | 146,900,000 | |
Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 189,800,000 | 128,500,000 | |
Not Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 36,300,000 | 36,300,000 | |
Interest rate swaps, notional amount | 226,112,000 | 164,864,000 | |
Interest rate swaps, net carrying value | [1] | $ (15,426,000) | $ (4,266,000) |
[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 at September 30, 2016 and December 31, 2015. |
Note 12 - Derivative Financia81
Note 12 - Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Net gain (loss) | $ (111) | $ (1,753) | $ (3,532) | $ (882) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Net gain (loss) | (380) | (387) | (795) | (433) | |
Net gain (loss) | [1] | $ (491) | $ (2,140) | $ (4,327) | $ (1,315) |
[1] | Net gains and losses are recorded as part of "Net gain (losses) from fair value adjustments" in the Consolidated Statements of Income. |
Note 12 - Derivative Financia82
Note 12 - Derivative Financial Instruments - Effect of Master Netting Arrangements on Derivative Assets and Liabilities in the Consolidated Statements of Condition (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 48,000 | |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | |
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Condition | 48,000 | |
Interest Rate Swaps, Financial Instruments | 48,000 | |
Interest Rate Swaps, Cash Collateral Received | 0 | |
Derivative Asset | 0 | |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | $ 15,426,000 | 4,314,000 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | ||
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 15,426,000 | 4,314,000 |
Interest Rate Swaps, Financial Instruments | 48,000 | |
Interest Rate Swaps, Cash Collateral Pledged | 15,426,000 | 4,266,000 |
Interest Rate Swaps, Net Amount | ||
Derivative Asset | $ 0 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, Percent | 38.50% | 37.70% | 39.50% | 38.60% |
Deferred Tax Assets, Net of Valuation Allowance | $ 34,800,000 | $ 34,800,000 | ||
Deferred Tax Liabilities, Gross | $ 23,300,000 | $ 23,300,000 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Federal: | ||||
Current | $ 6,474 | $ 6,195 | $ 26,362 | $ 20,262 |
Deferred | (906) | (820) | (844) | (3,480) |
Total federal tax provision | 5,568 | 5,375 | 25,518 | 16,782 |
Current | 1,492 | 1,635 | 7,853 | 6,490 |
Deferred | (405) | (349) | (384) | (1,544) |
Total state and local tax provision | 1,087 | 1,286 | 7,469 | 4,946 |
Total income tax provision | $ 6,655 | $ 6,661 | $ 32,987 | $ 21,728 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Taxes at federal statutory rate | $ 6,051 | $ 6,184 | $ 29,266 | $ 19,706 |
Taxes at federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Increase (reduction) in taxes resulting from: | ||||
State and local income tax, net of Federal income tax benefit | $ 707 | $ 836 | $ 4,855 | $ 3,215 |
State and local income tax, net of Federal income tax benefit | 4.10% | 4.70% | 5.80% | 5.70% |
Other | $ (103) | $ (359) | $ (1,134) | $ (1,193) |
Other | (0.60%) | (2.00%) | (1.30%) | (2.10%) |
Taxes at effective rate | $ 6,655 | $ 6,661 | $ 32,987 | $ 21,728 |
Taxes at effective rate | 38.50% | 37.70% | 39.50% | 38.60% |
Note 14 - Accumulated Other C86
Note 14 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Beginning balance, net of tax | $ 7,923,000 | $ 2,211,000 | $ (521,000) | $ 3,392,000 |
Other comprehensive income (loss) before reclassifications, net of tax | (2,942,000) | 3,943,000 | 6,852,000 | 2,798,000 |
Amounts reclassified from accumulated other comprehensive income, net of tax | (58,000) | (1,350,000) | (94,000) | |
Total other comprehensive income (loss), net of tax | (2,942,000) | 3,885,000 | 5,502,000 | 2,704,000 |
Ending balance, net of tax | 4,981,000 | 6,096,000 | 4,981,000 | 6,096,000 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Beginning balance, net of tax | (4,835,000) | (5,967,000) | (5,041,000) | (6,299,000) |
Other comprehensive income (loss) before reclassifications, net of tax | ||||
Amounts reclassified from accumulated other comprehensive income, net of tax | 103,000 | 167,000 | 309,000 | 499,000 |
Total other comprehensive income (loss), net of tax | 103,000 | 167,000 | 309,000 | 499,000 |
Ending balance, net of tax | (4,732,000) | (5,800,000) | (4,732,000) | (5,800,000) |
Beginning balance, net of tax | 3,088,000 | (3,756,000) | (5,562,000) | (2,907,000) |
Other comprehensive income (loss) before reclassifications, net of tax | (2,942,000) | 3,943,000 | 6,852,000 | 2,798,000 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 103,000 | 109,000 | (1,041,000) | 405,000 |
Total other comprehensive income (loss), net of tax | (2,839,000) | 4,052,000 | 5,811,000 | 3,203,000 |
Ending balance, net of tax | $ 249,000 | $ 296,000 | $ 249,000 | $ 296,000 |
Note 14 - Accumulated Other C87
Note 14 - Accumulated Other Comprehensive Income - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Taxes at effective rate | $ (45) | $ (1,013) | $ (73) | ||
Net Income | 58 | 1,350 | 94 | ||
Net gain on sale of securities | 103 | 2,363 | 167 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Actuarial Losses [Member] | |||||
Other expense | [1] | $ (192) | (307) | (575) | (920) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Prior Service Credits [Member] | |||||
Other expense | [1] | 11 | 11 | 33 | 34 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Total before tax | (181) | (296) | (542) | (886) | |
Taxes at effective rate | 78 | 129 | 233 | 387 | |
Net Income | (103) | (167) | (309) | (499) | |
Total before tax | 17,289 | 17,669 | 83,617 | 56,303 | |
Taxes at effective rate | 6,655 | 6,661 | 32,987 | 21,728 | |
Net Income | 10,634 | 11,008 | 50,630 | 34,575 | |
Net gain on sale of securities | $ 103 | $ 2,363 | $ 167 | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 10 of the Notes to Consolidated Financial Statements "Pension and Other Postretirement Benefit Plans".) |
Note 15 - Regulatory Capital (D
Note 15 - Regulatory Capital (Details Textual) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2019 | |
Scenario, Forecast [Member] | ||
Capital Conservation Buffer Required for Capital Adequacy | 2.50% | |
Savings Bank [Member] | ||
Capital Conservation Buffer | 4.96% | |
Holding Company [Member] | ||
Capital Conservation Buffer | 4.87% | |
Capital Conservation Buffer Required for Capital Adequacy | 0.625% | |
Capital Conservation Buffer Required for Capital Adequacy Annual Increase | 0.625% |
Note 15 - Regulatory Capital -
Note 15 - Regulatory Capital - Summary of the Bank's Compliance (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Capital level | $ 528,168 | $ 494,690 |
Capital level | 8.88% | 8.89% |
Requirement to be well capitalized | $ 297,261 | $ 278,175 |
Requirement to be well capitalized | 5.00% | 5.00% |
Excess | $ 230,907 | $ 216,515 |
Excess | 3.88% | 3.89% |
Common Equity Tier I risk-based capital: | ||
Capital level | $ 528,168 | $ 494,690 |
Capital level | 12.44% | 12.62% |
Requirement to be well capitalized | $ 275,911 | $ 254,768 |
Requirement to be well capitalized | 6.50% | 6.50% |
Excess | $ 252,257 | $ 239,922 |
Excess | 5.94% | 6.12% |
Tier 1 risk-based capital: | ||
Capital level | $ 528,168 | $ 494,690 |
Capital level | 12.44% | 12.62% |
Requirement to be well capitalized | $ 339,583 | $ 313,560 |
Requirement to be well capitalized | 8.00% | 8.00% |
Excess | $ 188,585 | $ 181,130 |
Excess | 4.44% | 4.62% |
Total risk-based capital: | ||
Capital level | $ 549,963 | $ 516,226 |
Capital level | 12.96% | 13.17% |
Requirement to be well capitalized | $ 424,479 | $ 391,950 |
Requirement to be well capitalized | 10.00% | 10.00% |
Excess | $ 125,484 | $ 124,276 |
Excess | 2.96% | 3.17% |
Holding Company [Member] | ||
Tier I (leverage) capital: | ||
Capital level | $ 523,428 | $ 490,919 |
Capital level | 8.80% | 8.84% |
Requirement to be well capitalized | $ 297,458 | $ 277,611 |
Requirement to be well capitalized | 5.00% | 5.00% |
Excess | $ 225,970 | $ 213,308 |
Excess | 3.80% | 3.84% |
Common Equity Tier I risk-based capital: | ||
Capital level | $ 496,605 | $ 462,883 |
Capital level | 11.72% | 11.83% |
Requirement to be well capitalized | $ 275,404 | $ 254,335 |
Requirement to be well capitalized | 6.50% | 6.50% |
Excess | $ 221,201 | $ 208,548 |
Excess | 5.22% | 5.33% |
Tier 1 risk-based capital: | ||
Capital level | $ 523,428 | $ 490,919 |
Capital level | 12.35% | 12.55% |
Requirement to be well capitalized | $ 338,958 | $ 313,028 |
Requirement to be well capitalized | 8.00% | 8.00% |
Excess | $ 184,470 | $ 177,891 |
Excess | 4.35% | 4.55% |
Total risk-based capital: | ||
Capital level | $ 545,223 | $ 512,454 |
Capital level | 12.87% | 13.10% |
Requirement to be well capitalized | $ 423,698 | $ 391,285 |
Requirement to be well capitalized | 10.00% | 10.00% |
Excess | $ 121,525 | $ 121,169 |
Excess | 2.87% | 3.10% |