Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
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) | 28,811,160 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 51,215 | $ 35,857 |
Securities held-to-maturity: | ||
Other securities (none pledged) (fair value of $34,152 and $35,408 at March 31, 2017 and December 31, 2016, respectively) | 36,406 | 37,735 |
Securities available for sale: | ||
Mortgage-backed securities (including assets pledged of $91,929 and $145,860 at March 31, 2017 and December 31, 2016, respectively; $1,898 and $2,016 at fair value pursuant to the fair value option at March 31, 2017 and December 31, 2016, respectively) | 537,905 | 516,476 |
Other securities (including assets pledged of $136,143 and $82,064 at March 31, 2017 and December 31, 2016, respectively; $28,526 and $28,429 at fair value pursuant to the fair value option at March 31, 2017 and December 31, 2016, respectively) | 346,238 | 344,905 |
Loans: | ||
Net unamortized premiums and unearned loan fees | 16,836 | 16,559 |
Allowance for loan losses | (22,211) | (22,229) |
Net loans | 4,952,380 | 4,813,464 |
Interest and dividends receivable | 20,602 | 20,228 |
Bank premises and equipment, net | 26,026 | 26,561 |
Federal Home Loan Bank of New York stock | 57,384 | 59,173 |
Bank owned life insurance | 129,824 | 132,508 |
Goodwill | 16,127 | 16,127 |
Other assets | 57,378 | 55,453 |
Total assets | 6,231,485 | 6,058,487 |
LIABILITIES | ||
Non-interest bearing | 344,028 | 333,163 |
Certificate of deposit accounts | 1,411,819 | 1,372,115 |
Savings accounts | 254,822 | 254,283 |
Money market accounts | 851,129 | 843,370 |
NOW accounts | 1,487,120 | 1,362,484 |
Total interest-bearing deposits | 4,004,890 | 3,832,252 |
Mortgagors' escrow deposits | 61,828 | 40,216 |
Federal Home Loan Bank advances | 1,119,837 | 1,159,190 |
Subordinated debentures | 73,479 | 73,414 |
Junior subordinated debentures, at fair value | 34,536 | 33,959 |
Total borrowed funds | 1,227,852 | 1,266,563 |
Other liabilities | 67,485 | 72,440 |
Total liabilities | 5,706,083 | 5,544,634 |
Commitments and contingencies | ||
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 March 31, 2017 and December 31, 2016; 28,811,160 shares and 28,632,904 shares outstanding at March 31, 2017 and December 31, 2016, respectively) | 315 | 315 |
Additional paid-in capital | 215,501 | 214,462 |
Treasury stock, at average cost (2,719,435 shares and 2,897,691 shares at March 31, 2017 and December 31, 2016, respectively) | (51,224) | (53,754) |
Retained earnings | 367,944 | 361,192 |
Accumulated other comprehensive loss, net of taxes | (7,134) | (8,362) |
Total stockholders' equity | 525,402 | 513,853 |
Total liabilities and stockholders' equity | 6,231,485 | 6,058,487 |
Multi-Family Residential [Member] | ||
Loans: | ||
Loan Receivable | 2,261,946 | 2,178,504 |
Commercial Real Estate Loans [Member] | ||
Loans: | ||
Loan Receivable | 1,268,770 | 1,246,132 |
One-To-Four Family - Mixed Used Property [Member] | ||
Loans: | ||
Loan Receivable | 561,355 | 558,502 |
One-To-Four Family - Residential [Member] | ||
Loans: | ||
Loan Receivable | 184,201 | 185,767 |
Co-Operative Apartments [Member] | ||
Loans: | ||
Loan Receivable | 7,216 | 7,418 |
Construction [Member] | ||
Loans: | ||
Loan Receivable | 12,413 | 11,495 |
Small Business Administration [Member] | ||
Loans: | ||
Loan Receivable | 10,519 | 15,198 |
Taxi Medallion [Member] | ||
Loans: | ||
Loan Receivable | 18,832 | 18,996 |
Commercial Business and Other [Member] | ||
Loans: | ||
Loan Receivable | $ 632,503 | $ 597,122 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other securities, fair value option | $ 34,152 | $ 35,408 |
Mortgage-backed securities, fair value option | 1,898 | 2,016 |
Other securities, fair value option | $ 28,526 | $ 28,429 |
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) | 28,811,160 | 28,632,904 |
Treasury stock, at average cost (in shares) | 2,719,435 | 2,897,691 |
Collateralized Mortgage Backed Securities [Member] | ||
Mortgage-backed securities, assets pledged | $ 91,929 | $ 145,860 |
Other Securities [Member] | ||
Mortgage-backed securities, assets pledged | $ 136,143 | $ 82,064 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Interest and dividend income | |||
Interest and fees on loans | $ 50,885 | $ 47,558 | |
Interest and dividends on securities: | |||
Interest | 6,095 | 6,592 | |
Dividends | 121 | 119 | |
Other interest income | 153 | 94 | |
Total interest and dividend income | 57,254 | 54,363 | |
Interest expense | |||
Deposits | 8,980 | 7,973 | |
Other interest expense | 4,885 | 5,257 | |
Total interest expense | 13,865 | 13,230 | |
Net interest income | 43,389 | 41,133 | |
Provision for loan losses | |||
Net interest income after provision for loan losses | 43,389 | 41,133 | |
Non-interest income | |||
Banking services fee income | 874 | 976 | |
Net gain on sale of loans | 210 | 341 | |
Net loss from fair value adjustments | (378) | (987) | |
Federal Home Loan Bank of New York stock dividends | 823 | 623 | |
Gain from life insurance proceeds | 1,161 | 411 | |
Bank owned life insurance | 795 | 695 | |
Other income | 204 | 481 | |
Total non-interest income | 3,689 | 2,540 | |
Non-interest expense | |||
Salaries and employee benefits | 17,104 | 16,261 | |
Occupancy and equipment | 2,496 | 2,370 | |
Professional services | 1,996 | 2,150 | |
FDIC deposit insurance | 326 | 904 | |
Data processing | 1,203 | 1,091 | |
Depreciation and amortization of bank premises and equipment | 1,165 | 1,032 | |
Other real estate owned/foreclosure expense | 351 | 153 | |
Other operating expenses | 4,923 | 4,536 | |
Total non-interest expense | 29,564 | 28,497 | |
Income before income taxes | 17,514 | 15,176 | |
Provision for income taxes | |||
Federal | 4,749 | 4,747 | |
State and local | 505 | 868 | |
Total taxes | 5,254 | 5,615 | |
Net income | $ 12,260 | $ 9,561 | |
Basic earnings per common share (in dollars per share) | $ 0.42 | $ 0.33 | |
Diluted earnings per common share (in dollars per share) | [1] | 0.42 | 0.33 |
Dividends per common share (in dollars per share) | $ 0.18 | $ 0.17 | |
[1] | For the three months ended March 31, 2017 and 2016, 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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 12,260 | $ 9,561 |
Other comprehensive income, net of tax: | ||
Amortization of actuarial losses, net of taxes of ($64) and ($83) for the three months ended March 31, 2017 and 2016, respectively | 87 | 109 |
Amortization of prior service credits, net of taxes of $4 and $5 for the three months ended March 31, 2017 and 2016, respectively | (7) | (6) |
Net unrealized gains on securities, net of taxes of ($811) and ($5,028) for the three months ended March 31, 2017 and 2016, respectively | 1,148 | 6,770 |
Total other comprehensive income, net of tax | 1,228 | 6,873 |
Comprehensive income | $ 13,488 | $ 16,434 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amortization of actuarial losses, tax | $ (64) | $ (83) |
Amortization of prior service credits, tax | 4 | 5 |
Net unrealized gains of securities, tax | $ (811) | $ (5,028) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 12,260 | $ 9,561 |
Depreciation and amortization of bank premises and equipment | 1,165 | 1,032 |
Amortization of premium, net of accretion of discount | 1,903 | 2,189 |
Net loss from fair value adjustments | 378 | 987 |
Net gain from sale of loans | (210) | (341) |
Income from bank owned life insurance | (795) | (695) |
Gain from life insurance proceeds | (1,161) | (411) |
Stock-based compensation expense | 3,085 | 2,989 |
Deferred compensation | (1,431) | (1,774) |
Excess tax benefit from stock-based payment arrangements | (303) | |
Deferred income tax provision | 2,501 | 1,570 |
Increase (decrease) in other liabilities | 2,709 | (2,006) |
(Increase) decrease in other assets | (4,364) | 3,798 |
Net cash provided by operating activities | 16,040 | 16,596 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of bank premises and equipment | (630) | (540) |
Net redemptions of Federal Home Loan Bank of New York shares | 1,789 | 2,698 |
Purchases of securities held-to-maturity | (2,330) | |
Proceeds from maturities of securities held-to-maturity | 1,330 | 2,000 |
Purchases of securities available for sale | (40,581) | (58,472) |
Proceeds from maturities and prepayments of securities available for sale | 18,691 | 21,316 |
Proceeds from bank owned life insurance | 651 | 2,237 |
Net originations of loans | (129,764) | (53,836) |
Purchases of loans | (15,621) | (12,000) |
Proceeds from sale of real estate owned | 583 | 853 |
Proceeds from sale of loans | 5,190 | 5,915 |
Net cash used in investing activities | (158,362) | (92,159) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in non-interest bearing deposits | 10,865 | 10,981 |
Net increase in interest-bearing deposits | 172,471 | 140,370 |
Net increase in mortgagors' escrow deposits | 21,612 | 19,768 |
Net repayments of short-term borrowed funds | (68,500) | (90,000) |
Proceeds from long-term borrowings | 80,000 | 81,758 |
Repayment of long-term borrowings | (51,254) | (71,727) |
Purchases of treasury stock | (2,268) | (1,885) |
Excess tax benefit from stock-based payment arrangements | 303 | |
Proceeds from issuance of common stock upon exercise of stock options | 19 | |
Cash dividends paid | (5,246) | (4,970) |
Net cash provided by financing activities | 157,680 | 84,617 |
Net increase in cash and cash equivalents | 15,358 | 9,054 |
Cash and cash equivalents, beginning of period | 35,857 | 42,363 |
Cash and cash equivalents, end of period | 51,215 | 51,417 |
SUPPLEMENTAL CASHFLOW DISCLOSURE | ||
Interest paid | 12,491 | 12,921 |
Income taxes paid | 1,000 | 1,000 |
Taxes paid if excess tax benefits were not tax deductible | 1,000 | 1,303 |
Non-cash activities: | ||
Securities purchased not yet settled | 1,375 | |
Loans transferred to Other Real Estate Owned | $ 533 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Restricted Stock Awards Repurchased to Satisfy Tax Obligations [Member]Retained Earnings [Member] | Restricted Stock Awards Repurchased to Satisfy Tax Obligations [Member]Treasury Stock [Member] | Restricted Stock Awards Repurchased to Satisfy Tax Obligations [Member] | Shares Purchased to Fund Options Exercised [Member]Retained Earnings [Member] | Shares Purchased to Fund Options Exercised [Member]Treasury Stock [Member] | Shares Purchased to Fund Options Exercised [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, 2015 | $ 315 | $ 210,652 | $ 316,530 | $ (48,868) | $ (5,562) | $ 473,067 | ||||||
Net income | 9,561 | 9,561 | ||||||||||
Award of common shares released from Employee Benefit Trust | 1,851 | 1,851 | ||||||||||
Vesting of restricted stock unit awards | (4,047) | (396) | 4,443 | |||||||||
Stock-based compensation expense | 2,960 | 2,960 | ||||||||||
Purchase of treasury shares | $ (1,582) | $ (1,582) | $ (303) | $ (303) | ||||||||
Dividends on common stock | (4,970) | (4,970) | ||||||||||
Other comprehensive income | 6,873 | 6,873 | ||||||||||
Balance at Mar. 31, 2016 | 315 | 211,735 | 320,725 | (46,307) | 1,311 | 487,779 | ||||||
Exercise of stock options | 16 | 3 | 19 | |||||||||
Stock-based income tax benefit | 303 | 303 | ||||||||||
Balance at Dec. 31, 2016 | 315 | 214,462 | 361,192 | (53,754) | (8,362) | 513,853 | ||||||
Net income | 12,260 | 12,260 | ||||||||||
Award of common shares released from Employee Benefit Trust | 2,280 | 2,280 | ||||||||||
Vesting of restricted stock unit awards | (4,536) | (262) | 4,798 | |||||||||
Stock-based compensation expense | 3,295 | 3,295 | ||||||||||
Purchase of treasury shares | $ (2,268) | $ (2,268) | ||||||||||
Dividends on common stock | (5,246) | (5,246) | ||||||||||
Other comprehensive income | 1,228 | 1,228 | ||||||||||
Balance at Mar. 31, 2017 | $ 315 | $ 215,501 | $ 367,944 | $ (51,224) | $ (7,134) | $ 525,402 |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Additional Paid-in Capital [Member] | ||
Common shares released from Employee Benefit Trust, shares (in shares) | 107,605 | 129,831 |
Restricted stock unit awards vested, shares (in shares) | 256,810 | 245,111 |
Exercise of stock options, shares (in shares) | 18,200 | |
Treasury Stock [Member] | Restricted Stock Awards Repurchased to Satisfy Tax Obligations [Member] | ||
Purchase of treasury shares (in shares) | 78,554 | 76,656 |
Treasury Stock [Member] | Shares Purchased to Fund Options Exercised [Member] | ||
Purchase of treasury shares (in shares) | 15,300 | |
Retained Earnings [Member] | ||
Dividends on common stock (in dollars per share) | $ 0.18 | $ 0.17 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 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 The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10 10, 10 01 10 December 31, 2016. |
Note 2 - Use of Estimates
Note 2 - Use of Estimates | 3 Months Ended |
Mar. 31, 2017 | |
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 (“ALLL”), 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 and 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 (Dollars in thousands, except per share data) 2017 2016 Net income, as reported $ 12,260 $ 9,561 Divided by: Weighted average common shares outstanding 29,019 29,097 Weighted average common stock equivalents 4 14 Total weighted average common shares outstanding and common stock equivalents 29,023 29,111 Basic earnings per common share $ 0.42 $ 0.33 Diluted earnings per common share (1) $ 0.42 $ 0.33 Dividend payout ratio 42.9 % 51.5 % (1) For the three March 31, 2017 2016, no |
Note 4 - Debt and Equity Securi
Note 4 - Debt and Equity Securities | 3 Months Ended |
Mar. 31, 2017 | |
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 three (1) (2) (3) The Company did not hold any trading securities at March 31, 2017 December 31, 2016. The following tables summarize the Company’s portfolio of securities held-to-maturity at the periods indicated: At March 31, 2017 Amortized Fair Value Gross Gross (In thousands) Securites held-to-maturity: Municipals $ 36,406 $ 34,152 $ - $ 2,254 Total $ 36,406 $ 34,152 $ - $ 2,254 At December 31, 2016 Amortized Fair Value Gross Gross (In thousands) Securites held-to-maturity: Municipals $ 37,735 $ 35,408 $ - $ 2,327 Total $ 37,735 $ 35,408 $ - $ 2,327 The following tables summarize the Company’s portfolio of securities available for sale at the periods indicated: At March 31, 2017 Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 103,694 $ - $ 6,306 Municipals 124,296 127,281 2,985 - Mutual funds 21,431 21,431 - - Collateralized loan obligations 85,470 86,438 968 - Other 7,396 7,394 - 2 Total other securities 348,593 346,238 3,953 6,308 REMIC and CMO 426,537 425,209 1,826 3,154 GNMA 1,250 1,352 102 - FNMA 107,176 106,140 396 1,432 FHLMC 5,256 5,204 31 83 Total mortgage-backed securities 540,219 537,905 2,355 4,669 Total securities available for sale $ 888,812 $ 884,143 $ 6,308 $ 10,977 At December 31, 2016 Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 102,910 $ - $ 7,090 Municipals 124,984 126,903 1,983 64 Mutual funds 21,366 21,366 - - Collateralized loan obligations 85,470 86,365 895 - Other 7,363 7,361 - 2 Total other securities 349,183 344,905 2,878 7,156 REMIC and CMO 402,636 401,370 1,607 2,873 GNMA 1,319 1,427 108 - FNMA 109,493 108,351 463 1,605 FHLMC 5,378 5,328 35 85 Total mortgage-backed securities 518,826 516,476 2,213 4,563 Total securities available for sale $ 868,009 $ 861,381 $ 5,091 $ 11,719 Mortgage-backed securities shown in the tables above include one $0.2 March 31, 2017 December 31, 2016. The corporate securities held by the Company at March 31, 2017 December 31, 2016 The following tables detail the amortized cost and fair value of the Company’s securities classified as held-to-maturity and available for sale at March 31, 2017 may Held-to-maturity Amortized Fair Value (In thousands) Due in one year or less $ 14,540 $ 14,540 Due after ten years 21,866 19,612 Total securities held-to-maturity $ 36,406 $ 34,152 Available for sale Amortized Fair Value (In thousands) Due in one year or less $ - $ - Due after one year through five years 1,766 1,774 Due after five years through ten years 121,217 119,423 Due after ten years 204,179 203,610 Total other securities 327,162 324,807 Mutual funds 21,431 21,431 Mortgage-backed securities 540,219 537,905 Total securities available for sale $ 888,812 $ 884,143 The following tables show 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 the periods indicated: At March 31, 2017 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,612 $ 2,254 $ 19,612 $ 2,254 $ - $ - Total securities held-to-maturity 1 $ 19,612 $ 2,254 $ 19,612 $ 2,254 $ - $ - Available for sale securities Corporate 14 $ 103,694 $ 6,306 $ 19,209 $ 791 $ 84,485 $ 5,515 Other 1 299 2 - - 299 2 Total other securities 15 103,993 6,308 19,209 791 84,784 5,517 REMIC and CMO 34 208,825 3,154 195,016 2,516 13,809 638 FNMA 17 75,059 1,432 69,340 1,089 5,719 343 FHLMC 1 3,972 83 3,972 83 - - Total mortgage-backed securities 52 287,856 4,669 268,328 3,688 19,528 981 Total securities available for sale 67 $ 391,849 $ 10,977 $ 287,537 $ 4,479 $ 104,312 $ 6,498 At December 31, 2016 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,538 $ 2,327 $ 19,538 $ 2,327 $ - $ - Total securities held-to-maturity 1 $ 19,538 $ 2,327 $ 19,538 $ 2,327 $ - $ - Available for sale securities Corporate 14 $ 102,910 $ 7,090 $ 28,476 $ 1,524 $ 74,434 $ 5,566 Municipals 4 16,047 64 16,047 64 - - Other 1 298 2 - - 298 2 Total other securities 19 119,255 7,156 44,523 1,588 74,732 5,568 REMIC and CMO 35 222,807 2,873 208,827 2,268 13,980 605 FNMA 18 80,924 1,605 74,972 1,250 5,952 355 FHLMC 1 3,993 85 3,993 85 - - Total mortgage-backed securities 54 307,724 4,563 287,792 3,603 19,932 960 Total securities available for sale 73 $ 426,979 $ 11,719 $ 332,315 $ 5,191 $ 94,664 $ 6,528 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 in an unrealized loss position, 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 loss (“AOCL”) within Stockholders’ Equity. Unrealized losses on available for sale securities, that are deemed to be temporary, are recorded in AOCL, net of tax. The Company reviewed each investment that had an unrealized loss at March 31, 2017 December 31, 2016. March 31, 2017 December 31, 2016 The unrealized losses in securities available for sale at March 31, 2017 December 31, 2016 not March 31, 2017 December 31, 2016. The Company did not three March 31, 2017 2016. |
Note 5 - Loans
Note 5 - Loans | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans Loans are reported at their principal outstanding balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Interest on loans is recognized on the accrual basis. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 90 90 first 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 a provision for loan losses based on management’s evaluation of the risk inherent in the various components of the loan portfolio and other factors, including historical loan loss experience (which is updated quarterly), current economic conditions, delinquency and non-accrual trends, classified loan levels, risk in the portfolio and volumes and trends in loan types, recent trends in charge-offs, changes in underwriting standards, experience, ability and depth of the Company’s lenders, collection policies and experience, internal loan review function and other external factors. The Company segregated its loans into two December 31, 2009 second January 1, 2010. 2009. 2009, 2010 2010 The allowance for loan losses is established through charges to earnings in the form of a provision for loan losses. Increases and decreases in the allowance other than charge-offs and recoveries are included in the provision for loan losses. When a loan or a portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. The Company recognizes a loan as non-performing when the borrower has demonstrated the inability to bring the loan current, or due to other circumstances which, in management’s opinion, indicate the borrower will be unable to bring the loan current within a reasonable time. All loans classified as non-performing, which includes all loans past due 90 90 85% 100% 85% A loan is considered impaired when, based upon current information, the Company believes it is probable that it will be unable to collect all amounts due, both principal and interest, in accordance with the original terms of the loan. Impaired loans are measured based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or, as a practical expedient, the fair value of the collateral if the loan is collateral dependent. Interest income on impaired loans is recorded on the cash basis. The Company 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 third In preparing internal evaluations of property values, the Company seeks to obtain current data on the subject property from various sources, including: (1) (2) (3) (4) (5) (6) (7) tenants. As of March 31, 2017, third $44.3 82.3%, $9.5 17.7%, The Company may may 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 six 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 March 31, 2017, The Company did not modify and classify any loans as TDR during the three March 31, 2017 2016. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 9 $ 2,557 9 $ 2,572 Commercial real estate 2 2,049 2 2,062 One-to-four family - mixed-use property 5 1,791 5 1,800 One-to-four family - residential 3 586 3 591 Taxi medallion 12 9,660 12 9,735 Commercial business and other 2 621 2 675 Total performing troubled debt restructured 33 $ 17,264 33 $ 17,435 During the three March 31, 2017 2016, 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: March 31, 2017 December 31, 2016 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 384 1 $ 396 Total troubled debt restructurings that subsequently defaulted 1 $ 384 1 396 The following table shows our non-performing loans at the periods indicated: (In thousands) March 31, December 31, Loans ninety days or more past due and still accruing: Commercial real estate $ 75 $ - One-to-four family - mixed-use property - 386 Construction 602 - Total 677 386 Non-accrual mortgage loans: Multi-family residential 1,354 1,837 Commercial real estate 1,462 1,148 One-to-four family - mixed-use property 3,328 4,025 One-to-four family - residential 7,847 8,241 Total 13,991 15,251 Non-accrual non-mortgage loans: Small Business Administration 58 1,886 Taxi medallion 3,771 3,825 Commercial business and other 38 68 Total 3,867 5,779 Total non-accrual loans 17,858 21,030 Total non-performing loans $ 18,535 $ 21,416 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 2017 2016 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 414 $ 540 Less: Interest income included in the results of operations 127 123 Total foregone interest $ 287 $ 417 The following tables show an age analysis of our recorded investment in loans, including performing loans past maturity, at the periods indicated: March 31, 2017 (In thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 5,465 $ 479 $ 1,354 $ 7,298 $ 2,254,648 $ 2,261,946 Commercial real estate 2,194 876 1,537 4,607 1,264,163 1,268,770 One-to-four family - mixed-use property 5,519 636 3,328 9,483 551,872 561,355 One-to-four family - residential 1,379 1,350 7,655 10,385 173,816 184,201 Co-operative apartments - - - - 7,216 7,216 Construction loans - - 602 602 11,811 12,413 Small Business Administration - - - - 10,519 10,519 Taxi medallion 1,159 - 3,771 4,930 13,902 18,832 Commercial business and other 21 731 - 752 631,751 632,503 Total $ 15,737 $ 4,072 $ 18,247 $ 38,057 $ 4,919,698 $ 4,957,755 December 31, 2016 (In thousands) 30 - 59 Days 60 - 89 Days than Total Past Current Total Loans Multi-family residential $ 2,575 $ 287 $ 1,837 $ 4,699 $ 2,173,805 $ 2,178,504 Commercial real estate 3,363 22 1,148 4,533 1,241,599 1,246,132 One-to-four family - mixed-use property 4,671 762 4,411 9,844 548,658 558,502 One-to-four family - residential 3,831 194 8,047 12,072 173,695 185,767 Co-operative apartments - - - - 7,418 7,418 Construction loans - - - - 11,495 11,495 Small Business Administration 13 - 1,814 1,827 13,371 15,198 Taxi medallion - - 3,825 3,825 15,171 18,996 Commercial business and other 22 1 - 23 597,099 597,122 Total $ 14,475 $ 1,266 $ 21,082 $ 36,823 $ 4,782,311 $ 4,819,134 The following tables show the activity in the allowance for loan losses for the three March 31, 2017 (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 $ 5,923 $ 4,487 $ 2,903 $ 1,015 $ 92 $ 481 $ 2,243 $ 4,492 $ 593 $ 22,229 Charge-off's (14 ) - (34 ) - - (65 ) (54 ) (12 ) - (179 ) Recoveries 30 68 - - - 41 - 22 - 161 Provision (benefit) (32 ) (70 ) (178 ) (36 ) 2 (140 ) 24 208 222 - Ending balance $ 5,907 $ 4,485 $ 2,691 $ 979 $ 94 $ 317 $ 2,213 $ 4,710 $ 815 $ 22,211 March 31, 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 (42 ) - (14 ) (66 ) - - - (25 ) - (147 ) Recoveries 13 - 187 365 - 31 - 9 - 605 Provision (benefit) (391 ) (38 ) (893 ) (484 ) 5 (24 ) (8 ) 138 1,695 - Ending balance $ 6,298 $ 4,201 $ 3,507 $ 1,042 $ 55 $ 269 $ 335 $ 4,591 $ 1,695 $ 21,993 The following tables show the manner in which loans were evaluated for impairment at the periods indicated: At March 31, 2017 (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 $ 2,261,946 $ 1,268,770 $ 561,355 $ 184,201 $ 7,216 $ 12,413 $ 10,519 $ 18,832 $ 632,503 $ - $ 4,957,755 Ending balance: individually evaluated for impairment $ 5,299 $ 9,409 $ 7,311 $ 10,566 $ - $ 602 $ 170 $ 18,832 $ 2,647 $ - $ 54,836 Ending balance: collectively evaluated for impairment $ 2,256,647 $ 1,259,361 $ 554,044 $ 173,635 $ 7,216 $ 11,811 $ 10,349 $ - $ 629,856 $ - $ 4,902,919 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 227 $ 168 $ 240 $ 59 $ - $ - $ - $ 2,213 $ 10 $ - $ 2,917 Ending balance: collectively evaluated for impairment $ 5,681 $ 4,317 $ 2,451 $ 920 $ - $ 94 $ 316 $ - $ 4,700 $ 815 $ 19,294 At December 31, 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 $ 2,178,504 $ 1,246,132 $ 558,502 $ 185,767 $ 7,418 $ 11,495 $ 15,198 $ 18,996 $ 597,122 $ - $ 4,819,134 Ending balance: individually evaluated for impairment $ 5,923 $ 6,551 $ 8,809 $ 9,989 $ - $ - $ 1,937 $ 16,282 $ 2,492 $ - $ 51,983 Ending balance: collectively evaluated for impairment $ 2,172,581 $ 1,239,581 $ 549,693 $ 175,778 $ 7,418 $ 11,495 $ 13,261 $ 2,714 $ 594,630 $ - $ 4,767,151 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 232 $ 179 $ 417 $ 60 $ - $ - $ 90 $ 2,236 $ 12 $ - $ 3,226 Ending balance: collectively evaluated for impairment $ 5,691 $ 4,308 $ 2,486 $ 955 $ - $ 92 $ 391 $ 7 $ 4,480 $ 593 $ 19,003 The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses for impaired loans at the periods indicated: March 31, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,048 $ 3,198 $ - $ 3,660 $ 3,796 $ - Commercial real estate 7,360 7,387 - 4,489 4,516 - One-to-four family mixed-use property 5,660 6,098 - 6,435 6,872 - One-to-four family residential 10,141 11,665 - 9,560 11,117 - Construction 602 602 - - - - Non-mortgage loans: Small Business Administration 170 711 - 416 509 - Taxi medallion 4,958 5,155 - 2,334 2,476 - Commercial business and other 2,246 2,615 - 2,072 2,443 - Total loans with no related allowance recorded 34,185 37,431 - 28,966 31,729 - With an allowance recorded: Mortgage loans: Multi-family residential 2,251 2,251 227 2,263 2,263 232 Commercial real estate 2,049 2,049 168 2,062 2,062 179 One-to-four family mixed-use property 1,651 1,654 240 2,374 2,376 417 One-to-four family residential 425 425 59 429 429 60 Non-mortgage loans: Small Business Administration - - - 1,521 1,909 90 Taxi medallion 13,874 13,874 2,213 13,948 13,948 2,236 Commercial business and other 401 401 10 420 420 12 Total loans with an allowance recorded 20,651 20,654 2,917 23,017 23,407 3,226 Total Impaired Loans: Total mortgage loans $ 33,187 $ 35,329 $ 694 $ 31,272 $ 33,431 $ 888 Total non-mortgage loans $ 21,649 $ 22,756 $ 2,223 $ 20,711 $ 21,705 $ 2,338 The following table shows our average recorded investment and interest income recognized for impaired loans for the periods indicated: March 31, 2017 March 31, 2016 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,354 $ 23 $ 5,925 $ 17 Commercial real estate 5,925 95 4,507 12 One-to-four family mixed-use property 6,048 37 9,418 33 One-to-four family residential 9,851 26 11,610 27 Construction 301 7 785 - Non-mortgage loans: Small Business Administration 293 2 264 3 Taxi Medallion 3,646 30 - - Commercial Business and other 2,159 44 2,528 46 Total loans with no related allowance recorded 31,577 264 35,037 138 With an allowance recorded: Mortgage loans: Multi-family residential 2,257 29 2,300 29 Commercial real estate 2,056 24 2,365 28 One-to-four family mixed-use property 2,013 18 2,739 38 One-to-four family residential 427 4 342 3 Non-mortgage loans: Small Business Administration 761 - 92 2 Taxi Medallion 13,911 43 2,114 15 Commercial Business and other 411 6 2,013 25 Total loans with an allowance recorded 21,836 124 11,965 140 Total Impaired Loans: Total mortgage loans $ 32,232 $ 263 $ 39,991 $ 187 Total non-mortgage loans $ 21,181 $ 125 $ 7,011 $ 91 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 one The following tables set forth the recorded investment in loans designated as Criticized or Classified at the periods indicated: March 31, 2017 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 7,230 $ 2,742 $ - $ - $ 9,972 Commercial real estate 639 7,359 - - 7,998 One-to-four family - mixed-use property 3,446 5,521 - - 8,967 One-to-four family - residential 2,214 9,980 - - 12,194 Construction loans - 602 - - 602 Small Business Administration 532 116 - - 648 Taxi Medallion - 18,832 - - 18,832 Commercial business and other 9,108 2,647 - - 11,755 Total loans $ 23,169 $ 47,799 $ - $ - $ 70,968 December 31, 2016 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 7,133 $ 3,351 $ - $ - $ 10,484 Commercial real estate 2,941 4,489 - - 7,430 One-to-four family - mixed-use property 4,197 7,009 - - 11,206 One-to-four family - residential 1,205 9,399 - - 10,604 Small Business Administration 540 436 - - 976 Taxi Medallion 2,715 16,228 54 - 18,997 Commercial business and other 9,924 2,493 - - 12,417 Total loans $ 28,655 $ 43,405 $ 54 $ - $ 72,114 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 $63.2 $241.8 March 31, 2017. |
Note 6 - Loans Held for Sale
Note 6 - Loans Held for Sale | 3 Months Ended |
Mar. 31, 2017 | |
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 fair value. At March 31, 2017 December 31, 2016, 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 tables show delinquent and non-performing loans sold during the periods indicated: For the three months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain One-to-four family - mixed-use property 5 1,790 (33 ) 28 Total (1) 5 $ 1,790 $ (33 ) $ 28 For the three months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 3 $ 874 $ - $ 2 Commercial real estate 2 192 - - One-to-four family - mixed-use property 4 1,315 - 21 Total (2) 9 $ 2,381 $ - $ 23 1) The above table does not include the sale of three $3.4 three March 31, 2017. $0.2 2) The above table does not include the sale of six $3.5 three March 31, 2016. $0.3 |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 7. Other Real Estate Owned OREO are included in other assets on the Company’s Consolidated Statements of Financial Condition. The following table shows changes in OREO during the periods indicated: For the three months ended 2017 2016 (In thousands) Balance at beginning of period $ 533 $ 4,932 Acquisitions - 533 Write-down of carrying value - (47 ) Sales (533 ) (816 ) Balance at end of period $ - $ 4,602 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 2017 2016 (In thousands) Gross gains $ 50 $ 37 Total net gain $ 50 $ 37 We may three March 31, 2017, not March 31, 2017. December 31, 2016, one $0.5 March 31, 2017 $11.5 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. Stock-Based Compensation For the three March 31, 2017 2016, $3.1 $3.0 $1.0 three March 31, 2017 2016, 276,900 337,175 not 2009. March 31, 2017, 5,600 100% 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 at or for the three March 31, 2017: Shares Weighted-Average Non-vested at December 31, 2016 488,779 $ 18.99 Granted 276,900 28.21 Vested (242,917 ) 21.93 Forfeited (14,680 ) 21.77 Non-vested at March 31, 2017 508,082 $ 22.53 Vested but unissued at March 31, 2017 270,017 $ 22.33 As of March 31, 2017, $10.7 3.5 three March 31, 2017 2016 $7.0 $4.8 Cash proceeds, fair value received, tax benefits, and intrinsic value related to stock options exercised during the three March 31, 2017 2016 For the three months ended (In thousands) 2017 2016 Proceeds from stock options exercised $ - $ 19 Fair value of shares received upon exercised of stock options - 328 Tax expense related to stock options exercised - (16 ) Intrinsic value of stock options exercised - 43 Phantom Stock Plan: one 20% first 5 100% 100% The following table summarizes the Phantom Stock Plan at or for the three March 31, 2017: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2016 89,339 $ 29.39 Granted 6,743 27.17 Forfeited - - Distributions (198 ) 28.93 Outstanding at March 31, 2017 95,884 $ 26.87 Vested at March 31, 2017 95,462 $ 26.87 The Company recorded stock-based compensation (benefit) expense for the Phantom Stock Plan of ($0.2 $29,000 three March 31, 2017 2016, $6,000 $28,000 three March 31, 2017 2016, |
Note 9 - Pension and Other Post
Note 9 - Pension and Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. 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 (In thousands) 2017 2016 Employee Pension Plan: Interest cost $ 216 $ 226 Amortization of unrecognized loss 174 201 Expected return on plan assets (348 ) (348 ) Net employee pension expense $ 42 $ 79 Outside Director Pension Plan: Service cost $ 10 $ 11 Interest cost 23 24 Amortization of unrecognized gain (23 ) (21 ) Amortization of past service liability 10 10 Net outside director pension expense $ 20 $ 24 Other Postretirement Benefit Plans: Service cost $ 79 $ 90 Interest cost 76 80 Amortization of unrecognized loss - 12 Amortization of past service liability (21 ) (21 ) Net other postretirement expense $ 134 $ 161 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2016 $0.3 $0.2 December 31, 2017. March 31, 2017, $36,000 $18,000 March 31, 2017, December 31, 2017. |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. 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 March 31, 2017, $30.4 $34.5 December 31, 2016, $30.4 $34.0 three March 31, 2017. 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 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 March 31, at December 31, Three Months Ended (In thousands) 2017 2016 March 31, 2017 March 31, 2016 Mortgage-backed securities $ 1,898 $ 2,016 $ (7 ) $ 5 Other securities 28,526 28,429 32 96 Borrowed funds 34,536 33,959 (570 ) 1,054 Net (loss) gain from fair value adjustments (1) $ (545 ) $ 1,155 (1) The net (loss) gain from fair value adjustments presented in the above table does not include net gains of $0.2 $2.1 three March 31, 2017 2016, 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 March 31, 2017 December 31, 2016. $0.2 $0.1 March 31, 2017 December 31, 2016, 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 may 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 Financial assets and financial liabilities reported at fair value are required to be measured based on either: (1) 1); (2) 2); (3) 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 1 March 31, 2017 December 31, 2016. Level 2 March 31, 2017 December 31, 2016, 2 Level 3 3. March 31, 2017 December 31, 2016, 3 The methods described above may may 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 March 31, 2017 December 31, 2016: Quoted Prices in Active Markets for Identical Assets Significant Other Significant Other Total carried at fair value on a recurring basis 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) Assets: Mortgage-backed Securities $ - $ - $ 537,905 $ 516,476 $ - $ - $ 537,905 $ 516,476 Other securities - - 338,844 337,544 7,394 7,361 346,238 344,905 Interest rate swaps - - 6,833 6,350 - - 6,833 6,350 Total assets $ - $ - $ 883,582 $ 860,370 $ 7,394 $ 7,361 $ 890,976 $ 867,731 Liabilities: Borrowings $ - $ - $ - $ - $ 34,536 $ 33,959 $ 34,536 $ 33,959 Interest rate swaps - - 3,040 3,386 - - 3,040 3,386 Total liabilities $ - $ - $ 3,040 $ 3,386 $ 34,536 $ 33,959 $ 37,576 $ 37,345 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 For the three months ended March 31, 2017 2016 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,361 $ 33,959 $ 7,212 $ 29,018 Net gain (loss) from fair value adjustment of financial assets 32 - (60 ) - Net (gain) loss from fair value adjustment of financial liabilities - 570 - (1,054 ) Increase in accrued interest payable - 7 - 13 Change in unrealized gains (losses) included in other comprehensive income 1 - (2 ) - Ending balance $ 7,394 $ 34,536 $ 7,150 $ 27,977 Changes in unrealized gain (loss) held at period end $ 1 $ - $ (2 ) $ - During the three March 31, 2017 2016, 1, 2 3. The following tables present the qualitative information about recurring Level 3 March 31, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,394 Discounted cash flows Discount rate 6.2% - 7.1% 6.9% Liabilities: Junior subordinated debentures $ 34,536 Discounted cash flows Discount rate 6.2% 6.2% December 31, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,361 Discounted cash flows Discount rate 6.3% - 7.1% 7.0% Liabilities: Junior subordinated debentures $ 33,959 Discounted cash flows Discount rate 6.3% 6.3% 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 March 31, 2017 December 31, 2016, 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 March 31, 2017 December 31, 2016: Quoted Prices Significant Other Significant Other Total carried at fair value on a recurring basis 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) Assets: Impaired loans $ - $ - $ - $ - $ 14,958 $ 14,968 $ 14,958 $ 14,968 Other real estate owned - - - - - 533 - 533 Total assets $ - $ - $ - $ - $ 14,958 $ 15,501 $ 14,958 $ 15,501 The following tables present the qualitative information about non-recurring Level 3 March 31, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 2,014 Income approach Capitalization rate 6.0% to 7.5% 7.0% Reduction for planned expedited disposal 10.9% to 15.0% 14.2% Impaired loans $ 8,984 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -40.0% to 16.2% -1.5% Reduction for planned expedited disposal 0.0% to 15.0% 8.0% Impaired loans $ 3,960 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -29.0% to 25.0% 0.0% Capitalization rate 5.3% to 9.5% 7.1% Reduction for planned expedited disposal 14.5% to 15.0% 15.0% At December 31, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 2,007 Income approach Capitalization rate 6.0% to 7.5% 7.0% Reduction for planned expedited disposal 15.0% 15.0% Impaired loans $ 8,703 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -40.0% to 16.2% -1.5% Reduction for planned expedited disposal 0% to 15.0% 7.7% Impaired loans $ 4,258 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 25.0% -0.6% Capitalization rate 5.3% to 9.5% 7.2% Reduction planned for expedited disposal 15.0% 15.0% Other real estate owned $ 533 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 3.3% to 18.6% 11.0% The Company did not March 31, 2017 December 31, 2016. The methods and assumptions used to estimate fair value at March 31, 2017 December 31, 2016 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 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% 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 and is valued at the input level for its underlying financial asset. 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. The fair value of the junior subordinated debentures was developed using a credit spread based on the subordinated debt issued by the Company adjusting for differences in the junior subordinated debt’s credit rating, liquidity and time to maturity. Accrued Interest Payable: The carrying amount is a reasonable estimate of fair value due to its short-term nature and is valued at the input level for its underlying financial liability. 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 March 31, 2017 December 31, 2016, 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: March 31, 2017 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 51,215 $ 51,215 $ 51,215 $ - $ - Securities held-to-maturity Other securities 36,406 34,152 - - 34,152 Securities available for sale Mortgage-backed securities 537,905 537,905 - 537,905 - Other securities 346,238 346,238 - 338,844 7,394 Loans 4,974,591 4,956,089 - - 4,956,089 FHLB-NY stock 57,384 57,384 - 57,384 - Accrued interest receivable 20,602 20,602 - 20,602 - Interest rate swaps 6,833 6,833 - 6,833 - Total assets $ 6,031,174 $ 6,010,418 $ 51,215 $ 961,568 $ 4,997,635 Liabilities: Deposits $ 4,410,746 $ 4,417,356 $ 2,998,927 $ 1,418,429 $ - Borrowings 1,227,852 1,221,367 - 1,186,831 34,536 Accrued interest payable 3,074 3,074 - 3,074 - Interest rate swaps 3,040 3,040 - 3,040 - Total liabilities $ 5,644,712 $ 5,644,837 $ 2,998,927 $ 2,611,374 $ 34,536 December 31, 2016 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 35,857 $ 35,857 $ 35,857 $ - $ - Securities held-to-maturity Other securities 37,735 35,408 - - 35,408 Securities available for sale Mortgage-backed securities 516,476 516,476 - 516,476 - Other securities 344,905 344,905 - 337,544 7,361 Loans 4,835,693 4,814,840 - - 4,814,840 FHLB-NY stock 59,173 59,173 - 59,173 - Interest rate swaps 6,350 6,350 - 6,350 - Total assets $ 5,836,189 $ 5,813,009 $ 35,857 $ 919,543 $ 4,857,609 Liabilities: Deposits $ 4,205,631 $ 4,213,714 $ 2,833,516 $ 1,380,198 $ - Borrowings 1,266,563 1,255,283 - 1,221,324 33,959 Interest rate swaps 3,386 3,386 - 3,386 - Total liabilities $ 5,475,580 $ 5,472,383 $ 2,833,516 $ 2,604,908 $ 33,959 |
Note 11 - Derivative Financial
Note 11 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Derivative Financial Instruments At March 31, 2017 December 31, 2016, two first ($ 18.0 $ 61.9 second $267.4 $235.4 March 31, 2017 December 31, 2016, At March 31, 2017 December 31, 2016 $ 36.3 March 31, 2017 December 31, 2016 $249.1 $217.1 The following table sets forth information regarding the Company’s derivative financial instruments at the periods indicated: March 31, 2017 December 31, 2016 Notional Net Carrying (1) Notional Net Carrying (1) Interest rate swaps (hedge) $ 221,591 $ 6,833 $ 182,177 $ 6,350 Interest rate swaps (hedge) 27,472 (544 ) 34,916 (658 ) Interest rate swaps (non-hedge) 36,321 (2,496 ) 36,321 (2,728 ) Total derivatives $ 285,384 $ 3,793 $ 253,414 $ 2,964 (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 March 31, 2017 December 31, 2016. 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 (In thousands) 2017 2016 Financial Derivatives: Interest rate swaps (non-hedge) $ 232 $ (2,102 ) Interest rate swaps (hedge) (66 ) (40 ) Net gain (loss) (1) (2) $ 166 $ (2,142 ) (1) Net gains and losses are recorded as part of “Net loss from fair value adjustments” in the Consolidated Statements of Income. (2) The net gain (loss) presented in the above table does not include net losses of $0.5 $1.2 three March 31, 2017 2016, The Company’s interest rate swaps are subject to two two The following tables present the effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition as of the dates indicated: March 31, 2017 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 $ 6,833 $ - $ 6,833 $ - $ 3,793 $ 3,040 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 $ 3,040 $ - $ 3,040 $ - $ - $ 3,040 December 31, 2016 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 $ 6,350 $ - $ 6,350 $ - $ 2,964 $ 3,386 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 $ 3,386 $ - $ 3,386 $ - $ - $ 3,386 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. 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 (In thousands) 2017 2016 Federal: Current $ 2,952 $ 3,660 Deferred 1,797 1,087 Total federal tax provision 4,749 4,747 State and Local: Current (199 ) 385 Deferred 704 483 Total state and local tax provision 505 868 Total income tax provision $ 5,254 $ 5,615 The effective tax rate was 30.0% 37.0% three March 31, 2017 2016, 2017 The effective rates differ from the statutory federal income tax rate as follows: For the three months (Dollars in thousands) 2017 2016 Taxes at federal statutory rate $ 6,130 35.0 % $ 5,312 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 328 1.9 564 3.7 Other (1,204 ) (6.9 ) (261 ) (1.7 ) Taxes at effective rate $ 5,254 30.0 % $ 5,615 37.0 % The Company has recorded a deferred tax asset of $31.4 March 31, 2017, three $16.9 no March 31, 2017. |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 13. Accumulated Other Comprehensive Loss: The following are changes in accumulated other comprehensive loss by component, net of tax, for the three March 31, 2017 2016: Unrealized Gains Defined Benefit Total March 31, 2017 (In thousands) Beginning balance, net of tax $ (3,859 ) $ (4,503 ) $ (8,362 ) Other comprehensive income before reclassifications, net of tax 1,148 - $ 1,148 Amounts reclassified from accumulated other comprehensive income, net of tax - 80 80 Net current period other comprehensive income, net of tax 1,148 80 1,228 Ending balance, net of tax $ (2,711 ) $ (4,423 ) $ (7,134 ) Unrealized Gains Defined Benefit Total (In thousands) March 31, 2016 Beginning balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) Other comprehensive income before reclassifications, net of tax 6,770 - $ 6,770 Amounts reclassified from accumulated other comprehensive income, net of tax - 103 103 Net current period other comprehensive income, net of tax 6,770 103 6,873 Ending balance, net of tax $ 6,249 $ (4,938 ) $ 1,311 The following tables set forth significant amounts reclassified from accumulated other comprehensive income by component for the periods indicated: For the three months ended March 31, 2017 Details about Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented (In thousands) Amortization of defined benefit pension items: Actuarial losses $ (151 ) (1) Other operating expense Prior service credits 11 (1) Other operating expense (140 ) Total before tax 60 Tax benefit $ (80 ) Net of tax For the three months ended March 31, 2016 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement Where Net Income is Presented (In thousands) Amortization of defined benefit pension items: Actuarial losses $ (192 ) (1) Other operating expense Prior service credits 11 (1) Other operating expense (181 ) Total before tax 78 Tax benefit $ (103 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 9 |
Note 14 - Regulatory Capital
Note 14 - Regulatory Capital | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 14. Regulatory Capital Under current capital regulations, the Bank is required to comply with four March 31, 2017, 2016, 2017 1.25% 0.625% 2019 2.5%. March 31, 2017 6.3%. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. March 31, 2017 December 31, 2016 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 616,017 9.98 % $ 607,033 10.12 % Requirement to be well capitalized 308,535 5.00 299,848 5.00 Excess 307,482 4.98 307,185 5.12 Common Equity Tier I risk-based capital: Capital level $ 616,017 13.80 % $ 607,033 14.12 % Requirement to be well capitalized 290,046 6.50 279,443 6.50 Excess 325,971 7.30 327,590 7.62 Tier I risk-based capital: Capital level $ 616,017 13.80 % $ 607,033 14.12 % Requirement to be well capitalized 356,980 8.00 343,930 8.00 Excess 259,037 5.80 263,103 6.12 Total risk-based capital: Capital level $ 638,228 14.30 % $ 629,262 14.64 % Requirement to be well capitalized 446,225 10.00 429,913 10.00 Excess 192,003 4.30 199,349 4.64 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of March 31, 2017, March 31, 2017 6.3%. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. March 31, 2017 December 31, 2016 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 550,055 8.92 % $ 539,228 9.00 % Requirement to be well capitalized 308,284 5.00 299,654 5.00 Excess 241,771 3.92 239,574 4.00 Common Equity Tier I risk-based capital: Capital level $ 516,706 11.59 % $ 506,432 11.79 % Requirement to be well capitalized 289,733 6.50 279,121 6.50 Excess 226,973 5.09 227,311 5.29 Tier I risk-based capital: Capital level $ 550,055 12.34 % $ 539,228 12.56 % Requirement to be well capitalized 356,594 8.00 343,534 8.00 Excess 193,461 4.34 195,694 4.56 Total risk-based capital: Capital level $ 647,266 14.52 % $ 636,457 14.82 % Requirement to be well capitalized 445,743 10.00 429,417 10.00 Excess 201,523 4.52 207,040 4.82 |
Note 15 - New Authoritative Acc
Note 15 - New Authoritative Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 15. New Authoritative Accounting Pronouncements In March 2017, 2017 08, December 15, 2018, first In March 2017, 2017 07, · Service cost must be presented in the same line item(s) as other employee compensation costs. These costs are generally included within income from continuing operations, but in some cases may · All other components of net benefit cost must be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one The amendments are effective for fiscal years beginning after December 15, 2017, In January 2017, 2017 04, 350): 2 December 15, 2019, January 1, 2017. In August 2016, 2016 15 zero one December 15, 2017. In June 2016, 2016 13, December 15, 2019, In March 2016, 2016 09, 2016 09 first 2017. 2016 09 three March 31, 2017. 2016 09 2016 09 2016 09 In February 2016, 2016 02, 12 December 15, 2018, In January 2016, 2016 01 The amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. In May 2014, 2014 09, December 15, 2016, 2014 09 August 2015, one December 15, 2017. December 15, 2016. . |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended (Dollars in thousands, except per share data) 2017 2016 Net income, as reported $ 12,260 $ 9,561 Divided by: Weighted average common shares outstanding 29,019 29,097 Weighted average common stock equivalents 4 14 Total weighted average common shares outstanding and common stock equivalents 29,023 29,111 Basic earnings per common share $ 0.42 $ 0.33 Diluted earnings per common share (1) $ 0.42 $ 0.33 Dividend payout ratio 42.9 % 51.5 % |
Note 4 - Debt and Equity Secu26
Note 4 - Debt and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Trading Securities [Table Text Block] | At March 31, 2017 Amortized Fair Value Gross Gross (In thousands) Securites held-to-maturity: Municipals $ 36,406 $ 34,152 $ - $ 2,254 Total $ 36,406 $ 34,152 $ - $ 2,254 At December 31, 2016 Amortized Fair Value Gross Gross (In thousands) Securites held-to-maturity: Municipals $ 37,735 $ 35,408 $ - $ 2,327 Total $ 37,735 $ 35,408 $ - $ 2,327 At March 31, 2017 Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 103,694 $ - $ 6,306 Municipals 124,296 127,281 2,985 - Mutual funds 21,431 21,431 - - Collateralized loan obligations 85,470 86,438 968 - Other 7,396 7,394 - 2 Total other securities 348,593 346,238 3,953 6,308 REMIC and CMO 426,537 425,209 1,826 3,154 GNMA 1,250 1,352 102 - FNMA 107,176 106,140 396 1,432 FHLMC 5,256 5,204 31 83 Total mortgage-backed securities 540,219 537,905 2,355 4,669 Total securities available for sale $ 888,812 $ 884,143 $ 6,308 $ 10,977 At December 31, 2016 Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 102,910 $ - $ 7,090 Municipals 124,984 126,903 1,983 64 Mutual funds 21,366 21,366 - - Collateralized loan obligations 85,470 86,365 895 - Other 7,363 7,361 - 2 Total other securities 349,183 344,905 2,878 7,156 REMIC and CMO 402,636 401,370 1,607 2,873 GNMA 1,319 1,427 108 - FNMA 109,493 108,351 463 1,605 FHLMC 5,378 5,328 35 85 Total mortgage-backed securities 518,826 516,476 2,213 4,563 Total securities available for sale $ 868,009 $ 861,381 $ 5,091 $ 11,719 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Held-to-maturity Amortized Fair Value (In thousands) Due in one year or less $ 14,540 $ 14,540 Due after ten years 21,866 19,612 Total securities held-to-maturity $ 36,406 $ 34,152 Available for sale Amortized Fair Value (In thousands) Due in one year or less $ - $ - Due after one year through five years 1,766 1,774 Due after five years through ten years 121,217 119,423 Due after ten years 204,179 203,610 Total other securities 327,162 324,807 Mutual funds 21,431 21,431 Mortgage-backed securities 540,219 537,905 Total securities available for sale $ 888,812 $ 884,143 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At March 31, 2017 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,612 $ 2,254 $ 19,612 $ 2,254 $ - $ - Total securities held-to-maturity 1 $ 19,612 $ 2,254 $ 19,612 $ 2,254 $ - $ - Available for sale securities Corporate 14 $ 103,694 $ 6,306 $ 19,209 $ 791 $ 84,485 $ 5,515 Other 1 299 2 - - 299 2 Total other securities 15 103,993 6,308 19,209 791 84,784 5,517 REMIC and CMO 34 208,825 3,154 195,016 2,516 13,809 638 FNMA 17 75,059 1,432 69,340 1,089 5,719 343 FHLMC 1 3,972 83 3,972 83 - - Total mortgage-backed securities 52 287,856 4,669 268,328 3,688 19,528 981 Total securities available for sale 67 $ 391,849 $ 10,977 $ 287,537 $ 4,479 $ 104,312 $ 6,498 At December 31, 2016 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,538 $ 2,327 $ 19,538 $ 2,327 $ - $ - Total securities held-to-maturity 1 $ 19,538 $ 2,327 $ 19,538 $ 2,327 $ - $ - Available for sale securities Corporate 14 $ 102,910 $ 7,090 $ 28,476 $ 1,524 $ 74,434 $ 5,566 Municipals 4 16,047 64 16,047 64 - - Other 1 298 2 - - 298 2 Total other securities 19 119,255 7,156 44,523 1,588 74,732 5,568 REMIC and CMO 35 222,807 2,873 208,827 2,268 13,980 605 FNMA 18 80,924 1,605 74,972 1,250 5,952 355 FHLMC 1 3,993 85 3,993 85 - - Total mortgage-backed securities 54 307,724 4,563 287,792 3,603 19,932 960 Total securities available for sale 73 $ 426,979 $ 11,719 $ 332,315 $ 5,191 $ 94,664 $ 6,528 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (In thousands) March 31, December 31, Loans ninety days or more past due and still accruing: Commercial real estate $ 75 $ - One-to-four family - mixed-use property - 386 Construction 602 - Total 677 386 Non-accrual mortgage loans: Multi-family residential 1,354 1,837 Commercial real estate 1,462 1,148 One-to-four family - mixed-use property 3,328 4,025 One-to-four family - residential 7,847 8,241 Total 13,991 15,251 Non-accrual non-mortgage loans: Small Business Administration 58 1,886 Taxi medallion 3,771 3,825 Commercial business and other 38 68 Total 3,867 5,779 Total non-accrual loans 17,858 21,030 Total non-performing loans $ 18,535 $ 21,416 |
Schedule of Interest Foregone on Non-Accrual and TDR Loans [Table Text Block] | For the three months ended 2017 2016 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 414 $ 540 Less: Interest income included in the results of operations 127 123 Total foregone interest $ 287 $ 417 |
Past Due Financing Receivables [Table Text Block] | March 31, 2017 (In thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 5,465 $ 479 $ 1,354 $ 7,298 $ 2,254,648 $ 2,261,946 Commercial real estate 2,194 876 1,537 4,607 1,264,163 1,268,770 One-to-four family - mixed-use property 5,519 636 3,328 9,483 551,872 561,355 One-to-four family - residential 1,379 1,350 7,655 10,385 173,816 184,201 Co-operative apartments - - - - 7,216 7,216 Construction loans - - 602 602 11,811 12,413 Small Business Administration - - - - 10,519 10,519 Taxi medallion 1,159 - 3,771 4,930 13,902 18,832 Commercial business and other 21 731 - 752 631,751 632,503 Total $ 15,737 $ 4,072 $ 18,247 $ 38,057 $ 4,919,698 $ 4,957,755 December 31, 2016 (In thousands) 30 - 59 Days 60 - 89 Days than Total Past Current Total Loans Multi-family residential $ 2,575 $ 287 $ 1,837 $ 4,699 $ 2,173,805 $ 2,178,504 Commercial real estate 3,363 22 1,148 4,533 1,241,599 1,246,132 One-to-four family - mixed-use property 4,671 762 4,411 9,844 548,658 558,502 One-to-four family - residential 3,831 194 8,047 12,072 173,695 185,767 Co-operative apartments - - - - 7,418 7,418 Construction loans - - - - 11,495 11,495 Small Business Administration 13 - 1,814 1,827 13,371 15,198 Taxi medallion - - 3,825 3,825 15,171 18,996 Commercial business and other 22 1 - 23 597,099 597,122 Total $ 14,475 $ 1,266 $ 21,082 $ 36,823 $ 4,782,311 $ 4,819,134 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | March 31, 2017 (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 $ 5,923 $ 4,487 $ 2,903 $ 1,015 $ 92 $ 481 $ 2,243 $ 4,492 $ 593 $ 22,229 Charge-off's (14 ) - (34 ) - - (65 ) (54 ) (12 ) - (179 ) Recoveries 30 68 - - - 41 - 22 - 161 Provision (benefit) (32 ) (70 ) (178 ) (36 ) 2 (140 ) 24 208 222 - Ending balance $ 5,907 $ 4,485 $ 2,691 $ 979 $ 94 $ 317 $ 2,213 $ 4,710 $ 815 $ 22,211 March 31, 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 (42 ) - (14 ) (66 ) - - - (25 ) - (147 ) Recoveries 13 - 187 365 - 31 - 9 - 605 Provision (benefit) (391 ) (38 ) (893 ) (484 ) 5 (24 ) (8 ) 138 1,695 - Ending balance $ 6,298 $ 4,201 $ 3,507 $ 1,042 $ 55 $ 269 $ 335 $ 4,591 $ 1,695 $ 21,993 |
Schedule of Loans and the Manner in which they are Evaluated for Impairment [Table Text Block] | At March 31, 2017 (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 $ 2,261,946 $ 1,268,770 $ 561,355 $ 184,201 $ 7,216 $ 12,413 $ 10,519 $ 18,832 $ 632,503 $ - $ 4,957,755 Ending balance: individually evaluated for impairment $ 5,299 $ 9,409 $ 7,311 $ 10,566 $ - $ 602 $ 170 $ 18,832 $ 2,647 $ - $ 54,836 Ending balance: collectively evaluated for impairment $ 2,256,647 $ 1,259,361 $ 554,044 $ 173,635 $ 7,216 $ 11,811 $ 10,349 $ - $ 629,856 $ - $ 4,902,919 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 227 $ 168 $ 240 $ 59 $ - $ - $ - $ 2,213 $ 10 $ - $ 2,917 Ending balance: collectively evaluated for impairment $ 5,681 $ 4,317 $ 2,451 $ 920 $ - $ 94 $ 316 $ - $ 4,700 $ 815 $ 19,294 At December 31, 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 $ 2,178,504 $ 1,246,132 $ 558,502 $ 185,767 $ 7,418 $ 11,495 $ 15,198 $ 18,996 $ 597,122 $ - $ 4,819,134 Ending balance: individually evaluated for impairment $ 5,923 $ 6,551 $ 8,809 $ 9,989 $ - $ - $ 1,937 $ 16,282 $ 2,492 $ - $ 51,983 Ending balance: collectively evaluated for impairment $ 2,172,581 $ 1,239,581 $ 549,693 $ 175,778 $ 7,418 $ 11,495 $ 13,261 $ 2,714 $ 594,630 $ - $ 4,767,151 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 232 $ 179 $ 417 $ 60 $ - $ - $ 90 $ 2,236 $ 12 $ - $ 3,226 Ending balance: collectively evaluated for impairment $ 5,691 $ 4,308 $ 2,486 $ 955 $ - $ 92 $ 391 $ 7 $ 4,480 $ 593 $ 19,003 |
Impaired Financing Receivables [Table Text Block] | March 31, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,048 $ 3,198 $ - $ 3,660 $ 3,796 $ - Commercial real estate 7,360 7,387 - 4,489 4,516 - One-to-four family mixed-use property 5,660 6,098 - 6,435 6,872 - One-to-four family residential 10,141 11,665 - 9,560 11,117 - Construction 602 602 - - - - Non-mortgage loans: Small Business Administration 170 711 - 416 509 - Taxi medallion 4,958 5,155 - 2,334 2,476 - Commercial business and other 2,246 2,615 - 2,072 2,443 - Total loans with no related allowance recorded 34,185 37,431 - 28,966 31,729 - With an allowance recorded: Mortgage loans: Multi-family residential 2,251 2,251 227 2,263 2,263 232 Commercial real estate 2,049 2,049 168 2,062 2,062 179 One-to-four family mixed-use property 1,651 1,654 240 2,374 2,376 417 One-to-four family residential 425 425 59 429 429 60 Non-mortgage loans: Small Business Administration - - - 1,521 1,909 90 Taxi medallion 13,874 13,874 2,213 13,948 13,948 2,236 Commercial business and other 401 401 10 420 420 12 Total loans with an allowance recorded 20,651 20,654 2,917 23,017 23,407 3,226 Total Impaired Loans: Total mortgage loans $ 33,187 $ 35,329 $ 694 $ 31,272 $ 33,431 $ 888 Total non-mortgage loans $ 21,649 $ 22,756 $ 2,223 $ 20,711 $ 21,705 $ 2,338 March 31, 2017 March 31, 2016 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,354 $ 23 $ 5,925 $ 17 Commercial real estate 5,925 95 4,507 12 One-to-four family mixed-use property 6,048 37 9,418 33 One-to-four family residential 9,851 26 11,610 27 Construction 301 7 785 - Non-mortgage loans: Small Business Administration 293 2 264 3 Taxi Medallion 3,646 30 - - Commercial Business and other 2,159 44 2,528 46 Total loans with no related allowance recorded 31,577 264 35,037 138 With an allowance recorded: Mortgage loans: Multi-family residential 2,257 29 2,300 29 Commercial real estate 2,056 24 2,365 28 One-to-four family mixed-use property 2,013 18 2,739 38 One-to-four family residential 427 4 342 3 Non-mortgage loans: Small Business Administration 761 - 92 2 Taxi Medallion 13,911 43 2,114 15 Commercial Business and other 411 6 2,013 25 Total loans with an allowance recorded 21,836 124 11,965 140 Total Impaired Loans: Total mortgage loans $ 32,232 $ 263 $ 39,991 $ 187 Total non-mortgage loans $ 21,181 $ 125 $ 7,011 $ 91 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2017 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 7,230 $ 2,742 $ - $ - $ 9,972 Commercial real estate 639 7,359 - - 7,998 One-to-four family - mixed-use property 3,446 5,521 - - 8,967 One-to-four family - residential 2,214 9,980 - - 12,194 Construction loans - 602 - - 602 Small Business Administration 532 116 - - 648 Taxi Medallion - 18,832 - - 18,832 Commercial business and other 9,108 2,647 - - 11,755 Total loans $ 23,169 $ 47,799 $ - $ - $ 70,968 December 31, 2016 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 7,133 $ 3,351 $ - $ - $ 10,484 Commercial real estate 2,941 4,489 - - 7,430 One-to-four family - mixed-use property 4,197 7,009 - - 11,206 One-to-four family - residential 1,205 9,399 - - 10,604 Small Business Administration 540 436 - - 976 Taxi Medallion 2,715 16,228 54 - 18,997 Commercial business and other 9,924 2,493 - - 12,417 Total loans $ 28,655 $ 43,405 $ 54 $ - $ 72,114 |
Nonperforming Financial Instruments [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | March 31, 2017 December 31, 2016 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 384 1 $ 396 Total troubled debt restructurings that subsequently defaulted 1 $ 384 1 396 |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | March 31, 2017 December 31, 2016 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 9 $ 2,557 9 $ 2,572 Commercial real estate 2 2,049 2 2,062 One-to-four family - mixed-use property 5 1,791 5 1,800 One-to-four family - residential 3 586 3 591 Taxi medallion 12 9,660 12 9,735 Commercial business and other 2 621 2 675 Total performing troubled debt restructured 33 $ 17,264 33 $ 17,435 |
Note 6 - Loans Held for Sale (T
Note 6 - Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 One-to-four family - mixed-use property 5 1,790 (33 ) 28 Total (1) 5 $ 1,790 $ (33 ) $ 28 For the three months ended (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain Multi-family residential 3 $ 874 $ - $ 2 Commercial real estate 2 192 - - One-to-four family - mixed-use property 4 1,315 - 21 Total (2) 9 $ 2,381 $ - $ 23 |
Note 7 - Other Real Estate Ow29
Note 7 - Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | For the three months ended 2017 2016 (In thousands) Balance at beginning of period $ 533 $ 4,932 Acquisitions - 533 Write-down of carrying value - (47 ) Sales (533 ) (816 ) Balance at end of period $ - $ 4,602 |
Gross Gains, Gross (Losses) and Write-downs of OREO [Table Text Block] | For the three months ended 2017 2016 (In thousands) Gross gains $ 50 $ 37 Total net gain $ 50 $ 37 |
Note 8 - Stock-based Compensa30
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Non-vested at December 31, 2016 488,779 $ 18.99 Granted 276,900 28.21 Vested (242,917 ) 21.93 Forfeited (14,680 ) 21.77 Non-vested at March 31, 2017 508,082 $ 22.53 Vested but unissued at March 31, 2017 270,017 $ 22.33 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | For the three months ended (In thousands) 2017 2016 Proceeds from stock options exercised $ - $ 19 Fair value of shares received upon exercised of stock options - 328 Tax expense related to stock options exercised - (16 ) Intrinsic value of stock options exercised - 43 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2016 89,339 $ 29.39 Granted 6,743 27.17 Forfeited - - Distributions (198 ) 28.93 Outstanding at March 31, 2017 95,884 $ 26.87 Vested at March 31, 2017 95,462 $ 26.87 |
Note 9 - Pension and Other Po31
Note 9 - Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three months ended (In thousands) 2017 2016 Employee Pension Plan: Interest cost $ 216 $ 226 Amortization of unrecognized loss 174 201 Expected return on plan assets (348 ) (348 ) Net employee pension expense $ 42 $ 79 Outside Director Pension Plan: Service cost $ 10 $ 11 Interest cost 23 24 Amortization of unrecognized gain (23 ) (21 ) Amortization of past service liability 10 10 Net outside director pension expense $ 20 $ 24 Other Postretirement Benefit Plans: Service cost $ 79 $ 90 Interest cost 76 80 Amortization of unrecognized loss - 12 Amortization of past service liability (21 ) (21 ) Net other postretirement expense $ 134 $ 161 |
Note 10 - Fair Value of Finan32
Note 10 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
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 March 31, at December 31, Three Months Ended (In thousands) 2017 2016 March 31, 2017 March 31, 2016 Mortgage-backed securities $ 1,898 $ 2,016 $ (7 ) $ 5 Other securities 28,526 28,429 32 96 Borrowed funds 34,536 33,959 (570 ) 1,054 Net (loss) gain from fair value adjustments (1) $ (545 ) $ 1,155 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Active Markets for Identical Assets Significant Other Significant Other Total carried at fair value on a recurring basis 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) Assets: Mortgage-backed Securities $ - $ - $ 537,905 $ 516,476 $ - $ - $ 537,905 $ 516,476 Other securities - - 338,844 337,544 7,394 7,361 346,238 344,905 Interest rate swaps - - 6,833 6,350 - - 6,833 6,350 Total assets $ - $ - $ 883,582 $ 860,370 $ 7,394 $ 7,361 $ 890,976 $ 867,731 Liabilities: Borrowings $ - $ - $ - $ - $ 34,536 $ 33,959 $ 34,536 $ 33,959 Interest rate swaps - - 3,040 3,386 - - 3,040 3,386 Total liabilities $ - $ - $ 3,040 $ 3,386 $ 34,536 $ 33,959 $ 37,576 $ 37,345 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended March 31, 2017 2016 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,361 $ 33,959 $ 7,212 $ 29,018 Net gain (loss) from fair value adjustment of financial assets 32 - (60 ) - Net (gain) loss from fair value adjustment of financial liabilities - 570 - (1,054 ) Increase in accrued interest payable - 7 - 13 Change in unrealized gains (losses) included in other comprehensive income 1 - (2 ) - Ending balance $ 7,394 $ 34,536 $ 7,150 $ 27,977 Changes in unrealized gain (loss) held at period end $ 1 $ - $ (2 ) $ - |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | March 31, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,394 Discounted cash flows Discount rate 6.2% - 7.1% 6.9% Liabilities: Junior subordinated debentures $ 34,536 Discounted cash flows Discount rate 6.2% 6.2% December 31, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,361 Discounted cash flows Discount rate 6.3% - 7.1% 7.0% Liabilities: Junior subordinated debentures $ 33,959 Discounted cash flows Discount rate 6.3% 6.3% |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices Significant Other Significant Other Total carried at fair value on a recurring basis 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) Assets: Impaired loans $ - $ - $ - $ - $ 14,958 $ 14,968 $ 14,958 $ 14,968 Other real estate owned - - - - - 533 - 533 Total assets $ - $ - $ - $ - $ 14,958 $ 15,501 $ 14,958 $ 15,501 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2017 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 51,215 $ 51,215 $ 51,215 $ - $ - Securities held-to-maturity Other securities 36,406 34,152 - - 34,152 Securities available for sale Mortgage-backed securities 537,905 537,905 - 537,905 - Other securities 346,238 346,238 - 338,844 7,394 Loans 4,974,591 4,956,089 - - 4,956,089 FHLB-NY stock 57,384 57,384 - 57,384 - Accrued interest receivable 20,602 20,602 - 20,602 - Interest rate swaps 6,833 6,833 - 6,833 - Total assets $ 6,031,174 $ 6,010,418 $ 51,215 $ 961,568 $ 4,997,635 Liabilities: Deposits $ 4,410,746 $ 4,417,356 $ 2,998,927 $ 1,418,429 $ - Borrowings 1,227,852 1,221,367 - 1,186,831 34,536 Accrued interest payable 3,074 3,074 - 3,074 - Interest rate swaps 3,040 3,040 - 3,040 - Total liabilities $ 5,644,712 $ 5,644,837 $ 2,998,927 $ 2,611,374 $ 34,536 December 31, 2016 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 35,857 $ 35,857 $ 35,857 $ - $ - Securities held-to-maturity Other securities 37,735 35,408 - - 35,408 Securities available for sale Mortgage-backed securities 516,476 516,476 - 516,476 - Other securities 344,905 344,905 - 337,544 7,361 Loans 4,835,693 4,814,840 - - 4,814,840 FHLB-NY stock 59,173 59,173 - 59,173 - Interest rate swaps 6,350 6,350 - 6,350 - Total assets $ 5,836,189 $ 5,813,009 $ 35,857 $ 919,543 $ 4,857,609 Liabilities: Deposits $ 4,205,631 $ 4,213,714 $ 2,833,516 $ 1,380,198 $ - Borrowings 1,266,563 1,255,283 - 1,221,324 33,959 Interest rate swaps 3,386 3,386 - 3,386 - Total liabilities $ 5,475,580 $ 5,472,383 $ 2,833,516 $ 2,604,908 $ 33,959 |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 2,014 Income approach Capitalization rate 6.0% to 7.5% 7.0% Reduction for planned expedited disposal 10.9% to 15.0% 14.2% Impaired loans $ 8,984 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -40.0% to 16.2% -1.5% Reduction for planned expedited disposal 0.0% to 15.0% 8.0% Impaired loans $ 3,960 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -29.0% to 25.0% 0.0% Capitalization rate 5.3% to 9.5% 7.1% Reduction for planned expedited disposal 14.5% to 15.0% 15.0% At December 31, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 2,007 Income approach Capitalization rate 6.0% to 7.5% 7.0% Reduction for planned expedited disposal 15.0% 15.0% Impaired loans $ 8,703 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -40.0% to 16.2% -1.5% Reduction for planned expedited disposal 0% to 15.0% 7.7% Impaired loans $ 4,258 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 25.0% -0.6% Capitalization rate 5.3% to 9.5% 7.2% Reduction planned for expedited disposal 15.0% 15.0% Other real estate owned $ 533 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 3.3% to 18.6% 11.0% |
Note 11 - Derivative Financia33
Note 11 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | March 31, 2017 December 31, 2016 Notional Net Carrying (1) Notional Net Carrying (1) Interest rate swaps (hedge) $ 221,591 $ 6,833 $ 182,177 $ 6,350 Interest rate swaps (hedge) 27,472 (544 ) 34,916 (658 ) Interest rate swaps (non-hedge) 36,321 (2,496 ) 36,321 (2,728 ) Total derivatives $ 285,384 $ 3,793 $ 253,414 $ 2,964 |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the three months ended (In thousands) 2017 2016 Financial Derivatives: Interest rate swaps (non-hedge) $ 232 $ (2,102 ) Interest rate swaps (hedge) (66 ) (40 ) Net gain (loss) (1) (2) $ 166 $ (2,142 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, 2017 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 $ 6,833 $ - $ 6,833 $ - $ 3,793 $ 3,040 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 $ 3,040 $ - $ 3,040 $ - $ - $ 3,040 December 31, 2016 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 $ 6,350 $ - $ 6,350 $ - $ 2,964 $ 3,386 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 $ 3,386 $ - $ 3,386 $ - $ - $ 3,386 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the three months (In thousands) 2017 2016 Federal: Current $ 2,952 $ 3,660 Deferred 1,797 1,087 Total federal tax provision 4,749 4,747 State and Local: Current (199 ) 385 Deferred 704 483 Total state and local tax provision 505 868 Total income tax provision $ 5,254 $ 5,615 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the three months (Dollars in thousands) 2017 2016 Taxes at federal statutory rate $ 6,130 35.0 % $ 5,312 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 328 1.9 564 3.7 Other (1,204 ) (6.9 ) (261 ) (1.7 ) Taxes at effective rate $ 5,254 30.0 % $ 5,615 37.0 % |
Note 13 - Accumulated Other C35
Note 13 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains Defined Benefit Total March 31, 2017 (In thousands) Beginning balance, net of tax $ (3,859 ) $ (4,503 ) $ (8,362 ) Other comprehensive income before reclassifications, net of tax 1,148 - $ 1,148 Amounts reclassified from accumulated other comprehensive income, net of tax - 80 80 Net current period other comprehensive income, net of tax 1,148 80 1,228 Ending balance, net of tax $ (2,711 ) $ (4,423 ) $ (7,134 ) Unrealized Gains Defined Benefit Total (In thousands) March 31, 2016 Beginning balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) Other comprehensive income before reclassifications, net of tax 6,770 - $ 6,770 Amounts reclassified from accumulated other comprehensive income, net of tax - 103 103 Net current period other comprehensive income, net of tax 6,770 103 6,873 Ending balance, net of tax $ 6,249 $ (4,938 ) $ 1,311 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | For the three months ended March 31, 2017 Details about Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented (In thousands) Amortization of defined benefit pension items: Actuarial losses $ (151 ) (1) Other operating expense Prior service credits 11 (1) Other operating expense (140 ) Total before tax 60 Tax benefit $ (80 ) Net of tax For the three months ended March 31, 2016 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement Where Net Income is Presented (In thousands) Amortization of defined benefit pension items: Actuarial losses $ (192 ) (1) Other operating expense Prior service credits 11 (1) Other operating expense (181 ) Total before tax 78 Tax benefit $ (103 ) Net of tax |
Note 14 - Regulatory Capital (T
Note 14 - Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | March 31, 2017 December 31, 2016 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 616,017 9.98 % $ 607,033 10.12 % Requirement to be well capitalized 308,535 5.00 299,848 5.00 Excess 307,482 4.98 307,185 5.12 Common Equity Tier I risk-based capital: Capital level $ 616,017 13.80 % $ 607,033 14.12 % Requirement to be well capitalized 290,046 6.50 279,443 6.50 Excess 325,971 7.30 327,590 7.62 Tier I risk-based capital: Capital level $ 616,017 13.80 % $ 607,033 14.12 % Requirement to be well capitalized 356,980 8.00 343,930 8.00 Excess 259,037 5.80 263,103 6.12 Total risk-based capital: Capital level $ 638,228 14.30 % $ 629,262 14.64 % Requirement to be well capitalized 446,225 10.00 429,913 10.00 Excess 192,003 4.30 199,349 4.64 March 31, 2017 December 31, 2016 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 550,055 8.92 % $ 539,228 9.00 % Requirement to be well capitalized 308,284 5.00 299,654 5.00 Excess 241,771 3.92 239,574 4.00 Common Equity Tier I risk-based capital: Capital level $ 516,706 11.59 % $ 506,432 11.79 % Requirement to be well capitalized 289,733 6.50 279,121 6.50 Excess 226,973 5.09 227,311 5.29 Tier I risk-based capital: Capital level $ 550,055 12.34 % $ 539,228 12.56 % Requirement to be well capitalized 356,594 8.00 343,534 8.00 Excess 193,461 4.34 195,694 4.56 Total risk-based capital: Capital level $ 647,266 14.52 % $ 636,457 14.82 % Requirement to be well capitalized 445,743 10.00 429,417 10.00 Excess 201,523 4.52 207,040 4.82 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net income | $ 12,260 | $ 9,561 | |
Divided by: | |||
Weighted average common shares outstanding (in shares) | 29,019 | 29,097 | |
Weighted average common stock equivalents (in shares) | 4 | 14 | |
Total weighted average common shares outstanding and common stock equivalents (in shares) | 29,023 | 29,111 | |
Basic earnings per common share (in dollars per share) | $ 0.42 | $ 0.33 | |
Diluted earnings per common share (in dollars per share) | [1] | $ 0.42 | $ 0.33 |
Dividend payout ratio | 42.90% | 51.50% | |
[1] | For the three months ended March 31, 2017 and 2016, there were no stock options that were anti-dilutive. |
Note 4 - Debt and Equity Secu39
Note 4 - Debt and Equity Securities (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 0 | |
Trading Securities | 0 | $ 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | 0 | |
Collateralized By Commercial Real Estate [Member] | Collateralized Mortgage Obligations [Member] | |||
Private Issue Collateralized Mortgage Obligations, Number | 1 | ||
Mortgage Backed Securities Available for Sale Fair Value | $ 200 | 200 | |
Mortgage Backed Securities Available for Sale Amortized Cost | $ 200 | $ 200 |
Note 4 - Debt and Equity Secu40
Note 4 - Debt and Equity Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Securities held-to-maturity, amortized cost | $ 36,406 | $ 37,735 |
Other securities, fair value option | 34,152 | 35,408 |
Securities held-to-maturity, gross unrealized gains | 0 | 0 |
Securities held-to-maturity, gross unrealized losses | 2,254 | 2,327 |
Securities available for sale, amortized cost | 888,812 | 868,009 |
Fair Value | 884,143 | 861,381 |
Gross Unrealized Gains | 6,308 | 5,091 |
Gross Unrealized Losses | 10,977 | 11,719 |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 110,000 | 110,000 |
Fair Value | 103,694 | 102,910 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 6,306 | 7,090 |
Municipal Debt Securities [Member] | ||
Securities held-to-maturity, amortized cost | 36,406 | 37,735 |
Other securities, fair value option | 34,152 | 35,408 |
Securities held-to-maturity, gross unrealized gains | 0 | 0 |
Securities held-to-maturity, gross unrealized losses | 2,254 | 2,327 |
Securities available for sale, amortized cost | 124,296 | 124,984 |
Fair Value | 127,281 | 126,903 |
Gross Unrealized Gains | 2,985 | 1,983 |
Gross Unrealized Losses | 0 | 64 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost | 21,431 | 21,366 |
Fair Value | 21,431 | 21,366 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Collateralized Debt Obligations [Member] | ||
Securities available for sale, amortized cost | 85,470 | 85,470 |
Fair Value | 86,438 | 86,365 |
Gross Unrealized Gains | 968 | 895 |
Gross Unrealized Losses | 0 | |
Other Debt Obligations [Member] | ||
Securities available for sale, amortized cost | 7,396 | 7,363 |
Fair Value | 7,394 | 7,361 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2 | 2 |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 348,593 | 349,183 |
Fair Value | 346,238 | 344,905 |
Gross Unrealized Gains | 3,953 | 2,878 |
Gross Unrealized Losses | 6,308 | 7,156 |
REMIC and CMO [Member] | ||
Securities available for sale, amortized cost | 426,537 | 402,636 |
Fair Value | 425,209 | 401,370 |
Gross Unrealized Gains | 1,826 | 1,607 |
Gross Unrealized Losses | 3,154 | 2,873 |
GNMA [Member] | ||
Securities available for sale, amortized cost | 1,250 | 1,319 |
Fair Value | 1,352 | 1,427 |
Gross Unrealized Gains | 102 | 108 |
Gross Unrealized Losses | 0 | |
FNMA [Member] | ||
Securities available for sale, amortized cost | 107,176 | 109,493 |
Fair Value | 106,140 | 108,351 |
Gross Unrealized Gains | 396 | 463 |
Gross Unrealized Losses | 1,432 | 1,605 |
FHLMC [Member] | ||
Securities available for sale, amortized cost | 5,256 | 5,378 |
Fair Value | 5,204 | 5,328 |
Gross Unrealized Gains | 31 | 35 |
Gross Unrealized Losses | 83 | 85 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 540,219 | 518,826 |
Fair Value | 537,905 | 516,476 |
Gross Unrealized Gains | 2,355 | 2,213 |
Gross Unrealized Losses | $ 4,669 | $ 4,563 |
Note 4 - Debt and Equity Secu41
Note 4 - Debt and Equity Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Securities held-to-maturity, amortized cost, due in one year or less | $ 14,540 | |
Securities held-to-maturity, fair value, due in one year or less | 14,540 | |
Securities held-to-maturity, amortized cost, due after ten years | 21,866 | |
Securities held-to-maturity, fair value, due after ten years | 19,612 | |
Securities held-to-maturity, amortized cost | 36,406 | $ 37,735 |
Securities held-to-maturity, fair value | 34,152 | 35,408 |
Securities available for sale, amortized cost, due in one year or less | 0 | |
Securities available for sale, fair value, due in one year or less | 0 | |
Securities available for sale, amortized cost, due after one year through five years | 1,766 | |
Securities available for sale, fair value, due after one year through five years | 1,774 | |
Securities available for sale, amortized cost, due after five years through ten years | 121,217 | |
Securities available for sale, fair value, due after five years through ten years | 119,423 | |
Securities available for sale, amortized cost, due after ten years | 204,179 | |
Securities available for sale, fair value, due after ten years | 203,610 | |
Securities available for sale, amortized cost, total other securities | 327,162 | |
Securities available for sale, fair value, total other securities | 324,807 | |
Securities available for sale, amortized cost | 888,812 | 868,009 |
Securities available for sale, fair value | 884,143 | 861,381 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost | 21,431 | 21,366 |
Securities available for sale, fair value | 21,431 | $ 21,366 |
Commercial Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 540,219 | |
Securities available for sale, fair value | $ 537,905 |
Note 4 - Debt and Equity Secu42
Note 4 - Debt and Equity Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 19,612 | $ 19,538 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 2,254 | 2,327 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,612 | 19,538 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,254 | 2,327 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 0 |
Securities have been in a continuous unrealized loss position, number of positions | 67 | 73 |
Securities have been in a continuous unrealized loss position, fair value | $ 391,849 | $ 426,979 |
Securities have been in a continuous unrealized loss position, fair value | 10,977 | 11,719 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 287,537 | 332,315 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 4,479 | 5,191 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 104,312 | 94,664 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 6,498 | $ 6,528 |
Municipal Debt Securities [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 19,612 | $ 19,538 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 2,254 | 2,327 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,612 | 19,538 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,254 | 2,327 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 0 |
Securities have been in a continuous unrealized loss position, number of positions | 4 | |
Securities have been in a continuous unrealized loss position, fair value | $ 16,047 | |
Securities have been in a continuous unrealized loss position, fair value | 64 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 16,047 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 64 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | |
Corporate Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 14 | 14 |
Securities have been in a continuous unrealized loss position, fair value | $ 103,694 | $ 102,910 |
Securities have been in a continuous unrealized loss position, fair value | 6,306 | 7,090 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,209 | 28,476 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 791 | 1,524 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 84,485 | 74,434 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 5,515 | $ 5,566 |
Other Debt Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 299 | $ 298 |
Securities have been in a continuous unrealized loss position, fair value | 2 | 2 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 299 | 298 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 2 | $ 2 |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 15 | 19 |
Securities have been in a continuous unrealized loss position, fair value | $ 103,993 | $ 119,255 |
Securities have been in a continuous unrealized loss position, fair value | 6,308 | 7,156 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,209 | 44,523 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 791 | 1,588 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 84,784 | 74,732 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 5,517 | $ 5,568 |
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 34 | 35 |
Securities have been in a continuous unrealized loss position, fair value | $ 208,825 | $ 222,807 |
Securities have been in a continuous unrealized loss position, fair value | 3,154 | 2,873 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 195,016 | 208,827 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,516 | 2,268 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 13,809 | 13,980 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 638 | $ 605 |
FNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 17 | 18 |
Securities have been in a continuous unrealized loss position, fair value | $ 75,059 | $ 80,924 |
Securities have been in a continuous unrealized loss position, fair value | 1,432 | 1,605 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 69,340 | 74,972 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,089 | 1,250 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 5,719 | 5,952 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 343 | $ 355 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 3,972 | $ 3,993 |
Securities have been in a continuous unrealized loss position, fair value | 83 | 85 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 3,972 | 3,993 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 83 | 85 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 0 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 52 | 54 |
Securities have been in a continuous unrealized loss position, fair value | $ 287,856 | $ 307,724 |
Securities have been in a continuous unrealized loss position, fair value | 4,669 | 4,563 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 268,328 | 287,792 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,688 | 3,603 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 19,528 | 19,932 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 981 | $ 960 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016 | Dec. 31, 2016USD ($) | |
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 | $ 44,300 | ||
Collateral Dependent Impaired Loans Measured by Third Party Appraisals Percentage | 82.30% | ||
Collateral Dependent Impaired Loans Measured Internally | $ 9,500 | ||
Collateral Dependent Impaired Loans Measured Internally Percentage | 17.70% | ||
Commitments and Contingencies | |||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
TDR Loans Transferred to Non-performing, Number of Contracts | 0 | 0 | |
Extension of Credit [Member] | |||
Commitments and Contingencies | $ 63,200 | ||
Extension of Lines of Credit [Member] | |||
Commitments and Contingencies | $ 241,800 |
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 | 12 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016 | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 33 | 33 | |
Recorded investment | $ 17,264 | $ 17,435 | |
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 9 | 9 | |
Recorded investment | $ 2,557 | $ 2,572 | |
Commercial Real Estate Loans [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | 2 | |
Recorded investment | $ 2,049 | $ 2,062 | |
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 5 | 5 | |
Recorded investment | $ 1,791 | $ 1,800 | |
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 3 | 3 | |
Recorded investment | $ 586 | $ 591 | |
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 12 | 12 | |
Recorded investment | $ 9,660 | $ 9,735 | |
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | 2 | |
Recorded investment | $ 621 | $ 675 |
Note 5 - Loans - Troubled Deb45
Note 5 - Loans - Troubled Debt Restructurings That are Not Performing According to Their Restructured Terms (Details) - Nonperforming Financial Instruments [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of contracts, not performing | 1 | 1 |
Recorded investment, not performing | $ 384 | $ 396 |
Multi-family Residential Portfolio Segment [Member] | ||
Number of contracts, not performing | 1 | 1 |
Recorded investment, not performing | $ 384 | $ 396 |
Note 5 - Loans - Non-performing
Note 5 - Loans - Non-performing Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans ninety days or more past due and still accruing | $ 677 | $ 386 |
Non-accrual loans | 17,858 | 21,030 |
Total non-performing loans | 18,535 | 21,416 |
Mortgage Receivable [Member] | ||
Non-accrual loans | 13,991 | 15,251 |
Non-Mortgage Loans [Member] | ||
Non-accrual loans | 3,867 | 5,779 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 75 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 1,462 | 1,148 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 386 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 3,328 | 4,025 |
Construction Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 602 | |
Multi-family Residential Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 1,354 | 1,837 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 7,847 | 8,241 |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 58 | 1,886 |
Taxi Medallion Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 3,771 | 3,825 |
Commercial Business and Other Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | $ 38 | $ 68 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 414 | $ 540 |
Less: Interest income included in the results of operations | 127 | 123 |
Total foregone interest | $ 287 | $ 417 |
Note 5 - Loans - Age Analysis o
Note 5 - Loans - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Past due | $ 38,057 | $ 36,823 |
Current | 4,919,698 | 4,782,311 |
Total Loans | 4,957,755 | 4,819,134 |
Multi-family Residential Portfolio Segment [Member] | ||
Past due | 7,298 | 4,699 |
Current | 2,254,648 | 2,173,805 |
Total Loans | 2,261,946 | 2,178,504 |
Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 4,607 | 4,533 |
Current | 1,264,163 | 1,241,599 |
Total Loans | 1,268,770 | 1,246,132 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Past due | 9,483 | 9,844 |
Current | 551,872 | 548,658 |
Total Loans | 561,355 | 558,502 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 10,385 | 12,072 |
Current | 173,816 | 173,695 |
Total Loans | 184,201 | 185,767 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Current | 7,216 | 7,418 |
Total Loans | 7,216 | 7,418 |
Construction Portfolio Segment [Member] | ||
Past due | 602 | 0 |
Current | 11,811 | 11,495 |
Total Loans | 12,413 | 11,495 |
Small Business Administration Portfolio Segment [Member] | ||
Past due | 1,827 | |
Current | 10,519 | 13,371 |
Total Loans | 10,519 | 15,198 |
Taxi Medallion Portfolio Segment [Member] | ||
Past due | 4,930 | 3,825 |
Current | 13,902 | 15,171 |
Total Loans | 18,832 | 18,996 |
Commercial Business and Other [Member] | ||
Past due | 752 | |
Current | 631,751 | |
Total Loans | 632,503 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Past due | 23 | |
Current | 597,099 | |
Total Loans | 632,503 | 597,122 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | 15,737 | 14,475 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Multi-family Residential Portfolio Segment [Member] | ||
Past due | 5,465 | 2,575 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 2,194 | 3,363 |
Financing Receivables, 30 to 59 Days Past Due [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Past due | 5,519 | 4,671 |
Financing Receivables, 30 to 59 Days Past Due [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 1,379 | 3,831 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Co-Operative Apartments Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Small Business Administration Portfolio Segment [Member] | ||
Past due | 13 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Taxi Medallion Portfolio Segment [Member] | ||
Past due | 1,159 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Business and Other [Member] | ||
Past due | 21 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Business and Other Portfolio Segment [Member] | ||
Past due | 22 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due | 4,072 | 1,266 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Multi-family Residential Portfolio Segment [Member] | ||
Past due | 479 | 287 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 876 | 22 |
Financing Receivables, 60 to 89 Days Past Due [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Past due | 636 | 762 |
Financing Receivables, 60 to 89 Days Past Due [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 1,350 | 194 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Co-Operative Apartments Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Small Business Administration Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Taxi Medallion Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Business and Other [Member] | ||
Past due | 731 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Business and Other Portfolio Segment [Member] | ||
Past due | 1 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due | 18,247 | 21,082 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Multi-family Residential Portfolio Segment [Member] | ||
Past due | 1,354 | 1,837 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 1,537 | 1,148 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Past due | 3,328 | 4,411 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 7,655 | 8,047 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Co-Operative Apartments Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction Portfolio Segment [Member] | ||
Past due | 602 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Small Business Administration Portfolio Segment [Member] | ||
Past due | 1,814 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Taxi Medallion Portfolio Segment [Member] | ||
Past due | 3,771 | 3,825 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Business and Other [Member] | ||
Past due | $ 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Business and Other Portfolio Segment [Member] | ||
Past due |
Note 5 - Loans - Activity in th
Note 5 - Loans - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance for credit losses: | ||
Beginning balance | $ 22,229 | $ 21,535 |
Charge-off's | (179) | (147) |
Recoveries | 161 | 605 |
Provision (benefit) | ||
Ending balance | 22,211 | 21,993 |
Multi-family Residential Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 5,923 | 6,718 |
Charge-off's | (14) | (42) |
Recoveries | 30 | 13 |
Provision (benefit) | (32) | (391) |
Ending balance | 5,907 | 6,298 |
Commercial Real Estate Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 4,487 | 4,239 |
Charge-off's | 0 | |
Recoveries | 68 | |
Provision (benefit) | (70) | (38) |
Ending balance | 4,485 | 4,201 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 2,903 | 4,227 |
Charge-off's | (34) | (14) |
Recoveries | 187 | |
Provision (benefit) | (178) | (893) |
Ending balance | 2,691 | 3,507 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 1,015 | 1,227 |
Charge-off's | (66) | |
Recoveries | 365 | |
Provision (benefit) | (36) | (484) |
Ending balance | 979 | 1,042 |
Construction Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 92 | 50 |
Charge-off's | 0 | 0 |
Recoveries | 0 | 0 |
Provision (benefit) | 2 | 5 |
Ending balance | 94 | 55 |
Small Business Administration Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 481 | 262 |
Charge-off's | (65) | 0 |
Recoveries | 41 | 31 |
Provision (benefit) | (140) | (24) |
Ending balance | 317 | 269 |
Taxi Medallion Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 2,243 | 343 |
Charge-off's | (54) | |
Recoveries | ||
Provision (benefit) | 24 | (8) |
Ending balance | 2,213 | 335 |
Commercial Business and Other Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 4,492 | 4,469 |
Charge-off's | (12) | (25) |
Recoveries | 22 | 9 |
Provision (benefit) | 208 | 138 |
Ending balance | 4,710 | 4,591 |
Unallocated Financing Receivables [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 593 | |
Charge-off's | ||
Recoveries | ||
Provision (benefit) | 222 | 1,695 |
Ending balance | $ 815 | $ 1,695 |
Note 5 - Loans - Loans Evaluate
Note 5 - Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivables: | ||
Financing receivables, ending balance | $ 4,957,755 | $ 4,819,134 |
Financing receivables, individually evaluated for impairment | 54,836 | 51,983 |
Financing receivables, collectively evaluated for impairment | 4,902,919 | 4,767,151 |
Ending balance: individually evaluated for impairment | 2,917 | 3,226 |
Ending balance: collectively evaluated for impairment | 19,294 | 19,003 |
Multi-family Residential Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 2,261,946 | 2,178,504 |
Financing receivables, individually evaluated for impairment | 5,299 | 5,923 |
Financing receivables, collectively evaluated for impairment | 2,256,647 | 2,172,581 |
Ending balance: individually evaluated for impairment | 227 | 232 |
Ending balance: collectively evaluated for impairment | 5,681 | 5,691 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 1,268,770 | 1,246,132 |
Financing receivables, individually evaluated for impairment | 9,409 | 6,551 |
Financing receivables, collectively evaluated for impairment | 1,259,361 | 1,239,581 |
Ending balance: individually evaluated for impairment | 168 | 179 |
Ending balance: collectively evaluated for impairment | 4,317 | 4,308 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 561,355 | 558,502 |
Financing receivables, individually evaluated for impairment | 7,311 | 8,809 |
Financing receivables, collectively evaluated for impairment | 554,044 | 549,693 |
Ending balance: individually evaluated for impairment | 240 | 417 |
Ending balance: collectively evaluated for impairment | 2,451 | 2,486 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 184,201 | 185,767 |
Financing receivables, individually evaluated for impairment | 10,566 | 9,989 |
Financing receivables, collectively evaluated for impairment | 173,635 | 175,778 |
Ending balance: individually evaluated for impairment | 59 | 60 |
Ending balance: collectively evaluated for impairment | 920 | 955 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 7,216 | 7,418 |
Financing receivables, individually evaluated for impairment | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 7,216 | 7,418 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 12,413 | 11,495 |
Financing receivables, individually evaluated for impairment | 602 | |
Financing receivables, collectively evaluated for impairment | 11,811 | 11,495 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 94 | 92 |
Small Business Administration Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 10,519 | 15,198 |
Financing receivables, individually evaluated for impairment | 170 | 1,937 |
Financing receivables, collectively evaluated for impairment | 10,349 | 13,261 |
Ending balance: individually evaluated for impairment | 90 | |
Ending balance: collectively evaluated for impairment | 316 | 391 |
Taxi Medallion Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 18,832 | 18,996 |
Financing receivables, individually evaluated for impairment | 18,832 | 16,282 |
Financing receivables, collectively evaluated for impairment | 2,714 | |
Ending balance: individually evaluated for impairment | 2,213 | 2,236 |
Ending balance: collectively evaluated for impairment | 7 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 632,503 | 597,122 |
Financing receivables, individually evaluated for impairment | 2,647 | 2,492 |
Financing receivables, collectively evaluated for impairment | 629,856 | 594,630 |
Ending balance: individually evaluated for impairment | 10 | 12 |
Ending balance: collectively evaluated for impairment | 4,700 | 4,480 |
Unallocated Financing Receivables [Member] | ||
Financing Receivables: | ||
Financing receivables, ending balance | 0 | 0 |
Financing receivables, individually evaluated for impairment | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 0 | 0 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | $ 815 | $ 593 |
Note 5 - Loans - Impaired Loans
Note 5 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Recorded Investment, With no related allowance recorded | $ 34,185 | $ 28,966 | ||
Unpaid Principal Balance, With no related allowance recorded | 37,431 | 31,729 | ||
Recorded Investment, With an allowance recorded | 20,651 | 23,017 | ||
Unpaid Principal Balance, With an allowance recorded | 20,654 | 23,407 | ||
Related Allowance | 2,917 | 3,226 | ||
Loans designated as criticized or classified | 70,968 | 72,114 | ||
Average Recorded Investment, With no related allowance recorded | 31,577 | $ 35,037 | ||
Interest Income Recognized, With no related allowance recorded | 264 | 138 | ||
Average Recorded Investment, With an allowance recorded | 21,836 | 11,965 | ||
Interest Income Recognized, With an allowance recorded | 124 | 140 | ||
Multi-family Residential Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 9,972 | 10,484 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 7,998 | 7,430 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 8,967 | 11,206 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 12,194 | |||
Construction Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 602 | |||
Small Business Administration Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 648 | 976 | [1] | |
Taxi Medallion Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 18,832 | 18,997 | ||
Commercial Business and Other Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 11,755 | 12,417 | ||
Mortgage Receivable [Member] | ||||
Related Allowance | 694 | 888 | ||
Loans designated as criticized or classified | 33,187 | 31,272 | ||
Unpaid Principal Balance, Total Impaired Loans | 35,329 | 33,431 | ||
Average Recorded Investment, Total Impaired Loans | 32,232 | 39,991 | ||
Interest Income Recognized, Total Impaired Loans | 263 | 187 | ||
Mortgage Receivable [Member] | Multi-family Residential Portfolio Segment [Member] | ||||
Recorded Investment, With no related allowance recorded | 3,048 | 3,660 | ||
Unpaid Principal Balance, With no related allowance recorded | 3,198 | 3,796 | ||
Recorded Investment, With an allowance recorded | 2,251 | 2,263 | ||
Unpaid Principal Balance, With an allowance recorded | 2,251 | 2,263 | ||
Related Allowance | 227 | 232 | ||
Average Recorded Investment, With no related allowance recorded | 3,354 | 5,925 | ||
Interest Income Recognized, With no related allowance recorded | 23 | 17 | ||
Average Recorded Investment, With an allowance recorded | 2,257 | 2,300 | ||
Interest Income Recognized, With an allowance recorded | 29 | 29 | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Recorded Investment, With no related allowance recorded | 7,360 | 4,489 | ||
Unpaid Principal Balance, With no related allowance recorded | 7,387 | 4,516 | ||
Recorded Investment, With an allowance recorded | 2,049 | 2,062 | ||
Unpaid Principal Balance, With an allowance recorded | 2,049 | 2,062 | ||
Related Allowance | 168 | 179 | ||
Average Recorded Investment, With no related allowance recorded | 5,925 | 4,507 | ||
Interest Income Recognized, With no related allowance recorded | 95 | 12 | ||
Average Recorded Investment, With an allowance recorded | 2,056 | 2,365 | ||
Interest Income Recognized, With an allowance recorded | 24 | 28 | ||
Mortgage Receivable [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Recorded Investment, With no related allowance recorded | 5,660 | 6,435 | ||
Unpaid Principal Balance, With no related allowance recorded | 6,098 | 6,872 | ||
Recorded Investment, With an allowance recorded | 1,651 | 2,374 | ||
Unpaid Principal Balance, With an allowance recorded | 1,654 | 2,376 | ||
Related Allowance | 240 | 417 | ||
Average Recorded Investment, With no related allowance recorded | 6,048 | 9,418 | ||
Interest Income Recognized, With no related allowance recorded | 37 | 33 | ||
Average Recorded Investment, With an allowance recorded | 2,013 | 2,739 | ||
Interest Income Recognized, With an allowance recorded | 18 | 38 | ||
Mortgage Receivable [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Recorded Investment, With no related allowance recorded | 10,141 | 9,560 | ||
Unpaid Principal Balance, With no related allowance recorded | 11,665 | 11,117 | ||
Recorded Investment, With an allowance recorded | 425 | 429 | ||
Unpaid Principal Balance, With an allowance recorded | 425 | 429 | ||
Related Allowance | 59 | 60 | ||
Average Recorded Investment, With no related allowance recorded | 9,851 | 11,610 | ||
Interest Income Recognized, With no related allowance recorded | 26 | 27 | ||
Average Recorded Investment, With an allowance recorded | 427 | 342 | ||
Interest Income Recognized, With an allowance recorded | 4 | 3 | ||
Mortgage Receivable [Member] | Construction Portfolio Segment [Member] | ||||
Recorded Investment, With no related allowance recorded | 602 | |||
Unpaid Principal Balance, With no related allowance recorded | 602 | |||
Average Recorded Investment, With no related allowance recorded | 301 | 785 | ||
Interest Income Recognized, With no related allowance recorded | 7 | 0 | ||
Non-Mortgage Loans [Member] | ||||
Related Allowance | 2,223 | 2,338 | ||
Loans designated as criticized or classified | 21,649 | 20,711 | ||
Unpaid Principal Balance, Total Impaired Loans | 22,756 | 21,705 | ||
Average Recorded Investment, Total Impaired Loans | 21,181 | 7,011 | ||
Interest Income Recognized, Total Impaired Loans | 125 | 91 | ||
Non-Mortgage Loans [Member] | Small Business Administration Portfolio Segment [Member] | ||||
Recorded Investment, With no related allowance recorded | 170 | 416 | ||
Unpaid Principal Balance, With no related allowance recorded | 711 | 509 | ||
Recorded Investment, With an allowance recorded | 1,521 | |||
Unpaid Principal Balance, With an allowance recorded | 1,909 | |||
Related Allowance | 90 | |||
Average Recorded Investment, With no related allowance recorded | 293 | 264 | ||
Interest Income Recognized, With no related allowance recorded | 2 | 3 | ||
Average Recorded Investment, With an allowance recorded | 761 | 92 | ||
Interest Income Recognized, With an allowance recorded | 2 | |||
Non-Mortgage Loans [Member] | Taxi Medallion Portfolio Segment [Member] | ||||
Recorded Investment, With no related allowance recorded | 4,958 | 2,334 | ||
Unpaid Principal Balance, With no related allowance recorded | 5,155 | 2,476 | ||
Recorded Investment, With an allowance recorded | 13,874 | 13,948 | ||
Unpaid Principal Balance, With an allowance recorded | 13,874 | 13,948 | ||
Related Allowance | 2,213 | 2,236 | ||
Average Recorded Investment, With no related allowance recorded | 3,646 | 0 | ||
Interest Income Recognized, With no related allowance recorded | 30 | 0 | ||
Average Recorded Investment, With an allowance recorded | 13,911 | 2,114 | ||
Interest Income Recognized, With an allowance recorded | 43 | 15 | ||
Non-Mortgage Loans [Member] | Commercial Business and Other Portfolio Segment [Member] | ||||
Recorded Investment, With no related allowance recorded | 2,246 | 2,072 | ||
Unpaid Principal Balance, With no related allowance recorded | 2,615 | 2,443 | ||
Recorded Investment, With an allowance recorded | 401 | 420 | ||
Unpaid Principal Balance, With an allowance recorded | 401 | 420 | ||
Related Allowance | 10 | $ 12 | ||
Average Recorded Investment, With no related allowance recorded | 2,159 | 2,528 | ||
Interest Income Recognized, With no related allowance recorded | 44 | 46 | ||
Average Recorded Investment, With an allowance recorded | 411 | 2,013 | ||
Interest Income Recognized, With an allowance recorded | $ 6 | $ 25 | ||
[1] | Balances shown are net of the portion guaranteed by the Small Business Administration totaling $1.5 million and $0.1 million at December 31, 2016 and 2015, respectively. |
Note 5 - Loans - Loans Designat
Note 5 - Loans - Loans Designated as Criticized or Classified (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Loans designated as criticized or classified | $ 70,968 | $ 72,114 | |
Special Mention [Member] | |||
Loans designated as criticized or classified | 23,169 | 28,655 | |
Substandard [Member] | |||
Loans designated as criticized or classified | 47,799 | 43,405 | |
Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 54 | |
Loss [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Multi-family Residential Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 9,972 | 10,484 | |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 7,230 | 7,133 | |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 2,742 | 3,351 | |
Multi-family Residential Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Multi-family Residential Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 7,998 | 7,430 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 639 | 2,941 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 7,359 | 4,489 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 8,967 | 11,206 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 3,446 | 4,197 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 5,521 | 7,009 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
One-To-Four Family - Residential Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 12,194 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 2,214 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 9,980 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | ||
One-To-Four Family - Residential [Member] | |||
Loans designated as criticized or classified | 10,604 | ||
One-To-Four Family - Residential [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 1,205 | ||
One-To-Four Family - Residential [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 9,399 | ||
One-To-Four Family - Residential [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | ||
One-To-Four Family - Residential [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | ||
Construction Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 602 | ||
Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 0 | ||
Construction Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 602 | ||
Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | ||
Construction Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | ||
Small Business Administration Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 648 | 976 | [1] |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 532 | 540 | [1] |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 116 | 436 | [1] |
Small Business Administration Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 0 | [1] |
Small Business Administration Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | 0 | [1] |
Taxi Medallion Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 18,832 | 18,997 | |
Taxi Medallion Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 2,715 | ||
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 18,832 | 16,228 | |
Taxi Medallion Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 54 | |
Taxi Medallion Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Commercial Business and Other Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 11,755 | 12,417 | |
Commercial Business and Other Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 9,108 | 9,924 | |
Commercial Business and Other Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 2,647 | 2,493 | |
Commercial Business and Other Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Commercial Business and Other Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | $ 0 | $ 0 | |
[1] | Balances shown are net of the portion guaranteed by the Small Business Administration totaling $1.5 million and $0.1 million at December 31, 2016 and 2015, respectively. |
Note 6 - Loans Held for Sale (D
Note 6 - Loans Held for Sale (Details Textual) - Performing Financial Instruments [Member] $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Small Business Administration Portfolio Segment [Member] | ||
Number of Loans Held for Sale | 3 | 6 |
Proceeds from Sale of Loans Held-for-sale | $ 3.4 | $ 3.5 |
Gain (Loss) on Sale of Loans and Leases | $ 0.2 | |
Commercial Real Estate Portfolio Segment and SBA Loans [Member] | ||
Gain (Loss) on Sale of Loans and Leases | $ 0.3 |
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 | |||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |||
Loans sold | 5 | [1] | 9 | [2] |
Proceeds | $ 1,790 | [1] | $ 2,381 | [2] |
Net (charge-offs) recoveries | (33) | [1] | 0 | [2] |
Net gain | $ 28 | [1] | $ 23 | [2] |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Loans sold | 5 | 4 | ||
Proceeds | $ 1,790 | $ 1,315 | ||
Net (charge-offs) recoveries | (33) | 0 | ||
Net gain | $ 28 | $ 21 | ||
Multi-family Residential Portfolio Segment [Member] | ||||
Loans sold | 3 | |||
Proceeds | $ 874 | |||
Net (charge-offs) recoveries | 0 | |||
Net gain | $ 2 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans sold | 2 | |||
Proceeds | $ 192 | |||
Net (charge-offs) recoveries | 0 | |||
Net gain | $ 0 | |||
[1] | The above table does not include the sale of three performing Small Business Administration loans for proceeds totaling $3.4 million during the three months ended March 31, 2017. These loans were sold for a net gain of $0.2 million. | |||
[2] | The above table does not include the sale of six performing Small Business Administration loans for proceeds totaling $3.5 million during the three months ended March 31, 2016. These loans were sold for a net gain of $0.3 million. |
Note 7 - Other Real Estate Ow55
Note 7 - Other Real Estate Owned (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Repossessed Assets | $ 0 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Repossessed Assets | $ 500 | |
Consumer Portfolio Segment [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 11,500 |
Note 7 - Other Real Estate Ow56
Note 7 - Other Real Estate Owned - Changes in Other Real Estate Owned ("OREO") (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance at beginning of period | $ 533 | $ 4,932 |
Acquisitions | 533 | |
Write-down of carrying value | (47) | |
Sales | (533) | (816) |
Balance at end of period | $ 4,602 |
Note 7 - Other Real Estate Ow57
Note 7 - Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gross gains | $ 50 | $ 37 |
Total net gain | $ 50 | $ 37 |
Note 8 - Stock-based Compensa58
Note 8 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allocated Share-based Compensation Expense | $ 3,100,000 | $ 3,000,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,000,000 | $ 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 5,600 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Phantom Stock Plan [Member] | ||
Allocated Share-based Compensation Expense | $ (200,000) | $ 29,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,000 | $ 28,000 |
Phantom Stock Plan [Member] | Annually [Member] | Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |
Phantom Stock Plan [Member] | Vested Upon Change in Control [Member] | Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 276,900 | 337,175 |
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 10,700,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 182 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 7,000,000 | $ 4,800,000 |
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year |
Note 8 - Stock-based Compensa59
Note 8 - Stock-based Compensation - Full Value Awards (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Non-vested RSU's, beginning balance (in shares) | 488,779 | |
Non-vested RSU's, beginning balance (in dollars per share) | $ 18.99 | |
Granted RSU's (in shares) | 276,900 | 337,175 |
Granted RSU's (in dollars per share) | $ 28.21 | |
Vested RSU's (in shares) | (242,917) | |
Vested RSU's (in dollars per share) | $ 21.93 | |
Forfeited RSU's (in shares) | (14,680) | |
Forfeited RSU's (in dollars per share) | $ 21.77 | |
Non-vested RSU's, ending balance (in shares) | 508,082 | |
Non-vested RSU's, ending balance (in dollars per share) | $ 22.53 | |
Vested RSU's but unissued at December 31, 2016 (in shares) | 270,017 | |
Vested but unissued at March 31, 2017 (in dollars per share) | $ 22.33 |
Note 8 - Stock-based Compensa60
Note 8 - Stock-based Compensation - Stock Options Exercised (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Proceeds from stock options exercised | $ 19 | |
Fair value of shares received upon exercised of stock options | 328 | |
Tax expense related to stock options exercised | (16) | |
Intrinsic value of stock options exercised | $ 43 |
Note 8 - Stock-based Compensa61
Note 8 - Stock-based Compensation - Phantom Stock Plan (Details) - Phantom Share Units (PSUs) [Member] - Phantom Stock Plan [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Outstanding, beginning balance (in shares) | shares | 89,339 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 29.39 |
Granted (in shares) | shares | 6,743 |
Granted (in dollars per share) | $ / shares | $ 27.17 |
Forfeited (in shares) | shares | 0 |
Forfeited (in dollars per share) | $ / shares | $ 0 |
Distributions (in shares) | shares | (198) |
Distributions (in dollars per share) | $ / shares | $ 28.93 |
Outstanding, ending balance (in shares) | shares | 95,884 |
Outstanding, ending (in dollars per share) | $ / shares | $ 26.87 |
Vested at March 31, 2017 (in shares) | shares | 95,462 |
Vested at March 31, 2017 (in dollars per share) | $ / shares | $ 26.87 |
Note 9 - Pension and Other Po62
Note 9 - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Directors' Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 36,000 | |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 200,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 18,000 |
Note 9 - Pension and Other Po63
Note 9 - Pension and Other Postretirement Benefit Plans - Components of Net Expense for Pension, Outside, and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Pension Plan [Member] | ||
Interest cost | $ 216 | $ 226 |
Amortization of unrecognized loss | 174 | 201 |
Expected return on plan assets | (348) | (348) |
Net expense | 42 | 79 |
Directors' Plan [Member] | ||
Interest cost | 23 | 24 |
Amortization of unrecognized loss | (23) | (21) |
Net expense | 20 | 24 |
Service cost | 10 | 11 |
Amortization of past service liability | 10 | 10 |
Other Postretirement Benefit Plans [Member] | ||
Interest cost | 76 | 80 |
Amortization of unrecognized loss | 12 | |
Net expense | 134 | 161 |
Service cost | 79 | 90 |
Amortization of past service liability | $ (21) | $ (21) |
Note 10 - Fair Value of Finan64
Note 10 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financial Assets at Fair Value Option | $ 30,400 | $ 30,400 | |
Financial Liabilities at Fair Value Option | 34,500 | 34,000 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (378) | $ (987) | |
Financial Liabilites at Fair Value Option Contractual Principal | 61,900 | 61,900 | |
Financial Liabilities at Fair Value Option Accrued Interest Payable | $ 200 | 100 | |
Fair Value Inputs, Discount Rate | 85.00% | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |
Interest Rate Swap [Member] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 200 | $ (2,100) |
Note 10 - Fair Value of Finan65
Note 10 - Fair Value of Financial Instruments - Financial Assets and Liabilities Reported Under the Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financial Assets at Fair Value Option | $ 30,400 | $ 30,400 | |
Net loss from fair value adjustments | (378) | $ (987) | |
Financial Liabilities at Fair Value Option | 34,500 | 34,000 | |
Collateralized Mortgage Backed Securities [Member] | |||
Financial Assets at Fair Value Option | 1,898 | 2,016 | |
Net loss from fair value adjustments | (7) | 5 | |
Other Securities [Member] | |||
Financial Assets at Fair Value Option | 28,526 | 28,429 | |
Net loss from fair value adjustments | 32 | 96 | |
Borrowed Funds [Member] | |||
Net loss from fair value adjustments | (570) | 1,054 | |
Financial Liabilities at Fair Value Option | 34,536 | $ 33,959 | |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | |||
Net loss from fair value adjustments | $ (545) | $ 1,155 |
Note 10 - Fair Value of Finan66
Note 10 - Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | $ 890,976 | $ 867,731 |
Liabilities | 37,576 | 37,345 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets | 883,582 | 860,370 |
Liabilities | 3,040 | 3,386 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | 7,394 | 7,361 |
Liabilities | 34,536 | 33,959 |
Collateralized Mortgage Backed Securities [Member] | ||
Assets | 537,905 | 516,476 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 537,905 | 516,476 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Other Securities [Member] | ||
Assets | 346,238 | 344,905 |
Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 338,844 | 337,544 |
Other Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | 7,394 | 7,361 |
Interest Rate Swap [Member] | ||
Assets | 6,833 | 6,350 |
Liabilities | 3,040 | 3,386 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Liabilities | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 6,833 | 6,350 |
Liabilities | 3,040 | 3,386 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Liabilities | ||
Borrowed Funds [Member] | ||
Liabilities | 34,536 | 33,959 |
Borrowed Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Borrowed Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Borrowed Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | $ 34,536 | $ 33,959 |
Note 10 - Fair Value of Finan67
Note 10 - 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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Trust Preferred Securities [Member] | |||
Beginning balance | $ 7,361 | ||
Ending balance | 7,394 | ||
Fair Value, Inputs, Level 3 [Member] | Trust Preferred Securities [Member] | |||
Beginning balance | 7,361 | $ 7,212 | |
Net gain from fair value adjustment of financial assets | [1] | 32 | (60) |
Net loss from fair value adjustment of financial liabilities | [1] | ||
Increase in accrued interest payable | |||
Change in unrealized gains (losses) included in other comprehensive income | 1 | (2) | |
Ending balance | 7,394 | 7,150 | |
Changes in unrealized gain (loss) held at period end | 1 | (2) | |
Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | |||
Beginning balance | 33,959 | 29,018 | |
Net gain from fair value adjustment of financial assets | [1] | ||
Net loss from fair value adjustment of financial liabilities | [1] | 570 | (1,054) |
Increase in accrued interest payable | 7 | 13 | |
Change in unrealized gains (losses) included in other comprehensive income | |||
Ending balance | 34,536 | 27,977 | |
Changes in unrealized gain (loss) held at period end | |||
[1] | These totals in the tables above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. |
Note 10 - Fair Value of Finan68
Note 10 - Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Trust Preferred Securities [Member] | ||
Fair Value | $ 7,394 | $ 7,361 |
Valuation Technique | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Trust Preferred Securities [Member] | Minimum [Member] | ||
Range | 6.20% | 6.30% |
Trust Preferred Securities [Member] | Maximum [Member] | ||
Range | 7.10% | 7.10% |
Trust Preferred Securities [Member] | Weighted Average [Member] | ||
Range | 6.90% | 7.00% |
Junior Subordinated Debentures [Member] | ||
Valuation Technique | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Range | 6.20% | 6.30% |
Fair Value | $ 34,536 | $ 33,959 |
Junior Subordinated Debentures [Member] | Weighted Average [Member] | ||
Range | 6.20% | 6.30% |
Note 10 - Fair Value of Finan69
Note 10 - 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 | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | $ 14,958 | $ 15,501 |
Impaired Loans [Member] | ||
Assets | 14,958 | 14,968 |
Other Real Estate Owned [Member] | ||
Assets | 533 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
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 2 [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 3 [Member] | ||
Assets | 14,958 | 15,501 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Assets | 14,958 | 14,968 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Assets | $ 533 |
Note 10 - Fair Value of Finan70
Note 10 - 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Assets | $ 14,958 | $ 15,501 |
Fair Value | 14,958 | 15,501 |
Impaired Loans [Member] | ||
Assets | 14,958 | 14,968 |
Fair Value | 14,958 | 14,968 |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | ||
Assets | 2,014 | $ 2,007 |
Range, loss severity discount | 15.00% | |
Fair Value | $ 2,014 | $ 2,007 |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | ||
Range, capitalization rate | 6.00% | 6.00% |
Range, loss severity discount | 10.90% | |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | ||
Range, capitalization rate | 7.50% | 7.50% |
Range, loss severity discount | 15.00% | |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range, capitalization rate | 7.00% | 7.00% |
Range, loss severity discount | 14.20% | 15.00% |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | ||
Assets | $ 8,984 | $ 8,703 |
Fair Value | $ 8,984 | $ 8,703 |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Minimum [Member] | ||
Range, loss severity discount | 0.00% | |
Range, comparability adjustments | (40.00%) | (40.00%) |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Maximum [Member] | ||
Range, loss severity discount | 15.00% | |
Range, comparability adjustments | 16.20% | 16.20% |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range, loss severity discount | 8.00% | 7.70% |
Range, comparability adjustments | 1.50% | 1.50% |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | ||
Assets | $ 3,960 | $ 4,258 |
Range, loss severity discount | 15.00% | |
Fair Value | $ 3,960 | $ 4,258 |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Minimum [Member] | ||
Range, capitalization rate | 5.30% | 5.30% |
Range, loss severity discount | 14.50% | |
Range, comparability adjustments | (29.00%) | (50.00%) |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Maximum [Member] | ||
Range, capitalization rate | 9.50% | 9.50% |
Range, loss severity discount | 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% | 7.20% |
Range, loss severity discount | 15.00% | 15.00% |
Range, comparability adjustments | 0.00% | 0.60% |
Other Real Estate Owned [Member] | ||
Assets | $ 533 | |
Fair Value | 533 | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | ||
Assets | 533 | |
Fair Value | $ 533 | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Minimum [Member] | ||
Range, comparability adjustments | 3.30% | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Maximum [Member] | ||
Range, comparability adjustments | 18.60% | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | Weighted Average [Member] | ||
Range, comparability adjustments | 11.00% |
Note 10 - Fair Value of Finan71
Note 10 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Securities held-to-maturity, fair value | $ 34,152 | $ 35,408 |
Mortgage-backed securities | 537,905 | 516,476 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 3,040 | 3,386 |
Interest rate swaps | 3,040 | 3,386 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 51,215 | 35,857 |
Securities held-to-maturity, fair value | 36,406 | 37,735 |
Mortgage-backed securities | 537,905 | 516,476 |
Other securities | 346,238 | 344,905 |
Loans | 4,974,591 | 4,835,693 |
FHLB-NY stock | 57,384 | 59,173 |
Accrued interest receivable | 20,602 | |
Total assets | 6,031,174 | 5,836,189 |
Deposits | 4,410,746 | 4,205,631 |
Borrowings | 1,227,852 | 1,266,563 |
Accrued interest payable | 3,074 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,644,712 | 5,475,580 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 6,833 | 6,350 |
Interest rate swaps | 3,040 | 3,386 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 51,215 | 35,857 |
Securities held-to-maturity, fair value | 34,152 | 35,408 |
Mortgage-backed securities | 537,905 | 516,476 |
Other securities | 346,238 | 344,905 |
Loans | 4,956,089 | 4,814,840 |
FHLB-NY stock | 57,384 | 59,173 |
Accrued interest receivable | 20,602 | |
Total assets | 6,010,418 | 5,813,009 |
Deposits | 4,417,356 | 4,213,714 |
Borrowings | 1,221,367 | 1,255,283 |
Accrued interest payable | 3,074 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,644,837 | 5,472,383 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 6,833 | 6,350 |
Interest rate swaps | 3,040 | 3,386 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 51,215 | 35,857 |
Securities held-to-maturity, fair value | ||
Mortgage-backed securities | ||
Other securities | ||
Loans | ||
FHLB-NY stock | ||
Accrued interest receivable | ||
Total assets | 51,215 | 35,857 |
Deposits | 2,998,927 | 2,833,516 |
Borrowings | ||
Accrued interest payable | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,998,927 | 2,833,516 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | ||
Interest rate swaps | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Securities held-to-maturity, fair value | ||
Mortgage-backed securities | 537,905 | 516,476 |
Other securities | 338,844 | 337,544 |
Loans | ||
FHLB-NY stock | 57,384 | 59,173 |
Accrued interest receivable | 20,602 | |
Total assets | 961,568 | 919,543 |
Deposits | 1,418,429 | 1,380,198 |
Borrowings | 1,186,831 | 1,221,324 |
Accrued interest payable | 3,074 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,611,374 | 2,604,908 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 6,833 | 6,350 |
Interest rate swaps | 3,040 | 3,386 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Securities held-to-maturity, fair value | 34,152 | 35,408 |
Mortgage-backed securities | ||
Other securities | 7,394 | 7,361 |
Loans | 4,956,089 | 4,814,840 |
FHLB-NY stock | ||
Accrued interest receivable | ||
Total assets | 4,997,635 | 4,857,609 |
Deposits | ||
Borrowings | 34,536 | 33,959 |
Accrued interest payable | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 34,536 | 33,959 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | ||
Interest rate swaps |
Note 11 - Derivative Financia72
Note 11 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Junior Subordinated Notes | $ 34,536 | $ 33,959 | |
Derivative Asset, Notional Amount | 285,384 | 253,414 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (378) | $ (987) | |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (545) | $ 1,155 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Asset, Notional Amount | 36,300 | ||
Designated as Hedging Instrument [Member] | |||
Derivative Asset, Notional Amount | 249,100 | 217,100 | |
Interest Rate Swap [Member] | |||
Derivative Asset, Notional Amount | 267,400 | 235,400 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Asset, Notional Amount | 221,591 | 182,177 | |
Floating Rate Junior Subordinated Debentures [Member] | |||
Derivative, Amount of Hedged Item | 18,000 | 18,000 | |
Junior Subordinated Notes | $ 61,900 | $ 61,900 |
Note 11 - Derivative Financia73
Note 11 - Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Interest rate swaps, notional amount | $ 285,384 | $ 253,414 | |
Interest rate swaps, net carrying value | [1] | 3,793 | 2,964 |
Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 249,100 | 217,100 | |
Not Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 36,300 | ||
Interest Rate Swap [Member] | |||
Interest rate swaps, notional amount | 267,400 | 235,400 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 221,591 | 182,177 | |
Interest rate swaps, net carrying value | [1] | 6,833 | 6,350 |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 27,472 | 34,916 | |
Interest rate swaps, net carrying value | [1] | (544) | (658) |
Interest Rate Swaps 2 [Member] | Not Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 36,321 | 36,321 | |
Interest rate swaps, net carrying value | [1] | $ (2,496) | $ (2,728) |
[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 March 31, 2017 and December 31, 2016. |
Note 11 - Derivative Financia74
Note 11 - Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net gain (loss) | [1],[2] | $ 166 | $ (2,142) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Net gain (loss) | 232 | (2,102) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Net gain (loss) | $ (66) | $ (40) | |
[1] | Net gains and losses are recorded as part of "Net gain/loss from fair value adjustments" in the Consolidated Statements of Income. | ||
[2] | The net gain (loss) presented in the above table does not include net losses of $0.5 million and net gains of $1.2 million for the three months ended March 31, 2017 and 2016, respectively, from the change in the fair value of financial assets and liabilities carried at fair value under the fair value option. |
Note 11 - Derivative Financia75
Note 11 - Derivative Financial Instruments - Effect of Master Netting Arrangements on Derivative Assets and Liabilities in the Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 6,833 | $ 6,350 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | ||
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Condition | 6,833 | 6,350 |
Interest Rate Swaps, Financial Instruments | ||
Interest Rate Swaps, Cash Collateral Received | 3,793 | 2,964 |
Interest Rate Swaps, Net Amount | 3,040 | 3,386 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 3,040 | 3,386 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | ||
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 3,040 | 3,386 |
Interest Rate Swaps, Financial Instruments | ||
Interest Rate Swaps, Cash Collateral Received | ||
Interest Rate Swaps, Net Amount | $ 3,040 | 3,386 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent | 30.00% | 37.00% | |
Deferred Tax Assets, Net of Valuation Allowance | $ 31,400 | ||
Deferred Tax Liabilities, Gross | 16,900 | ||
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Federal: | ||
Federal tax provision, current | $ 2,952 | $ 3,660 |
Federal tax provision, deferred | 1,797 | 1,087 |
Total federal tax provision | 4,749 | 4,747 |
State and Local: | ||
State and local tax provision, current | (199) | 385 |
State and local tax provision, deferred | 704 | 483 |
Total state and local tax provision | 505 | 868 |
Total income tax provision | $ 5,254 | $ 5,615 |
Note 12 - Income Taxes - Effect
Note 12 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Taxes at federal statutory rate | $ 6,130 | $ 5,312 |
Taxes at federal statutory rate, percentage | 35.00% | 35.00% |
Increase (reduction) in taxes resulting from: | ||
State and local income tax, net of Federal income tax benefit | $ 328 | $ 564 |
State and local income tax, net of Federal income tax benefit, percentage | 1.90% | 3.70% |
Other | $ (1,204) | $ (261) |
Other, percentage | (6.90%) | (1.70%) |
Total taxes | $ 5,254 | $ 5,615 |
Taxes at effective rate, percentage | 30.00% | 37.00% |
Note 13 - Accumulated Other C79
Note 13 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ 513,853 | $ 473,067 |
Total other comprehensive income, net of tax | 1,228 | 6,873 |
Balance | 525,402 | 487,779 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | (3,859) | (521) |
Other comprehensive income before reclassifications, net of tax | 1,148 | 6,770 |
Amounts reclassified from accumulated other comprehensive income, net of tax | ||
Total other comprehensive income, net of tax | 1,148 | 6,770 |
Balance | (2,711) | 6,249 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (4,503) | (5,041) |
Other comprehensive income before reclassifications, net of tax | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | 80 | 103 |
Total other comprehensive income, net of tax | 80 | 103 |
Balance | (4,423) | (4,938) |
AOCI Attributable to Parent [Member] | ||
Balance | (8,362) | (5,562) |
Other comprehensive income before reclassifications, net of tax | 1,148 | 6,770 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 80 | 103 |
Total other comprehensive income, net of tax | 1,228 | 6,873 |
Balance | $ (7,134) | $ 1,311 |
Note 13 - Accumulated Other C80
Note 13 - Accumulated Other Comprehensive Income - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Other expense | $ (4,923) | $ (4,536) | |
Total before tax | 17,514 | 15,176 | |
Tax benefit | (5,254) | (5,615) | |
Net income | 12,260 | 9,561 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||
Other expense | [1] | (151) | (192) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||
Other expense | [1] | 11 | 11 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Total before tax | (140) | (181) | |
Tax benefit | 60 | 78 | |
Net income | $ (80) | $ (103) | |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 9 of the Notes to Consolidated Financial Statements "Pension and Other Postretirement Benefit Plans".) |
Note 14 - Regulatory Capital (D
Note 14 - Regulatory Capital (Details Textual) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2019 | |
Capital Conservation Buffer Required for Capital Adequacy | 1.25% | |
Capital Conservation Buffer Required for Capital Adequacy Annual Increase | 0.625% | |
Savings Bank [Member] | ||
Capital Conservation Buffer | 6.30% | |
Holding Company [Member] | ||
Capital Conservation Buffer | 6.30% | |
Scenario, Forecast [Member] | ||
Capital Conservation Buffer Required for Capital Adequacy | 2.50% |
Note 14 - Regulatory Capital -
Note 14 - Regulatory Capital - Summary of the Bank's Compliance (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Tier i (leverage) capital, capital level, amount | $ 616,017 | $ 607,033 |
Tier i (leverage) capital, capital level, percent | 9.98% | 10.12% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 308,535 | $ 299,848 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 307,482 | $ 307,185 |
Tier i (leverage) capital, excess, percent | 4.98% | 5.12% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 616,017 | $ 607,033 |
Common equity tier i risk-based capital, capital level, percent | 13.80% | 14.12% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 290,046 | $ 279,443 |
Common equity tier i risk-based capital, requirement to be well capitalized, percent | 6.50% | 6.50% |
Common equity tier i risk-based capital, excess, amount | $ 325,971 | $ 327,590 |
Common equity tier i risk-based capital, excess, percent | 7.30% | 7.62% |
Tier I risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 616,017 | $ 607,033 |
Tier 1 risk-based capital, capital level, percent | 13.80% | 14.12% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 356,980 | $ 343,930 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 259,037 | $ 263,103 |
Tier 1 risk-based capital, excess, percent | 5.80% | 6.12% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 638,228 | $ 629,262 |
Total risk-based capital, capital level, percent | 14.30% | 14.64% |
Total risk-based capital, requirement to be well capitalized, amount | $ 446,225 | $ 429,913 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 192,003 | $ 199,349 |
Total risk-based capital, excess, percent | 4.30% | 4.64% |
Holding Company [Member] | ||
Tier I (leverage) capital: | ||
Tier i (leverage) capital, capital level, amount | $ 550,055 | $ 539,228 |
Tier i (leverage) capital, capital level, percent | 8.92% | 9.00% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 308,284 | $ 299,654 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 241,771 | $ 239,574 |
Tier i (leverage) capital, excess, percent | 3.92% | 4.00% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 516,706 | $ 506,432 |
Common equity tier i risk-based capital, capital level, percent | 11.59% | 11.79% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 289,733 | $ 279,121 |
Common equity tier i risk-based capital, requirement to be well capitalized, percent | 6.50% | 6.50% |
Common equity tier i risk-based capital, excess, amount | $ 226,973 | $ 227,311 |
Common equity tier i risk-based capital, excess, percent | 5.09% | 5.29% |
Tier I risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 550,055 | $ 539,228 |
Tier 1 risk-based capital, capital level, percent | 12.34% | 12.56% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 356,594 | $ 343,534 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 193,461 | $ 195,694 |
Tier 1 risk-based capital, excess, percent | 4.34% | 4.56% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 647,266 | $ 636,457 |
Total risk-based capital, capital level, percent | 14.52% | 14.82% |
Total risk-based capital, requirement to be well capitalized, amount | $ 445,743 | $ 429,417 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 201,523 | $ 207,040 |
Total risk-based capital, excess, percent | 4.52% | 4.82% |