Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 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) | 28,819,891 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Cash and due from banks | $ 60,161 | $ 35,857 |
Securities held-to-maturity: | ||
Securities held-to-maturity | 30,930 | 37,735 |
Securities available for sale: | ||
Securities available for sale | 796,559 | 861,381 |
Loans: | ||
Net unamortized premiums and unearned loan fees | 16,925 | 16,559 |
Allowance for loan losses | (25,269) | (22,229) |
Net loans | 5,045,107 | 4,813,464 |
Interest and dividends receivable | 21,076 | 20,228 |
Bank premises and equipment, net | 28,389 | 26,561 |
Federal Home Loan Bank of New York stock | 55,228 | 59,173 |
Bank owned life insurance | 131,047 | 132,508 |
Goodwill | 16,127 | 16,127 |
Other assets | 76,758 | 55,453 |
Total assets | 6,261,382 | 6,058,487 |
LIABILITIES | ||
Non-interest bearing | 362,509 | 333,163 |
Interest-bearing: | ||
Certificate of deposit accounts | 1,404,555 | 1,372,115 |
Savings accounts | 323,186 | 254,283 |
Money market accounts | 991,706 | 843,370 |
NOW accounts | 1,308,821 | 1,362,484 |
Total interest-bearing deposits | 4,028,268 | 3,832,252 |
Mortgagors' escrow deposits | 53,671 | 40,216 |
Borrowed funds | ||
Federal Home Loan Bank advances | 1,090,989 | 1,159,190 |
Subordinated debentures | 73,622 | 73,414 |
Junior subordinated debentures, at fair value | 36,071 | 33,959 |
Total borrowed funds | 1,200,682 | 1,266,563 |
Other liabilities | 76,643 | 72,440 |
Total liabilities | 5,721,773 | 5,544,634 |
STOCKHOLDERS' EQUITY | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | 0 | 0 |
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595 shares issued at September 30, 2017 and December 31, 2016; 28,819,891 shares and 28,632,904 shares outstanding at September 30, 2017 and December 31, 2016, respectively) | 315 | 315 |
Additional paid-in capital | 216,929 | 214,462 |
Treasury stock, at average cost (2,710,704 shares and 2,897,691 shares at September 30, 2017 and December 31, 2016, respectively) | (51,287) | (53,754) |
Retained earnings | 380,316 | 361,192 |
Accumulated other comprehensive loss, net of taxes | (6,664) | (8,362) |
Total stockholders' equity | 539,609 | 513,853 |
Total liabilities and stockholders' equity | 6,261,382 | 6,058,487 |
Multi-Family Residential [Member] | ||
Loans: | ||
Loan Receivable | 2,236,173 | 2,178,504 |
Commercial Real Estate Loans [Member] | ||
Loans: | ||
Loan Receivable | 1,352,775 | 1,246,132 |
One-To-Four Family - Mixed Used Property [Member] | ||
Loans: | ||
Loan Receivable | 556,723 | 558,502 |
One-To-Four Family - Residential [Member] | ||
Loans: | ||
Loan Receivable | 177,578 | 185,767 |
Co-Operative Apartments [Member] | ||
Loans: | ||
Loan Receivable | 7,035 | 7,418 |
Construction [Member] | ||
Loans: | ||
Loan Receivable | 15,811 | 11,495 |
Small Business Administration [Member] | ||
Loans: | ||
Loan Receivable | 14,485 | 15,198 |
Taxi Medallion [Member] | ||
Loans: | ||
Loan Receivable | 18,165 | 18,996 |
Commercial Business and Other [Member] | ||
Loans: | ||
Loan Receivable | 674,706 | 597,122 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity: | ||
Securities held-to-maturity | 7,978 | |
Securities available for sale: | ||
Securities available for sale | 519,861 | 516,476 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity: | ||
Securities held-to-maturity | 22,952 | 37,735 |
Securities available for sale: | ||
Securities available for sale | $ 276,698 | $ 344,905 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Securities held-to-maturity, fair value | $ 29,381 | $ 35,408 |
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) | 28,819,891 | 28,632,904 |
Treasury stock, at average cost (in shares) | 2,710,704 | 2,897,691 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, fair value | $ 7,839 | |
Securities available for sale, pledged as collateral | 94,414 | 145,860 |
Securities available for sale, fair value option | 1,696 | 2,016 |
Securities available for sale, fair value option | 1,696 | 2,016 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, fair value | 21,542 | 35,408 |
Securities available for sale, pledged as collateral | 45,921 | 82,064 |
Securities available for sale, fair value option | 19,712 | 28,429 |
Securities available for sale, fair value option | $ 19,712 | $ 28,429 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Interest and dividend income | |||||
Interest and fees on loans | $ 53,318 | $ 49,181 | $ 155,834 | $ 145,152 | |
Interest and dividends on securities: | |||||
Interest | 5,850 | 6,173 | 18,377 | 19,275 | |
Dividends | 30 | 121 | 274 | 360 | |
Other interest income | 121 | 49 | 403 | 191 | |
Total interest and dividend income | 59,319 | 55,524 | 174,888 | 164,978 | |
Interest expense | |||||
Deposits | 10,655 | 8,520 | 29,145 | 24,590 | |
Other interest expense | 5,623 | 5,291 | 15,696 | 15,653 | |
Total interest expense | 16,278 | 13,811 | 44,841 | 40,243 | |
Net interest income | 43,041 | 41,713 | 130,047 | 124,735 | |
Provision for loan losses | 3,266 | 3,266 | |||
Net interest income after provision for loan losses | 39,775 | 41,713 | 126,781 | 124,735 | |
Non-interest income | |||||
Banking services fee income | 885 | 826 | 2,773 | 2,775 | |
Net (loss) gain on sale of securities | (186) | (186) | 2,363 | ||
Net gain on sale of loans | 152 | 240 | 396 | 584 | |
Net gain on sale of buildings | 33,814 | ||||
Net loss from fair value adjustments | (1,297) | (823) | (2,834) | (2,925) | |
Federal Home Loan Bank of New York stock dividends | 740 | 665 | 2,206 | 1,870 | |
Gain from life insurance proceeds | 238 | 47 | 1,405 | 458 | |
Bank owned life insurance | 816 | 707 | 2,418 | 2,096 | |
Other income | 313 | 191 | 1,120 | 1,075 | |
Total non-interest income | 1,661 | 1,853 | 7,298 | 42,110 | |
Non-interest expense | |||||
Salaries and employee benefits | 15,310 | 14,795 | 47,838 | 45,024 | |
Occupancy and equipment | 2,502 | 2,576 | 7,652 | 7,298 | |
Professional services | 1,763 | 1,730 | 5,678 | 5,907 | |
FDIC deposit insurance | 499 | 536 | 1,328 | 2,380 | |
Data processing | 1,349 | 939 | 3,873 | 3,229 | |
Depreciation and amortization | 1,173 | 1,169 | 3,493 | 3,263 | |
Other real estate owned/foreclosure expense | 121 | 273 | 376 | 831 | |
Prepayment penalty on borrowings | 2,082 | ||||
Other operating expenses | 3,249 | 4,259 | 11,357 | 13,214 | |
Total non-interest expense | 25,966 | 26,277 | 81,595 | 83,228 | |
Income before income taxes | 15,470 | 17,289 | 52,484 | 83,617 | |
Provision for income taxes | |||||
Federal | 4,680 | 5,568 | 15,005 | 25,518 | |
State and local | 611 | 1,087 | 2,315 | 7,469 | |
Total taxes | 5,291 | 6,655 | 17,320 | 32,987 | |
Net income | $ 10,179 | $ 10,634 | $ 35,164 | $ 50,630 | |
Basic earnings per common share (in dollars per share) | $ 0.35 | $ 0.37 | $ 1.21 | $ 1.75 | |
Diluted earnings per common share (in dollars per share) | [1] | 0.35 | 0.37 | 1.21 | 1.75 |
Dividends per common share (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.54 | $ 0.51 | |
[1] | For the three and nine months ended September 30, 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net Income | $ 10,179 | $ 10,634 | $ 35,164 | $ 50,630 |
Other comprehensive income (loss), net of tax: | ||||
Amortization of actuarial losses, net of taxes of ($64) and ($82) for the three months ended September 30, 2017 and 2016, respectively and of ($192) and ($247) for the nine months ended September 30, 2017 and 2016, respectively. | 88 | 110 | 262 | 329 |
Amortization of prior service credits, net of taxes of $5 and $4 for the three months ended September 30, 2017 and 2016, respectively and $14 for each of the nine months ended September 30, 2017 and 2016. | (7) | (7) | (20) | (20) |
Reclassification adjustment for net gains included in income, net of taxes of ($78) for the three and nine months ended September 30, 2017 and $1,013 for the nine months ended September 30, 2016. | 108 | 108 | (1,350) | |
Net unrealized (losses) gains on securities, net of taxes of $241 and $2,177 for the three months ended September 30, 2017 and 2016, respectively and of ($1,006) and ($5,103) for the nine months ended September 30, 2017 and 2016, respectively. | (333) | (2,942) | 1,416 | 6,852 |
Net unrealized gain (loss) on cash flow hedges, net of taxes of ($41) and $49 for the three and nine months ended September 30, 2017, respectively. | 56 | (68) | ||
Net current period other comprehensive income, net of tax | (88) | (2,839) | 1,698 | 5,811 |
Comprehensive income | $ 10,091 | $ 7,795 | $ 36,862 | $ 56,441 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Amortization of net actuarial losses, tax | $ (64) | $ (82) | $ (192) | $ (247) |
Amortization of prior service credits, tax | 5 | 4 | 14 | 14 |
Reclassification adjustment for net gains included in net income, tax | (78) | (78) | 1,013 | |
Net unrealized gains of securities, tax | 241 | 2,177 | (1,006) | (5,103) |
Net unrealized loss on cash flow hedge, tax | $ (41) | $ 49 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net Income | $ 35,164 | $ 50,630 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 3,266 | |
Depreciation and amortization | 3,493 | 3,263 |
Amortization of premium, net of accretion of discount | 5,716 | 6,344 |
Net loss from fair value adjustments | 2,834 | 2,925 |
Net gain from sale of loans | (396) | (584) |
Net loss (gain) from sale of securities | 186 | (2,363) |
Net gain from sale of buildings | (33,814) | |
Net (gain) loss from sale of OREO | (50) | 1,726 |
Income from bank owned life insurance | (2,418) | (2,096) |
Gain from life insurance proceeds | (1,405) | (458) |
Stock-based compensation expense | 5,092 | 4,169 |
Deferred compensation | (3,322) | (3,140) |
Excess tax benefit from stock-based payment arrangements | (470) | |
Deferred income tax benefit | (1,806) | (1,228) |
Increase in other liabilities | 6,810 | 7,680 |
(Increase) decrease in other assets | (68) | 4,823 |
Net cash provided by operating activities | 53,096 | 37,407 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of bank premises and equipment | (5,321) | (4,159) |
Net redemptions (purchases) of Federal Home Loan Bank of New York shares | 3,945 | (9,119) |
Purchases of securities held-to-maturity | (8,030) | (35,705) |
Proceeds from maturities of securities held-to-maturity | 14,830 | 8,475 |
Purchases of securities available for sale | (152,121) | (59,678) |
Proceeds from sales and calls of securities available for sale | 155,999 | 66,996 |
Proceeds from maturities and prepayments of securities available for sale | 60,573 | 85,829 |
Proceeds from bank owned life insurance | 4,646 | 2,236 |
Proceeds from sale of buildings | 34,332 | |
Net originations of loans | (234,227) | (210,506) |
Purchases of loans | (75,832) | (137,994) |
Proceeds from sale of real estate owned | 583 | 853 |
Proceeds from sale of loans | 54,990 | 11,499 |
Net cash used in investing activities | (179,965) | (246,941) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in non-interest bearing deposits | 29,346 | 50,591 |
Net increase in interest-bearing deposits | 195,552 | 85,616 |
Net increase in mortgagors' escrow deposits | 13,455 | 12,432 |
Net (repayments) proceeds from short-term borrowed funds | (43,500) | 150,000 |
Proceeds from long-term borrowings | 180,000 | 200,000 |
Repayment of long-term borrowings | (205,049) | (260,301) |
Purchases of treasury stock | (2,902) | (9,102) |
Excess tax benefit from stock-based payment arrangements | 470 | |
Proceeds from issuance of common stock upon exercise of stock options | 132 | |
Cash dividends paid | (15,729) | (14,787) |
Net cash provided by financing activities | 151,173 | 215,051 |
Net increase in cash and cash equivalents | 24,304 | 5,517 |
Cash and cash equivalents, beginning of period | 35,857 | 42,363 |
Cash and cash equivalents, end of period | 60,161 | 47,880 |
SUPPLEMENTAL CASHFLOW DISCLOSURE | ||
Interest paid | 42,543 | 39,792 |
Income taxes paid | 16,906 | 28,610 |
Taxes paid if excess tax benefits were not tax deductible | 16,906 | 29,080 |
Non-cash activities: | ||
Securities purchased not yet settled | 2,000 | |
Loans transferred to Other Real Estate Owned | 486 | |
Loans held for investment transferred to loans available for sale | $ 30,565 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Shares Purchased to Fund Options Exercised [Member]Common Stock [Member] | Shares Purchased to Fund Options Exercised [Member]Additional Paid-in Capital [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]AOCI Attributable to Parent [Member] | Shares Purchased to Fund Options Exercised [Member] | 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] | 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 | 50,630 | 50,630 | |||||||||||||
Award of common shares released from Employee Benefit Trust | 1,984 | 1,984 | |||||||||||||
Vesting of restricted stock unit awards | (4,049) | (397) | 4,446 | ||||||||||||
Exercise of stock options | 15 | (34) | 151 | 132 | |||||||||||
Stock-based compensation expense | 4,416 | 4,416 | |||||||||||||
Purchase of treasury shares | $ (7,492) | $ (7,492) | $ (1,610) | $ (1,610) | |||||||||||
Dividends on common stock | (14,787) | (14,787) | |||||||||||||
Other comprehensive income | 5,811 | 5,811 | |||||||||||||
Balance at Sep. 30, 2016 | 315 | 213,488 | 351,942 | (53,373) | 249 | 512,621 | |||||||||
Stock-based income tax benefit | 470 | 470 | |||||||||||||
Balance at Jun. 30, 2016 | 3,088 | ||||||||||||||
Net Income | 10,634 | ||||||||||||||
Other comprehensive income | (2,839) | (2,839) | |||||||||||||
Balance at Sep. 30, 2016 | 315 | 213,488 | 351,942 | (53,373) | 249 | 512,621 | |||||||||
Balance at Dec. 31, 2016 | 315 | 214,462 | 361,192 | (53,754) | (8,362) | 513,853 | |||||||||
Net Income | 35,164 | 35,164 | |||||||||||||
Award of common shares released from Employee Benefit Trust | 2,433 | 2,433 | |||||||||||||
Vesting of restricted stock unit awards | (5,052) | (271) | 5,323 | ||||||||||||
Exercise of stock options | (6) | (40) | 46 | ||||||||||||
Stock-based compensation expense | 5,092 | 5,092 | |||||||||||||
Purchase of treasury shares | $ (278) | $ (278) | $ (2,624) | $ (2,624) | |||||||||||
Dividends on common stock | (15,729) | (15,729) | |||||||||||||
Other comprehensive income | 1,698 | 1,698 | |||||||||||||
Balance at Sep. 30, 2017 | 315 | 216,929 | 380,316 | (51,287) | (6,664) | 539,609 | |||||||||
Balance at Jun. 30, 2017 | (6,576) | ||||||||||||||
Net Income | 10,179 | ||||||||||||||
Other comprehensive income | (88) | (88) | |||||||||||||
Balance at Sep. 30, 2017 | $ 315 | $ 216,929 | $ 380,316 | $ (51,287) | $ (6,664) | $ 539,609 |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Additional Paid-in Capital [Member] | ||
Common shares released from Employee Benefit Trust, shares (in shares) | 114,754 | 138,519 |
Restricted stock unit awards vested, shares (in shares) | 284,595 | 245,311 |
Exercise of stock options, shares (in shares) | 4,400 | 41,670 |
Treasury Stock [Member] | Shares Purchased to Fund Options Exercised [Member] | ||
Purchase of treasury shares (in shares) | 10,000 | 378,695 |
Treasury Stock [Member] | Restricted Stock Awards Repurchased to Satisfy Tax Obligations [Member] | ||
Purchase of treasury shares (in shares) | 90,779 | 77,994 |
Retained Earnings [Member] | ||
Dividends on common stock (in dollars per share) | $ 0.54 | $ 0.51 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 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 not 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 that 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 may The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10 10, 10 01 X 10 December 31, 2016. When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. |
Note 2 - Use of Estimates
Note 2 - Use of Estimates | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Earnings Per Share Earnings per common share have been computed based on the following: For the three months ended For the nine months ended September 30, September 30, 2017 2016 2017 2016 (In thousands, except per share data) Net income, as reported $ 10,179 $ 10,634 $ 35,164 $ 50,630 Divided by: Weighted average common shares outstanding 29,120 28,861 29,092 28,993 Weighted average common stock equivalents 1 14 2 13 Total weighted average common shares outstanding and common stock equivalents 29,121 28,875 29,094 29,006 Basic earnings per common share $ 0.35 $ 0.37 $ 1.21 $ 1.75 Diluted earnings per common share (1) $ 0.35 $ 0.37 $ 1.21 $ 1.75 Dividend payout ratio 51.4 % 45.9 % 44.6 % 29.1 % ( 1 For the three nine September 30, 2017 2016, no |
Note 4 - Debt and Equity Securi
Note 4 - Debt and Equity Securities | 9 Months Ended |
Sep. 30, 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 did not September 30, 2017 December 31, 2016. The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2017: Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 22,952 $ 21,542 $ - $ 1,410 Total other securities 22,952 21,542 - 1,410 FNMA 7,978 7,839 - 139 Total mortgage-backed securities 7,978 7,839 - 139 Total $ 30,930 $ 29,381 $ - $ 1,549 The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2016: Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 37,735 $ 35,408 $ - $ 2,327 Total $ 37,735 $ 35,408 $ - $ 2,327 The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2017: Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 103,126 $ - $ 6,874 Municipals 102,226 104,979 2,753 - Mutual funds 18,629 18,629 - - Collateralized loan obligations 48,398 48,881 483 - Other 1,083 1,083 - - Total other securities 280,336 276,698 3,236 6,874 REMIC and CMO 330,593 330,459 1,953 2,087 GNMA 1,096 1,184 88 - FNMA 138,995 138,781 547 761 FHLMC 49,557 49,437 23 143 Total mortgage-backed securities 520,241 519,861 2,611 2,991 Total securities available for sale $ 800,577 $ 796,559 $ 5,847 $ 9,865 The following table summarizes the Company’s portfolio of securities available for sale 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 table above include one $0.1 $0.2 September 30, 2017 December 31, 2016. The corporate securities held by the Company at September 30, 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 September 30, 2017, may may Amortized Securities held-to-maturity: Cost Fair Value (In thousands) Due in one year or less $ 1,085 $ 1,085 Due after ten years 21,867 20,457 Total other securities 22,952 21,542 Mortgage-backed securities 7,978 7,839 Total $ 30,930 $ 29,381 Securities available for sale: Amortized Fair Value (In thousands) Due in one year or less $ - $ - Due after one year through five years 4,335 4,443 Due after five years through ten years 159,666 153,369 Due after ten years 97,706 100,257 Mutual funds 18,629 18,629 Total other securities 280,336 276,698 Mortgage-backed securities 520,241 519,861 Total $ 800,577 $ 796,559 The following tables show the Company’s 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 dates indicated: At September 30, 2017 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 20,457 $ 1,410 $ 20,457 $ 1,410 $ - $ - Total other securities 1 20,457 1,410 20,457 1,410 - - FNMA 1 7,839 139 7,839 139 - - Total mortgage-backed securities 1 7,839 139 7,839 139 - - Total 2 $ 28,296 $ 1,549 $ 28,296 $ 1,549 $ - $ - Available for sale securities Corporate 14 $ 103,126 $ 6,874 $ 19,154 $ 846 $ 83,972 $ 6,028 Total other securities 14 103,126 6,874 19,154 846 83,972 6,028 REMIC and CMO 23 149,238 2,087 133,091 1,449 16,147 638 FNMA 11 90,337 761 81,621 595 8,716 166 FHLMC 2 48,400 143 48,400 143 - - Total mortgage-backed securities 36 287,975 2,991 263,112 2,187 24,863 804 Total 50 $ 391,101 $ 9,865 $ 282,266 $ 3,033 $ 108,835 $ 6,832 At December 31, 2016 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,538 $ 2,327 $ 19,538 $ 2,327 $ - $ - Total 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 Collateralized loan obligations 4 16,047 64 16,047 64 - - Other 1 298 2 - - 298 2 Total 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 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 not The Company reviewed each investment that had an unrealized loss at September 30, 2017 December 31, 2016. September 30, 2017 December 31, 2016 September 30, 2017 September 30, 2017 December 31, 2016 It is not not not not none not September 30, 2017 December 31, 2016. Realized gains and losses on the sales of securities are determined using the specific identification method. The Company sold available for sale securities totaling $112.4 three September 30, 2017. not three September 30, 2016. $112.4 $64.6 nine September 30, 2017 2016, The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: For the three months ended For the nine months ended 2017 2016 2017 2016 (In thousands) Gross gains from the sale of securities $ 401 $ - $ 401 $ 2,370 Gross losses from the sale of securities (587 ) - (587 ) (7 ) Net (losses) gains from the sale of securities $ (186 ) $ - $ (186 ) $ 2,363 |
Note 5 - Loans
Note 5 - Loans | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected. 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 not 90 first 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 A loan is considered impaired when, based upon current information, the Company believes it is probable that it will be unable to collect all amounts due, both principal and interest, in accordance with the original terms of the loan. Impaired loans are measured based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or, as a practical expedient, the fair value of the collateral if the loan is collateral dependent. All non-accrual loans are considered impaired. 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 may The determination of the amount of the allowance for loan losses includes estimates that are susceptible to significant changes due to changes in appraisal values of collateral, national and local economic conditions and other factors. We review our loan portfolio by separate categories with similar risk and collateral characteristics. Impaired loans are segregated and reviewed separately. The Company 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 The loan balances of collateral dependent impaired loans are compared to the property’s updated fair value. The Company considers fair value of collateral dependent loans to be 85% 85% 100% no The Company segregated its loans into two December 31, 2009 second January 1, 2010. 2009. 2009, 2010 2010 The Company evaluates the underlying collateral through a third third not 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 As of September 30, 2017, third $39.2 82.9%, $8.1 17.1%, The Company may may These restructurings have not six not 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 September 30, 2017, no not The following tables shows loans modified and classified as TDR during the periods indicated: For the three months ended (Dollars in thousands) Number Balance Modification description Taxi medallion 4 $ 1,306 Loan amortization extension Total 4 $ 1,306 For the nine months ended September 30, 2017 September 30, 2016 (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - residential - $ - 2 $ 263 Received below market interest rates and the amortizations were extended Commercial business and other - - 2 739 One received an amortization extension and one received a below market interest rate and an amortization extension Taxi medallion 9 5,595 All loans amortizations were extended, with three loans also receiving a below market interest rate - - Total 9 $ 5,595 4 $ 1,002 The Company did not three September 30, 2016. The recorded investment of the loans modified and classified as TDR presented in the tables above, were unchanged as there was no The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated: September 30, 2017 December 31, 2016 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 9 $ 2,533 9 $ 2,572 Commercial real estate 2 2,031 2 2,062 One-to-four family - mixed-use property 5 1,765 5 1,800 One-to-four family - residential 3 577 3 591 Taxi medallion 21 15,074 12 9,735 Commercial business and other 2 517 2 675 Total performing troubled debt restructured 42 $ 22,497 33 $ 17,435 The following table shows our recorded investment for loans classified as TDR that are not September 30, 2017 December 31, 2016 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 377 1 $ 396 Total troubled debt restructurings that subsequently defaulted 1 $ 377 1 $ 396 During the three nine September 30, 2017 2016 no The following table shows our non-performing loans at the periods indicated: (In thousands) September 30, December 31, Loans ninety days or more past due and still accruing: Multi-family residential $ 415 $ - Commercial real estate 38 - One-to-four family - mixed-use property 129 386 Taxi medallion 1,147 - Total 1,729 386 Non-accrual mortgage loans: Multi-family residential 1,309 1,837 Commercial real estate 1,147 1,148 One-to-four family - mixed-use property 2,217 4,025 One-to-four family - residential 7,434 8,241 Total 12,107 15,251 Non-accrual non-mortgage loans: Small Business Administration 50 1,886 Taxi medallion - 3,825 Commercial business and other 4 68 Total 54 5,779 Total non-accrual loans 12,161 21,030 Total non-performing loans $ 13,890 $ 21,416 During the three nine September 30, 2017, not not September 30, 2017. December 31, 2016, one $0.5 September 30, 2017 December 31, 2016 $8.7 $11.4 The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the periods indicated: For the three months ended For the nine months ended 2017 2016 2017 2016 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 401 $ 468 $ 1,249 $ 1,405 Less: Interest income included in the results of operations 166 99 434 391 Total foregone interest $ 235 $ 369 $ 815 $ 1,014 The following tables show an age analysis of our recorded investment in loans, including loans past maturity, at the periods indicated: September 30, 2017 (In thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 6,115 $ 155 $ 1,724 $ 7,994 $ 2,228,179 $ 2,236,173 Commercial real estate 3,455 481 1,185 5,121 1,347,654 1,352,775 One-to-four family - mixed-use property 3,577 112 2,346 6,035 550,688 556,723 One-to-four family - residential 3,646 43 7,246 10,935 166,643 177,578 Co-operative apartments - - - - 7,035 7,035 Construction loans - - - - 15,811 15,811 Small Business Administration - 245 - 245 14,240 14,485 Taxi medallion - - 1,147 1,147 17,018 18,165 Commercial business and other - - 4 4 674,702 674,706 Total $ 16,793 $ 1,036 $ 13,652 $ 31,481 $ 5,021,970 $ 5,053,451 December 31, 2016 (In thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 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 September 30, 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 $ 5,917 $ 4,688 $ 2,568 $ 990 $ 130 $ 306 $ 2,330 $ 4,668 $ 560 $ 22,157 Charge-off's (290 ) - (1 ) - - - - (33 ) - (324 ) Recoveries 66 25 - 58 - 17 - 4 - 170 Provision (Benefit) 43 (86 ) (49 ) (90 ) (13 ) 70 3,661 290 (560 ) 3,266 Ending balance $ 5,736 $ 4,627 $ 2,518 $ 958 $ 117 $ 393 $ 5,991 $ 4,929 $ - $ 25,269 September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,177 $ 4,445 $ 3,326 $ 1,044 $ 75 $ 574 $ 1,042 $ 4,669 $ 846 $ 22,198 Charge-off's (90 ) - (71 ) - - (361 ) - (19 ) - (541 ) Recoveries 11 11 47 - - 44 - 25 - 138 Provision (Benefit) (103 ) 60 (234 ) (27 ) 15 151 1,290 (477 ) (675 ) - Ending balance $ 5,995 $ 4,516 $ 3,068 $ 1,017 $ 90 $ 408 $ 2,332 $ 4,198 $ 171 $ 21,795 The following tables show the activity in the allowance for loan losses for the nine September 30, 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 (452 ) (4 ) (36 ) (170 ) - (89 ) (54 ) (48 ) - (853 ) Recoveries 297 93 68 58 - 66 - 45 - 627 Provision (Benefit) (32 ) 51 (417 ) 55 25 (65 ) 3,802 440 (593 ) 3,266 Ending balance $ 5,736 $ 4,627 $ 2,518 $ 958 $ 117 $ 393 $ 5,991 $ 4,929 $ - $ 25,269 September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,718 $ 4,239 $ 4,227 $ 1,227 $ 50 $ 262 $ 343 $ 4,469 $ - $ 21,535 Charge-off's (155 ) - (139 ) (74 ) - (362 ) - (59 ) - (789 ) Recoveries 230 11 252 366 - 118 - 72 - 1,049 Provision (Benefit) (798 ) 266 (1,272 ) (502 ) 40 390 1,989 (284 ) 171 - Ending balance $ 5,995 $ 4,516 $ 3,068 $ 1,017 $ 90 $ 408 $ 2,332 $ 4,198 $ 171 $ 21,795 The following tables show the manner in which loans were evaluated for impairment at the periods indicated: September 30, 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 Total Financing Receivables: Ending Balance $ 2,236,173 $ 1,352,775 $ 556,723 $ 177,578 $ 7,035 $ 15,811 $ 14,485 $ 18,165 $ 674,706 $ 5,053,451 Ending balance: individually evaluated for impairment $ 4,721 $ 6,798 $ 6,317 $ 10,079 $ - $ 1,178 $ 370 $ 18,165 $ 748 $ 48,376 Ending balance: collectively evaluated for impairment $ 2,231,452 $ 1,345,977 $ 550,406 $ 167,499 $ 7,035 $ 14,633 $ 14,115 $ - $ 673,958 $ 5,005,075 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 217 $ 154 $ 206 $ 56 $ - $ - $ - $ 5,991 $ 8 $ 6,632 Ending balance: collectively evaluated for impairment $ 5,519 $ 4,473 $ 2,312 $ 902 $ - $ 117 $ 393 $ - $ 4,921 $ 18,637 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: September 30, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 2,489 $ 2,935 $ - $ 3,660 $ 3,796 $ - Commercial real estate 4,767 4,767 - 4,489 4,516 - One-to-four family mixed-use property 5,079 5,454 - 6,435 6,872 - One-to-four family residential 9,661 10,696 - 9,560 11,117 - Co-operative apartments - - - - - - Construction 1,178 1,178 - - - - Non-mortgage loans: Small Business Administration 370 386 - 416 509 - Taxi medallion 2,608 2,608 - 2,334 2,476 - Commercial business and other 380 749 - 2,072 2,443 - Total loans with no related allowance recorded 26,532 28,773 - 28,966 31,729 - With an allowance recorded: Mortgage loans: Multi-family residential 2,232 2,232 217 2,263 2,263 232 Commercial real estate 2,031 2,031 154 2,062 2,062 179 One-to-four family mixed-use property 1,238 1,238 206 2,374 2,376 417 One-to-four family residential 418 418 56 429 429 60 Co-operative apartments - - - - - - Construction - - - - - - Non-mortgage loans: Small Business Administration - - - 1,521 1,909 90 Taxi medallion 15,557 15,557 5,991 13,948 13,948 2,236 Commercial business and other 368 368 8 420 420 12 Total loans with an allowance recorded 21,844 21,844 6,632 23,017 23,407 3,226 Total Impaired Loans: Total mortgage loans $ 29,093 $ 30,949 $ 633 $ 31,272 $ 33,431 $ 888 Total non-mortgage loans $ 19,283 $ 19,668 $ 5,999 $ 20,711 $ 21,705 $ 2,338 The following table shows our average recorded investment and interest income recognized for impaired loans for the three September 30, 2017 2016: September 30, 2017 September 30, 2016 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 2,451 $ 12 $ 4,639 $ 23 Commercial real estate 5,142 60 4,661 55 One-to-four family mixed-use property 5,269 45 8,234 37 One-to-four family residential 10,023 29 10,204 19 Co-operative apartments - - - - Construction 890 15 285 - Non-mortgage loans: Small Business Administration 260 5 404 13 Taxi medallion 3,177 19 5,053 52 Commercial business and other 1,254 6 2,211 45 Total loans with no related allowance recorded 28,466 191 35,691 244 With an allowance recorded: Mortgage loans: Multi-family residential 2,242 28 2,279 29 Commercial real estate 2,040 24 2,080 24 One-to-four family mixed-use property 1,445 16 2,567 35 One-to-four family residential 422 4 435 4 Co-operative apartments - - - - Construction - - - - Non-mortgage loans: Small Business Administration - - 397 1 Taxi medallion 14,716 73 6,459 17 Commercial business and other 385 5 448 7 Total loans with an allowance recorded 21,250 150 14,665 117 Total Impaired Loans: Total mortgage loans $ 29,924 $ 233 $ 35,384 $ 226 Total non-mortgage loans $ 19,792 $ 108 $ 14,972 $ 135 The following table shows our average recorded investment and interest income recognized for impaired loans for the nine September 30, 2017 2016: September 30, 2017 September 30, 2016 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 2,650 $ 57 $ 5,129 $ 69 Commercial real estate 5,881 214 4,841 162 One-to-four family mixed-use property 5,399 123 8,407 119 One-to-four family residential 10,062 85 10,457 69 Co-operative apartments - - - - Construction 794 22 380 - Non-mortgage loans: Small Business Administration 230 9 353 38 Taxi medallion 3,771 74 3,369 155 Commercial business and other 1,584 93 2,265 136 Total loans with no related allowance recorded 30,371 677 35,201 748 With an allowance recorded: Mortgage loans: Multi-family residential 2,391 107 2,284 87 Commercial real estate 2,039 72 2,173 73 One-to-four family mixed-use property 1,379 50 2,622 107 One-to-four family residential 422 12 403 10 Co-operative apartments - - - - Construction - - - - Non-mortgage loans: Small Business Administration - - 315 4 Taxi medallion 14,663 166 5,009 91 Commercial business and other 383 17 962 20 Total loans with an allowance recorded 21,277 424 13,768 392 Total Impaired Loans: Total mortgage loans $ 31,017 $ 742 $ 36,696 $ 696 Total non-mortgage loans $ 20,631 $ 359 $ 12,273 $ 444 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 one not not one The following table sets forth the recorded investment in loans designated as Criticized or Classified at the periods indicated: September 30, 2017 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 9,333 $ 2,188 $ - $ - $ 11,521 Commercial real estate 1,015 4,767 - - 5,782 One-to-four family - mixed-use property 1,700 4,551 - - 6,251 One-to-four family - residential 915 9,503 - - 10,418 Co-operative apartments - - - - - Construction loans - 1,178 - - 1,178 Small Business Administration 585 215 - - 800 Taxi medallion - 18,165 - - 18,165 Commercial business and other 17,694 748 - - 18,442 Total loans $ 31,242 $ 41,315 $ - $ - $ 72,557 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 Co-operative apartments - - - - - Construction loans - - - - - 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 $94.7 $229.0 September 30, 2017. |
Note 6 - Loans Held for Sale
Note 6 - Loans Held for Sale | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Loans Held for Sale [Text Block] | 6. Loans held for sale are carried at the lower of cost or estimated fair value. At September 30, 2017 December 31, 2016, not 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 may The following table shows loans sold during the period indicated: For the three months ended (Dollars in thousands) Loans sold Proceeds Net gain (loss) Delinquent and non-performing loans Multi-family residential 2 $ 707 $ 30 Commercial real estate 3 1,118 34 One-to-four family - mixed-use property 3 913 115 Total 8 $ 2,738 $ 179 Performing loans Multi-family residential 10 $ 12,704 $ (22 ) Commercial real estate 2 17,832 (7 ) Small Business Administration 1 142 2 Total 13 $ 30,678 $ (27 ) For the three months ended (Dollars in thousands) Loans sold Proceeds Net gain Delinquent and non-performing loans Multi-family residential 3 $ 632 $ 1 One-to-four family - mixed-use property 8 2,507 239 Total 11 $ 3,139 $ 240 For the nine months ended (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain (loss) Delinquent and non-performing loans Multi-family residential 2 $ 707 $ - $ 30 Commercial real estate 4 1,453 (4 ) 35 One-to-four family - mixed-use property 8 2,703 (33 ) 143 Total 14 $ 4,863 $ (37 ) $ 208 Performing loans Multi-family residential 8 $ 5,061 $ - $ 252 Commercial real estate 7 26,283 - (28 ) Small Business Administration 12 18,784 - (36 ) Total 27 $ 50,128 $ - $ 188 For the nine months ended (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Delinquent and non-performing loans Multi-family residential 9 $ 2,680 $ (8 ) $ 3 Commercial real estate 2 192 - - One-to-four family - mixed use 15 5,093 - 262 Total 26 $ 7,965 $ (8 ) $ 265 Performing loans Small Business Administration 6 3,534 - 319 Total 6 $ 3,534 $ - $ 319 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. For the three September 30, 2017 2016, $1.1 $0.4 nine September 30, 2017 2016, $5.2 $4.7 $1.7 $1.8 not three September 30, 2017 2016. nine September 30, 2017 2016, 276,900 337,175 not 2009. September 30, 2017, 1,200 100% 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 2014 “2014 May 20, 2014 2014 not, 162 1986, May 31, 2017, 2014 672,000 No 2014 953,268 2014 September 30, 2017. The following table summarizes the Company’s restricted stock unit (“RSU”) awards at or for the nine September 30, 2017: Shares Weighted-Average Non-vested at December 31, 2016 488,779 $ 18.99 Granted 276,900 28.21 Vested (244,762 ) 21.93 Forfeited (22,860 ) 23.61 Non-vested at September 30, 2017 498,057 $ 22.46 Vested but unissued at September 30, 2017 244,077 $ 22.67 As of September 30, 2017, $8.7 3.1 three September 30, 2017 2016 $14,000 $4,000, nine September 30, 2017 2016 $7.0 $4.8 no Cash proceeds, fair value received, tax benefits, and intrinsic value related to stock options exercised, and the weighted average grant date fair value for options granted, during the three nine September 30, 2017 2016 For the three months ended For the nine months ended (In thousands) 2017 2016 2017 2016 Proceeds from stock options exercised $ - $ 5 $ - $ 132 Fair value of shares received upon exercise of stock options - 262 37 612 Tax benefit (expense) related to stock options exercised - (10 ) 39 (12 ) Intrinsic value of stock options exercised - 44 96 156 Phantom Stock Plan: one The following table summarizes the Phantom Stock Plan at or for the nine September 30, 2017: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2016 89,339 $ 29.39 Granted 7,889 27.42 Forfeited (10 ) 28.95 Distributions (8,471 ) 28.69 Outstanding at September 30, 2017 88,747 $ 29.72 Vested at September 30, 2017 88,431 $ 29.72 The Company recorded stock-based compensation expense for the Phantom Stock Plan of $0.2 $0.4 three September 30, 2017 2016, $0.2 three September 30, 2017. no three September 30, 2016. For the nine September 30, 2017 2016, $0.1 $0.2 nine September 30, 2017 2016 $0.2 $28,000, |
Note 8 - Pension and Other Post
Note 8 - Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8. The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans. Three months ended Nine months ended (In thousands) 2017 2016 2017 2016 Employee Pension Plan: Interest cost $ 216 $ 226 $ 648 $ 678 Amortization of unrecognized loss 174 201 523 604 Expected return on plan assets (348 ) (348 ) (1,044 ) (1,044 ) Net employee pension expense $ 42 $ 79 $ 127 $ 238 Outside Director Pension Plan: Service cost $ 10 $ 11 $ 30 $ 33 Interest cost 23 24 69 72 Amortization of unrecognized gain (23 ) (21 ) (69 ) (65 ) Amortization of past service liability 10 9 30 30 Net outside director pension expense $ 20 $ 23 $ 60 $ 70 Other Postretirement Benefit Plans: Service cost $ 79 $ 90 $ 237 $ 270 Interest cost 76 80 228 240 Amortization of unrecognized loss - 12 - 36 Amortization of past service credit (21 ) (22 ) (64 ) (64 ) Net other postretirement expense $ 134 $ 160 $ 401 $ 482 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2016 $0.3 $0.2 December 31, 2017. not September 30, 2017, $108,000 $60,000 September 30, 2017, not December 31, 2017. |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value of Financial Instruments The Company carries certain financial assets and financial liabilities at fair value in accordance with GAAP which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, establishes a framework for measuring fair value and expands disclosures about fair value measurements. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At September 30, 2017, $21.4 $36.1 December 31, 2016, $30.4 $34.0 not nine September 30, 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 gain (loss) from fair value adjustments, at or for the periods ended as indicated: Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at September 30, at December 31, Three Months Ended Nine Months Ended (Dollars in thousands) 2017 2016 September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Mortgage-backed securities $ 1,696 $ 2,016 $ (5 ) $ (6 ) $ (15 ) $ (4 ) Other securities 19,712 28,429 40 (30 ) 184 156 Borrowed funds 36,071 33,959 (925 ) (296 ) (2,090 ) 1,250 Net gain (loss) from fair value adjustments (1) (2) $ (890 ) $ (332 ) $ (1,921 ) $ 1,402 ( 1 The net gain (loss) from fair value adjustments presented in the above table does not $0.4 $0.5 three September 30, 2017 2016, ( 2 The net gain (loss) from fair value adjustments presented in the above table does not $0.9 $4.3 nine September 30, 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 September 30, 2017 December 31, 2016. $0.2 $0.1 September 30, 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 one may not Disclosure of fair value does not not Further, fair value disclosure does not may not 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 September 30, 2017, 1 one December 31, 2016, not 1. Level 2 not not September 30, 2017 December 31, 2016, 2 Level 3 3. September 30, 2017, 3 December 31, 2016, 3 The methods described above may may not The following table sets forth the assets and liabilities that are carried at fair value on a recurring basis and the method that was used to determine their fair value, at September 30, 2017 December 31, 2016: Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) Assets: Mortgage-backed Securities $ - $ - $ 519,861 $ 516,476 $ - $ - $ 519,861 $ 516,476 Other securities 11,589 - 264,026 337,544 1,083 7,361 276,698 344,905 Interest rate swaps - - 5,410 6,350 - - 5,410 6,350 Total assets $ 11,589 $ - $ 789,297 $ 860,370 $ 1,083 $ 7,361 $ 801,969 $ 867,731 Liabilities: Borrowings $ - $ - $ - $ - $ 36,071 $ 33,959 $ 36,071 $ 33,959 Interest rate swaps - - 4,645 3,386 - - 4,645 3,386 Total liabilities $ - $ - $ 4,645 $ 3,386 $ 36,071 $ 33,959 $ 40,716 $ 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 September 30, 2017 September 30, 2016 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,444 $ 35,137 $ 7,167 $ 27,485 Security call (6,300 ) - - - Net gain from fair value adjustment of financial assets (1) 28 - 23 - Net loss from fair value adjustment of financial liabilities (1) - 925 - 296 Decrease in accrued interest receivable (89 ) - - - Increase in accrued interest payable - 9 - 10 Change in unrealized gains included in other comprehensive income - - 1 - Ending balance $ 1,083 $ 36,071 $ 7,191 $ 27,791 Changes in unrealized gains held at period end $ - $ - $ 1 $ - ( 1 Totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 For the nine months ended September 30, 2017 September 30, 2016 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,361 $ 33,959 $ 7,212 $ 29,018 Security call (6,300 ) - - - Net gain (loss) from fair value adjustment of financial assets (1) 108 - (23 ) - Net loss (gain) from fair value adjustment of financial liabilities (1) - 2,090 - (1,250 ) Decrease in accrued interest receivable (88 ) - - - Increase in accrued interest payable - 22 1 23 Change in unrealized gains included in other comprehensive income 2 - 1 - Ending balance $ 1,083 $ 36,071 $ 7,191 $ 27,791 Changes in unrealized gains held at period end $ - $ - $ 1 $ - ( 1 Totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. During the three nine September 30, 2017, one $11.6 2 1. no 1, 2 3 three nine September 30, 2016. The following tables present the quantitative information about recurring Level 3 September 30, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,083 Discounted cash flows Discount rate n/a 5.9 % Liabilities: Junior subordinated debentures $ 36,071 Discounted cash flows Discount rate n/a 5.9 % December 31, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,191 Discounted cash flows Discount rate 6.3% - 7.1% 7.0 % Liabilities: Junior subordinated debentures $ 33,959 Discounted cash flows Discount rate n/a 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 September 30, 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 September 30, 2017 December 31, 2016: Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) Assets: Impaired loans $ - $ - $ - $ - $ 20,159 $ 14,968 $ 20,159 $ 14,968 Other real estate owned - - - - - 533 - 533 Total assets $ - $ - $ - $ - $ 20,159 $ 15,501 $ 20,159 $ 15,501 The following tables present the qualitative information about non-recurring Level 3 September 30, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 1,566 Income approach Capitalization rate 6.5% to 7.5% 7.0 % Reduction for planned expedited disposal 15.0% 15.0 % Impaired loans $ 13,852 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 16.2% -0.6 % Reduction for planned expedited disposal 0.0% to 15.0% 3.7 % Impaired loans $ 4,741 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -30.0% to 25.0% -0.8 % Capitalization rate 5.0% to 9.8% 7.5 % Reduction for planned expedited disposal 14.5% to 15.0% 15.0 % 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 planned for 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 planned for 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 September 30, 2017 December 31, 2016. The methods and assumptions used to estimate fair value at September 30, 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 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 not Loans held for sale: The fair value of non-performing loans held for sale is estimated through a negotiated sales price. 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% no 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 September 30, 2017 December 31, 2016, not The following tables set forth the carrying amounts and estimated fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at the periods indicated: September 30, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 60,161 60,161 $ 60,161 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,978 7,839 - 7,839 - Other securities 22,952 21,542 - - 21,542 Securities available for sale Mortgage-backed securities 519,861 519,861 - 519,861 - Other securities 276,698 276,698 11,589 264,026 1,083 Loans 5,070,376 5,058,558 - - 5,058,558 FHLB-NY stock 55,228 55,228 - 55,228 - Accrued interest receivable 21,076 21,076 - 21,076 - Interest rate swaps 5,410 5,410 - 5,410 - Total assets $ 6,039,740 $ 6,026,373 $ 71,750 $ 873,440 $ 5,081,183 Liabilities: Deposits $ 4,444,448 $ 4,445,811 $ 3,039,893 $ 1,405,918 $ - Borrowings 1,200,682 1,196,962 - 1,160,891 36,071 Accrued interest payable 3,512 3,512 - 3,512 - Interest rate swaps 4,645 4,645 - 4,645 - Total liabilities $ 5,653,287 $ 5,650,930 $ 3,039,893 $ 2,574,966 $ 36,071 December 31, 2016 Carrying Fair Amount Value 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 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. At September 30, 2017 December 31, 2016, three 1 $18.0 $61.9 September 30, 2017 December 31, 2016; 2 $279.5 $235.4 September 30, 2017 December 31, 2016, 3 $50.0 September 30, 2017. At September 30, 2017, not December 31, 2016, not The Company’s derivative instruments are carried at fair value in the Company’s financial statements as part of Other Assets for derivatives with positive fair values and Other Liabilities for derivatives with negative fair values. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not At September 30, 2017 December 31, 2016, $36.3 not September 30, 2017 December 31, 2016, $261.2 $217.1 September 30, 2017, $50.0 December 31, 2016, not For cash flow hedges, the effective portion of changes in the fair value of the derivative is reported in AOCL, net of tax, but the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Changes in the fair value of interest rate swaps not The following table sets forth information regarding the Company’s derivative financial instruments at the periods indicated: September 30, 2017 December 31, 2016 Notional Net Carrying Notional Net Carrying Amount Value (1) Amount Value (1) Interest rate swaps (fair value hedge) $ 176,408 $ 5,410 $ 182,177 $ 6,350 Interest rate swaps (fair value hedge) 84,774 (1,482 ) 34,916 (658 ) Interest rate swaps (non-hedge) 36,321 (3,045 ) 36,321 (2,728 ) Interest rate swaps (cash flow hedge) 50,000 (118 ) - - Total derivatives $ 347,503 $ 765 $ 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. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income for the periods indicated: For the three months ended For the nine months ended September 30, September 30, (In thousands) 2017 2016 2017 2016 Financial Derivatives: Interest rate swaps (non-hedge) $ (56 ) $ (111 ) $ (316 ) $ (3,532 ) Interest rate swaps (fair value hedge) (351 ) (380 ) (597 ) (795 ) Net loss (1) $ (407 ) $ (491 ) $ (913 ) $ (4,327 ) ( 1 Net gains and losses are recorded as part of “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. During the three nine September 30, 2017 2016, not The Company’s interest rate swaps are subject to master netting arrangements between the Company and its two not 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: September 30, 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 $ 5,410 $ - $ 5,410 $ - $ 670 $ 4,740 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 4,645 $ - $ 4,645 $ 1,105 $ - $ 3,540 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 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Flushing Financial Corporation files consolidated Federal and combined New York State and New York City income tax returns with its subsidiaries, with the exception of the Company’s trusts, which file separate Federal income tax returns as trusts, and Flushing Preferred Funding Corporation, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns. Income tax provisions are summarized as follows: For the three months For the nine months (In thousands) 2017 2016 2017 2016 Federal: Current $ 6,703 $ 6,474 $ 16,308 $ 26,362 Deferred (2,023 ) (906 ) (1,303 ) (844 ) Total federal tax provision 4,680 5,568 15,005 25,518 State and Local: Current 1,398 1,492 2,817 7,853 Deferred (787 ) (405 ) (502 ) (384 ) Total state and local tax provision 611 1,087 2,315 7,469 Total income tax provision $ 5,291 $ 6,655 $ 17,320 $ 32,987 |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. The following table sets forth the changes in accumulated other comprehensive loss by component for the three September 30, 2017: Unrealized Gains Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (2,110 ) $ (124 ) $ (4,342 ) $ (6,576 ) Other comprehensive income before reclassifications, net of tax (333 ) 56 - $ (277 ) Amounts reclassified from accumulated other comprehensive income, net of tax 108 - 81 189 Net current period other comprehensive income, net of tax (225 ) 56 81 (88 ) Ending balance, net of tax $ (2,335 ) $ (68 ) $ (4,261 ) $ (6,664 ) The following table sets forth the changes in accumulated other comprehensive loss by component for the three September 30, 2016: Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 7,923 $ (4,835 ) $ 3,088 Other comprehensive income before reclassifications, net of tax (2,942 ) - $ (2,942 ) Amounts reclassified from accumulated other comprehensive income, net of tax - 103 103 Net current period other comprehensive income, net of tax (2,942 ) 103 (2,839 ) Ending balance, net of tax $ 4,981 $ (4,732 ) $ 249 PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) The following table sets forth the changes in accumulated other comprehensive loss by component for the nine September 30, 2017: Unrealized Gains Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (3,859 ) $ - $ (4,503 ) $ (8,362 ) Other comprehensive income before reclassifications, net of tax 1,416 (68 ) - $ 1,348 Amounts reclassified from accumulated other comprehensive income, net of tax 108 - 242 350 Net current period other comprehensive income, net of tax 1,524 (68 ) 242 1,698 Ending balance, net of tax $ (2,335 ) $ (68 ) $ (4,261 ) $ (6,664 ) The following table sets forth the changes in accumulated other comprehensive income by component for the nine September 30, 2016: Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) Other comprehensive income before reclassifications, net of tax 6,852 - $ 6,852 Amounts reclassified from accumulated other comprehensive income, net of tax (1,350 ) 309 (1,041 ) Net current period other comprehensive income, net of tax 5,502 309 5,811 Ending balance, net of tax $ 4,981 $ (4,732 ) $ 249 PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) The following tables set forth significant amounts reclassified from accumulated other comprehensive loss by component for the periods indicated: For the three months ended September 30, 2017 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities: $ (186 ) Net loss on sale of securities 78 Tax benefit $ (108 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (152 ) (1) Other operating expense Prior service credits 12 (1) Other operating expense (140 ) Total before tax 59 Tax benefit $ (81 ) Net of tax For the three months ended September 30, 2016 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss 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 PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) For the nine months ended September 30, 2017 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities: $ (186 ) Net loss on sale of securities 78 Tax benefit $ (108 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (454 ) (1) Other operating expense Prior service credits 34 (1) Other operating expense (420 ) Total before tax 178 Tax benefit $ (242 ) Net of tax For the nine months ended September 30, 2016 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized gains on available for sale securities: $ 2,363 Net gain on sale of securities (1,013 ) Tax expense $ 1,350 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (575 ) (1) Other operating expense Prior service credits 33 (1) Other operating expense (542 ) Total before tax 233 Tax benefit $ (309 ) Net of tax ( 1 These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 8 |
Note 13 - Regulatory Capital
Note 13 - Regulatory Capital | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 13. Regulatory Capital Under current capital regulations, the Bank is required to comply with four September 30, 2017, 2016, 2017 1.25% 0.625% 2019 2.5%. September 30, 2017 6.60%. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. September 30, 2017 December 31, 2016 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 629,748 10.10 % $ 607,033 10.12 % Requirement to be well capitalized 311,625 5.00 299,848 5.00 Excess 318,123 5.10 307,185 5.12 Common Equity Tier I risk-based capital: Capital level $ 629,748 14.04 % $ 607,033 14.12 % Requirement to be well capitalized 291,614 6.50 279,443 6.50 Excess 338,134 7.54 327,590 7.62 Tier 1 risk-based capital: Capital level $ 629,748 14.04 % $ 607,033 14.12 % Requirement to be well capitalized 358,910 8.00 343,930 8.00 Excess 270,838 6.04 263,103 6.12 Total risk-based capital: Capital level $ 655,017 14.60 % $ 629,262 14.64 % Requirement to be well capitalized 448,637 10.00 429,913 10.00 Excess 206,380 4.60 199,349 4.64 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of September 30, 2017, September 30, 2017 6.61%. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. September 30, 2017 December 31, 2016 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 565,265 9.07 % $ 539,228 9.00 % Requirement to be well capitalized 311,475 5.00 299,654 5.00 Excess 253,790 4.07 239,574 4.00 Common Equity Tier I risk-based capital: Capital level $ 530,442 11.84 % $ 506,432 11.79 % Requirement to be well capitalized 291,325 6.50 279,121 6.50 Excess 239,117 5.34 227,311 5.29 Tier 1 risk-based capital: Capital level $ 565,265 12.61 % $ 539,228 12.56 % Requirement to be well capitalized 358,554 8.00 343,534 8.00 Excess 206,711 4.61 195,694 4.56 Total risk-based capital: Capital level $ 665,534 14.85 % $ 636,457 14.82 % Requirement to be well capitalized 448,193 10.00 429,417 10.00 Excess 217,341 4.85 207,040 4.82 |
Note 14 - New Authoritative Acc
Note 14 - New Authoritative Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 14. New Authoritative Accounting Pronouncements In August 2017, No. 2017 12, 815 providing targeted improvements to the accounting for hedging activities, which is effective January 1, 2019, We are currently evaluating the impact of adopting this new guidance on our consolidated results of operations, financial In March 2017, No. 2017 08, not not December 15, 2018, not first In March 2017, No. 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 not not The amendments are effective for fiscal years beginning after December 15, 2017, not In January 2017, No. 2017 04, 350 2 December 15, 2019, January 1, 2017. not In August 2016, No. 2016 15 zero one December 15, 2017. not In June 2016, No. 2016 13, December 15, 2019, In February 2016, No. 2016 02, 12 December 15, 2018, not In January 2016, No. 2016 01 December 15, 2017. not . In May 2014, 2014 09, December 15, 2016, 2014 09 not August 2015, one December 15, 2017. December 15, 2016. not . |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended For the nine months ended September 30, September 30, 2017 2016 2017 2016 (In thousands, except per share data) Net income, as reported $ 10,179 $ 10,634 $ 35,164 $ 50,630 Divided by: Weighted average common shares outstanding 29,120 28,861 29,092 28,993 Weighted average common stock equivalents 1 14 2 13 Total weighted average common shares outstanding and common stock equivalents 29,121 28,875 29,094 29,006 Basic earnings per common share $ 0.35 $ 0.37 $ 1.21 $ 1.75 Diluted earnings per common share (1) $ 0.35 $ 0.37 $ 1.21 $ 1.75 Dividend payout ratio 51.4 % 45.9 % 44.6 % 29.1 % |
Note 4 - Debt and Equity Secu25
Note 4 - Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Trading Securities [Table Text Block] | Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 22,952 $ 21,542 $ - $ 1,410 Total other securities 22,952 21,542 - 1,410 FNMA 7,978 7,839 - 139 Total mortgage-backed securities 7,978 7,839 - 139 Total $ 30,930 $ 29,381 $ - $ 1,549 Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 37,735 $ 35,408 $ - $ 2,327 Total $ 37,735 $ 35,408 $ - $ 2,327 Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 103,126 $ - $ 6,874 Municipals 102,226 104,979 2,753 - Mutual funds 18,629 18,629 - - Collateralized loan obligations 48,398 48,881 483 - Other 1,083 1,083 - - Total other securities 280,336 276,698 3,236 6,874 REMIC and CMO 330,593 330,459 1,953 2,087 GNMA 1,096 1,184 88 - FNMA 138,995 138,781 547 761 FHLMC 49,557 49,437 23 143 Total mortgage-backed securities 520,241 519,861 2,611 2,991 Total securities available for sale $ 800,577 $ 796,559 $ 5,847 $ 9,865 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] | Amortized Securities held-to-maturity: Cost Fair Value (In thousands) Due in one year or less $ 1,085 $ 1,085 Due after ten years 21,867 20,457 Total other securities 22,952 21,542 Mortgage-backed securities 7,978 7,839 Total $ 30,930 $ 29,381 Securities available for sale: Amortized Fair Value (In thousands) Due in one year or less $ - $ - Due after one year through five years 4,335 4,443 Due after five years through ten years 159,666 153,369 Due after ten years 97,706 100,257 Mutual funds 18,629 18,629 Total other securities 280,336 276,698 Mortgage-backed securities 520,241 519,861 Total $ 800,577 $ 796,559 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At September 30, 2017 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 20,457 $ 1,410 $ 20,457 $ 1,410 $ - $ - Total other securities 1 20,457 1,410 20,457 1,410 - - FNMA 1 7,839 139 7,839 139 - - Total mortgage-backed securities 1 7,839 139 7,839 139 - - Total 2 $ 28,296 $ 1,549 $ 28,296 $ 1,549 $ - $ - Available for sale securities Corporate 14 $ 103,126 $ 6,874 $ 19,154 $ 846 $ 83,972 $ 6,028 Total other securities 14 103,126 6,874 19,154 846 83,972 6,028 REMIC and CMO 23 149,238 2,087 133,091 1,449 16,147 638 FNMA 11 90,337 761 81,621 595 8,716 166 FHLMC 2 48,400 143 48,400 143 - - Total mortgage-backed securities 36 287,975 2,991 263,112 2,187 24,863 804 Total 50 $ 391,101 $ 9,865 $ 282,266 $ 3,033 $ 108,835 $ 6,832 At December 31, 2016 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,538 $ 2,327 $ 19,538 $ 2,327 $ - $ - Total 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 Collateralized loan obligations 4 16,047 64 16,047 64 - - Other 1 298 2 - - 298 2 Total 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 73 $ 426,979 $ 11,719 $ 332,315 $ 5,191 $ 94,664 $ 6,528 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the three months ended For the nine months ended 2017 2016 2017 2016 (In thousands) Gross gains from the sale of securities $ 401 $ - $ 401 $ 2,370 Gross losses from the sale of securities (587 ) - (587 ) (7 ) Net (losses) gains from the sale of securities $ (186 ) $ - $ (186 ) $ 2,363 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | For the three months ended (Dollars in thousands) Number Balance Modification description Taxi medallion 4 $ 1,306 Loan amortization extension Total 4 $ 1,306 For the nine months ended September 30, 2017 September 30, 2016 (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - residential - $ - 2 $ 263 Received below market interest rates and the amortizations were extended Commercial business and other - - 2 739 One received an amortization extension and one received a below market interest rate and an amortization extension Taxi medallion 9 5,595 All loans amortizations were extended, with three loans also receiving a below market interest rate - - Total 9 $ 5,595 4 $ 1,002 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (In thousands) September 30, December 31, Loans ninety days or more past due and still accruing: Multi-family residential $ 415 $ - Commercial real estate 38 - One-to-four family - mixed-use property 129 386 Taxi medallion 1,147 - Total 1,729 386 Non-accrual mortgage loans: Multi-family residential 1,309 1,837 Commercial real estate 1,147 1,148 One-to-four family - mixed-use property 2,217 4,025 One-to-four family - residential 7,434 8,241 Total 12,107 15,251 Non-accrual non-mortgage loans: Small Business Administration 50 1,886 Taxi medallion - 3,825 Commercial business and other 4 68 Total 54 5,779 Total non-accrual loans 12,161 21,030 Total non-performing loans $ 13,890 $ 21,416 |
Schedule of Interest Foregone on Non-Accrual and TDR Loans [Table Text Block] | For the three months ended For the nine months ended 2017 2016 2017 2016 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 401 $ 468 $ 1,249 $ 1,405 Less: Interest income included in the results of operations 166 99 434 391 Total foregone interest $ 235 $ 369 $ 815 $ 1,014 |
Past Due Financing Receivables [Table Text Block] | September 30, 2017 (In thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 6,115 $ 155 $ 1,724 $ 7,994 $ 2,228,179 $ 2,236,173 Commercial real estate 3,455 481 1,185 5,121 1,347,654 1,352,775 One-to-four family - mixed-use property 3,577 112 2,346 6,035 550,688 556,723 One-to-four family - residential 3,646 43 7,246 10,935 166,643 177,578 Co-operative apartments - - - - 7,035 7,035 Construction loans - - - - 15,811 15,811 Small Business Administration - 245 - 245 14,240 14,485 Taxi medallion - - 1,147 1,147 17,018 18,165 Commercial business and other - - 4 4 674,702 674,706 Total $ 16,793 $ 1,036 $ 13,652 $ 31,481 $ 5,021,970 $ 5,053,451 December 31, 2016 (In thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 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] | September 30, 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 $ 5,917 $ 4,688 $ 2,568 $ 990 $ 130 $ 306 $ 2,330 $ 4,668 $ 560 $ 22,157 Charge-off's (290 ) - (1 ) - - - - (33 ) - (324 ) Recoveries 66 25 - 58 - 17 - 4 - 170 Provision (Benefit) 43 (86 ) (49 ) (90 ) (13 ) 70 3,661 290 (560 ) 3,266 Ending balance $ 5,736 $ 4,627 $ 2,518 $ 958 $ 117 $ 393 $ 5,991 $ 4,929 $ - $ 25,269 September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,177 $ 4,445 $ 3,326 $ 1,044 $ 75 $ 574 $ 1,042 $ 4,669 $ 846 $ 22,198 Charge-off's (90 ) - (71 ) - - (361 ) - (19 ) - (541 ) Recoveries 11 11 47 - - 44 - 25 - 138 Provision (Benefit) (103 ) 60 (234 ) (27 ) 15 151 1,290 (477 ) (675 ) - Ending balance $ 5,995 $ 4,516 $ 3,068 $ 1,017 $ 90 $ 408 $ 2,332 $ 4,198 $ 171 $ 21,795 September 30, 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 (452 ) (4 ) (36 ) (170 ) - (89 ) (54 ) (48 ) - (853 ) Recoveries 297 93 68 58 - 66 - 45 - 627 Provision (Benefit) (32 ) 51 (417 ) 55 25 (65 ) 3,802 440 (593 ) 3,266 Ending balance $ 5,736 $ 4,627 $ 2,518 $ 958 $ 117 $ 393 $ 5,991 $ 4,929 $ - $ 25,269 September 30, 2016 (In thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,718 $ 4,239 $ 4,227 $ 1,227 $ 50 $ 262 $ 343 $ 4,469 $ - $ 21,535 Charge-off's (155 ) - (139 ) (74 ) - (362 ) - (59 ) - (789 ) Recoveries 230 11 252 366 - 118 - 72 - 1,049 Provision (Benefit) (798 ) 266 (1,272 ) (502 ) 40 390 1,989 (284 ) 171 - Ending balance $ 5,995 $ 4,516 $ 3,068 $ 1,017 $ 90 $ 408 $ 2,332 $ 4,198 $ 171 $ 21,795 |
Schedule of Loans and the Manner in which they are Evaluated for Impairment [Table Text Block] | September 30, 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 Total Financing Receivables: Ending Balance $ 2,236,173 $ 1,352,775 $ 556,723 $ 177,578 $ 7,035 $ 15,811 $ 14,485 $ 18,165 $ 674,706 $ 5,053,451 Ending balance: individually evaluated for impairment $ 4,721 $ 6,798 $ 6,317 $ 10,079 $ - $ 1,178 $ 370 $ 18,165 $ 748 $ 48,376 Ending balance: collectively evaluated for impairment $ 2,231,452 $ 1,345,977 $ 550,406 $ 167,499 $ 7,035 $ 14,633 $ 14,115 $ - $ 673,958 $ 5,005,075 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 217 $ 154 $ 206 $ 56 $ - $ - $ - $ 5,991 $ 8 $ 6,632 Ending balance: collectively evaluated for impairment $ 5,519 $ 4,473 $ 2,312 $ 902 $ - $ 117 $ 393 $ - $ 4,921 $ 18,637 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] | September 30, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 2,489 $ 2,935 $ - $ 3,660 $ 3,796 $ - Commercial real estate 4,767 4,767 - 4,489 4,516 - One-to-four family mixed-use property 5,079 5,454 - 6,435 6,872 - One-to-four family residential 9,661 10,696 - 9,560 11,117 - Co-operative apartments - - - - - - Construction 1,178 1,178 - - - - Non-mortgage loans: Small Business Administration 370 386 - 416 509 - Taxi medallion 2,608 2,608 - 2,334 2,476 - Commercial business and other 380 749 - 2,072 2,443 - Total loans with no related allowance recorded 26,532 28,773 - 28,966 31,729 - With an allowance recorded: Mortgage loans: Multi-family residential 2,232 2,232 217 2,263 2,263 232 Commercial real estate 2,031 2,031 154 2,062 2,062 179 One-to-four family mixed-use property 1,238 1,238 206 2,374 2,376 417 One-to-four family residential 418 418 56 429 429 60 Co-operative apartments - - - - - - Construction - - - - - - Non-mortgage loans: Small Business Administration - - - 1,521 1,909 90 Taxi medallion 15,557 15,557 5,991 13,948 13,948 2,236 Commercial business and other 368 368 8 420 420 12 Total loans with an allowance recorded 21,844 21,844 6,632 23,017 23,407 3,226 Total Impaired Loans: Total mortgage loans $ 29,093 $ 30,949 $ 633 $ 31,272 $ 33,431 $ 888 Total non-mortgage loans $ 19,283 $ 19,668 $ 5,999 $ 20,711 $ 21,705 $ 2,338 September 30, 2017 September 30, 2016 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 2,451 $ 12 $ 4,639 $ 23 Commercial real estate 5,142 60 4,661 55 One-to-four family mixed-use property 5,269 45 8,234 37 One-to-four family residential 10,023 29 10,204 19 Co-operative apartments - - - - Construction 890 15 285 - Non-mortgage loans: Small Business Administration 260 5 404 13 Taxi medallion 3,177 19 5,053 52 Commercial business and other 1,254 6 2,211 45 Total loans with no related allowance recorded 28,466 191 35,691 244 With an allowance recorded: Mortgage loans: Multi-family residential 2,242 28 2,279 29 Commercial real estate 2,040 24 2,080 24 One-to-four family mixed-use property 1,445 16 2,567 35 One-to-four family residential 422 4 435 4 Co-operative apartments - - - - Construction - - - - Non-mortgage loans: Small Business Administration - - 397 1 Taxi medallion 14,716 73 6,459 17 Commercial business and other 385 5 448 7 Total loans with an allowance recorded 21,250 150 14,665 117 Total Impaired Loans: Total mortgage loans $ 29,924 $ 233 $ 35,384 $ 226 Total non-mortgage loans $ 19,792 $ 108 $ 14,972 $ 135 September 30, 2017 September 30, 2016 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 2,650 $ 57 $ 5,129 $ 69 Commercial real estate 5,881 214 4,841 162 One-to-four family mixed-use property 5,399 123 8,407 119 One-to-four family residential 10,062 85 10,457 69 Co-operative apartments - - - - Construction 794 22 380 - Non-mortgage loans: Small Business Administration 230 9 353 38 Taxi medallion 3,771 74 3,369 155 Commercial business and other 1,584 93 2,265 136 Total loans with no related allowance recorded 30,371 677 35,201 748 With an allowance recorded: Mortgage loans: Multi-family residential 2,391 107 2,284 87 Commercial real estate 2,039 72 2,173 73 One-to-four family mixed-use property 1,379 50 2,622 107 One-to-four family residential 422 12 403 10 Co-operative apartments - - - - Construction - - - - Non-mortgage loans: Small Business Administration - - 315 4 Taxi medallion 14,663 166 5,009 91 Commercial business and other 383 17 962 20 Total loans with an allowance recorded 21,277 424 13,768 392 Total Impaired Loans: Total mortgage loans $ 31,017 $ 742 $ 36,696 $ 696 Total non-mortgage loans $ 20,631 $ 359 $ 12,273 $ 444 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2017 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 9,333 $ 2,188 $ - $ - $ 11,521 Commercial real estate 1,015 4,767 - - 5,782 One-to-four family - mixed-use property 1,700 4,551 - - 6,251 One-to-four family - residential 915 9,503 - - 10,418 Co-operative apartments - - - - - Construction loans - 1,178 - - 1,178 Small Business Administration 585 215 - - 800 Taxi medallion - 18,165 - - 18,165 Commercial business and other 17,694 748 - - 18,442 Total loans $ 31,242 $ 41,315 $ - $ - $ 72,557 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 Co-operative apartments - - - - - Construction loans - - - - - 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] | September 30, 2017 December 31, 2016 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 377 1 $ 396 Total troubled debt restructurings that subsequently defaulted 1 $ 377 1 $ 396 |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | September 30, 2017 December 31, 2016 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 9 $ 2,533 9 $ 2,572 Commercial real estate 2 2,031 2 2,062 One-to-four family - mixed-use property 5 1,765 5 1,800 One-to-four family - residential 3 577 3 591 Taxi medallion 21 15,074 12 9,735 Commercial business and other 2 517 2 675 Total performing troubled debt restructured 42 $ 22,497 33 $ 17,435 |
Note 6 - Loans Held for Sale (T
Note 6 - Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 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 gain (loss) Delinquent and non-performing loans Multi-family residential 2 $ 707 $ 30 Commercial real estate 3 1,118 34 One-to-four family - mixed-use property 3 913 115 Total 8 $ 2,738 $ 179 Performing loans Multi-family residential 10 $ 12,704 $ (22 ) Commercial real estate 2 17,832 (7 ) Small Business Administration 1 142 2 Total 13 $ 30,678 $ (27 ) For the three months ended (Dollars in thousands) Loans sold Proceeds Net gain Delinquent and non-performing loans Multi-family residential 3 $ 632 $ 1 One-to-four family - mixed-use property 8 2,507 239 Total 11 $ 3,139 $ 240 For the nine months ended (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain (loss) Delinquent and non-performing loans Multi-family residential 2 $ 707 $ - $ 30 Commercial real estate 4 1,453 (4 ) 35 One-to-four family - mixed-use property 8 2,703 (33 ) 143 Total 14 $ 4,863 $ (37 ) $ 208 Performing loans Multi-family residential 8 $ 5,061 $ - $ 252 Commercial real estate 7 26,283 - (28 ) Small Business Administration 12 18,784 - (36 ) Total 27 $ 50,128 $ - $ 188 For the nine months ended (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Delinquent and non-performing loans Multi-family residential 9 $ 2,680 $ (8 ) $ 3 Commercial real estate 2 192 - - One-to-four family - mixed use 15 5,093 - 262 Total 26 $ 7,965 $ (8 ) $ 265 Performing loans Small Business Administration 6 3,534 - 319 Total 6 $ 3,534 $ - $ 319 |
Note 7 - Stock-based Compensa28
Note 7 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 (244,762 ) 21.93 Forfeited (22,860 ) 23.61 Non-vested at September 30, 2017 498,057 $ 22.46 Vested but unissued at September 30, 2017 244,077 $ 22.67 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | For the three months ended For the nine months ended (In thousands) 2017 2016 2017 2016 Proceeds from stock options exercised $ - $ 5 $ - $ 132 Fair value of shares received upon exercise of stock options - 262 37 612 Tax benefit (expense) related to stock options exercised - (10 ) 39 (12 ) Intrinsic value of stock options exercised - 44 96 156 |
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 7,889 27.42 Forfeited (10 ) 28.95 Distributions (8,471 ) 28.69 Outstanding at September 30, 2017 88,747 $ 29.72 Vested at September 30, 2017 88,431 $ 29.72 |
Note 8 - Pension and Other Po29
Note 8 - Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three months ended Nine months ended (In thousands) 2017 2016 2017 2016 Employee Pension Plan: Interest cost $ 216 $ 226 $ 648 $ 678 Amortization of unrecognized loss 174 201 523 604 Expected return on plan assets (348 ) (348 ) (1,044 ) (1,044 ) Net employee pension expense $ 42 $ 79 $ 127 $ 238 Outside Director Pension Plan: Service cost $ 10 $ 11 $ 30 $ 33 Interest cost 23 24 69 72 Amortization of unrecognized gain (23 ) (21 ) (69 ) (65 ) Amortization of past service liability 10 9 30 30 Net outside director pension expense $ 20 $ 23 $ 60 $ 70 Other Postretirement Benefit Plans: Service cost $ 79 $ 90 $ 237 $ 270 Interest cost 76 80 228 240 Amortization of unrecognized loss - 12 - 36 Amortization of past service credit (21 ) (22 ) (64 ) (64 ) Net other postretirement expense $ 134 $ 160 $ 401 $ 482 |
Note 9 - Fair Value of Financ30
Note 9 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, at December 31, Three Months Ended Nine Months Ended (Dollars in thousands) 2017 2016 September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Mortgage-backed securities $ 1,696 $ 2,016 $ (5 ) $ (6 ) $ (15 ) $ (4 ) Other securities 19,712 28,429 40 (30 ) 184 156 Borrowed funds 36,071 33,959 (925 ) (296 ) (2,090 ) 1,250 Net gain (loss) from fair value adjustments (1) (2) $ (890 ) $ (332 ) $ (1,921 ) $ 1,402 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) Assets: Mortgage-backed Securities $ - $ - $ 519,861 $ 516,476 $ - $ - $ 519,861 $ 516,476 Other securities 11,589 - 264,026 337,544 1,083 7,361 276,698 344,905 Interest rate swaps - - 5,410 6,350 - - 5,410 6,350 Total assets $ 11,589 $ - $ 789,297 $ 860,370 $ 1,083 $ 7,361 $ 801,969 $ 867,731 Liabilities: Borrowings $ - $ - $ - $ - $ 36,071 $ 33,959 $ 36,071 $ 33,959 Interest rate swaps - - 4,645 3,386 - - 4,645 3,386 Total liabilities $ - $ - $ 4,645 $ 3,386 $ 36,071 $ 33,959 $ 40,716 $ 37,345 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended September 30, 2017 September 30, 2016 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,444 $ 35,137 $ 7,167 $ 27,485 Security call (6,300 ) - - - Net gain from fair value adjustment of financial assets (1) 28 - 23 - Net loss from fair value adjustment of financial liabilities (1) - 925 - 296 Decrease in accrued interest receivable (89 ) - - - Increase in accrued interest payable - 9 - 10 Change in unrealized gains included in other comprehensive income - - 1 - Ending balance $ 1,083 $ 36,071 $ 7,191 $ 27,791 Changes in unrealized gains held at period end $ - $ - $ 1 $ - For the nine months ended September 30, 2017 September 30, 2016 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 7,361 $ 33,959 $ 7,212 $ 29,018 Security call (6,300 ) - - - Net gain (loss) from fair value adjustment of financial assets (1) 108 - (23 ) - Net loss (gain) from fair value adjustment of financial liabilities (1) - 2,090 - (1,250 ) Decrease in accrued interest receivable (88 ) - - - Increase in accrued interest payable - 22 1 23 Change in unrealized gains included in other comprehensive income 2 - 1 - Ending balance $ 1,083 $ 36,071 $ 7,191 $ 27,791 Changes in unrealized gains held at period end $ - $ - $ 1 $ - |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | September 30, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,083 Discounted cash flows Discount rate n/a 5.9 % Liabilities: Junior subordinated debentures $ 36,071 Discounted cash flows Discount rate n/a 5.9 % December 31, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 7,191 Discounted cash flows Discount rate 6.3% - 7.1% 7.0 % Liabilities: Junior subordinated debentures $ 33,959 Discounted cash flows Discount rate n/a 6.3 % |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) Assets: Impaired loans $ - $ - $ - $ - $ 20,159 $ 14,968 $ 20,159 $ 14,968 Other real estate owned - - - - - 533 - 533 Total assets $ - $ - $ - $ - $ 20,159 $ 15,501 $ 20,159 $ 15,501 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 60,161 60,161 $ 60,161 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,978 7,839 - 7,839 - Other securities 22,952 21,542 - - 21,542 Securities available for sale Mortgage-backed securities 519,861 519,861 - 519,861 - Other securities 276,698 276,698 11,589 264,026 1,083 Loans 5,070,376 5,058,558 - - 5,058,558 FHLB-NY stock 55,228 55,228 - 55,228 - Accrued interest receivable 21,076 21,076 - 21,076 - Interest rate swaps 5,410 5,410 - 5,410 - Total assets $ 6,039,740 $ 6,026,373 $ 71,750 $ 873,440 $ 5,081,183 Liabilities: Deposits $ 4,444,448 $ 4,445,811 $ 3,039,893 $ 1,405,918 $ - Borrowings 1,200,682 1,196,962 - 1,160,891 36,071 Accrued interest payable 3,512 3,512 - 3,512 - Interest rate swaps 4,645 4,645 - 4,645 - Total liabilities $ 5,653,287 $ 5,650,930 $ 3,039,893 $ 2,574,966 $ 36,071 December 31, 2016 Carrying Fair Amount Value 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] | September 30, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 1,566 Income approach Capitalization rate 6.5% to 7.5% 7.0 % Reduction for planned expedited disposal 15.0% 15.0 % Impaired loans $ 13,852 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 16.2% -0.6 % Reduction for planned expedited disposal 0.0% to 15.0% 3.7 % Impaired loans $ 4,741 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -30.0% to 25.0% -0.8 % Capitalization rate 5.0% to 9.8% 7.5 % Reduction for planned expedited disposal 14.5% to 15.0% 15.0 % 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 planned for 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 planned for 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 10 - Derivative Financia31
Note 10 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2017 December 31, 2016 Notional Net Carrying Notional Net Carrying Amount Value (1) Amount Value (1) Interest rate swaps (fair value hedge) $ 176,408 $ 5,410 $ 182,177 $ 6,350 Interest rate swaps (fair value hedge) 84,774 (1,482 ) 34,916 (658 ) Interest rate swaps (non-hedge) 36,321 (3,045 ) 36,321 (2,728 ) Interest rate swaps (cash flow hedge) 50,000 (118 ) - - Total derivatives $ 347,503 $ 765 $ 253,414 $ 2,964 |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the three months ended For the nine months ended September 30, September 30, (In thousands) 2017 2016 2017 2016 Financial Derivatives: Interest rate swaps (non-hedge) $ (56 ) $ (111 ) $ (316 ) $ (3,532 ) Interest rate swaps (fair value hedge) (351 ) (380 ) (597 ) (795 ) Net loss (1) $ (407 ) $ (491 ) $ (913 ) $ (4,327 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | September 30, 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 $ 5,410 $ - $ 5,410 $ - $ 670 $ 4,740 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 4,645 $ - $ 4,645 $ 1,105 $ - $ 3,540 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 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the three months For the nine months (In thousands) 2017 2016 2017 2016 Federal: Current $ 6,703 $ 6,474 $ 16,308 $ 26,362 Deferred (2,023 ) (906 ) (1,303 ) (844 ) Total federal tax provision 4,680 5,568 15,005 25,518 State and Local: Current 1,398 1,492 2,817 7,853 Deferred (787 ) (405 ) (502 ) (384 ) Total state and local tax provision 611 1,087 2,315 7,469 Total income tax provision $ 5,291 $ 6,655 $ 17,320 $ 32,987 |
Note 12 - Accumulated Other C33
Note 12 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (2,110 ) $ (124 ) $ (4,342 ) $ (6,576 ) Other comprehensive income before reclassifications, net of tax (333 ) 56 - $ (277 ) Amounts reclassified from accumulated other comprehensive income, net of tax 108 - 81 189 Net current period other comprehensive income, net of tax (225 ) 56 81 (88 ) Ending balance, net of tax $ (2,335 ) $ (68 ) $ (4,261 ) $ (6,664 ) Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ 7,923 $ (4,835 ) $ 3,088 Other comprehensive income before reclassifications, net of tax (2,942 ) - $ (2,942 ) Amounts reclassified from accumulated other comprehensive income, net of tax - 103 103 Net current period other comprehensive income, net of tax (2,942 ) 103 (2,839 ) Ending balance, net of tax $ 4,981 $ (4,732 ) $ 249 Unrealized Gains Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (3,859 ) $ - $ (4,503 ) $ (8,362 ) Other comprehensive income before reclassifications, net of tax 1,416 (68 ) - $ 1,348 Amounts reclassified from accumulated other comprehensive income, net of tax 108 - 242 350 Net current period other comprehensive income, net of tax 1,524 (68 ) 242 1,698 Ending balance, net of tax $ (2,335 ) $ (68 ) $ (4,261 ) $ (6,664 ) Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) Other comprehensive income before reclassifications, net of tax 6,852 - $ 6,852 Amounts reclassified from accumulated other comprehensive income, net of tax (1,350 ) 309 (1,041 ) Net current period other comprehensive income, net of tax 5,502 309 5,811 Ending balance, net of tax $ 4,981 $ (4,732 ) $ 249 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | For the three months ended September 30, 2017 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities: $ (186 ) Net loss on sale of securities 78 Tax benefit $ (108 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (152 ) (1) Other operating expense Prior service credits 12 (1) Other operating expense (140 ) Total before tax 59 Tax benefit $ (81 ) Net of tax For the three months ended September 30, 2016 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss 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 For the nine months ended September 30, 2017 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities: $ (186 ) Net loss on sale of securities 78 Tax benefit $ (108 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (454 ) (1) Other operating expense Prior service credits 34 (1) Other operating expense (420 ) Total before tax 178 Tax benefit $ (242 ) Net of tax For the nine months ended September 30, 2016 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized gains on available for sale securities: $ 2,363 Net gain on sale of securities (1,013 ) Tax expense $ 1,350 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (575 ) (1) Other operating expense Prior service credits 33 (1) Other operating expense (542 ) Total before tax 233 Tax benefit $ (309 ) Net of tax |
Note 13 - Regulatory Capital (T
Note 13 - Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | September 30, 2017 December 31, 2016 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 629,748 10.10 % $ 607,033 10.12 % Requirement to be well capitalized 311,625 5.00 299,848 5.00 Excess 318,123 5.10 307,185 5.12 Common Equity Tier I risk-based capital: Capital level $ 629,748 14.04 % $ 607,033 14.12 % Requirement to be well capitalized 291,614 6.50 279,443 6.50 Excess 338,134 7.54 327,590 7.62 Tier 1 risk-based capital: Capital level $ 629,748 14.04 % $ 607,033 14.12 % Requirement to be well capitalized 358,910 8.00 343,930 8.00 Excess 270,838 6.04 263,103 6.12 Total risk-based capital: Capital level $ 655,017 14.60 % $ 629,262 14.64 % Requirement to be well capitalized 448,637 10.00 429,913 10.00 Excess 206,380 4.60 199,349 4.64 September 30, 2017 December 31, 2016 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 565,265 9.07 % $ 539,228 9.00 % Requirement to be well capitalized 311,475 5.00 299,654 5.00 Excess 253,790 4.07 239,574 4.00 Common Equity Tier I risk-based capital: Capital level $ 530,442 11.84 % $ 506,432 11.79 % Requirement to be well capitalized 291,325 6.50 279,121 6.50 Excess 239,117 5.34 227,311 5.29 Tier 1 risk-based capital: Capital level $ 565,265 12.61 % $ 539,228 12.56 % Requirement to be well capitalized 358,554 8.00 343,534 8.00 Excess 206,711 4.61 195,694 4.56 Total risk-based capital: Capital level $ 665,534 14.85 % $ 636,457 14.82 % Requirement to be well capitalized 448,193 10.00 429,417 10.00 Excess 217,341 4.85 207,040 4.82 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Net Income | $ 10,179 | $ 10,634 | $ 35,164 | $ 50,630 | |
Divided by: | |||||
Weighted average common shares outstanding (in shares) | 29,120 | 28,861 | 29,092 | 28,993 | |
Weighted average common stock equivalents (in shares) | 1 | 14 | 2 | 13 | |
Total weighted average common shares outstanding and common stock equivalents (in shares) | 29,121 | 28,875 | 29,094 | 29,006 | |
Basic earnings per common share (in dollars per share) | $ 0.35 | $ 0.37 | $ 1.21 | $ 1.75 | |
Diluted earnings per common share (in dollars per share) | [1] | $ 0.35 | $ 0.37 | $ 1.21 | $ 1.75 |
Dividend payout ratio | 51.40% | 45.90% | 44.60% | 29.10% | |
[1] | For the three and nine months ended September 30, 2017 and 2016, there were no stock options that were anti-dilutive. |
Note 4 - Debt and Equity Secu37
Note 4 - Debt and Equity Securities (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Trading Securities | $ 0 | $ 0 | $ 0 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | 0 | |||
Proceeds from Sale of Available-for-sale Securities | $ 112,400 | $ 0 | $ 112,400 | $ 64,600 | |
Collateralized By Commercial Real Estate [Member] | Collateralized Mortgage Obligations [Member] | |||||
Private Issue Collateralized Mortgage Obligations, Number | 1 | 1 | |||
Mortgage Backed Securities Available for Sale Fair Value | $ 100 | $ 100 | 200 | ||
Mortgage Backed Securities Available for Sale Amortized Cost | $ 100 | $ 100 | $ 200 |
Note 4 - Debt and Equity Secu38
Note 4 - Debt and Equity Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Securities held-to-maturity, amortized cost | $ 30,930 | $ 37,735 |
Securities held-to-maturity, fair value | 29,381 | 35,408 |
Securities held-to-maturity, gross unrealized gains | 0 | 0 |
Securities held-to-maturity, gross unrealized losses | 1,549 | 2,327 |
Securities available for sale, amortized cost | 800,577 | 868,009 |
Securities available for sale, fair value | 796,559 | 861,381 |
Securities available for sale, gross unrealized gains | 5,847 | 5,091 |
Securities available for sale, gross unrealized losses | 9,865 | 11,719 |
Municipal Debt Securities [Member] | ||
Securities held-to-maturity, amortized cost | 22,952 | 37,735 |
Securities held-to-maturity, fair value | 21,542 | 35,408 |
Securities held-to-maturity, gross unrealized gains | 0 | 0 |
Securities held-to-maturity, gross unrealized losses | 1,410 | 2,327 |
Securities available for sale, amortized cost | 102,226 | 124,984 |
Securities available for sale, fair value | 104,979 | 126,903 |
Securities available for sale, gross unrealized gains | 2,753 | 1,983 |
Securities available for sale, gross unrealized losses | 0 | 64 |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 110,000 | 110,000 |
Securities available for sale, fair value | 103,126 | 102,910 |
Securities available for sale, gross unrealized gains | 0 | |
Securities available for sale, gross unrealized losses | 6,874 | 7,090 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,952 | 37,735 |
Securities held-to-maturity, fair value | 21,542 | 35,408 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 1,410 | |
Securities available for sale, fair value | 276,698 | 344,905 |
FNMA [Member] | ||
Securities held-to-maturity, amortized cost | 7,978 | |
Securities held-to-maturity, fair value | 7,839 | |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 139 | |
Securities available for sale, amortized cost | 138,995 | 109,493 |
Securities available for sale, fair value | 138,781 | 108,351 |
Securities available for sale, gross unrealized gains | 547 | 463 |
Securities available for sale, gross unrealized losses | 761 | 1,605 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost | 18,629 | 21,366 |
Securities available for sale, fair value | 18,629 | 21,366 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,978 | |
Securities held-to-maturity, fair value | 7,839 | |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 139 | |
Securities available for sale, amortized cost | 520,241 | 518,826 |
Securities available for sale, fair value | 519,861 | 516,476 |
Securities available for sale, gross unrealized gains | 2,611 | 2,213 |
Securities available for sale, gross unrealized losses | 2,991 | 4,563 |
Collateralized Debt Obligations [Member] | ||
Securities available for sale, amortized cost | 48,398 | 85,470 |
Securities available for sale, fair value | 48,881 | 86,365 |
Securities available for sale, gross unrealized gains | 483 | 895 |
Securities available for sale, gross unrealized losses | 0 | |
Other Securities [Member] | ||
Securities available for sale, amortized cost | 1,083 | 7,363 |
Securities available for sale, fair value | 1,083 | 7,361 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 2 | |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 280,336 | 349,183 |
Securities available for sale, fair value | 276,698 | 344,905 |
Securities available for sale, gross unrealized gains | 3,236 | 2,878 |
Securities available for sale, gross unrealized losses | 6,874 | 7,156 |
REMIC and CMO [Member] | ||
Securities available for sale, amortized cost | 330,593 | 402,636 |
Securities available for sale, fair value | 330,459 | 401,370 |
Securities available for sale, gross unrealized gains | 1,953 | 1,607 |
Securities available for sale, gross unrealized losses | 2,087 | 2,873 |
GNMA [Member] | ||
Securities available for sale, amortized cost | 1,096 | 1,319 |
Securities available for sale, fair value | 1,184 | 1,427 |
Securities available for sale, gross unrealized gains | 88 | 108 |
Securities available for sale, gross unrealized losses | 0 | |
FHLMC [Member] | ||
Securities available for sale, amortized cost | 49,557 | 5,378 |
Securities available for sale, fair value | 49,437 | 5,328 |
Securities available for sale, gross unrealized gains | 23 | 35 |
Securities available for sale, gross unrealized losses | $ 143 | $ 85 |
Note 4 - Debt and Equity Secu39
Note 4 - Debt and Equity Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Securities held-to-maturity, amortized cost, due in one year or less | $ 1,085 | |
Securities held-to-maturity, fair value, due in one year or less | 1,085 | |
Securities held-to-maturity, amortized cost, due after ten years | 21,867 | |
Securities held-to-maturity, fair value, due after ten years | 20,457 | |
Securities held-to-maturity | 30,930 | $ 37,735 |
Securities held-to-maturity, fair value | 29,381 | 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 | 4,335 | |
Securities available for sale, fair value, due after one year through five years | 4,443 | |
Securities available for sale, amortized cost, due after five years through ten years | 159,666 | |
Securities available for sale, fair value, due after five years through ten years | 153,369 | |
Securities available for sale, amortized cost, due after ten years | 97,706 | |
Securities available for sale, fair value, due after ten years | 100,257 | |
Securities available for sale, amortized cost | 800,577 | 868,009 |
Securities available for sale, fair value | 796,559 | 861,381 |
Securities available for sale, amortized cost, total other securities | 280,336 | |
Securities available for sale, fair value, total other securities | 276,698 | |
Other Debt Obligations [Member] | ||
Securities held-to-maturity | 22,952 | 37,735 |
Securities held-to-maturity, fair value | 21,542 | 35,408 |
Securities available for sale, fair value | 276,698 | 344,905 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity | 7,978 | |
Securities held-to-maturity, fair value | 7,839 | |
Securities available for sale, amortized cost | 520,241 | 518,826 |
Securities available for sale, fair value | 519,861 | 516,476 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost | 18,629 | 21,366 |
Securities available for sale, fair value | 18,629 | $ 21,366 |
Commercial Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 520,241 | |
Securities available for sale, fair value | $ 519,861 |
Note 4 - Debt and Equity Secu40
Note 4 - Debt and Equity Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 2 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 28,296 | $ 19,538 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 1,549 | 2,327 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 28,296 | 19,538 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,549 | 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 | |
Securities have been in a continuous unrealized loss position, number of positions | 50 | 73 |
Securities have been in a continuous unrealized loss position, fair value | $ 391,101 | $ 426,979 |
Securities have been in a continuous unrealized loss position, unrealized losses | 9,865 | 11,719 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 282,266 | 332,315 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,033 | 5,191 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 108,835 | 94,664 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 6,832 | $ 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 | $ 20,457 | $ 19,538 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 1,410 | 2,327 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 20,457 | 19,538 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,410 | 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 |
Other Debt Obligations [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 20,457 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 1,410 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 20,457 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,410 | |
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 | |
Securities have been in a continuous unrealized loss position, number of positions | 14 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 103,126 | $ 298 |
Securities have been in a continuous unrealized loss position, unrealized losses | 6,874 | 2 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,154 | 0 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 846 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 83,972 | 298 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 6,028 | $ 2 |
FNMA [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 7,839 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 139 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 7,839 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 139 | |
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 | |
Securities have been in a continuous unrealized loss position, number of positions | 11 | 18 |
Securities have been in a continuous unrealized loss position, fair value | $ 90,337 | $ 80,924 |
Securities have been in a continuous unrealized loss position, unrealized losses | 761 | 1,605 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 81,621 | 74,972 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 595 | 1,250 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 8,716 | 5,952 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 166 | $ 355 |
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 | $ 103,126 | $ 102,910 |
Securities have been in a continuous unrealized loss position, unrealized losses | 6,874 | 7,090 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,154 | 28,476 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 846 | 1,524 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 83,972 | 74,434 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 6,028 | $ 5,566 |
Collateralized Mortgage Backed Securities [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 7,839 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 139 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 7,839 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 139 | |
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 | |
Securities have been in a continuous unrealized loss position, number of positions | 36 | 54 |
Securities have been in a continuous unrealized loss position, fair value | $ 287,975 | $ 307,724 |
Securities have been in a continuous unrealized loss position, unrealized losses | 2,991 | 4,563 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 263,112 | 287,792 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,187 | 3,603 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 24,863 | 19,932 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 804 | $ 960 |
Collateralized Debt Obligations [Member] | ||
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, unrealized losses | 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, less than 12 months, 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 | |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 19 | |
Securities have been in a continuous unrealized loss position, fair value | $ 119,255 | |
Securities have been in a continuous unrealized loss position, unrealized losses | 7,156 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 44,523 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,588 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 74,732 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 5,568 | |
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 23 | 35 |
Securities have been in a continuous unrealized loss position, fair value | $ 149,238 | $ 222,807 |
Securities have been in a continuous unrealized loss position, unrealized losses | 2,087 | 2,873 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 133,091 | 208,827 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,449 | 2,268 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 16,147 | 13,980 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 638 | $ 605 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 2 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 48,400 | $ 3,993 |
Securities have been in a continuous unrealized loss position, unrealized losses | 143 | 85 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 48,400 | 3,993 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 143 | 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 |
Note 4 - Debt and Equity Secu41
Note 4 - Debt and Equity Securities - Gross Gain (Loss) Realized From the Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Gross gains from the sale of securities | $ 401 | $ 401 | $ 2,370 | |
Gross losses from the sale of securities | (587) | (587) | (7) | |
Net (losses) gains from the sale of securities | $ (186) | $ (186) | $ 2,363 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016 | Sep. 30, 2017USD ($) | Sep. 30, 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 | $ 39,200 | ||||
Collateral Dependent Impaired Loans Measured by Third Party Appraisals Percentage | 82.90% | ||||
Collateral Dependent Impaired Loans Measured Internally | $ 8,100 | ||||
Collateral Dependent Impaired Loans Measured Internally Percentage | 17.10% | ||||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 | |||
TDR Loans Transferred to Non-performing, Number of Contracts | 0 | 0 | 0 | 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 8,700 | $ 8,700 | $ 11,400 | ||
Extension of Credit [Member] | |||||
Commitments and Contingencies | 94,700 | 94,700 | |||
Extension of Lines of Credit [Member] | |||||
Commitments and Contingencies | $ 229,000 | $ 229,000 | |||
Consumer Portfolio Segment [Member] | |||||
Number of Real Estate Properties, Foreclosed | 0 | 0 | |||
Residential Portfolio Segment [Member] | |||||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | $ 500 | ||
Number of Foreclosed Real Estate Properties | 1 |
Note 5 - Loans - Loans Modified
Note 5 - Loans - Loans Modified and Classified as TDR (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Number | 4 | 9 | 4 |
Balance | $ 1,306 | $ 5,595 | $ 1,002 |
Taxi Medallion Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Number | 4 | 9 | |
Balance | $ 1,306 | $ 5,595 | |
One-To-Four Family - Residential [Member] | Interest Rate Below Market Reduction [Member] | |||
Number | 2 | ||
Balance | $ 263 | ||
Commercial Business and Other Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Number | 2 | ||
Balance | $ 739 |
Note 5 - Loans - Troubled Debt
Note 5 - Loans - Troubled Debt Restructurings That Are Performing According to Their Restructured Terms (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016 | Dec. 31, 2016USD ($) | |
Number of contracts | 4 | 9 | 4 | |
Performing Financial Instruments [Member] | ||||
Number of contracts | 42 | 33 | ||
Recorded investment | $ 22,497 | $ 22,497 | $ 17,435 | |
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | 9 | 9 | ||
Recorded investment | 2,533 | $ 2,533 | $ 2,572 | |
Commercial Real Estate Loans [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | 2 | 2 | ||
Recorded investment | 2,031 | $ 2,031 | $ 2,062 | |
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | 5 | 5 | ||
Recorded investment | 1,765 | $ 1,765 | $ 1,800 | |
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | 3 | 3 | ||
Recorded investment | 577 | $ 577 | $ 591 | |
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | 21 | 12 | ||
Recorded investment | 15,074 | $ 15,074 | $ 9,735 | |
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | 2 | 2 | ||
Recorded investment | $ 517 | $ 517 | $ 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of contracts, not performing | 1 | 1 |
Recorded investment, not performing | $ 377 | $ 396 |
Multi-family Residential Portfolio Segment [Member] | ||
Number of contracts, not performing | 1 | 1 |
Recorded investment, not performing | $ 377 | $ 396 |
Note 5 - Loans - Non-performing
Note 5 - Loans - Non-performing Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loans ninety days or more past due and still accruing | $ 1,729 | $ 386 |
Non-accrual loans | 12,161 | 21,030 |
Total non-performing loans | 13,890 | 21,416 |
Mortgage Receivable [Member] | ||
Non-accrual loans | 12,107 | 15,251 |
Non-Mortgage Loans [Member] | ||
Non-accrual loans | 54 | 5,779 |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing | 415 | |
Non-accrual loans | 1,309 | 1,837 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Loans ninety days or more past due and still accruing | 38 | |
Non-accrual loans | 1,147 | 1,148 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 129 | 386 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 2,217 | 4,025 |
Taxi Medallion Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 1,147 | |
Taxi Medallion Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 3,825 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 7,434 | 8,241 |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 50 | 1,886 |
Commercial Business and Other Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | $ 4 | $ 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 401 | $ 468 | $ 1,249 | $ 1,405 |
Less: Interest income included in the results of operations | 166 | 99 | 434 | 391 |
Total foregone interest | $ 235 | $ 369 | $ 815 | $ 1,014 |
Note 5 - Loans - Age Analysis o
Note 5 - Loans - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Past due | $ 31,481 | $ 36,823 |
Current | 5,021,970 | 4,782,311 |
Total Loans | 5,053,451 | 4,819,134 |
Multi-family Residential Portfolio Segment [Member] | ||
Past due | 7,994 | 4,699 |
Current | 2,228,179 | 2,173,805 |
Total Loans | 2,236,173 | 2,178,504 |
Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 5,121 | 4,533 |
Current | 1,347,654 | 1,241,599 |
Total Loans | 1,352,775 | 1,246,132 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Past due | 6,035 | 9,844 |
Current | 550,688 | 548,658 |
Total Loans | 556,723 | 558,502 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 10,935 | 12,072 |
Current | 166,643 | 173,695 |
Total Loans | 177,578 | 185,767 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Current | 7,035 | 7,418 |
Total Loans | 7,035 | 7,418 |
Construction Portfolio Segment [Member] | ||
Past due | 0 | |
Current | 15,811 | 11,495 |
Total Loans | 15,811 | 11,495 |
Small Business Administration Portfolio Segment [Member] | ||
Past due | 245 | 1,827 |
Current | 14,240 | 13,371 |
Total Loans | 14,485 | 15,198 |
Taxi Medallion Portfolio Segment [Member] | ||
Past due | 1,147 | 3,825 |
Current | 17,018 | 15,171 |
Total Loans | 18,165 | 18,996 |
Commercial Business and Other [Member] | ||
Past due | 4 | |
Current | 674,702 | |
Total Loans | 674,706 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Past due | 23 | |
Current | 597,099 | |
Total Loans | 674,706 | 597,122 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due | 16,793 | 14,475 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Multi-family Residential Portfolio Segment [Member] | ||
Past due | 6,115 | 2,575 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 3,455 | 3,363 |
Financing Receivables, 30 to 59 Days Past Due [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Past due | 3,577 | 4,671 |
Financing Receivables, 30 to 59 Days Past Due [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 3,646 | 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 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Business and Other [Member] | ||
Past due | ||
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 | 1,036 | 1,266 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Multi-family Residential Portfolio Segment [Member] | ||
Past due | 155 | 287 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 481 | 22 |
Financing Receivables, 60 to 89 Days Past Due [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Past due | 112 | 762 |
Financing Receivables, 60 to 89 Days Past Due [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 43 | 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 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Small Business Administration Portfolio Segment [Member] | ||
Past due | 245 | 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 | ||
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 | 13,652 | 21,082 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Multi-family Residential Portfolio Segment [Member] | ||
Past due | 1,724 | 1,837 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past due | 1,185 | 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 | 2,346 | 4,411 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | ||
Past due | 7,246 | 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 | 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 | 1,147 | 3,825 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Business and Other [Member] | ||
Past due | $ 4 | |
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Beginning balance | $ 22,157 | $ 22,198 | $ 22,229 | $ 21,535 |
Charge-off's | (324) | (541) | (853) | (789) |
Recoveries | 170 | 138 | 627 | 1,049 |
Provision (Benefit) | 3,266 | 3,266 | ||
Ending balance | 25,269 | 21,795 | 25,269 | 21,795 |
Multi-family Residential Portfolio Segment [Member] | ||||
Beginning balance | 5,917 | 6,177 | 5,923 | 6,718 |
Charge-off's | (290) | (90) | (452) | (155) |
Recoveries | 66 | 11 | 297 | 230 |
Provision (Benefit) | 43 | (103) | (32) | (798) |
Ending balance | 5,736 | 5,995 | 5,736 | 5,995 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 4,688 | 4,445 | 4,487 | 4,239 |
Charge-off's | (4) | |||
Recoveries | 25 | 11 | 93 | 11 |
Provision (Benefit) | (86) | 60 | 51 | 266 |
Ending balance | 4,627 | 4,516 | 4,627 | 4,516 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Beginning balance | 2,568 | 3,326 | 2,903 | 4,227 |
Charge-off's | (1) | (71) | (36) | (139) |
Recoveries | 47 | 68 | 252 | |
Provision (Benefit) | (49) | (234) | (417) | (1,272) |
Ending balance | 2,518 | 3,068 | 2,518 | 3,068 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Beginning balance | 990 | 1,044 | 1,015 | 1,227 |
Charge-off's | (170) | (74) | ||
Recoveries | 58 | 58 | 366 | |
Provision (Benefit) | (90) | (27) | 55 | (502) |
Ending balance | 958 | 1,017 | 958 | 1,017 |
Construction Portfolio Segment [Member] | ||||
Beginning balance | 130 | 75 | 92 | 50 |
Charge-off's | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision (Benefit) | (13) | 15 | 25 | 40 |
Ending balance | 117 | 90 | 117 | 90 |
Small Business Administration Portfolio Segment [Member] | ||||
Beginning balance | 306 | 574 | 481 | 262 |
Charge-off's | (361) | (89) | (362) | |
Recoveries | 17 | 44 | 66 | 118 |
Provision (Benefit) | 70 | 151 | (65) | 390 |
Ending balance | 393 | 408 | 393 | 408 |
Taxi Medallion Portfolio Segment [Member] | ||||
Beginning balance | 2,330 | 1,042 | 2,243 | 343 |
Charge-off's | (54) | |||
Recoveries | ||||
Provision (Benefit) | 3,661 | 1,290 | 3,802 | 1,989 |
Ending balance | 5,991 | 2,332 | 5,991 | 2,332 |
Commercial Business and Other Portfolio Segment [Member] | ||||
Beginning balance | 4,668 | 4,669 | 4,492 | 4,469 |
Charge-off's | (33) | (19) | (48) | (59) |
Recoveries | 4 | 25 | 45 | 72 |
Provision (Benefit) | 290 | (477) | 440 | (284) |
Ending balance | 4,929 | 4,198 | 4,929 | 4,198 |
Unallocated Financing Receivables [Member] | ||||
Beginning balance | 560 | 846 | 593 | |
Charge-off's | ||||
Recoveries | ||||
Provision (Benefit) | (560) | (675) | (593) | 171 |
Ending balance | $ 171 | $ 171 |
Note 5 - Loans - Loans Evaluate
Note 5 - Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing receivables, ending balance | $ 5,053,451 | $ 4,819,134 |
Financing receivables, individually evaluated for impairment | 48,376 | 51,983 |
Financing receivables, collectively evaluated for impairment | 5,005,075 | 4,767,151 |
Ending balance: individually evaluated for impairment | 6,632 | 3,226 |
Ending balance: collectively evaluated for impairment | 18,637 | 19,003 |
Multi-family Residential Portfolio Segment [Member] | ||
Financing receivables, ending balance | 2,236,173 | 2,178,504 |
Financing receivables, individually evaluated for impairment | 4,721 | 5,923 |
Financing receivables, collectively evaluated for impairment | 2,231,452 | 2,172,581 |
Ending balance: individually evaluated for impairment | 217 | 232 |
Ending balance: collectively evaluated for impairment | 5,519 | 5,691 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivables, ending balance | 1,352,775 | 1,246,132 |
Financing receivables, individually evaluated for impairment | 6,798 | 6,551 |
Financing receivables, collectively evaluated for impairment | 1,345,977 | 1,239,581 |
Ending balance: individually evaluated for impairment | 154 | 179 |
Ending balance: collectively evaluated for impairment | 4,473 | 4,308 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Financing receivables, ending balance | 556,723 | 558,502 |
Financing receivables, individually evaluated for impairment | 6,317 | 8,809 |
Financing receivables, collectively evaluated for impairment | 550,406 | 549,693 |
Ending balance: individually evaluated for impairment | 206 | 417 |
Ending balance: collectively evaluated for impairment | 2,312 | 2,486 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Financing receivables, ending balance | 177,578 | 185,767 |
Financing receivables, individually evaluated for impairment | 10,079 | 9,989 |
Financing receivables, collectively evaluated for impairment | 167,499 | 175,778 |
Ending balance: individually evaluated for impairment | 56 | 60 |
Ending balance: collectively evaluated for impairment | 902 | 955 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Financing receivables, ending balance | 7,035 | 7,418 |
Financing receivables, individually evaluated for impairment | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 7,035 | 7,418 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Financing receivables, ending balance | 15,811 | 11,495 |
Financing receivables, individually evaluated for impairment | 1,178 | |
Financing receivables, collectively evaluated for impairment | 14,633 | 11,495 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 117 | 92 |
Small Business Administration Portfolio Segment [Member] | ||
Financing receivables, ending balance | 14,485 | 15,198 |
Financing receivables, individually evaluated for impairment | 370 | 1,937 |
Financing receivables, collectively evaluated for impairment | 14,115 | 13,261 |
Ending balance: individually evaluated for impairment | 90 | |
Ending balance: collectively evaluated for impairment | 393 | 391 |
Taxi Medallion Portfolio Segment [Member] | ||
Financing receivables, ending balance | 18,165 | 18,996 |
Financing receivables, individually evaluated for impairment | 18,165 | 16,282 |
Financing receivables, collectively evaluated for impairment | 2,714 | |
Ending balance: individually evaluated for impairment | 5,991 | 2,236 |
Ending balance: collectively evaluated for impairment | 7 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Financing receivables, ending balance | 674,706 | 597,122 |
Financing receivables, individually evaluated for impairment | 748 | 2,492 |
Financing receivables, collectively evaluated for impairment | 673,958 | 594,630 |
Ending balance: individually evaluated for impairment | 8 | 12 |
Ending balance: collectively evaluated for impairment | $ 4,921 | 4,480 |
Unallocated Financing Receivables [Member] | ||
Financing receivables, ending balance | 0 | |
Financing receivables, individually evaluated for impairment | 0 | |
Financing receivables, collectively evaluated for impairment | 0 | |
Ending balance: individually evaluated for impairment | 0 | |
Ending balance: collectively evaluated for impairment | $ 593 |
Note 5 - Loans - Impaired Loans
Note 5 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | ||
Recorded Investment, With no related allowance recorded | $ 26,532 | $ 26,532 | $ 28,966 | |||
Unpaid Principal Balance, With no related allowance recorded | 28,773 | 28,773 | 31,729 | |||
Recorded Investment, With an allowance recorded | 21,844 | 21,844 | 23,017 | |||
Unpaid Principal Balance, With an allowance recorded | 21,844 | 21,844 | 23,407 | |||
Related Allowance | 6,632 | 6,632 | 3,226 | |||
Loans designated as criticized or classified | 72,557 | 72,557 | 72,114 | |||
Average Recorded Investment, With no related allowance recorded | 28,466 | $ 35,691 | 30,371 | $ 35,201 | ||
Interest Income Recognized, With no related allowance recorded | 191 | 244 | 677 | 748 | ||
Average Recorded Investment, With an allowance recorded | 21,250 | 14,665 | 21,277 | 13,768 | ||
Interest Income Recognized, With an allowance recorded | 150 | 117 | 424 | 392 | ||
Multi-family Residential Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 11,521 | 11,521 | 10,484 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 5,782 | 5,782 | 7,430 | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 6,251 | 6,251 | 11,206 | |||
One-To-Four Family - Residential Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 10,418 | 10,418 | ||||
Co-Operative Apartments Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 0 | 0 | 0 | |||
Construction Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 1,178 | 1,178 | 0 | |||
Small Business Administration Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 800 | 800 | 976 | [1] | ||
Taxi Medallion Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 18,165 | 18,165 | 18,997 | |||
Commercial Business and Other Portfolio Segment [Member] | ||||||
Loans designated as criticized or classified | 18,442 | 18,442 | 12,417 | |||
Mortgage Receivable [Member] | ||||||
Related Allowance | 633 | 633 | 888 | |||
Loans designated as criticized or classified | 29,093 | 29,093 | 31,272 | |||
Unpaid Principal Balance, Total Impaired Loans | 30,949 | 30,949 | 33,431 | |||
Average Recorded Investment, Total Impaired Loans | 29,924 | 35,384 | 31,017 | 36,696 | ||
Interest Income Recognized, Total Impaired Loans | 233 | 226 | 742 | 696 | ||
Mortgage Receivable [Member] | Multi-family Residential Portfolio Segment [Member] | ||||||
Recorded Investment, With no related allowance recorded | 2,489 | 2,489 | 3,660 | |||
Unpaid Principal Balance, With no related allowance recorded | 2,935 | 2,935 | 3,796 | |||
Recorded Investment, With an allowance recorded | 2,232 | 2,232 | 2,263 | |||
Unpaid Principal Balance, With an allowance recorded | 2,232 | 2,232 | 2,263 | |||
Related Allowance | 217 | 217 | 232 | |||
Average Recorded Investment, With no related allowance recorded | 2,451 | 4,639 | 2,650 | 5,129 | ||
Interest Income Recognized, With no related allowance recorded | 12 | 23 | 57 | 69 | ||
Average Recorded Investment, With an allowance recorded | 2,242 | 2,279 | 2,391 | 2,284 | ||
Interest Income Recognized, With an allowance recorded | 28 | 29 | 107 | 87 | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Recorded Investment, With no related allowance recorded | 4,767 | 4,767 | 4,489 | |||
Unpaid Principal Balance, With no related allowance recorded | 4,767 | 4,767 | 4,516 | |||
Recorded Investment, With an allowance recorded | 2,031 | 2,031 | 2,062 | |||
Unpaid Principal Balance, With an allowance recorded | 2,031 | 2,031 | 2,062 | |||
Related Allowance | 154 | 154 | 179 | |||
Average Recorded Investment, With no related allowance recorded | 5,142 | 4,661 | 5,881 | 4,841 | ||
Interest Income Recognized, With no related allowance recorded | 60 | 55 | 214 | 162 | ||
Average Recorded Investment, With an allowance recorded | 2,040 | 2,080 | 2,039 | 2,173 | ||
Interest Income Recognized, With an allowance recorded | 24 | 24 | 72 | 73 | ||
Mortgage Receivable [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||||
Recorded Investment, With no related allowance recorded | 5,079 | 5,079 | 6,435 | |||
Unpaid Principal Balance, With no related allowance recorded | 5,454 | 5,454 | 6,872 | |||
Recorded Investment, With an allowance recorded | 1,238 | 1,238 | 2,374 | |||
Unpaid Principal Balance, With an allowance recorded | 1,238 | 1,238 | 2,376 | |||
Related Allowance | 206 | 206 | 417 | |||
Average Recorded Investment, With no related allowance recorded | 5,269 | 8,234 | 5,399 | 8,407 | ||
Interest Income Recognized, With no related allowance recorded | 45 | 37 | 123 | 119 | ||
Average Recorded Investment, With an allowance recorded | 1,445 | 2,567 | 1,379 | 2,622 | ||
Interest Income Recognized, With an allowance recorded | 16 | 35 | 50 | 107 | ||
Mortgage Receivable [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | ||||||
Recorded Investment, With no related allowance recorded | 9,661 | 9,661 | 9,560 | |||
Unpaid Principal Balance, With no related allowance recorded | 10,696 | 10,696 | 11,117 | |||
Recorded Investment, With an allowance recorded | 418 | 418 | 429 | |||
Unpaid Principal Balance, With an allowance recorded | 418 | 418 | 429 | |||
Related Allowance | 56 | 56 | 60 | |||
Average Recorded Investment, With no related allowance recorded | 10,023 | 10,204 | 10,062 | 10,457 | ||
Interest Income Recognized, With no related allowance recorded | 29 | 19 | 85 | 69 | ||
Average Recorded Investment, With an allowance recorded | 422 | 435 | 422 | 403 | ||
Interest Income Recognized, With an allowance recorded | 4 | 4 | 12 | 10 | ||
Mortgage Receivable [Member] | Co-Operative Apartments Portfolio Segment [Member] | ||||||
Average Recorded Investment, With no related allowance recorded | ||||||
Interest Income Recognized, With no related allowance recorded | ||||||
Average Recorded Investment, With an allowance recorded | ||||||
Interest Income Recognized, With an allowance recorded | ||||||
Mortgage Receivable [Member] | Construction Portfolio Segment [Member] | ||||||
Recorded Investment, With no related allowance recorded | 1,178 | 1,178 | ||||
Unpaid Principal Balance, With no related allowance recorded | 1,178 | 1,178 | ||||
Average Recorded Investment, With no related allowance recorded | 890 | 285 | 794 | 380 | ||
Interest Income Recognized, With no related allowance recorded | 15 | 22 | ||||
Average Recorded Investment, With an allowance recorded | ||||||
Interest Income Recognized, With an allowance recorded | ||||||
Non-Mortgage Loans [Member] | ||||||
Related Allowance | 5,999 | 5,999 | 2,338 | |||
Loans designated as criticized or classified | 19,283 | 19,283 | 20,711 | |||
Unpaid Principal Balance, Total Impaired Loans | 19,668 | 19,668 | 21,705 | |||
Average Recorded Investment, Total Impaired Loans | 19,792 | 14,972 | 20,631 | 12,273 | ||
Interest Income Recognized, Total Impaired Loans | 108 | 135 | 359 | 444 | ||
Non-Mortgage Loans [Member] | Small Business Administration Portfolio Segment [Member] | ||||||
Recorded Investment, With no related allowance recorded | 370 | 370 | 416 | |||
Unpaid Principal Balance, With no related allowance recorded | 386 | 386 | 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 | 260 | 404 | 230 | 353 | ||
Interest Income Recognized, With no related allowance recorded | 5 | 13 | 9 | 38 | ||
Average Recorded Investment, With an allowance recorded | 397 | 315 | ||||
Interest Income Recognized, With an allowance recorded | 1 | 4 | ||||
Non-Mortgage Loans [Member] | Taxi Medallion Portfolio Segment [Member] | ||||||
Recorded Investment, With no related allowance recorded | 2,608 | 2,608 | 2,334 | |||
Unpaid Principal Balance, With no related allowance recorded | 2,608 | 2,608 | 2,476 | |||
Recorded Investment, With an allowance recorded | 15,557 | 15,557 | 13,948 | |||
Unpaid Principal Balance, With an allowance recorded | 15,557 | 15,557 | 13,948 | |||
Related Allowance | 5,991 | 5,991 | 2,236 | |||
Average Recorded Investment, With no related allowance recorded | 3,177 | 5,053 | 3,771 | 3,369 | ||
Interest Income Recognized, With no related allowance recorded | 19 | 52 | 74 | 155 | ||
Average Recorded Investment, With an allowance recorded | 14,716 | 6,459 | 14,663 | 5,009 | ||
Interest Income Recognized, With an allowance recorded | 73 | 17 | 166 | 91 | ||
Non-Mortgage Loans [Member] | Commercial Business and Other Portfolio Segment [Member] | ||||||
Recorded Investment, With no related allowance recorded | 380 | 380 | 2,072 | |||
Unpaid Principal Balance, With no related allowance recorded | 749 | 749 | 2,443 | |||
Recorded Investment, With an allowance recorded | 368 | 368 | 420 | |||
Unpaid Principal Balance, With an allowance recorded | 368 | 368 | 420 | |||
Related Allowance | 8 | 8 | $ 12 | |||
Average Recorded Investment, With no related allowance recorded | 1,254 | 2,211 | 1,584 | 2,265 | ||
Interest Income Recognized, With no related allowance recorded | 6 | 45 | 93 | 136 | ||
Average Recorded Investment, With an allowance recorded | 385 | 448 | 383 | 962 | ||
Interest Income Recognized, With an allowance recorded | $ 5 | $ 7 | $ 17 | $ 20 | ||
[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 | Sep. 30, 2017 | Dec. 31, 2016 | |
Loans designated as criticized or classified | $ 72,557 | $ 72,114 | |
Special Mention [Member] | |||
Loans designated as criticized or classified | 31,242 | 28,655 | |
Substandard [Member] | |||
Loans designated as criticized or classified | 41,315 | 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 | 11,521 | 10,484 | |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 9,333 | 7,133 | |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 2,188 | 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 | 5,782 | 7,430 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 1,015 | 2,941 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 4,767 | 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 | 6,251 | 11,206 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 1,700 | 4,197 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 4,551 | 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 | 10,418 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 915 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 9,503 | ||
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 | ||
Co-Operative Apartments Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Co-Operative Apartments Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Co-Operative Apartments Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Co-Operative Apartments Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Co-Operative Apartments Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Construction Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 1,178 | 0 | |
Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Construction Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 1,178 | 0 | |
Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Construction Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | 0 | 0 | |
Small Business Administration Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 800 | 976 | [1] |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 585 | 540 | [1] |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 215 | 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 | 18,165 | 18,997 | |
Taxi Medallion Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 0 | 2,715 | |
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 18,165 | 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 | 18,442 | 12,417 | |
Commercial Business and Other Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 17,694 | 9,924 | |
Commercial Business and Other Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 748 | 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 $0.1 million at December 31, 2016 and 2015, respectively. |
Note 6 - Loans Held for Sale (D
Note 6 - Loans Held for Sale (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | $ 0 | $ 0 |
Note 6 - Loans Held for Sale -
Note 6 - Loans Held for Sale - Delinquent and Non-performing Loans Sold During the Period Indicated (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Nonperforming Financial Instruments [Member] | ||||
Loans sold | 8 | 11 | 14 | 26 |
Proceeds | $ 2,738 | $ 3,139 | $ 4,863 | $ 7,965 |
Net (charge-offs) recoveries | $ 179 | (37) | (8) | |
Net gain | $ 240 | $ 208 | $ 265 | |
Performing Financial Instruments [Member] | ||||
Loans sold | 13 | 27 | 6 | |
Proceeds | $ 30,678 | $ 50,128 | $ 3,534 | |
Net (charge-offs) recoveries | $ (27) | |||
Net gain (loss) | $ 188 | $ 319 | ||
Multi-family Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans sold | 2 | 3 | 2 | 9 |
Proceeds | $ 707 | $ 632 | $ 707 | $ 2,680 |
Net (charge-offs) recoveries | $ 30 | (8) | ||
Net gain | $ 1 | $ 30 | $ 3 | |
Multi-family Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Loans sold | 10 | 8 | ||
Proceeds | $ 12,704 | $ 5,061 | ||
Net (charge-offs) recoveries | $ (22) | |||
Net gain (loss) | $ 252 | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans sold | 3 | 4 | 2 | |
Proceeds | $ 1,118 | $ 1,453 | $ 192 | |
Net (charge-offs) recoveries | $ 34 | (4) | ||
Net gain | $ 35 | |||
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Loans sold | 2 | 7 | ||
Proceeds | $ 17,832 | $ 26,283 | ||
Net (charge-offs) recoveries | $ (7) | |||
Net gain (loss) | $ (28) | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans sold | 3 | 8 | 8 | 15 |
Proceeds | $ 913 | $ 2,507 | $ 2,703 | $ 5,093 |
Net (charge-offs) recoveries | $ 115 | (33) | ||
Net gain | $ 239 | $ 143 | $ 262 | |
Small Business Administration Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Loans sold | 1 | 12 | 6 | |
Proceeds | $ 142 | $ 18,784 | $ 3,534 | |
Net (charge-offs) recoveries | $ 2 | |||
Net gain (loss) | $ (36) | $ 319 |
Note 7 - Stock-based Compensa55
Note 7 - Stock-based Compensation (Details Textual) - USD ($) | May 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 |
Allocated Share-based Compensation Expense | $ 1,100,000 | $ 5,200,000 | $ 4,700,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 400,000 | $ 1,700,000 | $ 1,800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,200 | 1,200 | 1,200 | |||
Omnibus Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 672,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 953,268 | 953,268 | 953,268 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 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 | $ 8,700,000 | $ 8,700,000 | $ 8,700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 36 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 14,000 | $ 4,000 | $ 7,000,000 | $ 4,800,000 | ||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | ||||||
Allocated Share-based Compensation Expense | 200,000 | 400,000 | 100,000 | 200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 200,000 | $ 0 | $ 200,000 | $ 28,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year |
Note 7 - Stock-based Compensa56
Note 7 - Stock-based Compensation - Full Value Awards (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 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) | 0 | 0 | 276,900 | 337,175 |
Granted RSU's (in dollars per share) | $ 28.21 | |||
Vested RSU's (in shares) | (244,762) | |||
Vested RSU's (in dollars per share) | $ 21.93 | |||
Forfeited RSU's (in shares) | (22,860) | |||
Forfeited RSU's (in dollars per share) | $ 23.61 | |||
Non-vested RSU's, ending balance (in shares) | 498,057 | 498,057 | ||
Non-vested RSU's, ending balance (in dollars per share) | $ 22.46 | $ 22.46 | ||
Vested RSU's but unissued at December 31, 2016 (in shares) | 244,077 | 244,077 | ||
Vested but unissued at September 30, 2017 (in dollars per share) | $ 22.67 | $ 22.67 |
Note 7 - Stock-based Compensa57
Note 7 - Stock-based Compensation - Stock Options Exercised (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Proceeds from stock options exercised | $ 5 | $ 132 | ||
Fair value of shares received upon exercise of stock options | 262 | 37 | 612 | |
Tax benefit (expense) related to stock options exercised | (10) | 39 | (12) | |
Intrinsic value of stock options exercised | $ 44 | $ 96 | $ 156 |
Note 7 - Stock-based Compensa58
Note 7 - Stock-based Compensation - Phantom Stock Plan (Details) - Phantom Share Units (PSUs) [Member] - Phantom Stock Plan [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Outstanding, beginning balance (in shares) | shares | 89,339 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 29.39 |
Granted (in shares) | shares | 7,889 |
Granted (in dollars per share) | $ / shares | $ 27.42 |
Forfeited (in shares) | shares | (10) |
Forfeited (in dollars per share) | $ / shares | $ 28.95 |
Distributions (in shares) | shares | (8,471) |
Distributions (in dollars per share) | $ / shares | $ 28.69 |
Outstanding, ending balance (in shares) | shares | 88,747 |
Outstanding, ending (in dollars per share) | $ / shares | $ 29.72 |
Vested at September 30, 2017 (in shares) | shares | 88,431 |
Vested at September 30, 2017 (in dollars per share) | $ / shares | $ 29.72 |
Note 8 - Pension and Other Po59
Note 8 - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 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 | $ 108,000 | |
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 | $ 60,000 |
Note 8 - Pension and Other Po60
Note 8 - 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Pension Plan [Member] | ||||
Interest cost | $ 216 | $ 226 | $ 648 | $ 678 |
Amortization of unrecognized loss | 174 | 201 | 523 | 604 |
Expected return on plan assets | (348) | (348) | (1,044) | (1,044) |
Net expense | 42 | 79 | 127 | 238 |
Directors' Plan [Member] | ||||
Interest cost | 23 | 24 | 69 | 72 |
Amortization of unrecognized loss | (23) | (21) | (69) | (65) |
Net expense | 20 | 23 | 60 | 70 |
Service cost | 10 | 11 | 30 | 33 |
Amortization of past service liability | 10 | 9 | 30 | 30 |
Other Postretirement Benefit Plans [Member] | ||||
Interest cost | 76 | 80 | 228 | 240 |
Amortization of unrecognized loss | 12 | 36 | ||
Net expense | 134 | 160 | 401 | 482 |
Service cost | 79 | 90 | 237 | 270 |
Amortization of past service liability | $ (21) | $ (22) | $ (64) | $ (64) |
Note 9 - Fair Value of Financ61
Note 9 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Financial Assets at Fair Value Option | $ 21,400 | $ 21,400 | $ 30,400 | ||
Financial Liabilities at Fair Value Option | 36,100 | 36,100 | 34,000 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (1,297) | $ (823) | (2,834) | $ (2,925) | |
Financial Liabilites at Fair Value Option Contractual Principal | 61,900 | 61,900 | 61,900 | ||
Financial Liabilities at Fair Value Option Accrued Interest Payable | 200 | 200 | 100 | ||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 11,600 | $ 11,600 | |||
Fair Value Inputs, Discount Rate | 85.00% | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Assets, Fair Value Disclosure | 0 | $ 0 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | $ 0 | ||
Interest Rate Swap [Member] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (400) | $ (500) | $ (900) | $ (4,300) |
Note 9 - Fair Value of Financ62
Note 9 - Fair Value of Financial Instruments - Financial Assets and Liabilities Reported Under the Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | ||
Financial Assets at Fair Value Option | $ 21,400 | $ 21,400 | $ 30,400 | |||
Net loss from fair value adjustments | (1,297) | $ (823) | (2,834) | $ (2,925) | ||
Collateralized Mortgage Backed Securities [Member] | ||||||
Financial Assets at Fair Value Option | 1,696 | 1,696 | 2,016 | |||
Net loss from fair value adjustments | (5) | (6) | (15) | (4) | ||
Other Securities [Member] | ||||||
Financial Assets at Fair Value Option | 19,712 | 19,712 | 28,429 | |||
Net loss from fair value adjustments | 40 | (30) | 184 | 156 | ||
Junior Subordinated Debentures [Member] | ||||||
Financial Assets at Fair Value Option | 36,071 | 36,071 | $ 33,959 | |||
Net loss from fair value adjustments | (925) | (296) | (2,090) | 1,250 | ||
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | ||||||
Net loss from fair value adjustments | [1],[2] | $ (890) | $ (332) | $ (1,921) | $ 1,402 | |
[1] | The net gain (loss) from fair value adjustments presented in the above table does not include net losses of $0.4 million and $0.5 million for the three months ended September 30, 2017 and 2016, respectively, from the change in the fair value of interest rate swaps. | |||||
[2] | The net gain (loss) from fair value adjustments presented in the above table does not include net losses of $0.9 million and $4.3 million for the nine months ended September 30, 2017 and 2016, respectively, from the change in the fair value of interest rate swaps. |
Note 9 - Fair Value of Financ63
Note 9 - Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | $ 801,969 | $ 867,731 |
Liabilities | 40,716 | 37,345 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | 11,589 | |
Liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets | 789,297 | 860,370 |
Liabilities | 4,645 | 3,386 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | 1,083 | 7,361 |
Liabilities | 36,071 | 33,959 |
Collateralized Mortgage Backed Securities [Member] | ||
Assets | 519,861 | 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 | 519,861 | 516,476 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Other Securities [Member] | ||
Assets | 276,698 | 344,905 |
Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | 11,589 | |
Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 264,026 | 337,544 |
Other Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | 1,083 | 7,361 |
Interest Rate Swap [Member] | ||
Assets | 5,410 | 6,350 |
Liabilities | 4,645 | 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 | 5,410 | 6,350 |
Liabilities | 4,645 | 3,386 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Liabilities | ||
Junior Subordinated Debentures [Member] | ||
Liabilities | 36,071 | 33,959 |
Junior Subordinated Debentures [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Junior Subordinated Debentures [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Junior Subordinated Debentures [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | $ 36,071 | $ 33,959 |
Note 9 - Fair Value of Financ64
Note 9 - Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Recurring Basis, Classified Within Level 3 of the Valuation Hierarchy (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Trust Preferred Securities [Member] | |||||
Beginning balance | $ 7,191 | ||||
Ending balance | $ 1,083 | 1,083 | |||
Fair Value, Inputs, Level 3 [Member] | Trust Preferred Securities [Member] | |||||
Beginning balance | 7,444 | $ 7,167 | 7,361 | $ 7,212 | |
Security call | (6,300) | (6,300) | |||
Net gain from fair value adjustment of financial assets | [1] | 28 | 23 | 108 | (23) |
Net loss from fair value adjustment of financial liabilities | [1] | ||||
Decrease in accrued interest receivable | (89) | (88) | |||
Increase in accrued interest payable | 1 | ||||
Change in unrealized gains included in other comprehensive income | 1 | 2 | 1 | ||
Ending balance | 1,083 | 7,191 | 1,083 | 7,191 | |
Changes in unrealized gains held at period end | 1 | 1 | |||
Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | |||||
Beginning balance | 35,137 | 27,485 | 33,959 | 29,018 | |
Security call | |||||
Net gain from fair value adjustment of financial assets | [1] | ||||
Net loss from fair value adjustment of financial liabilities | [1] | 925 | 296 | 2,090 | (1,250) |
Decrease in accrued interest receivable | |||||
Increase in accrued interest payable | 9 | 10 | 22 | 23 | |
Change in unrealized gains included in other comprehensive income | |||||
Ending balance | 36,071 | 27,791 | 36,071 | 27,791 | |
Changes in unrealized gains held at period end | |||||
[1] | Totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments. |
Note 9 - Fair Value of Financ65
Note 9 - Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Trust Preferred Securities [Member] | ||
Fair Value | $ 1,083 | $ 7,191 |
Valuation Technique | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Range | 7.00% | |
Trust Preferred Securities [Member] | Minimum [Member] | ||
Range | 6.30% | |
Trust Preferred Securities [Member] | Weighted Average [Member] | ||
Range | 5.90% | |
Trust Preferred Securities [Member] | Maximum [Member] | ||
Range | 7.10% | |
Junior Subordinated Debentures [Member] | ||
Valuation Technique | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Range | 6.30% | |
Fair Value | $ 36,071 | $ 33,959 |
Junior Subordinated Debentures [Member] | Weighted Average [Member] | ||
Range | 5.90% |
Note 9 - Fair Value of Financ66
Note 9 - Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Non-recurring Basis, and the Method Used to Determine Their Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value | $ 20,159 | $ 15,501 |
Impaired Loans [Member] | ||
Fair Value | 20,159 | 14,968 |
Other Real Estate Owned [Member] | ||
Fair Value | 533 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Other Real Estate Owned [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Other Real Estate Owned [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 20,159 | 15,501 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Fair Value | 20,159 | 14,968 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Fair Value | $ 533 |
Note 9 - Fair Value of Financ67
Note 9 - Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments and the Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value | $ 20,159 | $ 15,501 |
Fair Value | 20,159 | 15,501 |
Impaired Loans [Member] | ||
Fair Value | 20,159 | 14,968 |
Fair Value | 20,159 | 14,968 |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value | $ 1,566 | $ 2,007 |
Range, loss severity discount | 15.00% | 15.00% |
Fair Value | $ 1,566 | $ 2,007 |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | ||
Range, capitalization rate | 6.50% | 6.00% |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | ||
Range, capitalization rate | 7.50% | 7.50% |
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range, capitalization rate | 7.00% | 7.00% |
Range, loss severity discount | 15.00% | 15.00% |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | ||
Fair Value | $ 13,852 | $ 8,703 |
Fair Value | $ 13,852 | $ 8,703 |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Minimum [Member] | ||
Range, loss severity discount | 0.00% | 0.00% |
Range, comparability adjustments | 50.00% | (40.00%) |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Maximum [Member] | ||
Range, loss severity discount | 15.00% | 15.00% |
Range, comparability adjustments | 16.20% | 16.20% |
Impaired Loans [Member] | Sales Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range, loss severity discount | 3.70% | 7.70% |
Range, comparability adjustments | 0.60% | (1.50%) |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | ||
Fair Value | $ 4,741 | $ 4,258 |
Range, loss severity discount | 15.00% | |
Fair Value | $ 4,741 | $ 4,258 |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Minimum [Member] | ||
Range, capitalization rate | 5.00% | 5.30% |
Range, loss severity discount | 14.50% | |
Range, comparability adjustments | (30.00%) | (50.00%) |
Impaired Loans [Member] | Blended Income and Sales Approach [Member] | Maximum [Member] | ||
Range, capitalization rate | 9.80% | 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 | 7.50% | 7.20% |
Range, loss severity discount | 15.00% | 15.00% |
Range, comparability adjustments | 0.80% | (0.60%) |
Other Real Estate Owned [Member] | ||
Fair Value | $ 533 | |
Fair Value | 533 | |
Other Real Estate Owned [Member] | Blended Income and Sales Approach [Member] | ||
Fair Value | 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 9 - Fair Value of Financ68
Note 9 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Other securities | $ 29,381 | $ 35,408 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 4,740 | 3,386 |
Interest rate swaps | 3,540 | 3,386 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 60,161 | 35,857 |
Mortgage-backed securities | 7,978 | |
Other securities | 22,952 | 37,735 |
Mortgage-backed securities | 519,861 | 516,476 |
Other securities | 276,698 | 344,905 |
Loans | 5,070,376 | 4,835,693 |
FHLB-NY stock | 55,228 | 59,173 |
Accrued interest receivable | 21,076 | |
Assets, Fair Value Disclosure | 6,039,740 | 5,836,189 |
Deposits | 4,444,448 | 4,205,631 |
Borrowings | 1,200,682 | 1,266,563 |
Accrued interest payable | 3,512 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,653,287 | 5,475,580 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 5,410 | 6,350 |
Interest rate swaps | 4,645 | 3,386 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 60,161 | 35,857 |
Mortgage-backed securities | 7,839 | |
Other securities | 21,542 | 35,408 |
Mortgage-backed securities | 519,861 | 516,476 |
Other securities | 276,698 | 344,905 |
Loans | 5,058,558 | 4,814,840 |
FHLB-NY stock | 55,228 | 59,173 |
Accrued interest receivable | 21,076 | |
Assets, Fair Value Disclosure | 6,026,373 | 5,813,009 |
Deposits | 4,445,811 | 4,213,714 |
Borrowings | 1,196,962 | 1,255,283 |
Accrued interest payable | 3,512 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,650,930 | 5,472,383 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 5,410 | 6,350 |
Interest rate swaps | 4,645 | 3,386 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 60,161 | 35,857 |
Mortgage-backed securities | ||
Other securities | ||
Mortgage-backed securities | ||
Other securities | 11,589 | |
Loans | ||
FHLB-NY stock | ||
Accrued interest receivable | ||
Assets, Fair Value Disclosure | 71,750 | 35,857 |
Deposits | 3,039,893 | 2,833,516 |
Borrowings | ||
Accrued interest payable | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,039,893 | 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 | ||
Mortgage-backed securities | 7,839 | |
Other securities | ||
Mortgage-backed securities | 519,861 | 516,476 |
Other securities | 264,026 | 337,544 |
Loans | ||
FHLB-NY stock | 55,228 | 59,173 |
Accrued interest receivable | 21,076 | |
Assets, Fair Value Disclosure | 873,440 | 919,543 |
Deposits | 1,405,918 | 1,380,198 |
Borrowings | 1,160,891 | 1,221,324 |
Accrued interest payable | 3,512 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,574,966 | 2,604,908 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 5,410 | 6,350 |
Interest rate swaps | 4,645 | 3,386 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Mortgage-backed securities | ||
Other securities | 21,542 | 35,408 |
Mortgage-backed securities | ||
Other securities | 1,083 | 7,361 |
Loans | 5,058,558 | 4,814,840 |
FHLB-NY stock | ||
Accrued interest receivable | ||
Assets, Fair Value Disclosure | 5,081,183 | 4,857,609 |
Deposits | ||
Borrowings | 36,071 | 33,959 |
Accrued interest payable | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 36,071 | 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 10 - Derivative Financia69
Note 10 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Junior Subordinated Notes | $ 36,071 | $ 36,071 | $ 33,959 | ||
Derivative Asset, Notional Amount | 347,503 | 347,503 | 253,414 | ||
Short-term Debt | 50,000 | 50,000 | |||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | $ 0 | 0 | $ 0 | |
Not Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Notional Amount | 36,300 | 36,300 | 36,300 | ||
Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Notional Amount | 261,200 | 261,200 | 217,100 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Asset, Notional Amount | 50,000 | 50,000 | 0 | ||
Interest Rate Swap [Member] | |||||
Derivative Asset, Notional Amount | 279,500 | 279,500 | 235,400 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Asset, Notional Amount | 50,000 | 50,000 | |||
Floating Rate Junior Subordinated Debentures [Member] | |||||
Derivative, Amount of Hedged Item | 18,000 | 18,000 | 18,000 | ||
Junior Subordinated Notes | $ 61,900 | $ 61,900 | $ 61,900 |
Note 10 - Derivative Financia70
Note 10 - Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Interest rate swaps, notional amount | $ 347,503 | $ 253,414 | |
Interest rate swaps, net carrying value | [1] | 765 | 2,964 |
Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 261,200 | 217,100 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 50,000 | 0 | |
Not Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 36,300 | 36,300 | |
Interest Rate Swap [Member] | |||
Interest rate swaps, notional amount | 279,500 | 235,400 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Interest rate swaps, notional amount | 176,408 | 182,177 | |
Interest rate swaps, net carrying value | [1] | 5,410 | 6,350 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 50,000 | ||
Interest rate swaps, net carrying value | [1] | (118) | |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Interest rate swaps, notional amount | 84,774 | 34,916 | |
Interest rate swaps, net carrying value | [1] | (1,482) | (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] | $ (3,045) | $ (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. |
Note 10 - Derivative Financia71
Note 10 - Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Net gain (loss) | [1] | $ (407) | $ (491) | $ (913) | $ (4,327) |
Not Designated as Hedging Instrument [Member] | |||||
Net gain (loss) | (56) | (111) | (316) | (3,532) | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||||
Net gain (loss) | $ (351) | $ (380) | $ (597) | $ (795) | |
[1] | Net gains and losses are recorded as part of "Net gain/loss from fair value adjustments" in the Consolidated Statements of Income. |
Note 10 - Derivative Financia72
Note 10 - 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 5,410 | $ 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 | 5,410 | 6,350 |
Interest Rate Swaps, Financial Instruments | ||
Interest Rate Swaps, Cash Collateral Received | 670 | 2,964 |
Interest Rate Swaps, Net Amount | 4,740 | 3,386 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 4,645 | 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 | 4,645 | 3,386 |
Interest Rate Swaps, Financial Instruments | 1,105 | |
Interest Rate Swaps, Cash Collateral Received | ||
Interest Rate Swaps, Net Amount | $ 3,540 | 3,386 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Federal tax provision, current | $ 6,703 | $ 6,474 | $ 16,308 | $ 26,362 |
Federal tax provision, deferred | (2,023) | (906) | (1,303) | (844) |
Total federal tax provision | 4,680 | 5,568 | 15,005 | 25,518 |
State and Local: | ||||
State and local tax provision, current | 1,398 | 1,492 | 2,817 | 7,853 |
State and local tax provision, deferred | (787) | (405) | (502) | (384) |
Total state and local tax provision | 611 | 1,087 | 2,315 | 7,469 |
Total income tax provision | $ 5,291 | $ 6,655 | $ 17,320 | $ 32,987 |
Note 12 - Accumulated Other C74
Note 12 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Balance | $ 513,853 | $ 473,067 | ||
Net current period other comprehensive income, net of tax | $ (88) | $ (2,839) | 1,698 | 5,811 |
Balance | 539,609 | 512,621 | 539,609 | 512,621 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Balance | (2,110) | 7,923 | (3,859) | (521) |
Other comprehensive income before reclassifications, net of tax | (333) | (2,942) | 1,416 | 6,852 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 108 | 108 | (1,350) | |
Net current period other comprehensive income, net of tax | (225) | (2,942) | 1,524 | 5,502 |
Balance | (2,335) | 4,981 | (2,335) | 4,981 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Balance | (124) | |||
Other comprehensive income before reclassifications, net of tax | 56 | (68) | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | ||||
Net current period other comprehensive income, net of tax | 56 | (68) | ||
Balance | (68) | (68) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (4,342) | (4,835) | (4,503) | (5,041) |
Other comprehensive income before reclassifications, net of tax | ||||
Amounts reclassified from accumulated other comprehensive income, net of tax | 81 | 103 | 242 | 309 |
Net current period other comprehensive income, net of tax | 81 | 103 | 242 | 309 |
Balance | (4,261) | (4,732) | (4,261) | (4,732) |
AOCI Attributable to Parent [Member] | ||||
Balance | (6,576) | 3,088 | (8,362) | (5,562) |
Other comprehensive income before reclassifications, net of tax | (277) | (2,942) | 1,348 | 6,852 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 189 | 103 | 350 | (1,041) |
Net current period other comprehensive income, net of tax | (88) | (2,839) | 1,698 | 5,811 |
Balance | $ (6,664) | $ 249 | $ (6,664) | $ 249 |
Note 12 - Accumulated Other C75
Note 12 - Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Tax benefit | $ (5,291) | $ (6,655) | $ (17,320) | $ (32,987) | |
Net Income | 10,179 | 10,634 | 35,164 | 50,630 | |
Other expense | (3,249) | (4,259) | (11,357) | (13,214) | |
Total before tax | 15,470 | 17,289 | 52,484 | 83,617 | |
Tax benefit | (15,470) | (17,289) | (52,484) | (83,617) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Tax benefit | 59 | 178 | |||
Net Income | (81) | (242) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Unrealized losses on available for sale securities: | (186) | (186) | 2,363 | ||
Tax benefit | 78 | 78 | (1,013) | ||
Net Income | (108) | (108) | 1,350 | ||
Total before tax | (181) | (78) | |||
Tax benefit | 181 | 78 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||
Other expense | [1] | (152) | (454) | (575) | |
Other expense | [1] | (192) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Other expense | [1] | 12 | 34 | 33 | |
Other expense | [1] | 11 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Tax benefit | 233 | ||||
Net Income | $ (103) | (309) | |||
Total before tax | (140) | (420) | (542) | ||
Tax benefit | $ 140 | $ 420 | $ 542 | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 8 of the Notes to Consolidated Financial Statements "Pension and Other Postretirement Benefit Plans".) |
Note 13 - Regulatory Capital (D
Note 13 - Regulatory Capital (Details Textual) | 9 Months Ended | |
Sep. 30, 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 | 6.60% | |
Holding Company [Member] | ||
Capital Conservation Buffer | 6.61% | |
Scenario, Forecast [Member] | ||
Capital Conservation Buffer Required for Capital Adequacy | 2.50% |
Note 13 - Regulatory Capital -
Note 13 - Regulatory Capital - Summary of the Bank's Compliance (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Savings Bank [Member] | ||
Tier i (leverage) capital, capital level, amount | $ 629,748 | $ 607,033 |
Tier i (leverage) capital, capital level, percent | 10.10% | 10.12% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 311,625 | $ 299,848 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 318,123 | $ 307,185 |
Tier i (leverage) capital, excess, percent | 5.10% | 5.12% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 629,748 | $ 607,033 |
Common equity tier i risk-based capital, capital level, percent | 14.04% | 14.12% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 291,614 | $ 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 | $ 338,134 | $ 327,590 |
Common equity tier i risk-based capital, excess, percent | 7.54% | 7.62% |
Tier 1 risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 629,748 | $ 607,033 |
Tier 1 risk-based capital, capital level, percent | 14.04% | 14.12% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 358,910 | $ 343,930 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 270,838 | $ 263,103 |
Tier 1 risk-based capital, excess, percent | 6.04% | 6.12% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 655,017 | $ 629,262 |
Total risk-based capital, capital level, percent | 14.60% | 14.64% |
Total risk-based capital, requirement to be well capitalized, amount | $ 448,637 | $ 429,913 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 206,380 | $ 199,349 |
Total risk-based capital, excess, percent | 4.60% | 4.64% |
Tier i (leverage) capital, capital level, amount | $ 629,748 | $ 607,033 |
Tier i (leverage) capital, capital level, percent | 10.10% | 10.12% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 311,625 | $ 299,848 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 318,123 | $ 307,185 |
Tier i (leverage) capital, excess, percent | 5.10% | 5.12% |
Holding Company [Member] | ||
Tier i (leverage) capital, capital level, amount | $ 565,265 | $ 539,228 |
Tier i (leverage) capital, capital level, percent | 9.07% | 9.00% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 311,475 | $ 299,654 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 253,790 | $ 239,574 |
Tier i (leverage) capital, excess, percent | 4.07% | 4.00% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 530,442 | $ 506,432 |
Common equity tier i risk-based capital, capital level, percent | 11.84% | 11.79% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 291,325 | $ 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 | $ 239,117 | $ 227,311 |
Common equity tier i risk-based capital, excess, percent | 5.34% | 5.29% |
Tier 1 risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 565,265 | $ 539,228 |
Tier 1 risk-based capital, capital level, percent | 12.61% | 12.56% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 358,554 | $ 343,534 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 206,711 | $ 195,694 |
Tier 1 risk-based capital, excess, percent | 4.61% | 4.56% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 665,534 | $ 636,457 |
Total risk-based capital, capital level, percent | 14.85% | 14.82% |
Total risk-based capital, requirement to be well capitalized, amount | $ 448,193 | $ 429,417 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 217,341 | $ 207,040 |
Total risk-based capital, excess, percent | 4.85% | 4.82% |
Tier i (leverage) capital, capital level, amount | $ 565,265 | $ 539,228 |
Tier i (leverage) capital, capital level, percent | 9.07% | 9.00% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 311,475 | $ 299,654 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 253,790 | $ 239,574 |
Tier i (leverage) capital, excess, percent | 4.07% | 4.00% |