Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Flushing Financial Corporation | |
Entity Central Index Key | 0000923139 | |
Trading Symbol | ffic | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 28,187,184 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and due from banks | $ 58,677 | $ 118,561 |
Securities held-to-maturity: | ||
Held to maturity securities | 30,481 | 32,018 |
Securities available for sale, at fair value: | ||
Securities available for sale | 846,024 | 822,655 |
Loans: | ||
Net unamortized premiums and unearned loan fees | 15,422 | 15,188 |
Allowance for loan losses | (21,015) | (20,945) |
Net loans | 5,567,731 | 5,530,539 |
Interest and dividends receivable | 27,226 | 25,485 |
Bank premises and equipment, net | 29,798 | 30,418 |
Federal Home Loan Bank of New York stock, at cost | 51,182 | 57,282 |
Bank owned life insurance | 131,794 | 131,788 |
Goodwill | 16,127 | 16,127 |
Operating lease ROU assets | 44,033 | |
Other assets | 64,377 | 69,303 |
Total assets | 6,867,450 | 6,834,176 |
Liabilities | ||
Non-interest bearing | 401,064 | 413,747 |
Interest-bearing | 4,609,030 | 4,502,176 |
Total Deposits | 5,010,094 | 4,915,923 |
Mortgagors' escrow deposits | 70,115 | 44,861 |
Borrowed funds: | ||
Federal Home Loan Bank advances | 999,401 | 1,134,993 |
Subordinated debentures | 74,074 | 74,001 |
Junior subordinated debentures, at fair value | 42,941 | 41,849 |
Total borrowed funds | 1,116,416 | 1,250,843 |
Operating lease liabilities | 52,510 | |
Other liabilities | 58,756 | 73,085 |
Total liabilities | 6,307,891 | 6,284,712 |
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | 0 | 0 |
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595 shares issued at March 31, 2019 and December 31, 2018;28,187,184 shares and 27,983,637 shares outstanding at March 31, 2019 and December 31, 2018, respectively) | 315 | 315 |
Additional paid-in capital | 222,859 | 222,720 |
Treasury stock, at average cost (3,343,411 shares and 3,546,958 shares at March 31, 2019 and December 31, 2018, respectively) | (70,929) | (75,146) |
Retained earnings | 417,856 | 414,327 |
Accumulated other comprehensive loss, net of taxes | (10,542) | (12,752) |
Total stockholders' equity | 559,559 | 549,464 |
Total liabilities and stockholders' equity | 6,867,450 | 6,834,176 |
Multi-Family Residential [Member] | ||
Loans: | ||
Loans receivable | 2,256,447 | 2,269,048 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans: | ||
Loans receivable | 1,529,001 | 1,542,547 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans: | ||
Loans receivable | 582,049 | 577,741 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans: | ||
Loans receivable | 188,615 | 190,350 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Loans: | ||
Loans receivable | 7,903 | 8,498 |
Construction Portfolio Segment [Member] | ||
Loans: | ||
Loans receivable | 54,933 | 50,600 |
Small Business Administration Portfolio Segment [Member] | ||
Loans: | ||
Loans receivable | 15,188 | 15,210 |
Taxi Medallion Portfolio Segment [Member] | ||
Loans: | ||
Loans receivable | 3,891 | 4,539 |
Commercial Business and Other Portfolio Segment [Member] | ||
Loans: | ||
Loans receivable | 935,297 | 877,763 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 7,949 | 7,953 |
Securities available for sale, at fair value: | ||
Securities available for sale | 579,185 | 557,953 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 22,532 | 24,065 |
Securities available for sale, at fair value: | ||
Securities available for sale | $ 266,839 | $ 264,702 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Securities held-to-maturity, fair value | $ 30,002 | $ 29,874 |
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) | 28,187,184 | 27,983,637 |
Treasury stock, at average cost (in shares) | 3,343,411 | 3,546,958 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, assets pledged | $ 5,030 | $ 4,796 |
Securities held-to-maturity, fair value | 7,726 | 7,366 |
Securities available for sale, pledged as collateral | 235,682 | 152,670 |
Securities available for sale, fair value option | 934 | 967 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, assets pledged | 0 | 0 |
Securities held-to-maturity, fair value | 22,276 | 22,508 |
Securities available for sale, pledged as collateral | 13,527 | 28,871 |
Securities available for sale, fair value option | $ 13,091 | $ 12,843 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Interest and dividend income | |||
Interest and fees on loans | $ 62,330 | $ 55,017 | |
Interest and dividends on securities: | |||
Interest | 6,909 | 5,468 | |
Dividends | 19 | 14 | |
Other interest income | 555 | 287 | |
Total interest and dividend income | 69,813 | 60,786 | |
Interest expense | |||
Deposits | 21,469 | 12,110 | |
Other interest expense | 6,541 | 6,067 | |
Total interest expense | 28,010 | 18,177 | |
Net interest income | 41,803 | 42,609 | |
Provision for loan losses | 972 | 153 | |
Net interest income after provision for loan losses | 40,831 | 42,456 | |
Non-interest income | |||
Banking services fee income | 973 | 948 | |
Net gain (loss) on sale of loans | 63 | (263) | |
Net loss from fair value adjustments | (2,080) | (100) | |
Federal Home Loan Bank of New York stock dividends | 903 | 876 | |
Life insurance proceeds | 43 | 776 | |
Bank owned life insurance | 740 | 762 | |
Other income | 301 | 201 | |
Total non-interest income | 943 | 3,200 | |
Non-interest expense | |||
Salaries and employee benefits | 19,166 | 18,455 | |
Occupancy and equipment | 2,789 | 2,577 | |
Professional services | 2,265 | 2,185 | |
FDIC deposit insurance | 485 | 500 | |
Data processing | 1,492 | 1,401 | |
Depreciation and amortization | 1,518 | 1,389 | |
Other real estate owned/foreclosure expense | 77 | 96 | |
Other operating expenses | 4,627 | 4,691 | |
Total non-interest expense | 32,419 | 31,294 | |
Income before income taxes | 9,355 | 14,362 | |
Provision for income taxes | |||
Federal | 1,943 | 2,607 | |
State and local | 344 | 343 | |
Total taxes | 2,287 | 2,950 | |
Net income | $ 7,068 | $ 11,412 | |
Basic earnings per common share (in dollars per share) | $ 0.25 | $ 0.39 | |
Diluted earnings per common share (in dollars per share) | [1] | 0.25 | 0.39 |
Dividends per common share (in dollars per share) | $ 0.21 | $ 0.20 | |
[1] | For the three months ended March 31, 2019 and 2018, there were no common stock equivalents that were anti-dilutive. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 7,068 | $ 11,412 |
Other comprehensive income (loss), net of tax: | ||
Amortization of actuarial losses, net of taxes of ($10) and ($41) for the three months ended March 31, 2019 and 2018, respectively . | 22 | 91 |
Amortization of prior service credits, net of taxes of $7 and $3 for the three months ended March 31, 2019 and 2018, respectively. | (15) | (7) |
Net unrealized gains (losses) on securities, net of taxes of ($2,524) and $3,055 for three months ended March 31, 2019 and 2018, respectively. | 5,620 | (6,640) |
Net unrealized(losses) gains on cash flow hedges, net of taxes of $1,575 and ($2,604) three months ended March 31, 2019 and 2018, respectively . | (3,505) | 5,661 |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($39) for the three months ended March 31, 2019. | 88 | |
Net current period other comprehensive income (loss), net of tax | 2,210 | (895) |
Comprehensive income | $ 9,278 | $ 10,517 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Amortization of net actuarial losses, tax | $ (10) | $ (41) |
Amortization of prior service credits, tax | 7 | 3 |
Change in net unrealized (losses) gains on securities available for sale, tax | (2,524) | 3,055 |
Net unrealized loss on cash flow hedge, tax | 1,575 | (2,604) |
Change in fair value of liabilities related to instrument-specific credit risk, tax | $ (39) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 7,068 | $ 11,412 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 972 | 153 |
Depreciation and amortization of bank premises and equipment | 1,518 | 1,389 |
Amortization of premium, net of accretion of discount | 1,272 | 2,018 |
Net loss from fair value adjustments | 2,080 | 100 |
Net loss from fair value adjustments on qualifying hedges | 637 | |
Net (gain) loss from sale of loans | (63) | 263 |
Income from bank owned life insurance | (740) | (762) |
Life insurance proceeds | (43) | (776) |
Stock-based compensation expense | 3,931 | 3,452 |
Deferred compensation | (938) | (1,238) |
Deferred income tax provision | 805 | 350 |
Decrease in other liabilities | (3,737) | (118) |
Increase in other assets | (942) | (955) |
Net cash provided by operating activities | 11,820 | 15,288 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of bank premises and equipment | (898) | (1,867) |
Net redemptions of Federal Home Loan Bank of New York shares | 6,100 | 6,044 |
Purchases of securities held-to-maturity | (180) | (353) |
Proceeds from maturities and calls of securities held-to-maturity | 1,568 | |
Proceeds from prepayments of securities held-to-maturity | 146 | |
Purchases of securities available for sale | (45,730) | (32,646) |
Proceeds from sales and calls of securities available for sale | 13,295 | 10,000 |
Proceeds from maturities and prepayments of securities available for sale | 16,788 | 20,943 |
Proceeds from bank owned life insurance | 777 | 2,741 |
Net repayments (originations) of loans | 16,372 | (83,734) |
Purchases of loans | (56,995) | (68,818) |
Proceeds from sale of loans | 1,170 | 2,464 |
Net cash used in investing activities | (47,587) | (145,226) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net decrease in non-interest bearing deposits | (12,683) | (7,408) |
Net increase in interest-bearing deposits | 106,788 | 302,438 |
Net increase in mortgagors' escrow deposits | 25,254 | 23,373 |
Net repayments from short-term borrowed funds | (84,250) | (10,500) |
Repayment of long-term borrowings | (51,310) | (123,794) |
Purchases of treasury stock | (1,877) | (7,963) |
Proceeds from issuance of common stock upon exercise of stock options | 3 | |
Cash dividends paid | (6,042) | (5,795) |
Net cash (used) provided by financing activities | (24,117) | 170,351 |
Net (decrease) increase in cash and cash equivalents | (59,884) | 40,413 |
Cash and cash equivalents, beginning of period | 118,561 | 51,546 |
Cash and cash equivalents, end of period | 58,677 | 91,959 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||
Interest paid | 25,830 | 15,233 |
Income taxes paid | 1,141 | 1,103 |
Taxes paid if excess tax benefits were not tax deductible | 1,072 | 1,691 |
Non-cash activities: | ||
Loans transferred to Other Real Estate Owned or Other Assets | 744 | |
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | ||
Retained Earnings [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 7,068 | 11,412 |
Non-cash activities: | ||
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | $ 2,073 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2017 | $ 315 | $ 217,906 | $ 381,048 | $ (57,675) | $ (8,986) | $ 532,608 |
Net income | 11,412 | 11,412 | ||||
Award of common shares released from Employee Benefit Trust | 2,488 | 2,488 | ||||
Vesting of restricted stock unit awards | (4,731) | (170) | 4,901 | |||
Stock-based compensation expense | 3,452 | 3,452 | ||||
Repurchase of shares to satisfy tax obligation | (2,050) | (2,050) | ||||
Dividends on common stock | (5,795) | (5,795) | ||||
Other comprehensive income (loss) | (895) | (895) | ||||
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | 2,073 | (2,073) | ||||
Impact of adoption of Accounting Standard Update 2016-01 | (775) | 775 | ||||
Purchase of treasury shares | (5,913) | (5,913) | ||||
Balance at Mar. 31, 2018 | 315 | 219,115 | 387,793 | (60,737) | (11,179) | 535,307 |
Balance at Dec. 31, 2018 | 315 | 222,720 | 414,327 | (75,146) | (12,752) | 549,464 |
Impact of adoption of ASC 842 - Leases | Accounting Standards Update 2016-02 [Member] | 2,716 | 2,716 | ||||
Net income | 7,068 | 7,068 | ||||
Award of common shares released from Employee Benefit Trust | 2,086 | 2,086 | ||||
Vesting of restricted stock unit awards | (5,878) | (210) | 6,088 | |||
Exercise of stock options | (3) | 6 | 3 | |||
Stock-based compensation expense | 3,931 | 3,931 | ||||
Repurchase of shares to satisfy tax obligation | (1,877) | (1,877) | ||||
Dividends on common stock | (6,042) | (6,042) | ||||
Other comprehensive income (loss) | 2,210 | 2,210 | ||||
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | ||||||
Balance at Mar. 31, 2019 | $ 315 | $ 222,859 | $ 417,856 | $ (70,929) | $ (10,542) | $ 559,559 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Common Stock [Member] | ||
Common shares released from Employee Benefit Trust, shares (in shares) | 138,775 | 116,229 |
Restricted stock unit awards vested, shares (in shares) | 287,155 | 248,877 |
Exercise of stock options, shares (in shares) | 300 | |
Treasury Stock [Member] | ||
Repurchase of shares to satisfy tax obligation, shares (in shares) | 83,908 | 72,837 |
Purchase of treasury shares (in shares) | 217,863 | |
Retained Earnings [Member] | ||
Dividends on common stock (in dollars per share) | $ 0.21 | $ 0.20 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018. 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 | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for loan losses (“ALLL”), the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets, the fair value of financial instruments and the evaluation of other-than-temporary impairment (“OTTI”) on securities. Actual results could differ from these estimates. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 2018 (Dollars in thousands, except per share data) Net income, as reported $ 7,068 $ 11,412 Divided by: Weighted average common shares outstanding 28,621 28,974 Weighted average common stock equivalents – 1 Total weighted average common shares outstanding and common stock equivalents 28,621 28,975 Basic earnings per common share $ 0.25 $ 0.39 Diluted earnings per common share (1) $ 0.25 $ 0.39 Dividend payout ratio 84.0 % 51.3 % ( 1 For the three March 31, 2019 2018, no |
Note 4 - Securities
Note 4 - Securities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Securities The Company did not March 31, 2019 December 31, 2018. The following table summarizes the Company’s portfolio of securities held-to-maturity at March 31, 2019: Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 22,532 $ 22,276 $ – $ 256 Total other securities 22,532 22,276 – 256 FNMA 7,949 7,726 – 223 Total mortgage-backed securities 7,949 7,726 – 223 Total $ 30,481 $ 30,002 $ – $ 479 The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2018: Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 24,065 $ 22,508 $ – $ 1,557 Total other securities 24,065 22,508 – 1,557 FNMA 7,953 7,366 – 587 Total mortgage-backed securities 7,953 7,366 – 587 Total $ 32,018 $ 29,874 $ – $ 2,144 The following table summarizes the Company’s portfolio of securities available for sale at March 31, 2019: Amortized Fair Value Gross Gross (In thousands) Corporate $ 130,000 $ 121,382 $ – $ 8,618 Municipals 32,772 33,061 289 – Mutual funds 11,802 11,802 – – Collateralized loan obligations 100,311 99,305 10 1,016 Other 1,289 1,289 – – Total other securities 276,174 266,839 299 9,634 REMIC and CMO 400,522 396,890 1,719 5,351 GNMA 766 810 44 – FNMA 95,360 94,197 302 1,465 FHLMC 87,736 87,288 413 861 Total mortgage-backed securities 584,384 579,185 2,478 7,677 Total securities available for sale $ 860,558 $ 846,024 $ 2,777 $ 17,311 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2018: Amortized Fair Value Gross Gross (In thousands) Corporate $ 130,000 $ 118,535 $ – $ 11,465 Municipals 46,231 46,574 343 – Mutual funds 11,586 11,586 – – Collateralized loan obligations 88,396 86,751 – 1,645 Other 1,256 1,256 – – Total other securities 277,469 264,702 343 13,110 REMIC and CMO 382,632 376,340 885 7,177 GNMA 785 826 41 – FNMA 94,069 91,693 72 2,448 FHLMC 90,377 89,094 113 1,396 Total mortgage-backed securities 567,863 557,953 1,111 11,021 Total securities available for sale $ 845,332 $ 822,655 $ 1,454 $ 24,131 We did not March 31, 2019 December 31, 2018. The corporate securities held by the Company at March 31, 2019 December 31, 2018 The following tables detail the amortized cost and fair value of the Company’s securities classified as held-to-maturity and available for sale at March 31, 2019, may may Securities held-to-maturity: Amortized Fair Value (In thousands) Due in one year or less $ 1,180 $ 1,180 Due after ten years 21,352 21,096 Total other securities 22,532 22,276 Mortgage-backed securities 7,949 7,726 Total $ 30,481 $ 30,002 Securities available for sale: Amortized Fair Value (In thousands) Due after one year through five years $ 10,000 $ 9,587 Due after five years through ten years 131,963 123,717 Due after ten years 122,409 121,733 Total other securities 264,372 255,037 Mutual funds 11,802 11,802 Mortgage-backed securities 584,384 579,185 Total $ 860,558 $ 846,024 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 March 31, 2019 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 21,096 $ 256 $ – $ – $ 21,096 $ 256 Total other securities 1 21,096 256 – – 21,096 256 FNMA 1 7,726 223 – – 7,726 223 Total mortgage-backed securities 1 7,726 223 – – 7,726 223 Total 2 $ 28,822 $ 479 $ – $ – $ 28,822 $ 479 Available for sale securities Corporate 16 $ 121,382 $ 8,618 $ 19,419 $ 581 $ 101,963 $ 8,037 CLO 11 85,896 1,016 85,896 1,016 – – Total other securities 27 207,278 9,634 105,315 1,597 101,963 8,037 REMIC and CMO 36 215,761 5,351 20,259 79 195,502 5,272 FNMA 12 77,992 1,465 – – 77,992 1,465 FHLMC 3 50,602 861 9,657 97 40,945 764 Total mortgage-backed securities 51 344,355 7,677 29,916 176 314,439 7,501 Total 78 $ 551,633 $ 17,311 $ 135,231 $ 1,773 $ 416,402 $ 15,538 At December 31, 2018 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,940 $ 1,557 $ – $ – $ 19,940 $ 1,557 Total other securities 1 19,940 1,557 – – 19,940 1,557 FNMA 1 7,366 587 – – 7,366 587 Total mortgage-backed securities 1 7,366 587 – – 7,366 587 Total securities held-to-maturity 2 $ 27,306 $ 2,144 $ – $ – $ 27,306 $ 2,144 Available for sale securities Corporate 16 $ 118,535 $ 11,465 $ 19,113 $ 888 $ 99,422 $ 10,577 Municipals 3 4,220 – 4,220 – – – CLO 11 86,752 1,645 86,752 1,645 – – Total other securities 30 209,507 13,110 110,085 2,533 99,422 10,577 REMIC and CMO 39 243,756 7,177 17,308 200 226,448 6,977 GNMA 1 51 – 51 – – – FNMA 14 85,046 2,448 6,372 17 78,674 2,431 FHLMC 3 51,288 1,396 10,116 95 41,172 1,301 Total mortgage-backed securities 57 380,141 11,021 33,847 312 346,294 10,709 Total securities available for sale 87 $ 589,648 $ 24,131 $ 143,932 $ 2,845 $ 445,716 $ 21,286 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 March 31, 2019 December 31, 2018. March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 It is not not not not none not March 31, 2019 December 31, 2018. Realized gains and losses on the sales of securities are determined using the specific identification method. The Company did not three March 31, 2019 2018. |
Note 5 - Loans
Note 5 - Loans | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. 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 Company considers fair value of collateral dependent loans to be 85% 85% For collateral dependent taxi medallion loans, the Company considers fair value to be the value of the underlying medallion based upon the most recently reported arm’s length sales transaction. When there is no The Company evaluates the underlying collateral through a third third not The Company may may The Company believes that restructuring these loans in this manner will allow certain borrowers to become and remain current on their loans. All loans classified as TDR are considered impaired, however TDR loans which have been current for six not six not 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 loan which is collateral dependent, the fair value of the collateral. At March 31, 2019, no not There were no three March 31, 2019 2018. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated: March 31, 2019 December 31, 2018 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 7 $ 1,906 7 $ 1,916 One-to-four family - mixed-use property 5 1,674 5 1,692 One-to-four family - residential 3 547 3 552 Taxi medallion (1) 10 2,518 15 3,926 Commercial business and other – – 1 279 Total performing troubled debt restructured 25 $ 6,645 31 $ 8,365 ( 1 Taxi medallion loans in the table above continue to pay as agreed, however the company records interest received on a cash basis. During the three March 31, 2019 2018, no 12 The following table shows our recorded investment for loans classified as TDR that are not March 31, 2019 December 31, 2018 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 383 1 $ 388 Taxi medallion 3 768 – – Commercial business and other 2 852 1 1,397 Total troubled debt restructurings that subsequently defaulted 6 $ 2,003 2 $ 1,785 Four TDR loans were transferred to non-performing status during the three March 31, 2019. three March 31, 2018, one three three March 31, 2019, 90 The following table shows our non-performing loans at the periods indicated: (In thousands) March 31, December 31, Non-accrual mortgage loans: Multi-family residential $ 2,009 $ 2,410 Commercial real estate 1,050 1,379 One-to-four family - mixed-use property 1,305 928 One-to-four family - residential 5,708 6,144 Construction 950 – Total 11,022 10,861 Non-accrual non-mortgage loans: Small Business Administration 1,227 1,267 Taxi medallion 1,372 613 Commercial business and other 2,114 3,512 Total 4,713 5,392 Total non-accrual loans 15,735 16,253 Total non-performing loans $ 15,735 $ 16,253 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 2019 2018 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 394 $ 406 Less: Interest income included in the results of operations 118 158 Total foregone interest $ 276 $ 248 The following tables show by delinquency an analysis of our recorded investment in loans at the periods indicated: March 31, 2019 (In thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 683 $ – $ 2,009 $ 2,692 $ 2,253,755 $ 2,256,447 Commercial real estate 786 1,794 1,050 3,630 1,525,371 1,529,001 One-to-four family - mixed-use property 1,212 – 1,025 2,237 579,812 582,049 One-to-four family - residential 1,532 155 5,708 7,395 181,220 188,615 Co-operative apartments – – – – 7,903 7,903 Construction loans – – 950 950 53,983 54,933 Small Business Administration – – 1,227 1,227 13,961 15,188 Taxi medallion – – 768 768 3,123 3,891 Commercial business and other 508 1,299 2,114 3,921 931,376 935,297 Total $ 4,721 $ 3,248 $ 14,851 $ 22,820 $ 5,550,504 $ 5,573,324 December 31, 2018 (In thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 1,887 $ 339 $ 2,410 $ 4,636 $ 2,264,412 $ 2,269,048 Commercial real estate 379 – 1,379 1,758 1,540,789 1,542,547 One-to-four family - mixed-use property 1,003 322 928 2,253 575,488 577,741 One-to-four family - residential 1,564 – 6,144 7,708 182,642 190,350 Co-operative apartments – – – – 8,498 8,498 Construction loans – 730 – 730 49,870 50,600 Small Business Administration 774 68 1,267 2,109 13,101 15,210 Taxi medallion – – – – 4,539 4,539 Commercial business and other 1,306 281 2,216 3,803 873,960 877,763 Total $ 6,913 $ 1,740 $ 14,344 $ 22,997 $ 5,513,299 $ 5,536,296 The following tables show the activity in the allowance for loan losses for the three March 31, 2019 (In thousands) Multi-family Commercial One-to-four One-to-four Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ 329 $ 418 $ – $ 7,591 $ 20,945 Charge-off's – – (1 ) – – – – (1,137 ) (1,138 ) Recoveries 13 – 86 4 – 4 84 45 236 Provision (Benefit) (196 ) (37 ) (161 ) (22 ) 22 (13 ) (84 ) 1,463 972 Ending balance $ 5,493 $ 4,278 $ 1,791 $ 731 $ 351 $ 409 $ – $ 7,962 $ 21,015 March 31, 2018 (In thousands) Multi-family Commercial One-to-four One-to-four Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 5,823 $ 4,643 $ 2,545 $ 1,082 $ 68 $ 669 $ – $ 5,521 $ 20,351 Charge-off's (53 ) – – (1 ) – (25 ) – (6 ) (85 ) Recoveries 2 – – 108 – 6 – 7 123 Provision (Benefit) (22 ) (41 ) (75 ) (148 ) 123 25 – 291 153 Ending balance $ 5,750 $ 4,602 $ 2,470 $ 1,041 $ 191 $ 675 $ – $ 5,813 $ 20,542 The following tables show the manner in which loans were evaluated for impairment at the periods indicated: March 31, 2019 (In thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Financing Receivables: Ending Balance $ 2,256,447 $ 1,529,001 $ 582,049 $ 188,615 $ 7,903 $ 54,933 $ 15,188 $ 3,891 $ 935,297 $ 5,573,324 Ending balance: individually evaluated for impairment $ 4,104 $ 1,097 $ 2,987 $ 6,463 $ – $ 950 $ 1,227 $ 3,891 $ 2,114 $ 22,833 Ending balance: collectively evaluated for impairment $ 2,252,343 $ 1,527,904 $ 579,062 $ 182,152 $ 7,903 $ 53,983 $ 13,961 $ – $ 933,183 $ 5,550,491 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 98 $ – $ 54 $ 50 $ – $ – $ – $ – $ 178 $ 380 Ending balance: collectively evaluated for impairment $ 5,395 $ 4,278 $ 1,737 $ 681 $ – $ 351 $ 409 $ – $ 7,784 $ 20,635 December 31, 2018 (In thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Financing Receivables: Ending Balance $ 2,269,048 $ 1,542,547 $ 577,741 $ 190,350 $ 8,498 $ 50,600 $ 15,210 $ 4,539 $ 877,763 $ 5,536,296 Ending balance: individually evaluated for impairment $ 4,500 $ 1,435 $ 3,098 $ 6,889 $ – $ – $ 1,267 $ 4,539 $ 3,791 $ 25,519 Ending balance: collectively evaluated for impairment $ 2,264,548 $ 1,541,112 $ 574,643 $ 183,461 $ 8,498 $ 50,600 $ 13,943 $ – $ 873,972 $ 5,510,777 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 100 $ – $ 143 $ 51 $ – $ – $ – $ – $ 866 $ 1,160 Ending balance: collectively evaluated for impairment $ 5,576 $ 4,315 $ 1,724 $ 698 $ – $ 329 $ 418 $ – $ 6,725 $ 19,785 The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses for impaired loans at the periods indicated: March 31, 2019 December 31, 2018 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 2,835 $ 3,179 $ – $ 3,225 $ 3,568 $ – Commercial real estate 1,097 1,097 – 1,435 1,435 – One-to-four family mixed-use property 1,983 2,123 – 1,913 2,113 – One-to-four family residential 6,068 6,221 – 6,490 6,643 – Construction 950 950 – – – – Non-mortgage loans: Small Business Administration 1,227 1,499 – 1,267 1,609 – Taxi medallion 3,891 11,049 – 4,539 12,788 – Commercial business and other 1,223 2,352 – – – – Total loans with no related allowance recorded 19,274 28,470 – 18,869 28,156 – With an allowance recorded: Mortgage loans: Multi-family residential 1,269 1,269 98 1,275 1,275 100 One-to-four family mixed-use property 1,004 1,004 54 1,185 1,185 143 One-to-four family residential 395 395 50 399 399 51 Non-mortgage loans: Commercial business and other 891 891 178 3,791 3,791 866 Total loans with an allowance recorded 3,559 3,559 380 6,650 6,650 1,160 Total Impaired Loans: Total mortgage loans $ 15,601 $ 16,238 $ 202 $ 15,922 $ 16,618 $ 294 Total non-mortgage loans $ 7,232 $ 15,791 $ 178 $ 9,597 $ 18,188 $ 866 The following table shows our average recorded investment and interest income recognized for impaired loans for the three March 31, 2019 March 31, 2018 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,031 $ 9 $ 4,834 $ 20 Commercial real estate 1,266 – 6,915 74 One-to-four family mixed-use property 1,948 17 4,297 41 One-to-four family residential 6,279 2 8,855 15 Construction 475 – – – Non-mortgage loans: Small Business Administration 1,247 – 118 1 Taxi medallion 4,215 58 6,726 82 Commercial business and other 611 – 196 2 Total loans with no related allowance recorded 19,072 86 31,941 235 With an allowance recorded: Mortgage loans: Multi-family residential 1,272 18 2,214 29 Commercial real estate – – 993 – One-to-four family mixed-use property 1,095 10 1,222 9 One-to-four family residential 397 4 413 4 Non-mortgage loans: Taxi medallion – – – – Commercial business and other 2,341 – 338 5 Total loans with an allowance recorded 5,105 32 5,180 47 Total Impaired Loans: Total mortgage loans $ 15,763 $ 60 $ 29,743 $ 192 Total non-mortgage loans $ 8,414 $ 58 $ 7,378 $ 90 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 may not not one The following table sets forth the recorded investment in loans designated as Criticized or Classified at the periods indicated: March 31, 2019 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 1,322 $ 3,938 $ – $ – $ 5,260 Commercial real estate 374 3,635 – – 4,009 One-to-four family - mixed-use property 1,341 1,937 – – 3,278 One-to-four family - residential 297 6,156 – – 6,453 Construction – 950 – – 950 Small Business Administration 473 121 – – 594 Taxi medallion – 3,891 – – 3,891 Commercial business and other 4,293 16,632 1,834 – 22,759 Total loans $ 8,100 $ 37,260 $ 1,834 $ – $ 47,194 December 31, 2018 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 2,498 $ 4,166 $ – $ – $ 6,664 Commercial real estate 381 4,051 – – 4,432 One-to-four family - mixed-use property 1,199 2,034 – – 3,233 One-to-four family - residential 557 6,665 – – 7,222 Construction 730 – – – 730 Small Business Administration 481 139 – – 620 Taxi medallion – 4,539 – – 4,539 Commercial business and other 730 21,348 3,512 – 25,590 Total loans $ 6,576 $ 42,942 $ 3,512 $ – $ 53,030 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 $82.6 $250.4 March 31, 2019. |
Note 6 - Loans Held for Sale
Note 6 - Loans Held for Sale | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Loans Held for Sale [Text Block] | 6. Loans held for sale Loans held for sale are carried at the lower of cost or estimated fair value. At March 31, 2019 December 31, 2018, 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 tables show loans sold during the period indicated: For the three months ended March 31, 2019 (Dollars in thousands) Loans sold Proceeds Net Recoveries Net gain Delinquent and non-performing loans Multi-family residential 2 $ 765 $ – $ 63 One-to-four family - mixed-use property 1 405 (1 ) – Total 3 $ 1,170 $ (1 ) $ 63 For the three months ended March 31, 2018 (Dollars in thousands) Loans sold Proceeds Net loss Delinquent and non-performing loans Multi-family residential 3 $ 964 $ – Commercial real estate 1 1,500 (263 ) Total 4 $ 2,464 $ (263 ) |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 7. Other Real Estate Owned During the three March 31, 2019, not not March 31, 2019 December 31, 2018. March 31, 2019 December 31, 2018 $6.7 $7.2 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Leases The Company has 19 nine two one 13 none The Company has elected the short-term lease recognition exemption such that the Company will not 12 one $34,000 three March 31, 2019, $0.2 three March 31, 2019. March 31, 2019, eight 3.8%. March 31, 2019, no not not (Dollars in thousands) Three months ended Operating lease ROU assets $ 44,033 Operating lease liabilities $ 52,510 Lease Cost Operating lease cost $ 1,892 Short-term lease cost 34 Variable lease cost 246 Total lease cost $ 2,172 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,025 Right-of-use assets obtained in exchange for new operating lease liabilities $ 21 Weighted-average remaining lease term-operating leases (in years) 8.0 Weighted average discount rate-operating leases 3.8 % The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows: Minimum Rental (In thousands) Years ended December 31: 2019 $ 5,783 2020 8,289 2021 7,501 2022 7,090 2023 7,229 Thereafter 25,490 Total minimum payments required 61,382 Less: implied interest 8,872 Total lease obligations $ 52,510 Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2032. |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. Stock-Based Compensation On January 31, 2019, 2019 may three may 0% 150% no 50% 100% 150% For the three March 31, 2019 2018, $4.0 $3.4 $1.0 $0.7 three March 31, 2019, 263,574 57,870 three March 31, 2018, 274,990 no three March 31, 2019 2018. not 2009 March 31, 2019, none The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards. Compensation cost is recognized over the vesting period of the award using the straight-line method. The following table summarizes the Company’s RSU and PRSU awards at or for the three March 31, 2019 : RSU Awards PRSU Awards Shares Weighted-Average Shares Weighted-Average Non-vested at December 31, 2018 502,658 $ 24.93 – $ – Granted 263,574 22.38 57,870 22.38 Vested (248,579 ) 23.17 (27,110 ) 22.38 Forfeited (7,270 ) 24.94 – – Non-vested at March 31, 2019 510,383 $ 24.47 30,760 $ 22.38 Vested but unissued at March 31, 2019 209,148 $ 24.64 21,310 $ 22.38 As of March 31, 2019, $11.7 3.6 three March 31, 2019 2018 $6.1 $6.7 no Phantom Stock Plan: one The following table summarizes the Phantom Stock Plan at or for the three March 31, 2019: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2018 99,313 $ 21.53 Granted 8,168 22.15 Distributions (1,004 ) 22.01 Outstanding at March 31, 2019 106,477 $ 21.93 Vested at March 31, 2019 105,935 $ 21.93 The Company recorded stock-based compensation expense (benefit) for the Phantom Stock Plan of $0.1 $37,000 three March 31, 2019 2018, $22,000 $1,000 three March 31, 2019 2018, |
Note 10 - Pension and Other Pos
Note 10 - Pension and Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. Pension and Other Postretirement Benefit Plans The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans. Three months ended (In thousands) 2019 2018 Employee Pension Plan: Interest cost $ 199 $ 195 Amortization of unrecognized loss 67 155 Expected return on plan assets (272 ) (363 ) Net employee pension benefit $ (6 ) $ (13 ) Outside Director Pension Plan: Service cost $ 10 $ 11 Interest cost 21 20 Amortization of unrecognized gain (35 ) (23 ) Amortization of past service liability – 3 Net outside director pension (benefit) expense $ (4 ) $ 11 Other Postretirement Benefit Plans: Service cost $ 70 $ 88 Interest cost 85 77 Amortization of past service credit (22 ) (13 ) Net other postretirement expense $ 133 $ 152 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2018 $ 0.3 December 31, 2019. not March 31, 2019, $36,000 $15,000 March 31, 2019, not December 31, 2019. |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value of Financial Instruments The Company carries certain financial assets and financial liabilities at fair value in accordance with GAAP which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At March 31, 2019, $14.0 $42.9 December 31, 2018, $13.8 $41.8 not three March 31, 2019. 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 March 31, at December 31, Three Months Ended (In thousands) 2019 2018 March 31, 2019 March 31, 2018 Mortgage-backed securities $ 934 $ 967 $ 1 $ (11 ) Other securities 13,091 12,843 179 (138 ) Borrowed funds 42,941 41,849 (1,210 ) (1,681 ) Net loss from fair value adjustments (1) $ (1,030 ) $ (1,830 ) ( 1 The net loss from fair value adjustments presented in the above table does not $1.1 $1.7 three March 31, 2019 2018, Included in the fair value of the financial assets and financial liabilities selected for the fair value option is the accrued interest receivable or payable for the related instrument. The Company reports as interest income or interest expense in the Consolidated Statement of Income, the interest receivable or payable on the financial instruments selected for the fair value option at their respective contractual rates. The borrowed funds had a contractual principal amount of $61.9 March 31, 2019 December 31, 2018. $0.3 $0.2 March 31, 2019 December 31, 2018, 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 March 31, 2019 December 31, 2018, 1 one Level 2 not not March 31, 2019 December 31, 2018, 2 Level 3 3. March 31, 2019 December 31, 2018, 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 their respective category in the fair value hierarchy, at March 31, 2019 December 31, 2018: Quoted Prices 2019 2018 2019 2018 2019 2018 2019 2018 (In thousands) Assets: Mortgage-backed Securities $ - $ - $ 579,185 $ 557,953 $ - $ - $ 579,185 $ 557,953 Other securities 11,802 11,586 253,748 251,860 1,289 1,256 266,839 264,702 Interest rate swaps - - 6,474 15,961 - - 6,474 15,961 Total assets $ 11,802 $ 11,586 $ 839,407 $ 825,774 $ 1,289 $ 1,256 $ 852,498 $ 838,616 Liabilities: Borrowings $ - $ - $ - $ - $ 42,941 $ 41,849 $ 42,941 $ 41,849 Interest rate swaps - - 4,996 2,239 - - 4,996 2,239 Total liabilities $ - $ - $ 4,996 $ 2,239 $ 42,941 $ 41,849 $ 47,937 $ 44,088 The following tables sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 For the three months ended March 31, 2019 March 31, 2018 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 1,256 $ 41,849 $ 1,110 $ 36,986 Net gain from fair value adjustment of financial assets (1) 33 - 51 - Net loss from fair value adjustment of financial liabilities (1) - 1,210 - 1,681 Decrease(increase) in accrued interest receivable - - 1 - Increase (decrease) in accrued interest payable - 9 - 25 Change in unrealized gains (losses) included in other comprehensive income - (127 ) - - Ending balance $ 1,289 $ 42,941 $ 1,162 $ 38,692 Changes in unrealized gains (losses) 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. During the three March 31, 2019 2018, no 1, 2 3. The following tables present the quantitative information about recurring Level 3 March 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,289 Discounted cash flows Discount rate n/a 4.6% Liabilities: Junior subordinated debentures $ 42,941 Discounted cash flows Discount rate n/a 4.6% December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,256 Discounted cash flows Discount rate n/a 4.9% Liabilities: Junior subordinated debentures $ 41,849 Discounted cash flows Discount rate n/a 4.9% The significant unobservable inputs used in the fair value measurement of the Company’s trust preferred securities and junior subordinated debentures valued under Level 3 March 31, 2019 December 31, 2018, The following table sets forth the Company’s assets and liabilities that are carried at fair value on a non-recurring basis and their respective category in the fair value hierarchy at March 31, 2019 December 31, 2018: Quoted Prices Significant Other Significant Other Total carried at fair value 2019 2018 2019 2018 2019 2018 2019 2018 (In thousands) Assets Impaired loans $ - $ - $ - $ - $ 1,928 $ 4,111 $ 1,928 $ 4,111 Other repossesed assets - - - - - 35 - 35 Total assets $ - $ - $ - $ - $ 1,928 $ 4,146 $ 1,928 $ 4,146 The following tables present the qualitative information about non-recurring Level 3 March 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 1,656 Sales approach Reduction for planned expedited disposal 20.0% to 54.5% 39.6% Impaired loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -10.0% to 15.0% 2.5% Capitalization rate 9.5% 9.5% Reduction for planned expedited disposal 15.0% 15.0% At December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 204 Income approach Capitalization rate 8.5% 8.5% Reduction for planned expedited disposal 15.0% 15.0% Impaired loans $ 2,724 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 0.0% 0.0% Reduction for planned expedited disposal -36.5% to 15.0% 10.4% Impaired loans $ 1,183 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -30.0% to 10.0% -7.8% Capitalization rate 7.4% to 9.8% 8.7% Reduction for planned expedited disposal 15.0% 15.0% Other repossesed assets $ 35 Sales approach Reduction for planned expediated disposal 0.0% 0.0% The Company did not March 31, 2019 December 31, 2018. The methods and assumptions used to estimate fair value at March 31, 2019 December 31, 2018 Securities: The fair values of securities are contained in Note 4 not Impaired Loans: 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 5 Junior Subordinated Debentures: 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. The unrealized net gain/loss attributable to changes in our own credit risk was determined by adjusting the fair value as determined in the proceeding sentence by the average rate of default on debt instruments with a similar debt rating as our junior subordinated debentures, with the difference from the original calculation and this calculation resulting in the instrument-specific unrealized gain/loss. Interest Rate Swaps: The fair value of interest rate swaps is based upon broker quotes. The following tables set forth the carrying amounts and estimated fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at the periods indicated: March 31, 2019 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 58,677 $ 58,677 $ 58,677 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,949 7,726 - 7,726 - Other securities 22,532 22,276 - - 22,276 Securities available for sale Mortgage-backed securities 579,185 579,185 - 579,185 - Other securities 266,839 266,839 11,802 253,748 1,289 Loans 5,588,746 5,547,521 - - 5,547,521 FHLB-NY stock 51,182 51,182 - 51,182 - Accrued interest receivable 27,226 27,226 10 3,280 23,936 Interest rate swaps 6,474 6,474 - 6,474 - Liabilities: Deposits $ 5,080,209 $ 5,079,020 $ 3,568,439 $ 1,510,581 $ - Borrowings 1,116,416 1,111,670 - 1,068,729 42,941 Accrued interest payable 7,989 7,989 - 7,989 - Interest rate swaps 4,996 4,996 - 4,996 - December 31, 2018 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 118,561 $ 118,561 $ 118,561 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,953 7,366 - 7,366 - Other securities 24,065 22,508 - - 22,508 Securities available for sale Mortgage-backed securities 557,953 557,953 - 557,953 - Other securities 264,702 264,702 11,586 251,860 1,256 Loans 5,551,484 5,496,266 - - 5,496,266 FHLB-NY stock 57,282 57,282 - 57,282 - Accrued interest receivable 25,485 25,485 54 2,756 22,675 Interest rate swaps 15,961 15,961 - 15,961 - Liabilities: Deposits $ 4,960,784 $ 4,955,077 $ 3,397,474 $ 1,557,603 $ - Borrowings 1,250,843 1,241,745 - 1,199,896 41,849 Accrued interest payable 5,890 5,890 - 5,890 - Interest rate swaps 2,239 2,239 - 2,239 - |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12. Derivative Financial Instruments At March 31, 2019 December 31, 2018, three 1 $18.0 $61.9 March 31, 2019 December 31, 2018; 2 $284.2 $286.1 March 31, 2019 December 31, 2018, 3 $441.5 March 31, 2019 December 31, 2018. At March 31, 2019 December 31, 2018, 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 March 31, 2019 December 31, 2018, $36.3 not March 31, 2019 December 31, 2018, $265.8 $267.8 March 31, 2019 December 31, 2018, $441.5 For cash flow hedges, the effective portion of changes in the fair value of the derivative is reported in AOCL, net of tax. Amounts in AOCL are reclassified into earnings in the same period during which the hedged forecasted transaction effects earnings. During the three March 31, 2019, $0.2 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: March 31, 2019 December 31, 2018 Notional Net Carrying (1) Notional Net Carrying (1) (In thousands) Interest rate swaps (fair value hedge) $ 189,307 $ 5,736 $ 248,330 $ 10,593 Interest rate swaps (fair value hedge) 76,536 (1,759 ) 19,468 (502 ) Interest rate swaps (cash flow hedge) 250,000 738 441,500 5,368 Interest rate swaps (cash flow hedge) 191,500 (450 ) - - Interest rate swaps (non-hedge) 36,321 (2,787 ) 36,321 (1,737 ) Total derivatives $ 743,664 $ 1,478 $ 745,619 $ 13,722 ( 1 Derivatives in a positive position are recorded as “Other assets” and derivatives in a 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 (In thousands) 2019 2018 Financial Derivatives: Interest rate swaps (non-hedge) (1) $ (1,050 ) $ 1,276 Interest rate swaps (fair value hedge) (2) (637 ) 454 Net (loss) gain $ (1,687 ) $ 1,730 ( 1 Net gains and losses are recorded as part of “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. ( 2 Net gains and losses recorded during the three March 31, 2019, three March 31, 2018, 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: March 31, 2019 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 $ 6,474 $ - $ 6,474 $ - $ 570 $ 5,904 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 $ 4,996 $ - $ 4,996 $ 430 $ - $ 4,566 December 31, 2018 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 $ 15,961 $ - $ 15,961 $ - $ 14,960 $ 1,001 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 $ 2,239 $ - $ 2,239 $ - $ - $ 2,239 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes Flushing Financial Corporation files consolidated Federal and combined New York State and New York City income tax returns with its subsidiaries, with the exception of the Company’s trusts, which file separate Federal income tax returns as trusts, and Flushing Preferred Funding Corporation, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns. As of March 31, 2019, 2014, 2015 2016 2014. Income tax provisions are summarized as follows: For the three months (In thousands) 2019 2018 Federal: Current $ 1,326 $ 2,410 Deferred 617 197 Total federal tax provision 1,943 2,607 State and Local: Current 156 190 Deferred 188 153 Total state and local tax provision 344 343 Total income tax provision $ 2,287 $ 2,950 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. Accumulated Other Comprehensive Income (Loss): The following tables sets forth the changes in accumulated other comprehensive income (loss) by component for the periods indicated: For the three months ended March 31, 2019 Unrealized Gains Unrealized Gains Defined Benefit Fair Value Total (In thousands) Beginning balance, net of tax $ (15,649 ) $ 3,704 $ (1,673 ) $ 866 $ (12,752 ) Other comprehensive income before reclassifications, net of tax 5,620 (3,644 ) - 88 2,064 Amounts reclassified from accumulated other comprehensive income, net of tax - 139 7 - 146 Net current period other comprehensive income (loss), net of tax 5,620 (3,505 ) 7 88 2,210 Ending balance, net of tax $ (10,029 ) $ 199 $ (1,666 ) $ 954 $ (10,542 ) For the three months ended March 31, 2018 Unrealized Gains Unrealized Gains Defined Benefit Fair Value Total (In thousands) Beginning balance, net of tax $ (5,522 ) $ 231 $ (3,695 ) $ - $ (8,986 ) Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings (1,325 ) 50 (798 ) - (2,073 ) Impact of adoption of Accounting Standard Update 2016-01 - - - 775 775 Other comprehensive income before reclassifications, net of tax (6,640 ) 5,481 - - (1,159 ) Amounts reclassified from accumulated other comprehensive income, net of tax - 180 84 - 264 Net current period other comprehensive income, net of tax (6,640 ) 5,661 84 - (895 ) Ending balance, net of tax $ (13,487 ) $ 5,942 $ (4,409 ) $ 775 $ (11,179 ) The following tables set forth significant amounts reclassified from accumulated other comprehensive income (loss) by component for the periods indicated: For the three months ended March 31, 2019 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Cash flow hedges: Interest rate swaps $ (201 ) Other interest expense 62 Tax benefit $ (139 ) Net of tax Amortization of defined benefit pension items: Actuarial gain (losses) $ (32 )(1) Other operating expense Prior service credits 22 (1) Other operating expense (10 ) Total before tax (3 ) Tax benefit $ (7 ) Net of tax For the three months ended March 31, 2018 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Cash flow hedges: Interest rate swaps $ (263 ) Interest expense 83 Tax benefit $ (180 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (132 ) (1) Other operating expense Prior service credits 10 (1) Other operating expense (122 ) Total before tax 38 Tax benefit $ (84 ) Net of tax ( 1 These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (See Note 9 |
Note 15 - Regulatory Capital
Note 15 - Regulatory Capital | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15. Regulatory Capital Under current capital regulations, the Bank is required to comply with four March 31, 2019, 2.500%. March 31, 2019 5.49%. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. March 31, 2019 December 31, 2018 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 663,467 9.64 % $ 660,782 9.85 % Requirement to be well capitalized 344,216 5.00 335,512 5.00 Excess 319,251 4.64 325,270 4.85 Common Equity Tier I risk-based capital: Capital level $ 663,467 13.08 % $ 660,782 13.28 % Requirement to be well capitalized 329,701 6.50 323,386 6.50 Excess 333,766 6.58 337,396 6.78 Tier 1 risk-based capital: Capital level $ 663,467 13.08 % $ 660,782 13.28 % Requirement to be well capitalized 405,786 8.00 398,014 8.00 Excess 257,681 5.08 262,768 5.28 Total risk-based capital: Capital level $ 684,482 13.49 % $ 681,727 13.70 % Requirement to be well capitalized 507,232 10.00 497,517 10.00 Excess 177,250 3.49 184,210 3.70 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of March 31, 2019, March 31, 2019 5.61%. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. March 31, 2019 December 31, 2018 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 594,196 8.63 % $ 586,582 8.74 % Requirement to be well capitalized 344,147 5.00 335,616 5.00 Excess 250,049 3.63 250,966 3.74 Common Equity Tier I risk-based capital: Capital level $ 552,793 10.90 % $ 546,230 10.98 % Requirement to be well capitalized 329,661 6.50 323,382 6.50 Excess 223,132 4.40 222,848 4.48 Tier 1 risk-based capital: Capital level $ 594,196 11.72 % $ 586,582 11.79 % Requirement to be well capitalized 405,737 8.00 398,008 8.00 Excess 188,459 3.72 188,574 3.79 Total risk-based capital: Capital level $ 690,211 13.61 % $ 682,527 13.72 % Requirement to be well capitalized 507,171 10.00 497,511 10.00 Excess 183,040 3.61 185,016 3.72 |
Note 16 - New Authoritative Acc
Note 16 - New Authoritative Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 16. New Authoritative Accounting Pronouncements Accounting Standards Adopted in 2019: In February 2016, 842, Leases No. 2016 02, Leases may January 1, 2019, 842, 842. $45.4 $54.0 $2.7 As the rate implicit in each of the Company’s leases is not not The new leasing standard provides a number of optional practical expedients in transition. The Company has elected the “package of practical expedients”, which permits the Company not not not 842 not 8 In August 2017, No. 2017 12, 815 providing targeted improvements to the accounting for hedging activities, which is effective January 1, 2019, January 1, 2019, three March 31, 2019. 12 Accounting Standards Pending Adoption: In August 2018, No. 2018 14, 715 20 providing targeted improvements to the disclosures required for Defined Benefit Plans. The amendments in in this Update are effective for fiscal years ended after December 15, 2020. In August 2018, No. 2018 13, 820 820. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2019. In January 2017, No. 2017 04, 350 2 December 15, 2019, January 1, 2017. not In June 2016, No. 2016 13, December 15, 2019, |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended 2019 2018 (Dollars in thousands, except per share data) Net income, as reported $ 7,068 $ 11,412 Divided by: Weighted average common shares outstanding 28,621 28,974 Weighted average common stock equivalents – 1 Total weighted average common shares outstanding and common stock equivalents 28,621 28,975 Basic earnings per common share $ 0.25 $ 0.39 Diluted earnings per common share (1) $ 0.25 $ 0.39 Dividend payout ratio 84.0 % 51.3 % |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 22,532 $ 22,276 $ – $ 256 Total other securities 22,532 22,276 – 256 FNMA 7,949 7,726 – 223 Total mortgage-backed securities 7,949 7,726 – 223 Total $ 30,481 $ 30,002 $ – $ 479 Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 24,065 $ 22,508 $ – $ 1,557 Total other securities 24,065 22,508 – 1,557 FNMA 7,953 7,366 – 587 Total mortgage-backed securities 7,953 7,366 – 587 Total $ 32,018 $ 29,874 $ – $ 2,144 Amortized Fair Value Gross Gross (In thousands) Corporate $ 130,000 $ 121,382 $ – $ 8,618 Municipals 32,772 33,061 289 – Mutual funds 11,802 11,802 – – Collateralized loan obligations 100,311 99,305 10 1,016 Other 1,289 1,289 – – Total other securities 276,174 266,839 299 9,634 REMIC and CMO 400,522 396,890 1,719 5,351 GNMA 766 810 44 – FNMA 95,360 94,197 302 1,465 FHLMC 87,736 87,288 413 861 Total mortgage-backed securities 584,384 579,185 2,478 7,677 Total securities available for sale $ 860,558 $ 846,024 $ 2,777 $ 17,311 Amortized Fair Value Gross Gross (In thousands) Corporate $ 130,000 $ 118,535 $ – $ 11,465 Municipals 46,231 46,574 343 – Mutual funds 11,586 11,586 – – Collateralized loan obligations 88,396 86,751 – 1,645 Other 1,256 1,256 – – Total other securities 277,469 264,702 343 13,110 REMIC and CMO 382,632 376,340 885 7,177 GNMA 785 826 41 – FNMA 94,069 91,693 72 2,448 FHLMC 90,377 89,094 113 1,396 Total mortgage-backed securities 567,863 557,953 1,111 11,021 Total securities available for sale $ 845,332 $ 822,655 $ 1,454 $ 24,131 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities held-to-maturity: Amortized Fair Value (In thousands) Due in one year or less $ 1,180 $ 1,180 Due after ten years 21,352 21,096 Total other securities 22,532 22,276 Mortgage-backed securities 7,949 7,726 Total $ 30,481 $ 30,002 Securities available for sale: Amortized Fair Value (In thousands) Due after one year through five years $ 10,000 $ 9,587 Due after five years through ten years 131,963 123,717 Due after ten years 122,409 121,733 Total other securities 264,372 255,037 Mutual funds 11,802 11,802 Mortgage-backed securities 584,384 579,185 Total $ 860,558 $ 846,024 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At March 31, 2019 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 21,096 $ 256 $ – $ – $ 21,096 $ 256 Total other securities 1 21,096 256 – – 21,096 256 FNMA 1 7,726 223 – – 7,726 223 Total mortgage-backed securities 1 7,726 223 – – 7,726 223 Total 2 $ 28,822 $ 479 $ – $ – $ 28,822 $ 479 Available for sale securities Corporate 16 $ 121,382 $ 8,618 $ 19,419 $ 581 $ 101,963 $ 8,037 CLO 11 85,896 1,016 85,896 1,016 – – Total other securities 27 207,278 9,634 105,315 1,597 101,963 8,037 REMIC and CMO 36 215,761 5,351 20,259 79 195,502 5,272 FNMA 12 77,992 1,465 – – 77,992 1,465 FHLMC 3 50,602 861 9,657 97 40,945 764 Total mortgage-backed securities 51 344,355 7,677 29,916 176 314,439 7,501 Total 78 $ 551,633 $ 17,311 $ 135,231 $ 1,773 $ 416,402 $ 15,538 At December 31, 2018 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,940 $ 1,557 $ – $ – $ 19,940 $ 1,557 Total other securities 1 19,940 1,557 – – 19,940 1,557 FNMA 1 7,366 587 – – 7,366 587 Total mortgage-backed securities 1 7,366 587 – – 7,366 587 Total securities held-to-maturity 2 $ 27,306 $ 2,144 $ – $ – $ 27,306 $ 2,144 Available for sale securities Corporate 16 $ 118,535 $ 11,465 $ 19,113 $ 888 $ 99,422 $ 10,577 Municipals 3 4,220 – 4,220 – – – CLO 11 86,752 1,645 86,752 1,645 – – Total other securities 30 209,507 13,110 110,085 2,533 99,422 10,577 REMIC and CMO 39 243,756 7,177 17,308 200 226,448 6,977 GNMA 1 51 – 51 – – – FNMA 14 85,046 2,448 6,372 17 78,674 2,431 FHLMC 3 51,288 1,396 10,116 95 41,172 1,301 Total mortgage-backed securities 57 380,141 11,021 33,847 312 346,294 10,709 Total securities available for sale 87 $ 589,648 $ 24,131 $ 143,932 $ 2,845 $ 445,716 $ 21,286 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Financing Receivable, Nonaccrual [Table Text Block] | (In thousands) March 31, December 31, Non-accrual mortgage loans: Multi-family residential $ 2,009 $ 2,410 Commercial real estate 1,050 1,379 One-to-four family - mixed-use property 1,305 928 One-to-four family - residential 5,708 6,144 Construction 950 – Total 11,022 10,861 Non-accrual non-mortgage loans: Small Business Administration 1,227 1,267 Taxi medallion 1,372 613 Commercial business and other 2,114 3,512 Total 4,713 5,392 Total non-accrual loans 15,735 16,253 Total non-performing loans $ 15,735 $ 16,253 |
Schedule of Interest Foregone on Non-Accrual and TDR Loans [Table Text Block] | For the three months ended 2019 2018 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 394 $ 406 Less: Interest income included in the results of operations 118 158 Total foregone interest $ 276 $ 248 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2019 (In thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 683 $ – $ 2,009 $ 2,692 $ 2,253,755 $ 2,256,447 Commercial real estate 786 1,794 1,050 3,630 1,525,371 1,529,001 One-to-four family - mixed-use property 1,212 – 1,025 2,237 579,812 582,049 One-to-four family - residential 1,532 155 5,708 7,395 181,220 188,615 Co-operative apartments – – – – 7,903 7,903 Construction loans – – 950 950 53,983 54,933 Small Business Administration – – 1,227 1,227 13,961 15,188 Taxi medallion – – 768 768 3,123 3,891 Commercial business and other 508 1,299 2,114 3,921 931,376 935,297 Total $ 4,721 $ 3,248 $ 14,851 $ 22,820 $ 5,550,504 $ 5,573,324 December 31, 2018 (In thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 1,887 $ 339 $ 2,410 $ 4,636 $ 2,264,412 $ 2,269,048 Commercial real estate 379 – 1,379 1,758 1,540,789 1,542,547 One-to-four family - mixed-use property 1,003 322 928 2,253 575,488 577,741 One-to-four family - residential 1,564 – 6,144 7,708 182,642 190,350 Co-operative apartments – – – – 8,498 8,498 Construction loans – 730 – 730 49,870 50,600 Small Business Administration 774 68 1,267 2,109 13,101 15,210 Taxi medallion – – – – 4,539 4,539 Commercial business and other 1,306 281 2,216 3,803 873,960 877,763 Total $ 6,913 $ 1,740 $ 14,344 $ 22,997 $ 5,513,299 $ 5,536,296 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | March 31, 2019 (In thousands) Multi-family Commercial One-to-four One-to-four Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ 329 $ 418 $ – $ 7,591 $ 20,945 Charge-off's – – (1 ) – – – – (1,137 ) (1,138 ) Recoveries 13 – 86 4 – 4 84 45 236 Provision (Benefit) (196 ) (37 ) (161 ) (22 ) 22 (13 ) (84 ) 1,463 972 Ending balance $ 5,493 $ 4,278 $ 1,791 $ 731 $ 351 $ 409 $ – $ 7,962 $ 21,015 March 31, 2018 (In thousands) Multi-family Commercial One-to-four One-to-four Construction Small Business Taxi Commercial Total Allowance for credit losses: Beginning balance $ 5,823 $ 4,643 $ 2,545 $ 1,082 $ 68 $ 669 $ – $ 5,521 $ 20,351 Charge-off's (53 ) – – (1 ) – (25 ) – (6 ) (85 ) Recoveries 2 – – 108 – 6 – 7 123 Provision (Benefit) (22 ) (41 ) (75 ) (148 ) 123 25 – 291 153 Ending balance $ 5,750 $ 4,602 $ 2,470 $ 1,041 $ 191 $ 675 $ – $ 5,813 $ 20,542 |
Schedule of Loans and the Manner in which they are Evaluated for Impairment [Table Text Block] | March 31, 2019 (In thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Financing Receivables: Ending Balance $ 2,256,447 $ 1,529,001 $ 582,049 $ 188,615 $ 7,903 $ 54,933 $ 15,188 $ 3,891 $ 935,297 $ 5,573,324 Ending balance: individually evaluated for impairment $ 4,104 $ 1,097 $ 2,987 $ 6,463 $ – $ 950 $ 1,227 $ 3,891 $ 2,114 $ 22,833 Ending balance: collectively evaluated for impairment $ 2,252,343 $ 1,527,904 $ 579,062 $ 182,152 $ 7,903 $ 53,983 $ 13,961 $ – $ 933,183 $ 5,550,491 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 98 $ – $ 54 $ 50 $ – $ – $ – $ – $ 178 $ 380 Ending balance: collectively evaluated for impairment $ 5,395 $ 4,278 $ 1,737 $ 681 $ – $ 351 $ 409 $ – $ 7,784 $ 20,635 December 31, 2018 (In thousands) Multi-family Commercial One-to-four One-to-four Co-operative Construction Small Business Taxi Commercial Total Financing Receivables: Ending Balance $ 2,269,048 $ 1,542,547 $ 577,741 $ 190,350 $ 8,498 $ 50,600 $ 15,210 $ 4,539 $ 877,763 $ 5,536,296 Ending balance: individually evaluated for impairment $ 4,500 $ 1,435 $ 3,098 $ 6,889 $ – $ – $ 1,267 $ 4,539 $ 3,791 $ 25,519 Ending balance: collectively evaluated for impairment $ 2,264,548 $ 1,541,112 $ 574,643 $ 183,461 $ 8,498 $ 50,600 $ 13,943 $ – $ 873,972 $ 5,510,777 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 100 $ – $ 143 $ 51 $ – $ – $ – $ – $ 866 $ 1,160 Ending balance: collectively evaluated for impairment $ 5,576 $ 4,315 $ 1,724 $ 698 $ – $ 329 $ 418 $ – $ 6,725 $ 19,785 |
Impaired Financing Receivables [Table Text Block] | March 31, 2019 December 31, 2018 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 2,835 $ 3,179 $ – $ 3,225 $ 3,568 $ – Commercial real estate 1,097 1,097 – 1,435 1,435 – One-to-four family mixed-use property 1,983 2,123 – 1,913 2,113 – One-to-four family residential 6,068 6,221 – 6,490 6,643 – Construction 950 950 – – – – Non-mortgage loans: Small Business Administration 1,227 1,499 – 1,267 1,609 – Taxi medallion 3,891 11,049 – 4,539 12,788 – Commercial business and other 1,223 2,352 – – – – Total loans with no related allowance recorded 19,274 28,470 – 18,869 28,156 – With an allowance recorded: Mortgage loans: Multi-family residential 1,269 1,269 98 1,275 1,275 100 One-to-four family mixed-use property 1,004 1,004 54 1,185 1,185 143 One-to-four family residential 395 395 50 399 399 51 Non-mortgage loans: Commercial business and other 891 891 178 3,791 3,791 866 Total loans with an allowance recorded 3,559 3,559 380 6,650 6,650 1,160 Total Impaired Loans: Total mortgage loans $ 15,601 $ 16,238 $ 202 $ 15,922 $ 16,618 $ 294 Total non-mortgage loans $ 7,232 $ 15,791 $ 178 $ 9,597 $ 18,188 $ 866 March 31, 2019 March 31, 2018 Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,031 $ 9 $ 4,834 $ 20 Commercial real estate 1,266 – 6,915 74 One-to-four family mixed-use property 1,948 17 4,297 41 One-to-four family residential 6,279 2 8,855 15 Construction 475 – – – Non-mortgage loans: Small Business Administration 1,247 – 118 1 Taxi medallion 4,215 58 6,726 82 Commercial business and other 611 – 196 2 Total loans with no related allowance recorded 19,072 86 31,941 235 With an allowance recorded: Mortgage loans: Multi-family residential 1,272 18 2,214 29 Commercial real estate – – 993 – One-to-four family mixed-use property 1,095 10 1,222 9 One-to-four family residential 397 4 413 4 Non-mortgage loans: Taxi medallion – – – – Commercial business and other 2,341 – 338 5 Total loans with an allowance recorded 5,105 32 5,180 47 Total Impaired Loans: Total mortgage loans $ 15,763 $ 60 $ 29,743 $ 192 Total non-mortgage loans $ 8,414 $ 58 $ 7,378 $ 90 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2019 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 1,322 $ 3,938 $ – $ – $ 5,260 Commercial real estate 374 3,635 – – 4,009 One-to-four family - mixed-use property 1,341 1,937 – – 3,278 One-to-four family - residential 297 6,156 – – 6,453 Construction – 950 – – 950 Small Business Administration 473 121 – – 594 Taxi medallion – 3,891 – – 3,891 Commercial business and other 4,293 16,632 1,834 – 22,759 Total loans $ 8,100 $ 37,260 $ 1,834 $ – $ 47,194 December 31, 2018 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 2,498 $ 4,166 $ – $ – $ 6,664 Commercial real estate 381 4,051 – – 4,432 One-to-four family - mixed-use property 1,199 2,034 – – 3,233 One-to-four family - residential 557 6,665 – – 7,222 Construction 730 – – – 730 Small Business Administration 481 139 – – 620 Taxi medallion – 4,539 – – 4,539 Commercial business and other 730 21,348 3,512 – 25,590 Total loans $ 6,576 $ 42,942 $ 3,512 $ – $ 53,030 |
Nonperforming Financial Instruments [Member] | |
Notes Tables | |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | March 31, 2019 December 31, 2018 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 383 1 $ 388 Taxi medallion 3 768 – – Commercial business and other 2 852 1 1,397 Total troubled debt restructurings that subsequently defaulted 6 $ 2,003 2 $ 1,785 |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | March 31, 2019 December 31, 2018 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 7 $ 1,906 7 $ 1,916 One-to-four family - mixed-use property 5 1,674 5 1,692 One-to-four family - residential 3 547 3 552 Taxi medallion (1) 10 2,518 15 3,926 Commercial business and other – – 1 279 Total performing troubled debt restructured 25 $ 6,645 31 $ 8,365 |
Note 6 - Loans Held for Sale (T
Note 6 - Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Delinquent and Non-Performing Loans Sold During Period [Table Text Block] | For the three months ended March 31, 2019 (Dollars in thousands) Loans sold Proceeds Net Recoveries Net gain Delinquent and non-performing loans Multi-family residential 2 $ 765 $ – $ 63 One-to-four family - mixed-use property 1 405 (1 ) – Total 3 $ 1,170 $ (1 ) $ 63 For the three months ended March 31, 2018 (Dollars in thousands) Loans sold Proceeds Net loss Delinquent and non-performing loans Multi-family residential 3 $ 964 $ – Commercial real estate 1 1,500 (263 ) Total 4 $ 2,464 $ (263 ) |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (Dollars in thousands) Three months ended Operating lease ROU assets $ 44,033 Operating lease liabilities $ 52,510 Lease Cost Operating lease cost $ 1,892 Short-term lease cost 34 Variable lease cost 246 Total lease cost $ 2,172 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,025 Right-of-use assets obtained in exchange for new operating lease liabilities $ 21 Weighted-average remaining lease term-operating leases (in years) 8.0 Weighted average discount rate-operating leases 3.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Minimum Rental (In thousands) Years ended December 31: 2019 $ 5,783 2020 8,289 2021 7,501 2022 7,090 2023 7,229 Thereafter 25,490 Total minimum payments required 61,382 Less: implied interest 8,872 Total lease obligations $ 52,510 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | RSU Awards PRSU Awards Shares Weighted-Average Shares Weighted-Average Non-vested at December 31, 2018 502,658 $ 24.93 – $ – Granted 263,574 22.38 57,870 22.38 Vested (248,579 ) 23.17 (27,110 ) 22.38 Forfeited (7,270 ) 24.94 – – Non-vested at March 31, 2019 510,383 $ 24.47 30,760 $ 22.38 Vested but unissued at March 31, 2019 209,148 $ 24.64 21,310 $ 22.38 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2018 99,313 $ 21.53 Granted 8,168 22.15 Distributions (1,004 ) 22.01 Outstanding at March 31, 2019 106,477 $ 21.93 Vested at March 31, 2019 105,935 $ 21.93 |
Note 10 - Pension and Other P_2
Note 10 - Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three months ended (In thousands) 2019 2018 Employee Pension Plan: Interest cost $ 199 $ 195 Amortization of unrecognized loss 67 155 Expected return on plan assets (272 ) (363 ) Net employee pension benefit $ (6 ) $ (13 ) Outside Director Pension Plan: Service cost $ 10 $ 11 Interest cost 21 20 Amortization of unrecognized gain (35 ) (23 ) Amortization of past service liability – 3 Net outside director pension (benefit) expense $ (4 ) $ 11 Other Postretirement Benefit Plans: Service cost $ 70 $ 88 Interest cost 85 77 Amortization of past service credit (22 ) (13 ) Net other postretirement expense $ 133 $ 152 |
Note 11 - Fair Value of Finan_2
Note 11 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value Option, Disclosures [Table Text Block] | Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at March 31, at December 31, Three Months Ended (In thousands) 2019 2018 March 31, 2019 March 31, 2018 Mortgage-backed securities $ 934 $ 967 $ 1 $ (11 ) Other securities 13,091 12,843 179 (138 ) Borrowed funds 42,941 41,849 (1,210 ) (1,681 ) Net loss from fair value adjustments (1) $ (1,030 ) $ (1,830 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices 2019 2018 2019 2018 2019 2018 2019 2018 (In thousands) Assets: Mortgage-backed Securities $ - $ - $ 579,185 $ 557,953 $ - $ - $ 579,185 $ 557,953 Other securities 11,802 11,586 253,748 251,860 1,289 1,256 266,839 264,702 Interest rate swaps - - 6,474 15,961 - - 6,474 15,961 Total assets $ 11,802 $ 11,586 $ 839,407 $ 825,774 $ 1,289 $ 1,256 $ 852,498 $ 838,616 Liabilities: Borrowings $ - $ - $ - $ - $ 42,941 $ 41,849 $ 42,941 $ 41,849 Interest rate swaps - - 4,996 2,239 - - 4,996 2,239 Total liabilities $ - $ - $ 4,996 $ 2,239 $ 42,941 $ 41,849 $ 47,937 $ 44,088 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended March 31, 2019 March 31, 2018 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 1,256 $ 41,849 $ 1,110 $ 36,986 Net gain from fair value adjustment of financial assets (1) 33 - 51 - Net loss from fair value adjustment of financial liabilities (1) - 1,210 - 1,681 Decrease(increase) in accrued interest receivable - - 1 - Increase (decrease) in accrued interest payable - 9 - 25 Change in unrealized gains (losses) included in other comprehensive income - (127 ) - - Ending balance $ 1,289 $ 42,941 $ 1,162 $ 38,692 Changes in unrealized gains (losses) held at period end $ - $ - $ - $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices Significant Other Significant Other Total carried at fair value 2019 2018 2019 2018 2019 2018 2019 2018 (In thousands) Assets Impaired loans $ - $ - $ - $ - $ 1,928 $ 4,111 $ 1,928 $ 4,111 Other repossesed assets - - - - - 35 - 35 Total assets $ - $ - $ - $ - $ 1,928 $ 4,146 $ 1,928 $ 4,146 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2019 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 58,677 $ 58,677 $ 58,677 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,949 7,726 - 7,726 - Other securities 22,532 22,276 - - 22,276 Securities available for sale Mortgage-backed securities 579,185 579,185 - 579,185 - Other securities 266,839 266,839 11,802 253,748 1,289 Loans 5,588,746 5,547,521 - - 5,547,521 FHLB-NY stock 51,182 51,182 - 51,182 - Accrued interest receivable 27,226 27,226 10 3,280 23,936 Interest rate swaps 6,474 6,474 - 6,474 - Liabilities: Deposits $ 5,080,209 $ 5,079,020 $ 3,568,439 $ 1,510,581 $ - Borrowings 1,116,416 1,111,670 - 1,068,729 42,941 Accrued interest payable 7,989 7,989 - 7,989 - Interest rate swaps 4,996 4,996 - 4,996 - December 31, 2018 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 118,561 $ 118,561 $ 118,561 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,953 7,366 - 7,366 - Other securities 24,065 22,508 - - 22,508 Securities available for sale Mortgage-backed securities 557,953 557,953 - 557,953 - Other securities 264,702 264,702 11,586 251,860 1,256 Loans 5,551,484 5,496,266 - - 5,496,266 FHLB-NY stock 57,282 57,282 - 57,282 - Accrued interest receivable 25,485 25,485 54 2,756 22,675 Interest rate swaps 15,961 15,961 - 15,961 - Liabilities: Deposits $ 4,960,784 $ 4,955,077 $ 3,397,474 $ 1,557,603 $ - Borrowings 1,250,843 1,241,745 - 1,199,896 41,849 Accrued interest payable 5,890 5,890 - 5,890 - Interest rate swaps 2,239 2,239 - 2,239 - |
Fair Value, Nonrecurring [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 1,656 Sales approach Reduction for planned expedited disposal 20.0% to 54.5% 39.6% Impaired loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -10.0% to 15.0% 2.5% Capitalization rate 9.5% 9.5% Reduction for planned expedited disposal 15.0% 15.0% At December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 204 Income approach Capitalization rate 8.5% 8.5% Reduction for planned expedited disposal 15.0% 15.0% Impaired loans $ 2,724 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 0.0% 0.0% Reduction for planned expedited disposal -36.5% to 15.0% 10.4% Impaired loans $ 1,183 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -30.0% to 10.0% -7.8% Capitalization rate 7.4% to 9.8% 8.7% Reduction for planned expedited disposal 15.0% 15.0% Other repossesed assets $ 35 Sales approach Reduction for planned expediated disposal 0.0% 0.0% |
Fair Value, Recurring [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,289 Discounted cash flows Discount rate n/a 4.6% Liabilities: Junior subordinated debentures $ 42,941 Discounted cash flows Discount rate n/a 4.6% December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,256 Discounted cash flows Discount rate n/a 4.9% Liabilities: Junior subordinated debentures $ 41,849 Discounted cash flows Discount rate n/a 4.9% |
Note 12 - Derivative Financia_2
Note 12 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | March 31, 2019 December 31, 2018 Notional Net Carrying (1) Notional Net Carrying (1) (In thousands) Interest rate swaps (fair value hedge) $ 189,307 $ 5,736 $ 248,330 $ 10,593 Interest rate swaps (fair value hedge) 76,536 (1,759 ) 19,468 (502 ) Interest rate swaps (cash flow hedge) 250,000 738 441,500 5,368 Interest rate swaps (cash flow hedge) 191,500 (450 ) - - Interest rate swaps (non-hedge) 36,321 (2,787 ) 36,321 (1,737 ) Total derivatives $ 743,664 $ 1,478 $ 745,619 $ 13,722 |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the three months ended (In thousands) 2019 2018 Financial Derivatives: Interest rate swaps (non-hedge) (1) $ (1,050 ) $ 1,276 Interest rate swaps (fair value hedge) (2) (637 ) 454 Net (loss) gain $ (1,687 ) $ 1,730 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, 2019 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 $ 6,474 $ - $ 6,474 $ - $ 570 $ 5,904 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 $ 4,996 $ - $ 4,996 $ 430 $ - $ 4,566 December 31, 2018 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 $ 15,961 $ - $ 15,961 $ - $ 14,960 $ 1,001 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 $ 2,239 $ - $ 2,239 $ - $ - $ 2,239 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the three months (In thousands) 2019 2018 Federal: Current $ 1,326 $ 2,410 Deferred 617 197 Total federal tax provision 1,943 2,607 State and Local: Current 156 190 Deferred 188 153 Total state and local tax provision 344 343 Total income tax provision $ 2,287 $ 2,950 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the three months ended March 31, 2019 Unrealized Gains Unrealized Gains Defined Benefit Fair Value Total (In thousands) Beginning balance, net of tax $ (15,649 ) $ 3,704 $ (1,673 ) $ 866 $ (12,752 ) Other comprehensive income before reclassifications, net of tax 5,620 (3,644 ) - 88 2,064 Amounts reclassified from accumulated other comprehensive income, net of tax - 139 7 - 146 Net current period other comprehensive income (loss), net of tax 5,620 (3,505 ) 7 88 2,210 Ending balance, net of tax $ (10,029 ) $ 199 $ (1,666 ) $ 954 $ (10,542 ) For the three months ended March 31, 2018 Unrealized Gains Unrealized Gains Defined Benefit Fair Value Total (In thousands) Beginning balance, net of tax $ (5,522 ) $ 231 $ (3,695 ) $ - $ (8,986 ) Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings (1,325 ) 50 (798 ) - (2,073 ) Impact of adoption of Accounting Standard Update 2016-01 - - - 775 775 Other comprehensive income before reclassifications, net of tax (6,640 ) 5,481 - - (1,159 ) Amounts reclassified from accumulated other comprehensive income, net of tax - 180 84 - 264 Net current period other comprehensive income, net of tax (6,640 ) 5,661 84 - (895 ) Ending balance, net of tax $ (13,487 ) $ 5,942 $ (4,409 ) $ 775 $ (11,179 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | For the three months ended March 31, 2019 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Cash flow hedges: Interest rate swaps $ (201 ) Other interest expense 62 Tax benefit $ (139 ) Net of tax Amortization of defined benefit pension items: Actuarial gain (losses) $ (32 )(1) Other operating expense Prior service credits 22 (1) Other operating expense (10 ) Total before tax (3 ) Tax benefit $ (7 ) Net of tax For the three months ended March 31, 2018 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (In thousands) Cash flow hedges: Interest rate swaps $ (263 ) Interest expense 83 Tax benefit $ (180 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (132 ) (1) Other operating expense Prior service credits 10 (1) Other operating expense (122 ) Total before tax 38 Tax benefit $ (84 ) Net of tax |
Note 15 - Regulatory Capital (T
Note 15 - Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | March 31, 2019 December 31, 2018 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 663,467 9.64 % $ 660,782 9.85 % Requirement to be well capitalized 344,216 5.00 335,512 5.00 Excess 319,251 4.64 325,270 4.85 Common Equity Tier I risk-based capital: Capital level $ 663,467 13.08 % $ 660,782 13.28 % Requirement to be well capitalized 329,701 6.50 323,386 6.50 Excess 333,766 6.58 337,396 6.78 Tier 1 risk-based capital: Capital level $ 663,467 13.08 % $ 660,782 13.28 % Requirement to be well capitalized 405,786 8.00 398,014 8.00 Excess 257,681 5.08 262,768 5.28 Total risk-based capital: Capital level $ 684,482 13.49 % $ 681,727 13.70 % Requirement to be well capitalized 507,232 10.00 497,517 10.00 Excess 177,250 3.49 184,210 3.70 March 31, 2019 December 31, 2018 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 594,196 8.63 % $ 586,582 8.74 % Requirement to be well capitalized 344,147 5.00 335,616 5.00 Excess 250,049 3.63 250,966 3.74 Common Equity Tier I risk-based capital: Capital level $ 552,793 10.90 % $ 546,230 10.98 % Requirement to be well capitalized 329,661 6.50 323,382 6.50 Excess 223,132 4.40 222,848 4.48 Tier 1 risk-based capital: Capital level $ 594,196 11.72 % $ 586,582 11.79 % Requirement to be well capitalized 405,737 8.00 398,008 8.00 Excess 188,459 3.72 188,574 3.79 Total risk-based capital: Capital level $ 690,211 13.61 % $ 682,527 13.72 % Requirement to be well capitalized 507,171 10.00 497,511 10.00 Excess 183,040 3.61 185,016 3.72 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Net income | $ 7,068 | $ 11,412 | |
Weighted average common shares outstanding (in shares) | 28,621 | 28,974 | |
Weighted average common stock equivalents (in shares) | 1 | ||
Total weighted average common shares outstanding and common stock equivalents (in shares) | 28,621 | 28,975 | |
Basic earnings per common share (in dollars per share) | $ 0.25 | $ 0.39 | |
Diluted earnings per common share (in dollars per share) | [1] | $ 0.25 | $ 0.39 |
Dividend payout ratio | 84.00% | 51.30% | |
[1] | For the three months ended March 31, 2019 and 2018, there were no common stock equivalents that were anti-dilutive. |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) xbrli-pure in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | 0 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | ||
Proceeds from Sale of Available-for-sale Securities, Total | $ 0 | $ 0 | |
Collateralized Mortgage Obligations by Commercial Real Estate [Member] | |||
Private Issue Collateralized Mortgage Obligations, Number | 0 | 0 |
Note 4 - Securities - Amortized
Note 4 - Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Securities held-to-maturity, amortized cost | $ 30,481 | $ 32,018 |
Securities held-to-maturity, fair value | 30,002 | 29,874 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 479 | 2,144 |
Securities available for sale, amortized cost | 860,558 | 845,332 |
Securities available for sale, fair value | 846,024 | 822,655 |
Securities available for sale, gross unrealized gains | 2,777 | 1,454 |
Securities available for sale, gross unrealized losses | 17,311 | 24,131 |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost | 130,000 | 130,000 |
Securities available for sale, fair value | 121,382 | 118,535 |
Securities available for sale, gross unrealized gains | ||
Securities available for sale, gross unrealized losses | 8,618 | 11,465 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held-to-maturity, amortized cost | 22,532 | 24,065 |
Securities held-to-maturity, fair value | 22,276 | 22,508 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 256 | 1,557 |
Securities available for sale, amortized cost | 32,772 | 46,231 |
Securities available for sale, fair value | 33,061 | 46,574 |
Securities available for sale, gross unrealized gains | 289 | 343 |
Securities available for sale, gross unrealized losses | ||
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,532 | 24,065 |
Securities held-to-maturity, fair value | 22,276 | 22,508 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 256 | 1,557 |
Securities available for sale, fair value | 266,839 | 264,702 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost | 11,802 | 11,586 |
Securities available for sale, fair value | 11,802 | 11,586 |
Securities available for sale, gross unrealized gains | ||
Securities available for sale, gross unrealized losses | ||
FNMA [Member] | ||
Securities held-to-maturity, amortized cost | 7,949 | 7,953 |
Securities held-to-maturity, fair value | 7,726 | 7,366 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 223 | 587 |
Securities available for sale, amortized cost | 95,360 | 94,069 |
Securities available for sale, fair value | 94,197 | 91,693 |
Securities available for sale, gross unrealized gains | 302 | 72 |
Securities available for sale, gross unrealized losses | 1,465 | 2,448 |
Collateralized Debt Obligations [Member] | ||
Securities available for sale, amortized cost | 100,311 | 88,396 |
Securities available for sale, fair value | 99,305 | 86,751 |
Securities available for sale, gross unrealized gains | 10 | |
Securities available for sale, gross unrealized losses | 1,016 | 1,645 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,949 | 7,953 |
Securities held-to-maturity, fair value | 7,726 | 7,366 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 223 | 587 |
Securities available for sale, amortized cost | 584,384 | 567,863 |
Securities available for sale, fair value | 579,185 | 557,953 |
Securities available for sale, gross unrealized gains | 2,478 | 1,111 |
Securities available for sale, gross unrealized losses | 7,677 | 11,021 |
Other Securities [Member] | ||
Securities available for sale, amortized cost | 1,289 | 1,256 |
Securities available for sale, fair value | 1,289 | 1,256 |
Securities available for sale, gross unrealized gains | ||
Securities available for sale, gross unrealized losses | ||
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 276,174 | 277,469 |
Securities available for sale, fair value | 266,839 | 264,702 |
Securities available for sale, gross unrealized gains | 299 | 343 |
Securities available for sale, gross unrealized losses | 9,634 | 13,110 |
REMIC and CMO [Member] | ||
Securities available for sale, amortized cost | 400,522 | 382,632 |
Securities available for sale, fair value | 396,890 | 376,340 |
Securities available for sale, gross unrealized gains | 1,719 | 885 |
Securities available for sale, gross unrealized losses | 5,351 | 7,177 |
GNMA [Member] | ||
Securities available for sale, amortized cost | 766 | 785 |
Securities available for sale, fair value | 810 | 826 |
Securities available for sale, gross unrealized gains | 44 | 41 |
Securities available for sale, gross unrealized losses | ||
FHLMC [Member] | ||
Securities available for sale, amortized cost | 87,736 | 90,377 |
Securities available for sale, fair value | 87,288 | 89,094 |
Securities available for sale, gross unrealized gains | 413 | 113 |
Securities available for sale, gross unrealized losses | $ 861 | $ 1,396 |
Note 4 - Securities - Securitie
Note 4 - Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Securities held-to-maturity, amortized cost, due in one year or less | $ 1,180 | |
Securities held-to-maturity, fair value, due in one year or less | 1,180 | |
Securities held-to-maturity, amortized cost, due after ten years | 21,352 | |
Securities held-to-maturity, fair value, due after ten years | 21,096 | |
Securities held-to-maturity, amortized cost | 30,481 | $ 32,018 |
Securities held-to-maturity, fair value | 30,002 | 29,874 |
Securities available for sale, amortized cost, due after one year through five years | 10,000 | |
Securities available for sale, fair value, due after one year through five years | 9,587 | |
Securities available for sale, amortized cost, due after five years through ten years | 131,963 | |
Securities available for sale, fair value, due after five years through ten years | 123,717 | |
Securities available for sale, amortized cost, due after ten years | 122,409 | |
Securities available for sale, fair value, due after ten years | 121,733 | |
Securities available for sale, amortized cost | 860,558 | 845,332 |
Securities available for sale | 846,024 | 822,655 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,532 | 24,065 |
Securities held-to-maturity, fair value | 22,276 | 22,508 |
Securities available for sale | 266,839 | 264,702 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,949 | 7,953 |
Securities held-to-maturity, fair value | 7,726 | 7,366 |
Securities available for sale, amortized cost | 584,384 | 567,863 |
Securities available for sale | 579,185 | 557,953 |
Total Other Securities [Member] | ||
Securities available for sale, amortized cost | 264,372 | |
Securities available for sale | 255,037 | |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost | 11,802 | 11,586 |
Securities available for sale | $ 11,802 | $ 11,586 |
Note 4 - Securities - Available
Note 4 - Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 2 | 2 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 28,822 | $ 27,306 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 479 | 2,144 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | ||
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 28,822 | 27,306 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 479 | $ 2,144 |
Securities have been in a continuous unrealized loss position, number of positions | 78 | 87 |
Securities have been in a continuous unrealized loss position, fair value | $ 551,633 | $ 589,648 |
Securities have been in a continuous unrealized loss position, unrealized losses | 17,311 | 24,131 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 135,231 | 143,932 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,773 | 2,845 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 416,402 | 445,716 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 15,538 | $ 21,286 |
US States and Political Subdivisions 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 | $ 21,096 | $ 19,940 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 256 | 1,557 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | ||
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 21,096 | 19,940 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 256 | $ 1,557 |
Securities have been in a continuous unrealized loss position, number of positions | 3 | |
Securities have been in a continuous unrealized loss position, fair value | $ 4,220 | |
Securities have been in a continuous unrealized loss position, unrealized losses | ||
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 4,220 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | ||
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | ||
Other Debt Obligations [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 | $ 21,096 | $ 19,940 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 256 | 1,557 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | ||
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 21,096 | 19,940 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 256 | $ 1,557 |
Securities have been in a continuous unrealized loss position, number of positions | 27 | 30 |
Securities have been in a continuous unrealized loss position, fair value | $ 207,278 | $ 209,507 |
Securities have been in a continuous unrealized loss position, unrealized losses | 9,634 | 13,110 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 105,315 | 110,085 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,597 | 2,533 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 101,963 | 99,422 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 8,037 | $ 10,577 |
FNMA [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 | $ 7,726 | $ 7,366 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 223 | 587 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | ||
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 7,726 | 7,366 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 223 | $ 587 |
Securities have been in a continuous unrealized loss position, number of positions | 12 | 14 |
Securities have been in a continuous unrealized loss position, fair value | $ 77,992 | $ 85,046 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,465 | 2,448 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 6,372 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 17 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 77,992 | 78,674 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,465 | $ 2,431 |
Collateralized Mortgage Backed 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 | $ 7,726 | $ 7,366 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 223 | 587 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | ||
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 7,726 | 7,366 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 223 | $ 587 |
Securities have been in a continuous unrealized loss position, number of positions | 51 | 57 |
Securities have been in a continuous unrealized loss position, fair value | $ 344,355 | $ 380,141 |
Securities have been in a continuous unrealized loss position, unrealized losses | 7,677 | 11,021 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 29,916 | 33,847 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 176 | 312 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 314,439 | 346,294 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 7,501 | $ 10,709 |
Corporate Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 16 | 16 |
Securities have been in a continuous unrealized loss position, fair value | $ 121,382 | $ 118,535 |
Securities have been in a continuous unrealized loss position, unrealized losses | 8,618 | 11,465 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,419 | 19,113 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 581 | 888 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 101,963 | 99,422 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 8,037 | $ 10,577 |
Collateralized Loan Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 11 | 11 |
Securities have been in a continuous unrealized loss position, fair value | $ 85,896 | $ 86,752 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,016 | 1,645 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 85,896 | 86,752 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,016 | 1,645 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | ||
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | ||
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 36 | 39 |
Securities have been in a continuous unrealized loss position, fair value | $ 215,761 | $ 243,756 |
Securities have been in a continuous unrealized loss position, unrealized losses | 5,351 | 7,177 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 20,259 | 17,308 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 79 | 200 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 195,502 | 226,448 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 5,272 | $ 6,977 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 3 | 3 |
Securities have been in a continuous unrealized loss position, fair value | $ 50,602 | $ 51,288 |
Securities have been in a continuous unrealized loss position, unrealized losses | 861 | 1,396 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 9,657 | 10,116 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 97 | 95 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 40,945 | 41,172 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 764 | $ 1,301 |
GNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | |
Securities have been in a continuous unrealized loss position, fair value | $ 51 | |
Securities have been in a continuous unrealized loss position, unrealized losses | ||
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 51 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | ||
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |
Extension of Credit [Member] | ||
Commitments and Contingencies | $ 82,600 | |
Extension of Lines of Credit [Member] | ||
Commitments and Contingencies | $ 250,400 | |
Taxi Medallion Portfolio Segment [Member] | ||
Number of Assets Foreclosed on During the Period | 1 |
Note 5 - Loans - Troubled Debt
Note 5 - Loans - Troubled Debt Restructurings That Are Performing According to Their Restructured Terms (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018 | Dec. 31, 2018USD ($) | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | ||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 25 | 31 | ||
Recorded investment | $ 6,645 | $ 8,365 | ||
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 7 | 7 | ||
Recorded investment | $ 1,906 | $ 1,916 | ||
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 5 | 5 | ||
Recorded investment | $ 1,674 | $ 1,692 | ||
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 3 | 3 | ||
Recorded investment | $ 547 | $ 552 | ||
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | [1] | 10 | 15 | |
Recorded investment | [1] | $ 2,518 | $ 3,926 | |
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | |||
Recorded investment | $ 279 | |||
[1] | Taxi medallion loans in the table above continue to pay as agreed, however the company records interest received on a cash basis. |
Note 5 - Loans - Troubled Deb_2
Note 5 - Loans - Troubled Debt Restructurings That Are Not Performing According to Their Restructured Terms (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 6 | 2 |
Recorded investment, not performing | $ 2,003 | $ 1,785 |
Multi-family Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | 1 |
Recorded investment, not performing | $ 383 | $ 388 |
Taxi Medallion Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 3 | |
Recorded investment, not performing | $ 768 | |
Commercial Business and Other Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 2 | 1 |
Recorded investment, not performing | $ 852 | $ 1,397 |
Note 5 - Loans - Non-performing
Note 5 - Loans - Non-performing Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Non-accrual loans | $ 15,735 | $ 16,253 |
Total non-performing loans | 15,735 | 16,253 |
Mortgage Receivable [Member] | ||
Non-accrual loans | 11,022 | 10,861 |
Non-Mortgage Loans [Member] | ||
Non-accrual loans | 4,713 | 5,392 |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 2,009 | 2,410 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 1,050 | 1,379 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 1,305 | 928 |
One-To-Four Family - Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 5,708 | 6,144 |
Construction Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 950 | |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,227 | 1,267 |
Taxi Medallion Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,372 | 613 |
Commercial Business and Other Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | $ 2,114 | $ 3,512 |
Note 5 - Loans - Summary of Int
Note 5 - Loans - Summary of Interest Foregone on Non-accrual Loans and Loans Classified as TDR (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 394 | $ 406 |
Less: Interest income included in the results of operations | 118 | 158 |
Total foregone interest | $ 276 | $ 248 |
Note 5 - Loans - Age Analysis o
Note 5 - Loans - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loans, past due | $ 22,820 | $ 22,997 |
Loans, current | 5,550,504 | 5,513,299 |
Total Loans | 5,573,324 | 5,536,296 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 4,721 | 6,913 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 3,248 | 1,740 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 14,851 | 14,344 |
Multi-family Residential Portfolio Segment [Member] | ||
Loans, past due | 2,692 | 4,636 |
Loans, current | 2,253,755 | 2,264,412 |
Total Loans | 2,256,447 | 2,269,048 |
Multi-family Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 683 | 1,887 |
Multi-family Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 339 | |
Multi-family Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 2,009 | 2,410 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, past due | 3,630 | 1,758 |
Loans, current | 1,525,371 | 1,540,789 |
Total Loans | 1,529,001 | 1,542,547 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 786 | 379 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 1,794 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,050 | 1,379 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans, past due | 2,237 | 2,253 |
Loans, current | 579,812 | 575,488 |
Total Loans | 582,049 | 577,741 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 1,212 | 1,003 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 322 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,025 | 928 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans, past due | 7,395 | 7,708 |
Loans, current | 181,220 | 182,642 |
Total Loans | 188,615 | 190,350 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 1,532 | 1,564 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 155 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 5,708 | 6,144 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 7,903 | 8,498 |
Total Loans | 7,903 | 8,498 |
Co-Operative Apartments Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Co-Operative Apartments Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Co-Operative Apartments Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Construction Portfolio Segment [Member] | ||
Loans, past due | 950 | 730 |
Loans, current | 53,983 | 49,870 |
Total Loans | 54,933 | 50,600 |
Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 730 | |
Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 950 | |
Small Business Administration Portfolio Segment [Member] | ||
Loans, past due | 1,227 | 2,109 |
Loans, current | 13,961 | 13,101 |
Total Loans | 15,188 | 15,210 |
Small Business Administration Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 774 | |
Small Business Administration Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 68 | |
Small Business Administration Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,227 | 1,267 |
Taxi Medallion Portfolio Segment [Member] | ||
Loans, past due | 768 | |
Loans, current | 3,123 | 4,539 |
Total Loans | 3,891 | 4,539 |
Taxi Medallion Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Taxi Medallion Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Taxi Medallion Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 768 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Loans, past due | 3,921 | 3,803 |
Loans, current | 931,376 | 873,960 |
Total Loans | 935,297 | 877,763 |
Commercial Business and Other Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 508 | 1,306 |
Commercial Business and Other Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 1,299 | 281 |
Commercial Business and Other Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | $ 2,114 | $ 2,216 |
Note 5 - Loans - Activity in th
Note 5 - Loans - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Beginning balance | $ 20,351 | |
Charge-off's | (85) | |
Recoveries | 123 | |
Provision (Benefit) | 153 | |
Ending balance | 20,542 | |
Multi-family Residential Portfolio Segment [Member] | ||
Beginning balance | $ 5,676 | 5,823 |
Charge-off's | (53) | |
Recoveries | 13 | 2 |
Provision (Benefit) | (196) | (22) |
Ending balance | 5,493 | 5,750 |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning balance | 4,315 | 4,643 |
Charge-off's | ||
Recoveries | ||
Provision (Benefit) | (37) | (41) |
Ending balance | 4,278 | 4,602 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Beginning balance | 1,867 | 2,545 |
Charge-off's | (1) | |
Recoveries | 86 | |
Provision (Benefit) | (161) | (75) |
Ending balance | 1,791 | 2,470 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Beginning balance | 749 | 1,082 |
Charge-off's | (1) | |
Recoveries | 4 | 108 |
Provision (Benefit) | (22) | (148) |
Ending balance | 731 | 1,041 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Beginning balance | 329 | |
Charge-off's | ||
Recoveries | ||
Provision (Benefit) | 22 | |
Ending balance | 351 | |
Construction Portfolio Segment [Member] | ||
Beginning balance | 418 | 68 |
Charge-off's | ||
Recoveries | 4 | |
Provision (Benefit) | (13) | 123 |
Ending balance | 409 | 191 |
Small Business Administration Portfolio Segment [Member] | ||
Beginning balance | 669 | |
Charge-off's | (25) | |
Recoveries | 84 | 6 |
Provision (Benefit) | (84) | 25 |
Ending balance | 675 | |
Taxi Medallion Portfolio Segment [Member] | ||
Beginning balance | 7,591 | |
Charge-off's | (1,137) | |
Recoveries | 45 | |
Provision (Benefit) | 1,463 | |
Ending balance | 7,962 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Beginning balance | 20,945 | 5,521 |
Charge-off's | (1,138) | (6) |
Recoveries | 236 | 7 |
Provision (Benefit) | 972 | 291 |
Ending balance | $ 21,015 | $ 5,813 |
Note 5 - Loans - Loans Evaluate
Note 5 - Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing receivables, ending balance | $ 5,573,324 | $ 5,536,296 |
Financing receivables, individually evaluated for impairment | 22,833 | 25,519 |
Financing receivables, collectively evaluated for impairment | 5,550,491 | 5,510,777 |
Ending balance: individually evaluated for impairment | 380 | 1,160 |
Ending balance: collectively evaluated for impairment | 20,635 | 19,785 |
Multi-family Residential Portfolio Segment [Member] | ||
Financing receivables, ending balance | 2,256,447 | 2,269,048 |
Financing receivables, individually evaluated for impairment | 4,104 | 4,500 |
Financing receivables, collectively evaluated for impairment | 2,252,343 | 2,264,548 |
Ending balance: individually evaluated for impairment | 98 | 100 |
Ending balance: collectively evaluated for impairment | 5,395 | 5,576 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivables, ending balance | 1,529,001 | 1,542,547 |
Financing receivables, individually evaluated for impairment | 1,097 | 1,435 |
Financing receivables, collectively evaluated for impairment | 1,527,904 | 1,541,112 |
Ending balance: individually evaluated for impairment | 0 | |
Ending balance: collectively evaluated for impairment | 4,278 | 4,315 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Financing receivables, ending balance | 582,049 | 577,741 |
Financing receivables, individually evaluated for impairment | 2,987 | 3,098 |
Financing receivables, collectively evaluated for impairment | 579,062 | 574,643 |
Ending balance: individually evaluated for impairment | 54 | 143 |
Ending balance: collectively evaluated for impairment | 1,737 | 1,724 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Financing receivables, ending balance | 188,615 | 190,350 |
Financing receivables, individually evaluated for impairment | 6,463 | 6,889 |
Financing receivables, collectively evaluated for impairment | 182,152 | 183,461 |
Ending balance: individually evaluated for impairment | 50 | 51 |
Ending balance: collectively evaluated for impairment | 681 | 698 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Financing receivables, ending balance | 7,903 | 8,498 |
Financing receivables, individually evaluated for impairment | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 7,903 | 8,498 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Financing receivables, ending balance | 54,933 | 50,600 |
Financing receivables, individually evaluated for impairment | 950 | 0 |
Financing receivables, collectively evaluated for impairment | 53,983 | 50,600 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 351 | 329 |
Small Business Administration Portfolio Segment [Member] | ||
Financing receivables, ending balance | 15,188 | 15,210 |
Financing receivables, individually evaluated for impairment | 1,227 | 1,267 |
Financing receivables, collectively evaluated for impairment | 13,961 | 13,943 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 409 | 418 |
Taxi Medallion Portfolio Segment [Member] | ||
Financing receivables, ending balance | 3,891 | 4,539 |
Financing receivables, individually evaluated for impairment | 3,891 | 4,539 |
Financing receivables, collectively evaluated for impairment | 0 | 0 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 0 | 0 |
Commercial Business and Other Portfolio Segment [Member] | ||
Financing receivables, ending balance | 935,297 | 877,763 |
Financing receivables, individually evaluated for impairment | 2,114 | 3,791 |
Financing receivables, collectively evaluated for impairment | 933,183 | 873,972 |
Ending balance: individually evaluated for impairment | 178 | 866 |
Ending balance: collectively evaluated for impairment | $ 7,784 | $ 6,725 |
Note 5 - Loans - Impaired Loans
Note 5 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Recorded investment, with no related allowance recorded | $ 19,274 | $ 18,869 | |
Unpaid principal balance, with no related allowance recorded | 28,470 | 28,156 | |
Recorded investment, with an allowance recorded | 3,559 | 6,650 | |
Unpaid principal balance, with an allowance recorded | 3,559 | 6,650 | |
Related allowance | 380 | 1,160 | |
Loans designated as criticized or classified | 47,194 | 53,030 | |
Average Recorded Investment, With no related allowance recorded | 19,072 | $ 31,941 | |
Interest Income Recognized, With no related allowance recorded | 86 | 235 | |
Average Recorded Investment, With an allowance recorded | 5,105 | 5,180 | |
Interest Income Recognized, With an allowance recorded | 32 | 47 | |
Mortgage Receivable [Member] | |||
Related allowance | 202 | 294 | |
Loans designated as criticized or classified | 15,601 | 15,922 | |
Unpaid principal balance, total impaired loans | 16,238 | 16,618 | |
Average Recorded Investment, Total Impaired Loans | 15,763 | 29,743 | |
Interest Income Recognized, Total Impaired Loans | 60 | 192 | |
Non-Mortgage Loans [Member] | |||
Related allowance | 178 | 866 | |
Loans designated as criticized or classified | 7,232 | 9,597 | |
Unpaid principal balance, total impaired loans | 15,791 | 18,188 | |
Average Recorded Investment, Total Impaired Loans | 8,414 | 7,378 | |
Interest Income Recognized, Total Impaired Loans | 58 | 90 | |
Multi-family Residential Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 5,260 | 6,664 | |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Recorded investment, with no related allowance recorded | 2,835 | 3,225 | |
Unpaid principal balance, with no related allowance recorded | 3,179 | 3,568 | |
Recorded investment, with an allowance recorded | 1,269 | 1,275 | |
Unpaid principal balance, with an allowance recorded | 1,269 | 1,275 | |
Related allowance | 98 | 100 | |
Average Recorded Investment, With no related allowance recorded | 3,031 | 4,834 | |
Interest Income Recognized, With no related allowance recorded | 9 | 20 | |
Average Recorded Investment, With an allowance recorded | 1,272 | 2,214 | |
Interest Income Recognized, With an allowance recorded | 18 | 29 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 4,009 | 4,432 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Recorded investment, with no related allowance recorded | 1,097 | 1,435 | |
Unpaid principal balance, with no related allowance recorded | 1,097 | 1,435 | |
Average Recorded Investment, With no related allowance recorded | 1,266 | 6,915 | |
Interest Income Recognized, With no related allowance recorded | 74 | ||
Average Recorded Investment, With an allowance recorded | 993 | ||
Interest Income Recognized, With an allowance recorded | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 3,278 | 3,233 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Recorded investment, with no related allowance recorded | 1,983 | 1,913 | |
Unpaid principal balance, with no related allowance recorded | 2,123 | 2,113 | |
Recorded investment, with an allowance recorded | 1,004 | 1,185 | |
Unpaid principal balance, with an allowance recorded | 1,004 | 1,185 | |
Related allowance | 54 | 143 | |
Average Recorded Investment, With no related allowance recorded | 1,948 | 4,297 | |
Interest Income Recognized, With no related allowance recorded | 17 | 41 | |
Average Recorded Investment, With an allowance recorded | 1,095 | 1,222 | |
Interest Income Recognized, With an allowance recorded | 10 | 9 | |
One-To-Four Family - Residential Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 6,453 | 7,222 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Recorded investment, with no related allowance recorded | 6,068 | 6,490 | |
Unpaid principal balance, with no related allowance recorded | 6,221 | 6,643 | |
Recorded investment, with an allowance recorded | 395 | 399 | |
Unpaid principal balance, with an allowance recorded | 395 | 399 | |
Related allowance | 50 | 51 | |
Average Recorded Investment, With no related allowance recorded | 6,279 | 8,855 | |
Interest Income Recognized, With no related allowance recorded | 2 | 15 | |
Average Recorded Investment, With an allowance recorded | 397 | 413 | |
Interest Income Recognized, With an allowance recorded | 4 | 4 | |
Construction Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 950 | 730 | |
Construction Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Recorded investment, with no related allowance recorded | 950 | ||
Unpaid principal balance, with no related allowance recorded | 950 | ||
Average Recorded Investment, With no related allowance recorded | 475 | ||
Interest Income Recognized, With no related allowance recorded | |||
Small Business Administration Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 594 | 620 | |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | |||
Recorded investment, with no related allowance recorded | 1,227 | 1,267 | |
Unpaid principal balance, with no related allowance recorded | 1,499 | 1,609 | |
Average Recorded Investment, With no related allowance recorded | 1,247 | 118 | |
Interest Income Recognized, With no related allowance recorded | 1 | ||
Taxi Medallion Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 3,891 | 4,539 | |
Taxi Medallion Portfolio Segment [Member] | Non-Mortgage Loans [Member] | |||
Recorded investment, with no related allowance recorded | 3,891 | 4,539 | |
Unpaid principal balance, with no related allowance recorded | 11,049 | 12,788 | |
Average Recorded Investment, With no related allowance recorded | 4,215 | 6,726 | |
Interest Income Recognized, With no related allowance recorded | 58 | 82 | |
Average Recorded Investment, With an allowance recorded | |||
Interest Income Recognized, With an allowance recorded | |||
Commercial Business and Other Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 22,759 | 25,590 | |
Commercial Business and Other Portfolio Segment [Member] | Non-Mortgage Loans [Member] | |||
Recorded investment, with no related allowance recorded | 1,223 | ||
Unpaid principal balance, with no related allowance recorded | 2,352 | ||
Recorded investment, with an allowance recorded | 891 | 3,791 | |
Unpaid principal balance, with an allowance recorded | 891 | 3,791 | |
Related allowance | 178 | $ 866 | |
Average Recorded Investment, With no related allowance recorded | 611 | 196 | |
Interest Income Recognized, With no related allowance recorded | 2 | ||
Average Recorded Investment, With an allowance recorded | 2,341 | 338 | |
Interest Income Recognized, With an allowance recorded | $ 5 |
Note 5 - Loans - Loans Designat
Note 5 - Loans - Loans Designated as Criticized or Classified (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loans designated as criticized or classified | $ 47,194 | $ 53,030 |
Special Mention [Member] | ||
Loans designated as criticized or classified | 8,100 | 6,576 |
Substandard [Member] | ||
Loans designated as criticized or classified | 37,260 | 42,942 |
Doubtful [Member] | ||
Loans designated as criticized or classified | 1,834 | 3,512 |
Loss [Member] | ||
Loans designated as criticized or classified | ||
Multi-family Residential Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 5,260 | 6,664 |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 1,322 | 2,498 |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 3,938 | 4,166 |
Multi-family Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Multi-family Residential Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 4,009 | 4,432 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 374 | 381 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 3,635 | 4,051 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 3,278 | 3,233 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 1,341 | 1,199 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 1,937 | 2,034 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 6,453 | 7,222 |
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 297 | 557 |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 6,156 | 6,665 |
One-To-Four Family - Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Construction Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 950 | 730 |
Construction Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 730 | |
Construction Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 950 | |
Construction Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Construction Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Small Business Administration Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 594 | 620 |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 473 | 481 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 121 | 139 |
Small Business Administration Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Small Business Administration Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Taxi Medallion Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 3,891 | 4,539 |
Taxi Medallion Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | ||
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 3,891 | 4,539 |
Taxi Medallion Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | ||
Taxi Medallion Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified | ||
Commercial Business and Other Portfolio Segment [Member] | ||
Loans designated as criticized or classified | 22,759 | 25,590 |
Commercial Business and Other Portfolio Segment [Member] | Special Mention [Member] | ||
Loans designated as criticized or classified | 4,293 | 730 |
Commercial Business and Other Portfolio Segment [Member] | Substandard [Member] | ||
Loans designated as criticized or classified | 16,632 | 21,348 |
Commercial Business and Other Portfolio Segment [Member] | Doubtful [Member] | ||
Loans designated as criticized or classified | 1,834 | 3,512 |
Commercial Business and Other Portfolio Segment [Member] | Loss [Member] | ||
Loans designated as criticized or classified |
Note 6 - Loans Held for Sale (D
Note 6 - Loans Held for Sale (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | $ 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) - Nonperforming Financial Instruments [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Loans sold | 3 | 4 |
Proceeds | $ 2,464 | |
Net (charge-offs) recoveries | $ (263) | |
Net gain (loss) | $ 63 | |
Proceeds | 1,170 | |
Net (charge-offs) recoveries | $ (1) | |
Multi-family Residential Portfolio Segment [Member] | ||
Loans sold | 2 | 3 |
Proceeds | $ 765 | $ 964 |
Net (charge-offs) recoveries | ||
Net gain (loss) | $ 63 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans sold | 1 | |
Proceeds | $ 405 | |
Net (charge-offs) recoveries | (1) | |
Net gain (loss) | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Loans sold | 1 | |
Proceeds | $ 1,500 | |
Net (charge-offs) recoveries | $ (263) |
Note 7 - Other Real Estate Ow_2
Note 7 - Other Real Estate Owned (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Proceeds from Sale of Foreclosed Assets | $ 0 | |
Repossessed Assets, Total | 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 6,700 | $ 7,200 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Variable Lease, Payment | $ 200,000 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% |
Other Current Liabilities [Member] | |
Number of Leases | 1 |
Operating Lease, Expense | $ 34,000 |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract | 30 days |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract | 13 years |
Branches and Office Space [Member] | |
Number of Leases | 19 |
Vehicles [Member] | |
Number of Leases | 9 |
Equipment [Member] | |
Number of Leases | 2 |
Note 8 - Leases - Leases (Detai
Note 8 - Leases - Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Operating lease ROU assets | $ 44,033 | |
Operating lease liabilities | 52,510 | |
Operating lease cost | 1,892 | |
Short-term lease cost | 34 | |
Variable lease cost | 246 | |
Total lease cost | 2,172 | |
Operating cash flows from operating leases | 2,025 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 21 | |
Weighted-average remaining lease term-operating leases (in years) (Year) | 8 years | |
Weighted average discount rate-operating leases | 3.80% |
Note 8 - Leases - Lease Obligat
Note 8 - Leases - Lease Obligations, Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019 | $ 5,783 | |
2020 | 8,289 | |
2021 | 7,501 | |
2022 | 7,090 | |
2023 | 7,229 | |
Thereafter | 25,490 | |
Total minimum payments required | 61,382 | |
Less: implied interest | 8,872 | |
Operating lease liabilities | $ 52,510 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Jan. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 4,000,000 | $ 3,400,000 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1,000,000 | $ 700,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 263,574 | 274,990 | ||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,870 | |||
The 2019 Long-term Incentive Compensation Program [Member] | ||||
PRSU Awards, Percentage of Target Award, Below Threshold-level Performance | 0.00% | |||
PRSU Awards, Percentage of Target Award, Threshold-level Performance | 50.00% | |||
PRSU Awards, Percentage of Target Award, Target-Level Performance | 100.00% | |||
PRSU Awards, Percentage of Target Award, Maximum-Level Performance | 150.00% | |||
Omnibus Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 11,700,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 219 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,100,000 | $ 6,700,000 | ||
Phantom Stock Plan [Member] | Phantom Share Units (PSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | 100,000 | (37,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 22,000 | $ 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Restricted Stock Units (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restricted Stock Units (RSUs) [Member] | ||
Non-vested RSU's, beginning balance (in shares) | 502,658 | |
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 24.93 | |
Granted RSU's (in shares) | 263,574 | 274,990 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 22.38 | |
Vested RSU's (in shares) | (248,579) | |
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 23.17 | |
Forfeited RSU's (in shares) | (7,270) | |
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 24.94 | |
Non-vested RSU's, ending balance (in shares) | 510,383 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 24.47 | |
Vested RSU's but unissued (in shares) | 209,148 | |
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 24.64 | |
Performance-based Restricted Stock Units [Member] | ||
Non-vested RSU's, beginning balance (in shares) | ||
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | ||
Granted RSU's (in shares) | 57,870 | |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 22.38 | |
Vested RSU's (in shares) | (27,110) | |
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 22.38 | |
Forfeited RSU's (in shares) | ||
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | ||
Non-vested RSU's, ending balance (in shares) | 30,760 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 22.38 | |
Vested RSU's but unissued (in shares) | 21,310 | |
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 22.38 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Phantom Stock Plan (Details) - Phantom Share Units (PSUs) [Member] - Phantom Stock Plan [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Outstanding, beginning balance (in shares) | shares | 99,313 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 21.53 |
Granted (in shares) | shares | 8,168 |
Granted (in dollars per share) | $ / shares | $ 22.15 |
Distributions (in shares) | shares | (1,004) |
Distributions (in dollars per share) | $ / shares | $ 22.01 |
Outstanding, ending balance (in shares) | shares | 106,477 |
Outstanding, ending (in dollars per share) | $ / shares | $ 21.93 |
Vested at March 31, 2019 (in shares) | shares | 105,935 |
Vested at March 31, 2019 (in dollars per share) | $ / shares | $ 21.93 |
Note 10 - Pension and Other P_3
Note 10 - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Directors' Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 36,000 | |
Retirement Plan [Member] | Savings Bank [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 15,000 |
Note 10 - Pension and Other P_4
Note 10 - Pension and Other Postretirement Benefit Plans - Components of Net Expense for Pension, Outside, and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Pension Plan [Member] | ||
Net employee pension benefit | $ (6) | $ (13) |
Employee Pension Plan [Member] | ||
Interest cost | 199 | 195 |
Amortization of unrecognized loss | 67 | 155 |
Expected return on plan assets | (272) | (363) |
Directors' Plan [Member] | ||
Interest cost | 21 | 20 |
Amortization of unrecognized loss | (35) | (23) |
Net employee pension benefit | (4) | 11 |
Service cost | 10 | 11 |
Amortization of past service liability | 3 | |
Other Postretirement Benefit Plans [Member] | ||
Interest cost | 85 | 77 |
Net employee pension benefit | 133 | 152 |
Service cost | 70 | 88 |
Amortization of past service liability | $ (22) | $ (13) |
Note 11 - Fair Value of Finan_3
Note 11 - Fair Value of Financial Instruments (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Financial Assets at Fair Value Option | $ 14,000 | $ 13,800 | |
Financial Liabilities at Fair Value Option | 42,900 | 41,800 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (2,080) | $ (100) | |
Financial Liabilites at Fair Value Option Contractual Principal | 61,900 | 61,900 | |
Financial Liabilities at Fair Value Option Accrued Interest Payable | $ 300 | 200 | |
Appraised Value of Property [Member] | |||
Collateral Dependent Loans Measurement Input | 0.85 | ||
Fair Value, Nonrecurring [Member] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |
Interest Rate Swaps [Member] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (1,100) | $ 1,700 |
Note 11 - Fair Value of Finan_4
Note 11 - Fair Value of Financial Instruments - Financial Assets and Liabilities Reported Under the Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Financial Assets at Fair Value Option | $ 14,000 | $ 13,800 | ||
Net loss from fair value adjustments | (2,080) | $ (100) | ||
Collateralized Mortgage Backed Securities [Member] | ||||
Financial Assets at Fair Value Option | 934 | 967 | ||
Net loss from fair value adjustments | 1 | (11) | ||
Other Securities [Member] | ||||
Financial Assets at Fair Value Option | 13,091 | 12,843 | ||
Net loss from fair value adjustments | 179 | (138) | ||
Junior Subordinated Debentures [Member] | ||||
Financial Assets at Fair Value Option | 42,941 | $ 41,849 | ||
Net loss from fair value adjustments | (1,210) | (1,681) | ||
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | ||||
Net loss from fair value adjustments | [1] | $ (1,030) | $ (1,830) | |
[1] | The net loss from fair value adjustments presented in the above table does not include net (losses) gains of ($1.1) million and $1.7 million for the three months ended March 31, 2019 and 2018, respectively, from the change in the fair value of interest rate swaps. |
Note 11 - Fair Value of Finan_5
Note 11 - Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Securities available for sale, fair value | $ 846,024 | $ 822,655 |
Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | 579,185 | 557,953 |
Other Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | 1,289 | 1,256 |
Fair Value, Recurring [Member] | ||
Assets: | ||
Total assets | 852,498 | 838,616 |
Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 47,937 | 44,088 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | 579,185 | 557,953 |
Fair Value, Recurring [Member] | Other Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | 266,839 | 264,702 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Interest rate swaps, assets | 6,474 | 15,961 |
Liabilities: | ||
Interest rate swaps, liabilities | 4,996 | 2,239 |
Fair Value, Recurring [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities: | ||
Borrowings | 42,941 | 41,849 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Total assets | 11,802 | 11,586 |
Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | 11,802 | 11,586 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Interest rate swaps, assets | ||
Liabilities: | ||
Interest rate swaps, liabilities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities: | ||
Borrowings | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Total assets | 839,407 | 825,774 |
Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 4,996 | 2,239 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | 579,185 | 557,953 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | 253,748 | 251,860 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Interest rate swaps, assets | 6,474 | 15,961 |
Liabilities: | ||
Interest rate swaps, liabilities | 4,996 | 2,239 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities: | ||
Borrowings | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Total assets | 1,289 | 1,256 |
Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 42,941 | 41,849 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Assets: | ||
Securities available for sale, fair value | 1,289 | 1,256 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Assets: | ||
Interest rate swaps, assets | ||
Liabilities: | ||
Interest rate swaps, liabilities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities: | ||
Borrowings | $ 42,941 | $ 41,849 |
Note 11 - Fair Value of Finan_6
Note 11 - Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Recurring Basis, Classified Within Level 3 of the Valuation Hierarchy (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Trust Preferred Securities [Member] | |||
Beginning balance | $ 1,256 | $ 1,110 | |
Net gain from fair value adjustment of financial assets | [1] | 33 | 51 |
Net loss from fair value adjustment of financial liabilities | [1] | ||
Decrease(increase) in accrued interest receivable | 1 | ||
Increase (decrease) in accrued interest payable | |||
Change in unrealized gains (losses) included in other comprehensive income | |||
Ending balance | 1,289 | 1,162 | |
Changes in unrealized gains (losses) held at period end | |||
Junior Subordinated Debentures [Member] | |||
Beginning balance | 41,849 | 36,986 | |
Net gain from fair value adjustment of financial assets | [1] | ||
Net loss from fair value adjustment of financial liabilities | [1] | 1,210 | 1,681 |
Decrease(increase) in accrued interest receivable | |||
Increase (decrease) in accrued interest payable | 9 | 25 | |
Change in unrealized gains (losses) included in other comprehensive income | (127) | ||
Ending balance | 42,941 | 38,692 | |
Changes in unrealized gains (losses) 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 11 - Fair Value of Finan_7
Note 11 - Fair Value of Financial Instruments - Quantitative Information About Recurring Level 3 Fair Value of Financial Instruments (Details) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Securities available for sale, fair value | $ 846,024 | $ 822,655 |
Valuation Technique, Discounted Cash Flow [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 42,941 | $ 41,849 |
Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities, Weighted average | 0.046 | 0.049 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Securities available for sale, fair value | $ 1,289 | $ 1,256 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Assets, Weighted average | 0.046 | 0.049 |
Note 11 - Fair Value of Finan_8
Note 11 - Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Non-recurring Basis, and the Method Used to Determine Their Fair Value (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Impaired loans | $ 1,928 | $ 4,111 |
Other repossesed assets | 35 | |
Total assets | 1,928 | 4,146 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Other repossesed assets | ||
Total assets | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Other repossesed assets | ||
Total assets | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 1,928 | 4,111 |
Other repossesed assets | 35 | |
Total assets | $ 1,928 | $ 4,146 |
Note 11 - Fair Value of Finan_9
Note 11 - Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments and the Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Impaired loans, Measurement Input | 0.15 | 0 |
Fair Value, Nonrecurring [Member] | ||
Impaired loans | $ 1,928 | $ 4,111 |
Valuation, Income Approach [Member] | Measurement Input, Cap Rate [Member] | ||
Impaired loans, Measurement Input | 8.5 | |
Valuation, Income Approach [Member] | Measurement Input, Cap Rate [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | 0.2 | |
Valuation, Income Approach [Member] | Measurement Input, Cap Rate [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 0.545 | |
Valuation, Income Approach [Member] | Measurement Input, Cap Rate [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.396 | 8.5 |
Valuation, Income Approach [Member] | Measurement Input, Loss Severity [Member] | ||
Impaired loans, Measurement Input | 0.095 | 15 |
Valuation, Income Approach [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.095 | 15 |
Valuation, Income Approach [Member] | Fair Value, Nonrecurring [Member] | Measurement Input, Cap Rate [Member] | ||
Impaired loans | $ 1,656 | $ 204 |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | (0.1) | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 0.15 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.025 | 0 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | (36.5) | |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 15 | |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.15 | 10.4 |
Valuation, Market Approach [Member] | Fair Value, Nonrecurring [Member] | ||
Impaired loans | $ 272 | $ 2,724 |
Blended Income and Sales Approach [Member] | Measurement Input, Cap Rate [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | 7.4 | |
Blended Income and Sales Approach [Member] | Measurement Input, Cap Rate [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 9.8 | |
Blended Income and Sales Approach [Member] | Measurement Input, Cap Rate [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 8.7 | |
Blended Income and Sales Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | (30) | |
Blended Income and Sales Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 10 | |
Blended Income and Sales Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | (7.8) | |
Blended Income and Sales Approach [Member] | Measurement Input, Loss Severity [Member] | ||
Impaired loans, Measurement Input | 15 | |
Blended Income and Sales Approach [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 15 | |
Blended Income and Sales Approach [Member] | Fair Value, Nonrecurring [Member] | ||
Impaired loans | $ 1,183 | |
Sales Approach Valuation Technique [Member] | ||
Other repossessed assets | $ 35 | |
Other repossessed assets, Measurement Input | 0 | |
Sales Approach Valuation Technique [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Other repossessed assets, Measurement Input | 0 |
Note 11 - Fair Value of Fina_10
Note 11 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Securities held-to-maturity, amortized cost | $ 30,481 | $ 32,018 |
Securities available for sale, fair value | 846,024 | 822,655 |
Interest Rate Swap [Member] | ||
Interest rate swaps, assets | 5,904 | 1,001 |
Interest rate swaps | 4,566 | 2,239 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,949 | 7,953 |
Securities available for sale, fair value | 579,185 | 557,953 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,532 | 24,065 |
Securities available for sale, fair value | 266,839 | 264,702 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 58,677 | 118,561 |
Loans | 5,588,746 | 5,551,484 |
FHLB-NY stock | 51,182 | 57,282 |
Accrued interest receivable | 27,226 | 25,485 |
Deposits | 5,080,209 | 4,960,784 |
Borrowings | 1,116,416 | 1,250,843 |
Accrued interest payable | 7,989 | 5,890 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps, assets | 6,474 | 15,961 |
Interest rate swaps | 4,996 | 2,239 |
Reported Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,949 | 7,953 |
Securities available for sale, fair value | 579,185 | 557,953 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,532 | 24,065 |
Securities available for sale, fair value | 266,839 | 264,702 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 58,677 | 118,561 |
Loans | 5,547,521 | 5,496,266 |
FHLB-NY stock | 51,182 | 57,282 |
Accrued interest receivable | 27,226 | 25,485 |
Deposits | 5,079,020 | 4,955,077 |
Borrowings | 1,111,670 | 1,241,745 |
Accrued interest payable | 7,989 | 5,890 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps, assets | 6,474 | 15,961 |
Interest rate swaps | 4,996 | 2,239 |
Estimate of Fair Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,726 | 7,366 |
Securities available for sale, fair value | 579,185 | 557,953 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,276 | 22,508 |
Securities available for sale, fair value | 266,839 | 264,702 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 58,677 | 118,561 |
Loans | ||
FHLB-NY stock | ||
Accrued interest receivable | 10 | 54 |
Deposits | 3,568,439 | 3,397,474 |
Borrowings | ||
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps, assets | ||
Interest rate swaps | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | ||
Securities available for sale, fair value | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | ||
Securities available for sale, fair value | 11,802 | 11,586 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Loans | ||
FHLB-NY stock | 51,182 | 57,282 |
Accrued interest receivable | 3,280 | 2,756 |
Deposits | 1,510,581 | 1,557,603 |
Borrowings | 1,068,729 | 1,199,896 |
Accrued interest payable | 7,989 | 5,890 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps, assets | 6,474 | 15,961 |
Interest rate swaps | 4,996 | 2,239 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,726 | 7,366 |
Securities available for sale, fair value | 579,185 | 557,953 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | ||
Securities available for sale, fair value | 253,748 | 251,860 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Loans | 5,547,521 | 5,496,266 |
FHLB-NY stock | ||
Accrued interest receivable | 23,936 | 22,675 |
Deposits | ||
Borrowings | 42,941 | 41,849 |
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps, assets | ||
Interest rate swaps | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | ||
Securities available for sale, fair value | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,276 | 22,508 |
Securities available for sale, fair value | $ 1,289 | $ 1,256 |
Note 12 - Derivative Financia_3
Note 12 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Junior Subordinated Notes, Total | $ 42,941 | $ 41,849 |
Derivative Asset, Notional Amount | 743,664 | 745,619 |
Short-term Debt, Total | 441,500 | 441,500 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 200 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Notional Amount | 36,300 | 36,300 |
Designated as Hedging Instrument [Member] | ||
Derivative Asset, Notional Amount | 265,800 | 267,800 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Asset, Notional Amount | 441,500 | 441,500 |
Interest Rate Swap [Member] | ||
Derivative Asset, Notional Amount | 284,200 | 286,100 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Asset, Notional Amount | 36,321 | 36,321 |
Floating Rate Junior Subordinated Debentures [Member] | ||
Derivative, Amount of Hedged Item | 18,000 | 18,000 |
Junior Subordinated Notes, Total | $ 61,900 | $ 61,900 |
Note 12 - Derivative Financia_4
Note 12 - Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Interest rate swaps, notional amount | $ 743,664 | $ 745,619 | |
Interest rate swaps, net carrying value | [1] | 1,478 | 13,722 |
Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 265,800 | 267,800 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 441,500 | 441,500 | |
Not Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 36,300 | 36,300 | |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Interest rate swaps, notional amount | 189,307 | 248,330 | |
Interest rate swaps, net carrying value | [1] | 5,736 | 10,593 |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 250,000 | 441,500 | |
Interest rate swaps, net carrying value | [1] | 738 | 5,368 |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Interest rate swaps, notional amount | 76,536 | 19,468 | |
Interest rate swaps, net carrying value | [1] | (1,759) | (502) |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 191,500 | ||
Interest rate swaps, net carrying value | [1] | (450) | |
Interest Rate Swap [Member] | |||
Interest rate swaps, notional amount | 284,200 | 286,100 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 36,321 | 36,321 | |
Interest rate swaps, net carrying value | [1] | $ (2,787) | $ (1,737) |
[1] | Derivatives in a positive position are recorded as "Other assets" and derivatives in a negative position are recorded as "Other liabilities" in the Consolidated Statements of Financial Condition. |
Note 12 - Derivative Financia_5
Note 12 - Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Net gain (loss) | [1] | $ (1,687) | $ 1,730 |
Not Designated as Hedging Instrument [Member] | |||
Net gain (loss) | [1] | (1,050) | 1,276 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Net gain (loss) | [2] | $ (637) | $ 454 |
[1] | Net gains and losses are recorded as part of "Net gain/loss from fair value adjustments" in the Consolidated Statements of Income. | ||
[2] | Net gains and losses recorded during the three months ended March 31, 2019, are recorded as part of "Interests and fees on loans" in the Consolidated Statements of Income. Net gains and losses recorded during the three months ended March 31, 2018, are recorded as part of "Net gain/loss from fair value adjustments" in the Consolidated Statements of Income. |
Note 12 - Derivative Financia_6
Note 12 - Derivative Financial Instruments - Effect of Master Netting Arrangements on Derivative Assets and Liabilities in the Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 6,474 | $ 15,961 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | ||
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Condition | 6,474 | 15,961 |
Interest Rate Swaps, Financial Instruments | ||
Interest Rate Swaps, Cash Collateral Received | 570 | 14,960 |
Interest rate swaps, assets | 5,904 | 1,001 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 4,996 | 2,239 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | ||
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 4,996 | 2,239 |
Interest Rate Swaps, Financial Instruments | 430 | |
Interest Rate Swaps, Cash Collateral Received | ||
Interest rate swaps, liabilities | $ 4,566 | 2,239 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Federal: | ||
Federal tax provision, current | $ 1,326 | $ 2,410 |
Federal tax provision, deferred | 617 | 197 |
Total federal tax provision | 1,943 | 2,607 |
State and Local: | ||
State and local tax provision, current | 156 | 190 |
State and local tax provision, deferred | 188 | 153 |
Total state and local tax provision | 344 | 343 |
Total income tax provision | $ 2,287 | $ 2,950 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 549,464 | $ 532,608 |
Net current period other comprehensive income (loss), net of tax | 2,210 | (895) |
Balance | 559,559 | 535,307 |
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | (15,649) | (5,522) |
Other comprehensive income before reclassifications, net of tax | 5,620 | (6,640) |
Amounts reclassified from accumulated other comprehensive income, net of tax | ||
Net current period other comprehensive income (loss), net of tax | 5,620 | (6,640) |
Balance | (10,029) | (13,487) |
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | (1,325) | |
Impact of adoption of Accounting Standard Update 2016-01 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | 3,704 | 231 |
Other comprehensive income before reclassifications, net of tax | (3,644) | 5,481 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 139 | 180 |
Net current period other comprehensive income (loss), net of tax | (3,505) | 5,661 |
Balance | 199 | 5,942 |
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | 50 | |
Impact of adoption of Accounting Standard Update 2016-01 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (1,673) | (3,695) |
Other comprehensive income before reclassifications, net of tax | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | 7 | 84 |
Net current period other comprehensive income (loss), net of tax | 7 | 84 |
Balance | (1,666) | (4,409) |
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | (798) | |
Impact of adoption of Accounting Standard Update 2016-01 | ||
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||
Balance | 866 | |
Other comprehensive income before reclassifications, net of tax | 88 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | ||
Net current period other comprehensive income (loss), net of tax | 88 | |
Balance | 954 | 775 |
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | ||
Impact of adoption of Accounting Standard Update 2016-01 | 775 | |
AOCI Attributable to Parent [Member] | ||
Balance | (12,752) | (8,986) |
Other comprehensive income before reclassifications, net of tax | 2,064 | (1,159) |
Amounts reclassified from accumulated other comprehensive income, net of tax | 146 | 264 |
Net current period other comprehensive income (loss), net of tax | 2,210 | (895) |
Balance | $ (10,542) | (11,179) |
Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings | (2,073) | |
Impact of adoption of Accounting Standard Update 2016-01 | $ 775 |
Note 14 - Accumulated Other C_4
Note 14 - Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Other expense | $ 4,627,000 | $ 4,691,000 | |
Tax (expense) benefit | (2,287,000) | (2,950,000) | |
Net of tax | 7,068,000 | 11,412,000 | |
Total before tax | 9,355,000 | 14,362,000 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Tax (expense) benefit | (3,000) | 38,000 | |
Net of tax | (7,000) | (84,000) | |
Total before tax | (10,000) | (122,000) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||
Other expense | [1] | (32) | (132,000) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||
Other expense | [1] | 22,000 | 10,000 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | |||
Net of tax | (139,000) | (180,000) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Other expense | (201,000) | (263,000) | |
Tax (expense) benefit | $ 62,000 | $ 83,000 | |
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (See Note 9 of the Notes to Consolidated Financial Statements "Pension and Other Postretirement Benefit Plans".) |
Note 15 - Regulatory Capital (D
Note 15 - Regulatory Capital (Details Textual) | Mar. 31, 2019 |
Capital Conservation Buffer Required for Capital Adequacy | 2.50% |
Savings Bank [Member] | |
Capital Conservation Buffer | 5.49% |
Holding Company [Member] | |
Capital Conservation Buffer | 5.61% |
Note 15 - Regulatory Capital -
Note 15 - Regulatory Capital - Summary of the Bank's Compliance (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Savings Bank [Member] | ||
Tier i (leverage) capital, capital level, amount | $ 663,467 | $ 660,782 |
Tier i (leverage) capital, capital level, percent | 9.64% | 9.85% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 344,216 | $ 335,512 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 319,251 | $ 325,270 |
Tier i (leverage) capital, excess, percent | 4.64% | 4.85% |
Common equity tier i risk-based capital, capital level, amount | $ 663,467 | $ 660,782 |
Common equity tier i risk-based capital, capital level, percent | 13.08% | 13.28% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 329,701 | $ 323,386 |
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 | $ 333,766 | $ 337,396 |
Common equity tier i risk-based capital, excess, percent | 6.58% | 6.78% |
Tier 1 risk-based capital, capital level, amount | $ 663,467 | $ 660,782 |
Tier 1 risk-based capital, capital level, percent | 13.08% | 13.28% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 405,786 | $ 398,014 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 257,681 | $ 262,768 |
Tier 1 risk-based capital, excess, percent | 5.08% | 5.28% |
Total risk-based capital, capital level, amount | $ 684,482 | $ 681,727 |
Total risk-based capital, capital level, percent | 13.49% | 13.70% |
Total risk-based capital, requirement to be well capitalized, amount | $ 507,232 | $ 497,517 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 177,250 | $ 184,210 |
Total risk-based capital, excess, percent | 3.49% | 3.70% |
Holding Company [Member] | ||
Tier i (leverage) capital, capital level, amount | $ 594,196 | $ 586,582 |
Tier i (leverage) capital, capital level, percent | 8.63% | 8.74% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 344,147 | $ 335,616 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 250,049 | $ 250,966 |
Tier i (leverage) capital, excess, percent | 3.63% | 3.74% |
Common equity tier i risk-based capital, capital level, amount | $ 552,793 | $ 546,230 |
Common equity tier i risk-based capital, capital level, percent | 10.90% | 10.98% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 329,661 | $ 323,382 |
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 | $ 223,132 | $ 222,848 |
Common equity tier i risk-based capital, excess, percent | 4.40% | 4.48% |
Tier 1 risk-based capital, capital level, amount | $ 594,196 | $ 586,582 |
Tier 1 risk-based capital, capital level, percent | 11.72% | 11.79% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 405,737 | $ 398,008 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 188,459 | $ 188,574 |
Tier 1 risk-based capital, excess, percent | 3.72% | 3.79% |
Total risk-based capital, capital level, amount | $ 690,211 | $ 682,527 |
Total risk-based capital, capital level, percent | 13.61% | 13.72% |
Total risk-based capital, requirement to be well capitalized, amount | $ 507,171 | $ 497,511 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 183,040 | $ 185,016 |
Total risk-based capital, excess, percent | 3.61% | 3.72% |
Note 16 - New Authoritative A_2
Note 16 - New Authoritative Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 44,033 | ||
Operating Lease, Liability, Total | 52,510 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 45,400 | ||
Operating Lease, Liability, Total | 54,000 | ||
Impact of Adoption of Accounting Standards Update | $ 2,716 | ||
Accounting Standards Update 2016-02 [Member] | Deferred Gain on Sale of Buildings Reclassified to Retained Earnings [Member] | |||
Impact of Adoption of Accounting Standards Update | $ 2,700 |