Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'INTERVEST BANCSHARES CORP | ' | ' |
Entity Central Index Key | '0000927807 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 22,012,390 | ' |
Entity Public Float | ' | ' | $129,958,111 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $16,689 | $57,641 |
Federal funds sold and other short-term investments | 8,011 | 2,754 |
Total cash and cash equivalents | 24,700 | 60,395 |
Time deposits with banks | 5,370 | 5,170 |
Securities available for sale, at estimated fair value | 965 | 1,000 |
Securities held to maturity (estimated fair value of $378,507 and $442,166, respectively) | 383,937 | 443,777 |
Federal Reserve Bank and Federal Home Loan Bank stock, at cost | 8,244 | 8,151 |
Loans receivable (net of allowance for loan losses of $27,833 and $28,103, respectively) | 1,099,689 | 1,079,363 |
Accrued interest receivable | 4,861 | 5,191 |
Loan fees receivable | 2,298 | 3,108 |
Premises and equipment, net | 4,056 | 3,878 |
Foreclosed real estate (net of valuation allowance of $2,017 and $5,339, respectively) | 10,669 | 15,923 |
Deferred income tax asset | 18,362 | 29,234 |
Other assets | 4,645 | 10,602 |
Total assets | 1,567,796 | 1,665,792 |
Deposits: | ' | ' |
Noninterest-bearing demand deposit accounts | 5,211 | 5,130 |
Interest-bearing deposit accounts: | ' | ' |
Checking (NOW) accounts | 17,831 | 15,185 |
Savings accounts | 10,027 | 9,601 |
Money market accounts | 367,384 | 395,825 |
Certificate of deposit accounts | 881,779 | 936,878 |
Total deposit accounts | 1,282,232 | 1,362,619 |
Long-term debt - subordinated debentures (capital securities) | 56,702 | 56,702 |
Accrued interest payable on long term debt | 868 | 6,228 |
Accrued interest payable on deposits | 1,508 | 2,379 |
Mortgage escrow funds payable | 18,879 | 17,743 |
Official checks outstanding | 7,335 | 7,003 |
Other liabilities | 3,281 | 2,171 |
Total liabilities | 1,370,805 | 1,454,845 |
Commitments and contingencies (notes 5, 9, 16, 17 and 18) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock ($1.00 par value; 300,000 shares authorized; 25,000 shares issued and outstanding at December 31, 2012) | ' | 25 |
Additional paid-in-capital, preferred | ' | 24,975 |
Preferred stock discount | ' | -376 |
Common stock ($1.00 par value; 62,000,000 shares authorized; 21,918,623 and 21,589,589 shares issued and outstanding, respectively) | 21,919 | 21,590 |
Additional paid-in-capital, common | 88,043 | 85,726 |
Unearned compensation on restricted common stock awards | -1,898 | -715 |
Retained earnings | 88,959 | 79,722 |
Accumulated other comprehensive loss | -32 | ' |
Total stockholders' equity | 196,991 | 210,947 |
Total liabilities and stockholders' equity | $1,567,796 | $1,665,792 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Securities held to maturity, estimated fair value | $378,507 | $442,166 |
Loans receivable, allowance for loan losses | 27,833 | 28,103 |
Foreclosed real estate, valuation allowance | $2,017 | $5,339 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, issued | ' | 25,000 |
Preferred stock, outstanding | ' | 25,000 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 62,000,000 | 62,000,000 |
Common stock, shares issued | 21,918,623 | 21,589,589 |
Common stock, shares outstanding | 21,918,623 | 21,589,589 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INTEREST AND DIVIDEND INCOME | ' | ' | ' |
Loans receivable | $59,074 | $69,679 | $81,185 |
Securities | 4,473 | 7,559 | 11,633 |
Other interest-earning assets | 69 | 46 | 19 |
Total interest and dividend income | 63,616 | 77,284 | 92,837 |
INTEREST EXPENSE | ' | ' | ' |
Deposits | 25,430 | 35,831 | 47,582 |
Subordinated debentures - capital securities | 1,679 | 1,848 | 2,072 |
FHLB advances and all other borrowed funds | 1 | 388 | 886 |
Total interest expense | 27,110 | 38,067 | 50,540 |
Net interest and dividend income | 36,506 | 39,217 | 42,297 |
(Credit) provision for loan losses | -550 | ' | 5,018 |
Net interest and dividend income after (credit) provision for loan losses | 37,056 | 39,217 | 37,279 |
NONINTEREST INCOME | ' | ' | ' |
Income from the early repayment of mortgage loans | 2,590 | 5,134 | 2,516 |
Income from mortgage lending activities | 1,467 | 1,169 | 1,507 |
Customer service fees | 372 | 473 | 441 |
Impairment write downs on investment securities | -964 | -582 | -201 |
Gain from sale of securities available for sale | 1,481 | ' | ' |
All other | ' | ' | 45 |
Total noninterest income | 4,946 | 6,194 | 4,308 |
NONINTEREST EXPENSES | ' | ' | ' |
Salaries and employee benefits | 7,458 | 7,122 | 6,619 |
Stock compensation for employees and directors | 823 | 1,194 | 326 |
Occupancy and equipment, net | 2,184 | 2,059 | 1,779 |
FDIC insurance | 1,451 | 2,352 | 3,045 |
Professional fees and services | 1,407 | 1,576 | 1,657 |
General insurance | 618 | 579 | 560 |
Data processing | 355 | 370 | 416 |
Director and committee fees | 353 | 413 | 415 |
Stationery, printing, supplies, postage and delivery | 287 | 266 | 253 |
Real estate activities (income) expense, net | -836 | 2,146 | 1,619 |
Provision for real estate losses | 1,105 | 4,068 | 3,349 |
Loss on early extinguishment of debt | ' | 177 | ' |
All other | 648 | 560 | 791 |
Total noninterest expenses | 15,853 | 22,882 | 20,829 |
Earnings before provision for income taxes | 26,149 | 22,529 | 20,758 |
Provision for income taxes | 11,655 | 10,307 | 9,512 |
Net earnings | 14,494 | 12,222 | 11,246 |
Preferred stock dividend requirements and discount amortization | 1,057 | 1,801 | 1,730 |
Net earnings available to common stockholders | $13,437 | $10,421 | $9,516 |
Basic earnings per common share | $0.61 | $0.48 | $0.45 |
Diluted earnings per common share | $0.61 | $0.48 | $0.45 |
Cash dividends per common share | ' | ' | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net earnings | $14,494 | $12,222 | $11,246 |
Other Comprehensive Loss: | ' | ' | ' |
Net unrealized holding losses on available-for-sale securities | -56 | ' | ' |
Credit for income taxes related to unrealized losses on available-for-sale securities | 24 | ' | ' |
Other comprehensive loss, net of tax | -32 | ' | ' |
Total comprehensive income, net of tax | $14,462 | $12,222 | $11,246 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Additional Paid-In-Capital, Preferred [Member] | Preferred Stock Discount [Member] | Reconciliation of Common Shares Outstanding [Member] | Additional Paid-In-Capital, Common [Member] | Unearned Compensation - Restricted Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data | |||||||||
Balance at beginning of year at Dec. 31, 2010 | ' | $25 | $24,975 | ($1,148) | $21,126 | $84,705 | ($749) | $57,026 | ' |
Balance at beginning of year (in shares) at Dec. 31, 2010 | ' | ' | ' | ' | 21,126,489 | ' | ' | ' | ' |
Total stockholders' equity | 197,531 | 25 | 24,975 | -762 | 21,125 | 84,765 | -483 | 67,886 | ' |
Net earnings | 11,246 | ' | ' | ' | ' | ' | ' | 11,246 | ' |
Amortization of preferred stock discount | ' | ' | ' | 386 | ' | ' | ' | ' | ' |
Total preferred stockholder's equity at end of year | 24,238 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of unearned compensation to stock compensation expense | ' | ' | ' | ' | ' | ' | 266 | ' | ' |
Total common stockholders' equity at end of year | 173,293 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeitures of shares of restricted stock | ' | ' | ' | ' | -1 | -2 | ' | ' | ' |
Total stockholders' equity at end of year | 197,531 | 25 | 24,975 | -762 | 21,125 | 84,765 | -483 | 67,886 | ' |
Preferred stock discount amortization | -1,730 | ' | ' | ' | ' | ' | ' | -386 | ' |
Compensation expense related to stock option awards | ' | ' | ' | ' | ' | 62 | ' | ' | ' |
Issuance (forfeitures) of shares of restricted stock, net | ' | ' | ' | ' | -1,200 | ' | ' | ' | ' |
Balance at end of year at Dec. 31, 2011 | 197,531 | 25 | 24,975 | -762 | 21,125 | 84,765 | -483 | 67,886 | ' |
Balance at end of year (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | 21,125,289 | ' | ' | ' | ' |
Total stockholders' equity | 210,947 | ' | ' | -376 | 21,590 | 85,726 | -715 | 79,722 | ' |
Issuance of shares of restricted stock | ' | ' | ' | ' | 466 | 884 | -1,350 | ' | ' |
Net earnings | 12,222 | ' | ' | ' | ' | ' | ' | 12,222 | ' |
Amortization of preferred stock discount | ' | ' | ' | 386 | ' | ' | ' | ' | ' |
Total preferred stockholder's equity at end of year | 24,624 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of unearned compensation to stock compensation expense | ' | ' | ' | ' | ' | ' | 1,118 | ' | ' |
Total common stockholders' equity at end of year | 186,323 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeitures of shares of restricted stock | ' | ' | ' | ' | -1 | -2 | ' | ' | ' |
Total stockholders' equity at end of year | 210,947 | ' | ' | -376 | 21,590 | 85,726 | -715 | 79,722 | ' |
Preferred stock discount amortization | -1,801 | ' | ' | ' | ' | ' | ' | -386 | ' |
Compensation expense related to stock option awards | ' | ' | ' | ' | ' | 79 | ' | ' | ' |
Issuance of shares upon exercise of stock options | 100 | ' | ' | ' | 100 | ' | ' | ' | ' |
Issuance (forfeitures) of shares of restricted stock, net | ' | ' | ' | ' | 464,200 | ' | ' | ' | ' |
Balance at end of year at Dec. 31, 2012 | 210,947 | 25 | 24,975 | -376 | 21,590 | 85,726 | -715 | 79,722 | ' |
Balance at end of year (in shares) at Dec. 31, 2012 | ' | ' | ' | ' | 21,589,589 | ' | ' | ' | ' |
Total stockholders' equity | 196,991 | ' | ' | ' | 21,919 | 88,043 | -1,898 | 88,959 | -32 |
Issuance of shares of restricted stock | ' | ' | ' | ' | 466 | 1,999 | -2,465 | ' | ' |
Net earnings | 14,494 | ' | ' | ' | ' | ' | ' | 14,494 | ' |
Repurchase and redemption of preferred stock | ' | -25 | -24,975 | ' | ' | ' | ' | ' | ' |
Amortization of preferred stock discount | ' | ' | ' | 376 | ' | ' | ' | ' | ' |
Net change in accumulated other comprehensive loss, net of tax | -32 | ' | ' | ' | ' | ' | ' | ' | -32 |
Issuance of shares upon exercise of stock options | ' | ' | ' | ' | 17 | 44 | ' | ' | ' |
Cash dividends declared and paid on preferred stock | ' | ' | ' | ' | ' | ' | ' | -5,068 | ' |
Amortization of unearned compensation to stock compensation expense | ' | ' | ' | ' | ' | ' | 1,282 | ' | ' |
Total common stockholders' equity at end of year | 196,991 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeitures of shares of restricted stock | ' | ' | ' | ' | -154 | -348 | ' | ' | ' |
Discount from repurchase of preferred stock | ' | ' | ' | ' | ' | ' | ' | 187 | ' |
Total stockholders' equity at end of year | 196,991 | ' | ' | ' | 21,919 | 88,043 | -1,898 | 88,959 | -32 |
Excess income tax benefit from vesting of restricted stock and exercise of stock options | ' | ' | ' | ' | ' | 579 | ' | ' | ' |
Preferred stock discount amortization | -1,057 | ' | ' | ' | ' | ' | ' | -376 | ' |
Compensation expense related to stock option awards | ' | ' | ' | ' | ' | 43 | ' | ' | ' |
Issuance of shares upon exercise of stock options | 17,267 | ' | ' | ' | 17,267 | ' | ' | ' | ' |
Issuance (forfeitures) of shares of restricted stock, net | ' | ' | ' | ' | 311,767 | ' | ' | ' | ' |
Balance at end of year at Dec. 31, 2013 | $196,991 | ' | ' | ' | $21,919 | $88,043 | ($1,898) | $88,959 | ($32) |
Balance at end of year (in shares) at Dec. 31, 2013 | ' | ' | ' | ' | 21,918,623 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Issuance of shares upon exercise of stock options, shares | 17,267 | 100 | ' |
Reconciliation of Common Shares Outstanding [Member] | ' | ' | ' |
Issuance of shares of restricted stock, shares | 466,200 | 465,400 | ' |
Issuance of shares upon exercise of stock options, shares | 17,267 | 100 | ' |
Forfeitures of shares of restricted stock issued, shares | 154,433 | 1,200 | 1,200 |
Unearned Compensation - Restricted Common Stock [Member] | ' | ' | ' |
Issuance of shares of restricted stock, shares | 466,200 | 465,400 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net earnings | $14,494 | $12,222 | $11,246 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 353 | 345 | 357 |
Provisions for loan and real estate losses | 555 | 4,068 | 8,367 |
Deferred income tax expense | 10,896 | 9,602 | 8,243 |
Stock compensation expense | 823 | 1,194 | 326 |
Amortization of deferred debenture offering costs | 37 | 37 | 37 |
Amortization of premiums (accretion) of discounts and deferred loan fees, net | 635 | 395 | -1,448 |
Net gain from sale of securities available for sale | -1,481 | ' | ' |
Impairment writedowns on investment securities | 964 | 582 | 201 |
Net (gains) losses from sales of or transfers of loans to foreclosed real estate | -963 | 93 | -188 |
Net gain from sale of premises | ' | ' | -44 |
Net loss from early extinguishment of debt | ' | 177 | ' |
Net decrease in loan fees receivable | 810 | 1,080 | 1,282 |
Net (decrease) increase in accrued interest payable on borrowed funds | -5,360 | 1,867 | 2,099 |
Net increase (decrease) in official checks outstanding | 332 | 2,003 | -1,605 |
Net change in all other assets and liabilities | 8,507 | 3,506 | 17,244 |
Net cash provided by operating activities | 30,602 | 37,171 | 46,117 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchases of time deposits with banks | -200 | -3,700 | -1,470 |
Purchases of securities available for sale | -21 | -1,000 | ' |
Proceeds from sale of securities available for sale | 4,050 | ' | ' |
Purchases of securities held to maturity | -76,124 | -438,671 | -894,680 |
Maturities and calls of securities held to maturity | 130,209 | 692,193 | 807,038 |
(Purchases) redemptions of FRB and FHLB stock, net | -93 | 1,098 | 406 |
(Originations) repayments of loans receivable, net | -20,007 | 53,643 | 161,592 |
Proceeds from sales of foreclosed real estate | 4,912 | 8,749 | ' |
Proceeds from sales of premises | ' | ' | 379 |
Purchases of premises and equipment | -531 | -119 | -184 |
Net cash provided by investing activities | 42,195 | 312,193 | 73,081 |
FINANCING ACTIVITIES | ' | ' | ' |
Net decrease in deposits | -80,387 | -299,405 | -104,059 |
Net increase (decrease) in mortgage escrow funds payable | 1,136 | -1,927 | -1,039 |
Net decrease in FHLB advances - original terms of more than 3 months | ' | -17,500 | -8,000 |
Principal repayments of mortgage note payable | ' | ' | -148 |
Repurchase and redemption of preferred stock | -24,813 | ' | ' |
Cash dividends paid to preferred stockholders | -5,068 | ' | ' |
Proceeds from issuance of common stock upon exercise of stock options | 61 | ' | ' |
Excess tax benefit from exercise of stock options and vesting of restricted stock | 579 | ' | ' |
Net cash used in financing activities | -108,492 | -318,832 | -113,246 |
Net (decrease) increase in cash and cash equivalents | -35,695 | 30,532 | 5,952 |
Cash and cash equivalents at beginning of year | 60,395 | 29,863 | 23,911 |
Cash and cash equivalents at end of year | 24,700 | 60,395 | 29,863 |
SUPPLEMENTAL DISCLOSURES | ' | ' | ' |
Cash paid for interest | 33,304 | 37,503 | 49,342 |
Cash paid for (received from refunds of) income taxes, net | 940 | 734 | -10,340 |
Loans transferred to foreclosed real estate | 3,040 | 4,689 | 4,375 |
Loans originated to finance sales of foreclosed real estate | 3,240 | 4,134 | ' |
Preferred stock dividend requirements and amortization of related discount | 1,801 | 1,801 | 1,730 |
Securities held to maturity transferred to securities available for sale | $2,569 | ' | ' |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Description of Business and Summary of Significant Accounting Policies | ' |
1. Description of Business and Summary of Significant Accounting Policies | |
Intervest Bancshares Corporation (IBC) is a bank holding company incorporated in 1993 under the laws of the State of Delaware and its common stock trades on the Nasdaq Global Select Market under the symbol IBCA. IBC is the parent company of Intervest National Bank (INB) and IBC owns 100% of its capital stock. IBC’s primary purpose is the ownership of INB. It does not engage in any other business activities other than, from time to time, a limited amount of real estate mortgage lending, including the participation in loans originated by INB. IBC also may issue debt and equity securities as needed to raise funds for working capital purposes. | |
IBC also owns 100% of the capital stock of four statutory business trusts (Intervest Statutory Trust II, III, IV and V, the “Trusts”), all of which are unconsolidated entities for financial statement purposes. The Trusts do not conduct business and were formed prior to 2006 for the sole purpose of issuing and administering trust preferred securities and lending the proceeds to IBC. | |
References to “we,” “us” and “our” in this report refer to IBC and INB on a consolidated basis, unless otherwise specified. The offices of IBC and INB’s headquarters and full-service banking office are located on the entire fourth floor of One Rockefeller Plaza in New York City, New York, 10020-2002. The main telephone number is 212-218-2800. | |
Our business is banking and real estate lending conducted through INB’s operations. INB is a nationally chartered commercial bank that opened for business on April 1, 1999 and accounts for 99% of our consolidated assets. In addition to its headquarters and full-service banking office in Rockefeller Plaza in New York City, INB has a total of six full-service banking offices in Pinellas County, Florida - four in Clearwater, one in Clearwater Beach and one in South Pasadena. INB also has an ownership interest in a number of limited liability companies whose sole purpose is to own title to real estate that INB may acquire through foreclosure. INB conducts a personalized commercial and consumer banking business that attracts deposits from the general public. It also provides internet banking services through its web site www.intervestnatbank.com. INB solicits deposit accounts from individuals, small businesses and professional firms located throughout its primary market areas in New York and Florida through the offering of a variety of deposit products and providing online and telephone banking. INB’s web site also attracts deposit customers from both within and outside its primary market areas. INB uses these deposits, together with funds generated from its operations, principal repayments of loans and securities and other sources, to originate mortgage loans secured by commercial and multifamily real estate and to purchase investment securities. | |
Principles of Consolidation, Basis of Presentation and Use of Estimates | |
The consolidated financial statements in this report (which may also be referred to as “financial statements” throughout this report) include the accounts of IBC and its subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. Our accounting and reporting policies conform to Generally Accepted Accounting Principles (“GAAP”) and to general practices within the banking industry. | |
In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of our assets, liabilities and disclosure of our contingent liabilities as of the date of the consolidated financial statements, and revenues and expenses during the reporting periods. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change currently relate to the determination of our allowance for loan losses, valuation allowance for real estate losses, other than temporary impairment assessments of our security investments and the need for and amount of a valuation allowance for our deferred tax asset. These estimates involve a higher degree of complexity and subjectivity and require assumptions about highly uncertain matters. | |
Cash Equivalents | |
For purposes of reporting cash flows, our cash equivalents include cash and balances due from banks, federal funds sold (generally sold for one-day periods) and other short-term investments that have maturities of three months or less from the time of purchase. | |
Securities | |
General. Investments in debt securities for which we have the ability and intent to hold until maturity are classified as held to maturity (“HTM”) and are carried at cost, adjusted for accretion of discounts and amortization of premiums, which are recognized into interest income using the effective interest method over their contractual lives. Securities that are held for indefinite periods of time which we intend to use as part of our asset/liability management strategy, or that may be sold in response to changes in interest rates or other factors, are classified as available for sale (“AFS”) and are carried at fair value. Unrealized gains and losses on securities available for sale, net of related income taxes, are reported as a separate component of comprehensive income. Realized gains and losses from sales of securities are determined using the specific identification method. We do not purchase securities for the purpose of engaging in trading activities. | |
Impairment. We evaluate our security investments for other than temporary impairment (“OTTI”) at least quarterly or more frequently when conditions warrant such evaluation. Impairment is assessed at the individual security level. We consider an investment security to be impaired if, after a review of available evidence, the full collection of our principal investment and interest over the life of the security is no longer probable. The assessment for and the amount of impairment requires the exercise of considerable judgment by us and is entirely an estimate and not a precise determination. | |
Our impairment evaluation process considers factors such as the expected cash flows of the security, severity, length of time and anticipated recovery period of the cash shortfalls, recent events specific to the issuer, including investment downgrades by rating agencies and current and anticipated economic and regulatory conditions of its industry, and the issuer’s financial condition, capital strength and near-term prospects. We also consider our intent and ability to retain the security for a period of time sufficient to allow for a recovery in fair value, or until maturity. Among the factors that we consider in determining our intent and ability to retain the security is a review of our capital adequacy, interest rate risk position and liquidity. If it is deemed that OTTI has occurred, the security is written down to a new cost basis and the resulting loss is charged to operations as a component of noninterest income. | |
INB is a member of the Federal Home Loan Bank of New York (FHLB) and Federal Reserve Bank of New York (FRB) and is required hold a certain level capital stock of each entity based on various criteria. These investments are carried at cost and are also periodically reviewed for OTTI. | |
Loans Receivable | |
General. Loans for which we have the intent and ability to hold for the foreseeable future or until maturity or satisfaction are carried at their outstanding principal net of chargeoffs, the allowance for loan losses, unamortized discounts and deferred loan fees or costs. Loan origination and commitment fees, net of certain costs, are deferred and amortized to interest income as an adjustment to the yield of the related loans over the contractual life of the loans using the interest method. When a loan is paid off or sold, or if a commitment expires unexercised, any unamortized net deferred amount is credited or charged to operations. | |
Loans are placed on nonaccrual status when principal or interest becomes 90 days or more past due or earlier in certain cases unless the loan is well secured and in the process of collection. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, all interest accrued but not collected is reversed against interest income and amortization of net deferred fee income is discontinued. Interest payments received on loans in nonaccrual status are recognized as income on a cash basis unless future collections of principal are doubtful, in which case the payments received are applied as a reduction of principal. | |
Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. For loans that have been partially charged off, if the remaining book balance of the loan is deemed fully collectible, interest income is recognized on a cash basis but limited to that which would have been accrued on the recorded balance at the contractual rate. Any cash interest received over this limit is recorded as recoveries of prior charge offs until these chargeoffs have been fully recovered. | |
Segments. We consider our loan portfolio to be comprised of two segments - (i) real estate loans (which is comprised of loans secured by commercial real estate and multifamily (5 or more units) real estate, loans secured by vacant land and loans secured by 1-4 family real estate) and (ii) all other loans (which is comprised of personal and business loans, both secured and unsecured). Each segment has different risk characteristics and methodologies for assessing risk. | |
Commercial and multifamily real estate loans are generally considered to have more credit risk than traditional single family residential loans because these loans tend to involve larger loan balances and their repayment is typically dependent upon the successful operation and management of the underlying real estate. Included in this category are loans we originate on vacant or substantially vacant properties and owner-occupied properties, all of which typically have limited or no income streams and depend upon other sources of cash flow from the borrower for repayment, which add an additional element of risk. Our land loans normally have no income streams and depend upon other sources of cash flow from the borrower for repayment. Our 1-4 family loans consist almost entirely of loans secured by individual condominium dwelling units. We normally make these loans to investors who purchase multiple condo units that remain unsold after a condo conversion or the unsold units in a new condo development. The units are normally rented for a number of years until the economy improves and the units can be sold as was the original intention. Nearly all of these loans are in our Florida market. Although these loans are classified necessarily as loans secured by 1-4 family real estate as required by regulatory guidance, they are underwritten in accordance with our multifamily underwriting polices and their risk characteristics are essentially the same as our multifamily real estate lending and we risk weight them for regulatory capital purposes at 100%. All the above loans require ongoing evaluation and monitoring since they may be affected to a greater degree by adverse conditions in the real estate markets or the economy or changes in government regulation. | |
Our real estate loans typically provide for periodic payments of interest and principal during the term of the loan, with the remaining principal balance and any accrued interest due at the maturity date. Most of these loans provide for balloon payments at maturity, which means that a substantial part of or the entire original principal amount is due in one lump sum payment at maturity. If the net revenue from the property is not sufficient to make all debt service payments due on the loan or, if at maturity or the due date of any balloon payment, the owner of the property fails to raise the funds (through refinancing the loan, sale of the property or otherwise) to make the lump sum payment, we could sustain a loss on our loan. As part of our written policies for real estate loans, loan-to-value ratios (the ratio that the original principal amount of the loan bears to the lower of the purchase price or appraised value of the property securing the loan at the time of origination) on loans originated by us typically do not exceed 80% and in practice, rarely exceed 75%. Debt service coverage ratios (the ratio of the net operating income generated by the property securing the loan to the required debt service) on multi-family and commercial real estate loans originated typically are not less than 1.2 times. As noted earlier, we may originate mortgage loans on vacant or substantially vacant properties and vacant land for which there is limited or no cash flow being generated by the operation of the underlying real estate. We may also require personal guarantees from the principals of our borrowers as additional security, although loans are often originated on a limited recourse basis. In originating loans, we consider the ability of the net operating income generated by the real estate to support the debt service, the financial resources, income level and managerial expertise of the borrower, the marketability of the property and our lending experience with the borrower. Our loans are not insured or guaranteed by governmental agencies. In the event of a default, our ability to recover our investment is dependent upon the market value of the mortgaged property. | |
The “all other loans” segment is comprised of a small number of business and consumer loans that are extended for various purposes, including lines of credit, personal loans, and personal loans collateralized by deposit accounts. Repayment of consumer loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Loans to businesses and consumers are extended after a credit evaluation, including the creditworthiness of the borrower, the purpose of the credit, and the secondary source of repayment. Risk is mitigated somewhat by the fact that the loans are of smaller individual amounts. | |
Risk ratings. We categorize our loans into various risk categories (discussed below) based on an individual analysis of each loan’s quantitative factors and other relevant information, including: an analysis of the underlying collateral’s appraised value and its actual cash flows, with emphasis on projected or normalized cash flows in cases where the collateral currently has no or inadequate cash flows to service the debt; the ability of the borrowers to service their debt from other sources, including whether they have personally guaranteed the loan and the strength of that guaranty, which takes into account a review of their current personal financial information; credit and loan underwriting documentation; and other available pertinent information about the borrower or the collateral, such as an annual property inspection. All of our loans are assigned a risk grade upon based on the timely review, interpretation of and conclusions on the above data as received by us. | |
Loans are normally classified as pass credits until they become past due or management becomes aware of deterioration in cash flows and or the credit worthiness of the collateral or the borrower based on the information we collect and monitor. All of our pass-rated loans our generally reviewed annually to determine if they are appropriately classified. Loans rated substandard or special mention are reviewed at least quarterly or more often in some cases to determine if they are appropriately classified. Further, during the renewal process of any maturing loan, as well as if any loan becomes past due, the loan’s risk rating is also reviewed for appropriateness. | |
Our internally assigned risk grades and a general summary of the factors that determine the ratings are as follows: | |
Pass – Loan is normally current and its primary source of repayment is satisfactory, with secondary sources adequate and very likely to be realized if necessary. This category also contains loans where the underlying collateral is not producing cash flows or is producing in-adequate cash flows to service the loan’s required payments (such as in cases where the collateral is a vacant or substantially vacant building or land) and such payments are being made by the borrower’s other sources of funds. In many cases, the borrower or its principals has guaranteed the loan and or deposited escrow funds with us to cover the loan’s contractual payments for a portion of the loan term. | |
Special Mention – Loan is normally current but has one or more potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the loan’s repayment prospects or our credit position at some future date. | |
Substandard – Loan is inadequately protected by the current worth and paying capacity of the borrower or of the underlying collateral. Such loans have a well-defined weakness or weaknesses that jeopardize the full repayment of the loan. These loans have the distinct possibility that we will sustain some loss if the deficiencies are not corrected. | |
Doubtful – Loan has all the weaknesses inherent in one classified substandard with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |
Loss – Loan is considered uncollectible and of such little value that continuance as an asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be occur in the future. | |
Restructured Loans (TDRs). A TDR is a loan that we have restructured, for economic or legal reasons related to a borrower’s financial difficulties, and for which we have granted certain concessions to the borrower that we would not otherwise have considered. In order to be considered a TDR, we must conclude that the restructuring was to a borrower who is experiencing financial difficulties and the restructured loan constitutes a “concession”. We define a concession as a modification of existing terms granted to a borrower for economic or legal reasons related to the borrower’s financial difficulties. Concessions include modifying the original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: a reduction of the stated interest rate for the remaining original life of the debt; an extension of the maturity date or dates at an interest rate lower than the current market rate for new debt with similar risk characteristics, a reduction of the face amount or maturity amount of the debt, or a reduction of accrued interest owed on the debt. A loan that is extended or renewed at a stated interest rate equal to the current interest rate for a new loan originated by us with similar risk is not reported as a TDR. | |
In determining whether the borrower is experiencing financial difficulties, we consider, among other things, whether the borrower is in default on its existing loan, or is in an economic position where it is probable the borrower will be in default on its loan in the foreseeable future without a modification, including whether, without the modification, the borrower cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for similar debt for a non-troubled debtor. TDR loans are reviewed for specific impairment in accordance with our allowance for loan loss methodology with respect to impaired loans. A TDR that is on nonaccrual status is returned to an accrual status if ultimate collectability of the entire contractual principal is assured and the borrower has demonstrated satisfactory payment performance either before or after the restructuring, usually consisting of a six-month period. | |
Impaired Loans. Loans are deemed to be impaired when, based upon current information and events, it is probable that we will be unable to collect both principal and interest due according to the loan’s contractual terms. We consider a variety of factors in determining whether a loan is impaired, including (i) any notice from the borrower that the borrower will be unable to repay all principal and interest amounts contractually due under the loan agreement, (ii) any delinquency in the principal and/or interest payments other than minimal delays or shortfalls in payments, and (iii) other information known by us that would indicate the full repayment of principal and interest is not probable. We generally consider delinquencies of 60 days or less to be minimal delays, and accordingly we do not consider such delinquent loans to be impaired in the absence of other indications. | |
Our impaired loans normally consist of loans on nonaccrual status and TDRs. Generally, impairment for all of our impaired loans is calculated on a loan-by-loan basis using either the estimated fair value of the loan’s collateral less estimated selling costs (for collateral dependent loans) or the present value of the loan’s cash flows (for non-collateral dependent loans). Any calculated impairment is recognized as a valuation allowance within the overall allowance for loan losses and a charge through the provision for loan losses. We may charge off any portion of the impaired loan with a corresponding decrease to the valuation allowance when such impairment is deemed uncollectible and confirmed as a loss. The net carrying amount of an impaired loan (net of the valuation allowance) does not at any time exceed the recorded investment in the loan. | |
Allowance for Loan Losses and Loan Chargeoffs | |
The allowance for loan losses, which includes a valuation allowance for impaired loans, is netted against loans receivable and is increased by provisions charged to operations and decreased by chargeoffs (net of recoveries). The adequacy of the allowance is evaluated at least quarterly with consideration given to various factors beginning with our historical lending loss rate for each major loan type (exclusive of the impact of any transaction that is unusual and deemed not reflective of normal charge-off history). | |
The historical loss rate is then adjusted either upward or downward based on a review of the following qualitative factors and their estimated impact to the historical loss rate: (i) the size of our loans; (ii) concentrations of our loans; (iii) changes in the quality of our review of specific problem loans, including loans on nonaccrual status, and estimates of fair value of the underlying properties; (iv) changes in the volume of our past due loans, nonaccrual loans and adversely classified assets. (iv) specific problem loans and estimates of fair value of the related collateral; (v) adverse situations which may affect our borrowers’ ability to repay; (vi) changes in national, regional and local economic and business conditions and other developments that may affect the collectability of our loan portfolio, including impacts of political, regulatory, legal and competitive changes on the portfolio; (vii) changes to our lending policies and procedures, underwriting standards, risk selection (loan volumes and loan terms) and to our collection, loan chargeoff and recovery practices; and (viii) changes in the experience, ability and depth of our lending management and other relevant staff. | |
We fully or partially charge off an impaired loan when such amount has been deemed uncollectible and confirmed as a loss. In the case of impaired collateral dependent loans, we normally charge-off the portion of the loan’s recorded investment that exceeds the appraised value (net of estimated selling costs) of its underlying collateral. The remaining portion of the valuation allowance that we have provided and maintain on all of our impaired loans for the difference between the net appraised value and our internal estimate of fair value of the collateral is charged off only when such amount has been confirmed as a loss, either through the receipt of future appraisals or through our quarterly evaluation of the factors described below. | |
Consistent with regulatory guidance, we normally maintain a specific valuation allowance on each of our impaired loans. We believe it is prudent to do so because the process of estimating real estate values is imprecise and subject to changing market conditions which could cause fluctuations in estimated values. Estimates are subjective in nature, involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in any of the market assumptions could cause fair value estimates to deviate substantially. Furthermore, commercial real estate markets and national and local economic conditions remain weak; unemployment rates and vacancy rates in retail and office properties continue to be high; and the timing of the resolution of impaired loans in many cases remains uncertain, which increases the negative impact to the portfolio from further declines in real estate values. | |
Regulatory guidelines require that the appraised value of collateral should be used as a starting point for determining its estimated fair value. An institution should also consider other factors and events in the environment that may affect the current fair value of the collateral since the appraisal was performed. The institution’s experience with whether the appraised values of impaired collateral-dependent loans are actually realized should also be taken into account. In addition, the timing of when the cash flows are expected to be received from the underlying collateral could affect the fair value of the collateral if the timing was not contemplated in the appraisal. The consideration of all the above generally results in the appraised value of the collateral being greater than the institution’s estimate of the collateral’s fair value, less estimated costs to sell. As a consequence, an institution may necessarily still have a specific reserve on an impaired loan (whether or not a charge off has been taken) for the amount by which the institution’s estimated fair value of the collateral, less estimated costs to sell, is believed to be lower than its appraised value. As a result, we maintain a specific valuation allowance on all of our impaired loans for the reasons described above. | |
We estimate the fair value of the properties that collateralize our impaired loans based on a variety of information, including third party appraisals and our management’s judgment of other factors. Our internal policy is to obtain externally prepared appraisals as follows (i) for all impaired loans; (ii) for all restructured or renewed loans; (iii) upon classification or downgrade of a loan; (iv) upon completion of foreclosure and acquisition of the collateral property; and at least annually thereafter for all impaired and substandard rated loans and real estate owned through foreclosure. | |
In addition, we also consider the knowledge and experience of our two senior lending officers (our Chairman and INB’s President) and INB’s Chief Credit Officer related to values of properties in our lending markets. They take into account various information, including: discussions with real estate brokers and interested buyers, local and national real estate market data provided by third parties; the consideration of the type, condition, location, demand for and occupancy of the specific collateral property and current economic and real estate market conditions in the area the property is located in assessing our internal estimates of fair value. | |
Our regulators, as an integral part of their examination process, also periodically review our allowances for loan and real estate losses. Accordingly, we may be required to take chargeoffs and/or recognize additions to these allowances based on the regulators’ judgment concerning information available to them during their examination. There were no changes to our methodology for the allowance for loan loss during the reporting periods in this report. | |
Premises and Equipment | |
Land is carried at cost. Buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized using the straight-line method over the terms of the related leases, or the useful life of the asset, whichever is shorter. Maintenance, repairs and minor improvements are expensed as incurred, while major improvements are capitalized. | |
Deferred Debenture Offering Costs | |
Costs relating to offerings of our debentures consisting primarily of underwriters’ commissions are amortized over the life of the debentures. At December 31, 2013, these costs totaled approximately $0.7 million, net of accumulated amortization of $0.4 million. At December 31, 2012, these costs totaled approximately $0.8 million, net of accumulated amortization of $0.3 million. | |
Foreclosed Real Estate and Valuation Allowance For Real Estate Losses | |
Real estate that we acquire through loan foreclosure or similar proceedings is held for sale. At the time we acquire the property, the related loan is transferred from the loan portfolio to foreclosed real estate at the estimated fair value of the property less estimated selling costs. Such amount becomes the new cost basis of the property. Adjustments made to reduce the carrying value at the time of transfer are charged to the allowance for loan losses. | |
We may periodically adjust the carrying values of the real estate to reflect decreases in its estimated fair value through a charge to earnings (recorded as a provision for real estate losses) and an increase to the valuation allowance for real estate losses. As the properties are sold, the valuation allowance associated with the property, if any, is charged off. We determine the estimated fair value of foreclosed real estate at least quarterly by performing market valuations of the properties, which normally consist of obtaining externally prepared appraisals at least annually for every property, as well as performing reviews of economic and real estate market conditions in the local area where the property is located, including taking into consideration discussions with real estate brokers and interested buyers, in order to determine if a valuation allowance is needed to reflect any decrease in the estimated fair value of the property since acquisition. | |
Revenue and expenses from the operations of foreclosed real estate are included in the caption “Real Estate Activities” in the consolidated statements of earnings. This line item is comprised of real estate taxes, repairs and maintenance, insurance, utilities, legal fees and other charges (net of any rental income earned from the operation of the property) that are required in protecting our interest in real estate acquired through foreclosure and various properties collateralizing our nonaccrual loans. | |
Stock-Based Compensation | |
We recognize the cost of our employee and director services received in exchange for awards of our equity instruments (such as restricted stock and stock options grants) based on the grant-date fair value of the awards. Compensation cost related to the awards is recognized on a straight-line basis over the requisite service period, which is normally the vesting period of the grants. The fair value of options granted is estimated using the Black-Scholes option-pricing model based on various assumptions that are described in note 13. The fair value of restricted stock grants is based on the closing market value of the stock as reported on the Nasdaq Stock Market on the grant date. | |
Advertising Costs | |
Advertising costs are expensed as incurred and amounted to $23,000 in 2013, $17,000 in 2012 and $26,000 in 2011. | |
Income Taxes | |
Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to our taxable income or loss. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates, applicable to future years, to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. | |
Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Certain tax benefits attributable to stock options, restricted stock and warrants are credited to additional paid-in-capital. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. | |
Uncertain tax positions are recognized if it is more likely (a likelihood of more than 50 percent) than not that the tax position will be realized or sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. At December 31, 2013, we were not aware of any uncertain tax positions that would have a material effect on our financial statements. | |
Earnings Per Common Share | |
Basic earnings per common share is calculated by dividing net earnings available to common stockholders by the weighted-average number of shares of all common stock outstanding during the reporting period. Unvested restricted stock is deemed to be issued and outstanding. Diluted earnings per common share is calculated by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock and dilutive potential common stock shares that may be outstanding in the future. Potential common stock shares consist of shares that may arise from outstanding dilutive common stock warrants and options (the number of which is computed using the “treasury stock method”). | |
When applying the treasury stock method, we add: the assumed proceeds from stock option and warrant exercises; the tax benefit that would have been credited to additional paid-in capital assuming exercise of non-qualified stock options and warrants and the unamortized compensation costs related to unvested shares of stock options and warrants. We then divide this sum by our average stock price for the period to calculate shares assumed to be repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per common share. | |
Comprehensive Income | |
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net earnings. However, certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the consolidated balance sheet, such items along with net earnings, are components of comprehensive income. | |
Off-Balance Sheet Financial Instruments | |
We enter into off-balance sheet financial instruments consisting of commitments to extend credit, unused lines of credit and from time to time standby letters of credit. Such financial instruments are recorded in the consolidated financial statements when they are funded or related fees are received. | |
Recent Accounting Standards Update | |
In July 2012, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment,” which, among other things, gives an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite-lived intangible asset is impaired. We adopted this ASU on January 1, 2013, and since we do not have intangible assets, it had no impact on our financial statements. | |
In January 2013, the FASB issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” which limits the scope of the new balance sheet offsetting disclosures in ASU 2011-11 to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. We adopted this ASU on February 1, 2013 and it had no impact on our financial statements. | |
In February 2013, the FASB Issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires entities to present information about reclassification adjustments from accumulated other comprehensive income in their annual financial statements in a single note or on the face of the financial statements. We adopted this ASU on March 1, 2013 and it had no impact on our financial statements. | |
In February 2013, the FASB Issued ASU No. 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date”. ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for obligations within the scope of this ASU, which is effective January 1, 2014. Upon adoption, we do not expect this ASU to impact our financial statements. | |
In July 2013, the FASB issued ASU No. 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes”. ASU No. 2013-10 permits the use of the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge account purposes. The amendment is effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. The adoption of ASU No. 2013-10 did have an impact on our financial statements. | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which among other things, require an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as denoted within the ASU. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the impact of ASU 2013-11 on our financial statements. |
Securities_Held_to_Maturity_an
Securities Held to Maturity and Available for Sale | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Securities Held to Maturity and Available for Sale | ' | ||||||||||||||||||||||||||||
2. Securities Held to Maturity and Available for Sale | |||||||||||||||||||||||||||||
The carrying value (amortized cost) and estimated fair value of securities held to maturity (“HTM”) are as follows: | |||||||||||||||||||||||||||||
($ in thousands) | Number of | Amortized | Gross | Gross | Estimated | Wtd-Avg | Wtd-Avg | Wtd-Avg | |||||||||||||||||||||
Securities | Cost | Unrealized | Unrealized | Fair | Yield | Expected | Remaining | ||||||||||||||||||||||
Gains | Losses | Value | Life | Maturity | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
U.S. government agencies (1) | 161 | $ | 305,906 | $ | 410 | $ | 4,947 | $ | 301,369 | 0.94 | % | 3.0 Yrs | 3.8 Yrs | ||||||||||||||||
Residential mortgage-backed (2) | 57 | 77,500 | 130 | 1,017 | 76,613 | 1.79 | % | 4.3 Yrs | 14.7 Yrs | ||||||||||||||||||||
State and municipal | 1 | 531 | — | 6 | 525 | 1.25 | % | 3.2 Yrs | 3.3 Yrs | ||||||||||||||||||||
219 | $ | 383,937 | $ | 540 | $ | 5,970 | $ | 378,507 | 1.11 | % | 3.3Yrs | 6.0 Yrs | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
U.S. government agencies (1) | 165 | $ | 355,244 | $ | 1,109 | $ | 233 | $ | 356,120 | 0.87 | % | 1.6 Yrs | 4.6 Yrs | ||||||||||||||||
Residential mortgage-backed (2) | 48 | 84,279 | 651 | 72 | 84,858 | 1.76 | % | 3.3 Yrs | 17.3 Yrs | ||||||||||||||||||||
State and municipal | 1 | 533 | — | 3 | 530 | 1.25 | % | 4.2 Yrs | 4.3 Yrs | ||||||||||||||||||||
Corporate (3) | 8 | 3,721 | — | 3,063 | 658 | 2.11 | % | 20.3 Yrs | 20.9 Yrs | ||||||||||||||||||||
222 | $ | 443,777 | $ | 1,760 | $ | 3,371 | $ | 442,166 | 1.05 | % | 2.0 Yrs | 7.1 Yrs | |||||||||||||||||
-1 | Consisted of debt obligations of U.S. government sponsored agencies (GSEs) - Federal Home Loan Bank (FHLB), Federal Farm Credit Bank (FFCB), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC), which are federally chartered corporations privately owned by shareholders. GSE securities carry no explicit U.S. government guarantee of creditworthiness. Neither principal nor interest payments are guaranteed by the U.S. government nor do they not constitute a debt or obligation of the U.S. government or any of its agencies or instrumentalities other than the applicable GSE. FNMA and FHLMC are under U.S. government conservatorship. | ||||||||||||||||||||||||||||
-2 | At December 31, 2013, consisted of $13.6 million of Government National Mortgage Association (GNMA) pass-through certificates, $45.6 million of FNMA participation certificates and $18.3 million of FHLMC participation certificates, compared to $18.7 million, $40.0 million and $25.6 million, respectively, at December 31, 2012. The GNMA pass-through certificates are guaranteed as to the payment of principal and interest by the full faith and credit of the U.S. government while the FNMA and FHLMC certificates have an implied guarantee by such agency as to principal and interest payments. | ||||||||||||||||||||||||||||
-3 | Consisted of variable-rate pooled trust preferred securities backed by obligations of companies in the banking industry. Amortized cost at December 2012 is reported net of other than temporary impairment (“OTTI”) charges of $4.2 million. During 2013, an additional $1.0 million of OTTI charges were recorded. In December 2013, these securities were transferred to available for sale and subsequently sold. | ||||||||||||||||||||||||||||
The estimated fair values of HTM securities with gross unrealized losses segregated between securities that have been in a continuous unrealized loss position for less than twelve months at the respective dates and those that have been in a continuous unrealized loss position for twelve months or longer are summarized as follows: | |||||||||||||||||||||||||||||
($ in thousands) | Number of | Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||
Securities | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
U.S. government agencies | 130 | $ | 233,930 | $ | 4,791 | $ | 7,344 | $ | 156 | $ | 241,274 | $ | 4,947 | ||||||||||||||||
Residential mortgage-backed | 41 | 48,862 | 987 | 3,284 | 30 | 52,146 | 1,017 | ||||||||||||||||||||||
State and municipal | 1 | 525 | 6 | — | — | 525 | 6 | ||||||||||||||||||||||
172 | $ | 283,317 | $ | 5,784 | $ | 10,628 | $ | 186 | $ | 293,945 | $ | 5,970 | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
U.S. government agencies | 53 | $ | 129,365 | $ | 233 | $ | — | $ | — | $ | 129,365 | $ | 233 | ||||||||||||||||
Residential mortgage-backed | 14 | 24,481 | 72 | — | — | 24,481 | 72 | ||||||||||||||||||||||
State and municipal | 1 | 530 | 3 | — | — | 530 | 3 | ||||||||||||||||||||||
Corporate | 8 | — | — | 658 | 3,063 | 658 | 3,063 | ||||||||||||||||||||||
76 | $ | 154,376 | $ | 308 | $ | 658 | $ | 3,063 | $ | 155,034 | $ | 3,371 | |||||||||||||||||
At December 31, 2013, all of the securities were investment grade rated. The securities had either fixed interest rates or had predetermined scheduled interest rate increases and nearly all had call or prepayment features that allow the issuer to repay all or a portion of the security at par before its stated maturity without penalty. In general, as interest rates rise, the estimated fair value of fixed-rate securities will decrease; as interest rates fall, their value will increase. We generally view changes in fair value caused by changes in interest rates as temporary, which is consistent with our experience. | |||||||||||||||||||||||||||||
At December 31, 2013 and 2012, INB, which owned the HTM portfolio, also had the ability and intent to hold all of the investments for a period of time sufficient for the estimated fair value of the securities with unrealized losses to recover, which may be at the time of maturity. Accordingly, we viewed all the gross unrealized losses related to the HTM portfolio as of those dates to be temporary for the reasons noted above. | |||||||||||||||||||||||||||||
Except for corporate securities, the estimated fair values disclosed in this footnote for HTM securities were obtained from a third-party pricing service that used Level 2 inputs. For corporate securities, estimated fair value relied on a complex valuation model that factored in numerous assumptions and data, including anticipated discounts related to illiquid trading markets, credit and interest rate risk, which are Level 3 inputs. | |||||||||||||||||||||||||||||
The following table is a summary of the carrying value (amortized cost) and estimated fair value of HTM securities at December 31, 2013, by remaining period to contractual maturity (ignoring earlier call dates, if any). The amounts reported in the table also did not consider the effects of possible prepayments or unscheduled repayments. Accordingly, actual maturities may differ from contractual maturities shown in the table. | |||||||||||||||||||||||||||||
($ in thousands) | Amortized | Estimated | Wtd-Avg | ||||||||||||||||||||||||||
Cost | Fair Value | Yield | |||||||||||||||||||||||||||
Due in one year or less | $ | 12,329 | $ | 12,394 | 1.27 | % | |||||||||||||||||||||||
Due after one year through five years | 262,878 | 259,611 | 0.9 | ||||||||||||||||||||||||||
Due after five years through ten years | 56,507 | 54,962 | 1.38 | ||||||||||||||||||||||||||
Due after ten years | 52,223 | 51,540 | 1.87 | ||||||||||||||||||||||||||
$ | 383,937 | $ | 378,507 | 1.11 | % | ||||||||||||||||||||||||
Prior to December 13, 2013, INB also owned corporate securities that were also classified as HTM. The investments consisted of mezzanine-class, variable-rate pooled trust preferred securities backed by debt obligations of companies in the banking industry. At the time of purchase in 2006 and 2007, these securities were investment grade rated, but subsequently their credit standing slowly deteriorated due to various factors, all of which severely reduced the demand for these securities, depressed their market values and rendered their trading market inactive. As a result and based on various assumptions and present value analyses of projected cash flows, the securities were deemed to be other than temporarily impaired (OTTI) to varying degrees. A total of $5.2 million of credit losses (or OTTI charges) were recorded on these securities since the end of 2008. | |||||||||||||||||||||||||||||
The table below provides a roll forward of credit losses recognized on the corporate securities for the periods indicated. | |||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,233 | $ | 3,651 | $ | 3,450 | |||||||||||||||||||||||
Additional credit losses on debt securities for which OTTI was previously recognized | 964 | 582 | 201 | ||||||||||||||||||||||||||
Balance at end of period | $ | 5,197 | $ | 4,233 | $ | 3,651 | |||||||||||||||||||||||
In December 2013, INB no longer had the intention or ability to hold the corporate securities to maturity (due to their non-investment grade status as well as a new regulatory rule (the “Volcker Rule” issued by federal regulators in December 2013 pursuant to the Dodd-Frank Act) that likely would have required INB to sell the securities). Consequently, the securities were transferred to available for sale from HTM and subsequently sold in December 2013. | |||||||||||||||||||||||||||||
The table below provides information ($ in thousands) regarding the corporate securities as of the date of sale. | |||||||||||||||||||||||||||||
Original | Cumulative | Cumulative | Net | Net Proceeds | Net Gain | ||||||||||||||||||||||||
Cost | Cash Payments | OTTI | Carrying | from Sale | on Sale | ||||||||||||||||||||||||
Basis | Applied to Cost | Charges | Value | ||||||||||||||||||||||||||
$8,029 | $ | (263 | ) | $ | (5,197 | ) | $ | 2,569 | $ | 4,050 | $ | 1,481 | |||||||||||||||||
At December 31, 2013 and 2012, the carrying value (estimated fair value) of securities available for sale amounted to approximately $1.0 million. The investment represented approximately 91,700 and 90,000 shares, respectively, of an intermediate bond fund that holds securities that are deemed to be qualified under the Community Reinvestment Act. |
Loans_Receivable
Loans Receivable | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||||||||||
3. Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||
Major classifications of loans receivable are summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | # of Loans | Amount | # of Loans | Amount | |||||||||||||||||||||||||||||||||||||||||
Loans Secured By Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 394 | $ | 838,766 | 376 | $ | 852,213 | |||||||||||||||||||||||||||||||||||||||
Multifamily loans | 138 | 210,270 | 142 | 208,699 | |||||||||||||||||||||||||||||||||||||||||
One to four family loans | 20 | 72,064 | 13 | 41,676 | |||||||||||||||||||||||||||||||||||||||||
Land loans | 5 | 9,178 | 7 | 7,167 | |||||||||||||||||||||||||||||||||||||||||
557 | 1,130,278 | 538 | 1,109,755 | ||||||||||||||||||||||||||||||||||||||||||
All Other Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Business loans | 19 | 1,061 | 18 | 949 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | 12 | 211 | 12 | 359 | |||||||||||||||||||||||||||||||||||||||||
31 | 1,272 | 30 | 1,308 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, gross | 588 | 1,131,550 | 568 | 1,111,063 | |||||||||||||||||||||||||||||||||||||||||
Deferred loan fees | (4,028 | ) | (3,597 | ) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net of deferred fees | 1,127,522 | 1,107,466 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (27,833 | ) | (28,103 | ) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 1,099,689 | $ | 1,079,363 | |||||||||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing interest - At December 31, 2013, there were three loans totaling $4.1 million, compared to two loans totaling $4.4 million at December 31, 2012. These loans had matured and were in the process of being extended as of those dates. The borrowers were making the required monthly loan payments. | |||||||||||||||||||||||||||||||||||||||||||||
Loans on nonaccrual status - At December 31, 2013 and 2012, there were $35.9 million and $45.9 million of loans, respectively, on nonaccrual status, which included restructured loans (or “TDRs”) of $33.2 million and $36.3 million, respectively. All the TDRs were current and performing in accordance with their restructured terms but were maintained on nonaccrual status based on regulatory guidance. | |||||||||||||||||||||||||||||||||||||||||||||
TDRs on accrual status - At December 31, 2013 and 2012, there were $13.5 million and $20.1 million of TDR loans, respectively, classified as accruing TDRs. | |||||||||||||||||||||||||||||||||||||||||||||
All of our nonaccrual loans and TDR loans were considered impaired loans. At December 31, 2013, we also had one performing and accruing loan of $7.8 million that was classified as impaired. | |||||||||||||||||||||||||||||||||||||||||||||
The tables below summarize certain information regarding our impaired loans as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Recorded Investment by State (1) | Specific | Total | # of | |||||||||||||||||||||||||||||||||||||||||
Valuation | Unpaid | Loans | |||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | NY | FL | VA | GA | CT | OH | SD | Total | Allowance (2) | Principal (3) | |||||||||||||||||||||||||||||||||||
Type | |||||||||||||||||||||||||||||||||||||||||||||
Retail | $ | 8,223 | $ | 9,005 | $ | 7,828 | $ | — | $ | 2,719 | $ | 1,000 | $ | — | $ | 28,775 | $ | 3,052 | $ | 36,216 | 7 | ||||||||||||||||||||||||
Office Building | — | 14,937 | — | 8,695 | — | — | — | 23,632 | 1,947 | 23,632 | 3 | ||||||||||||||||||||||||||||||||||
Multifamily | — | 3,128 | — | — | — | — | — | 3,128 | 594 | 3,128 | 2 | ||||||||||||||||||||||||||||||||||
Land | — | — | — | — | — | — | 1,625 | 1,625 | 500 | 1,625 | 1 | ||||||||||||||||||||||||||||||||||
Totals | $ | 8,223 | $ | 27,070 | $ | 7,828 | $ | 8,695 | $ | 2,719 | $ | 1,000 | $ | 1,625 | $ | 57,160 | $ | 6,093 | $ | 64,601 | 13 | ||||||||||||||||||||||||
($ in thousands) | Recorded Investment by State (1) | Specific | Total | # of | |||||||||||||||||||||||||||||||||||||||||
Valuation | Unpaid | Loans | |||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 | NY | FL | NJ | OH | SD | Total | Allowance (2) | Principal (3) | |||||||||||||||||||||||||||||||||||||
Type | |||||||||||||||||||||||||||||||||||||||||||||
Retail | $ | 11,837 | $ | 9,005 | $ | — | $ | 1,000 | $ | — | $ | 21,842 | $ | 1,966 | $ | 27,596 | 6 | ||||||||||||||||||||||||||||
Office Building | — | 17,988 | 883 | — | — | 18,871 | 583 | 19,621 | 3 | ||||||||||||||||||||||||||||||||||||
Warehouse | 950 | — | — | — | — | 950 | 28 | 950 | 1 | ||||||||||||||||||||||||||||||||||||
Mixed-use commercial | 8,632 | — | 500 | — | — | 9,132 | 1,248 | 9,421 | 4 | ||||||||||||||||||||||||||||||||||||
Multifamily | — | 12,577 | — | — | — | 12,577 | 1,542 | 14,225 | 6 | ||||||||||||||||||||||||||||||||||||
Land | 515 | — | — | — | 2,086 | 2,601 | 521 | 2,601 | 3 | ||||||||||||||||||||||||||||||||||||
Totals | $ | 21,934 | $ | 39,570 | $ | 1,383 | $ | 1,000 | $ | 2,086 | $ | 65,973 | $ | 5,888 | $ | 74,414 | 23 | ||||||||||||||||||||||||||||
-1 | Represents unpaid principal less partial principal charge offs and interest received and applied as a reduction of principal in certain cases. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Represents a specific valuation allowance against the recorded investment, which is included as part of our overall allowance for loan losses. | ||||||||||||||||||||||||||||||||||||||||||||
All impaired loans at the dates indicated in the table had a specific valuation allowance. | |||||||||||||||||||||||||||||||||||||||||||||
-3 | Represents contractual unpaid principal balance (shown for informational purposes only). The borrowers are obligated to pay such amounts. | ||||||||||||||||||||||||||||||||||||||||||||
However, the ultimate collection by us of such amounts in this column is not assured. | |||||||||||||||||||||||||||||||||||||||||||||
Other information related to our impaired loans is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
Average recorded investment in nonaccrual loans | $ | 40,345 | $ | 52,199 | $ | 51,356 | |||||||||||||||||||||||||||||||||||||||
Total cash basis interest income recognized on nonaccrual loans | 2,265 | 2,660 | 2,437 | ||||||||||||||||||||||||||||||||||||||||||
Average recorded investment in accruing TDR loans | 13,918 | 12,289 | 5,417 | ||||||||||||||||||||||||||||||||||||||||||
Total interest income recognized on accruing TDR loans under modified terms | 734 | 739 | 299 | ||||||||||||||||||||||||||||||||||||||||||
Age analysis of our loan portfolio by segment at December 31, 2013 is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total | Current | Past Due | Past Due | Past Due | Total | Total | ||||||||||||||||||||||||||||||||||||||
Portfolio | 31-59 | 60-89 | 90 or more | Past Due | Classified | ||||||||||||||||||||||||||||||||||||||||
Days | Days | Days | Nonaccrual | ||||||||||||||||||||||||||||||||||||||||||
Accruing Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 802,863 | $ | 796,980 | $ | 1,796 | $ | — | $ | 4,087 | $ | 5,883 | $ | — | |||||||||||||||||||||||||||||||
Multifamily | 210,270 | 209,426 | 844 | — | — | 844 | — | ||||||||||||||||||||||||||||||||||||||
One to four family | 72,064 | 72,064 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land | 9,178 | 9,178 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
All other | 1,272 | 1,271 | 1 | — | — | 1 | — | ||||||||||||||||||||||||||||||||||||||
Total accruing loans | 1,095,647 | 1,088,919 | 2,641 | — | 4,087 | 6,728 | — | ||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans (1): | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 35,903 | 35,903 | — | — | — | — | 35,903 | ||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | 35,903 | 35,903 | — | — | — | — | 35,903 | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,131,550 | $ | 1,124,822 | $ | 2,641 | $ | — | $ | 4,087 | $ | 6,728 | $ | 35,903 | |||||||||||||||||||||||||||||||
Age analysis of our loan portfolio by segment at December 31, 2012 is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total | Current | Past Due | Past Due | Past Due | Total | Total | ||||||||||||||||||||||||||||||||||||||
Portfolio | 31-59 | 60-89 | 90 or more | Past Due | Classified | ||||||||||||||||||||||||||||||||||||||||
Days | Days | Days | Nonaccrual | ||||||||||||||||||||||||||||||||||||||||||
Accruing Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 816,357 | $ | 799,130 | $ | 12,836 | $ | — | $ | 4,391 | $ | 17,227 | $ | — | |||||||||||||||||||||||||||||||
Multifamily | 198,942 | 198,942 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
One to four family | 41,676 | 41,676 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land | 6,882 | 4,221 | 2,661 | — | — | 2,661 | — | ||||||||||||||||||||||||||||||||||||||
All other | 1,308 | 1,308 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total accruing loans | 1,065,165 | 1,045,277 | 15,497 | — | 4,391 | 19,888 | — | ||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans (1): | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 35,856 | 32,701 | — | — | 3,155 | 3,155 | 35,856 | ||||||||||||||||||||||||||||||||||||||
Multifamily | 9,757 | 7,261 | — | — | 2,496 | 2,496 | 9,757 | ||||||||||||||||||||||||||||||||||||||
Land | 285 | 285 | — | — | — | — | 285 | ||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | 45,898 | 40,247 | — | — | 5,651 | 5,651 | 45,898 | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,111,063 | $ | 1,085,524 | $ | 15,497 | $ | — | $ | 10,042 | $ | 25,539 | $ | 45,898 | |||||||||||||||||||||||||||||||
-1 | The amount of nonaccrual loans in the current column included $33.2 million of TDRs at December 31, 2013 and $36.3 million of TDRs at December 31, 2012 for which payments were being made in accordance with their restructured terms, but the loans were maintained on nonaccrual status in accordance with regulatory guidance. The remaining portion at both dates was comprised of certain paying loans classified nonaccrual due to concerns regarding the borrowers’ ability to continue making payments. Interest income from loan payments on all loans in nonaccrual status is recognized on a cash basis, provided the remaining principal balance is deemed collectible. | ||||||||||||||||||||||||||||||||||||||||||||
Information regarding the credit quality of the loan portfolio based on our internally assigned grades follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Pass | Special Mention | Substandard (1) | Total | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 772,900 | $ | 3,522 | $ | 62,344 | $ | 838,766 | |||||||||||||||||||||||||||||||||||||
Multifamily | 204,298 | 2,369 | 3,603 | 210,270 | |||||||||||||||||||||||||||||||||||||||||
One to four family | 72,064 | — | — | 72,064 | |||||||||||||||||||||||||||||||||||||||||
Land | 7,553 | — | 1,625 | 9,178 | |||||||||||||||||||||||||||||||||||||||||
All other | 1,272 | — | — | 1,272 | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,058,087 | $ | 5,891 | $ | 67,572 | $ | 1,131,550 | |||||||||||||||||||||||||||||||||||||
Allocation of allowance for loan losses | $ | 20,720 | $ | 169 | $ | 6,944 | $ | 27,833 | |||||||||||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 775,136 | $ | 17,041 | $ | 60,036 | $ | 852,213 | |||||||||||||||||||||||||||||||||||||
Multifamily | 193,738 | 2,384 | 12,577 | 208,699 | |||||||||||||||||||||||||||||||||||||||||
One to four family | 41,676 | — | — | 41,676 | |||||||||||||||||||||||||||||||||||||||||
Land | 4,566 | — | 2,601 | 7,167 | |||||||||||||||||||||||||||||||||||||||||
All other | 1,308 | — | — | 1,308 | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,016,424 | $ | 19,425 | $ | 75,214 | $ | 1,111,063 | |||||||||||||||||||||||||||||||||||||
Allocation of allowance for loan losses | $ | 20,037 | $ | 443 | $ | 7,623 | $ | 28,103 | |||||||||||||||||||||||||||||||||||||
-1 | Substandard loans consisted of $35.9 million of nonaccrual loans, $13.1 million of accruing TDRs and $18.6 million of other performing loans at December 31, 2013, compared to $45.9 million of nonaccrual loans, $20.1 million of accruing TDRs and $9.2 million of other performing loans at December 31, 2012. At December 31, 2013, we also had one accruing TDR for $0.4 million which was rated pass. | ||||||||||||||||||||||||||||||||||||||||||||
The geographic distribution of the loan portfolio by state follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||
New York | $ | 670,052 | 59.2 | % | $ | 717,141 | 64.5 | % | |||||||||||||||||||||||||||||||||||||
Florida | 321,812 | 28.4 | 286,619 | 25.8 | |||||||||||||||||||||||||||||||||||||||||
North Carolina | 22,611 | 2 | 14,256 | 1.3 | |||||||||||||||||||||||||||||||||||||||||
Georgia | 18,799 | 1.7 | 11,752 | 1.1 | |||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 16,898 | 1.5 | 10,270 | 0.9 | |||||||||||||||||||||||||||||||||||||||||
New Jersey | 15,650 | 1.4 | 26,425 | 2.4 | |||||||||||||||||||||||||||||||||||||||||
Kentucky | 11,930 | 1.1 | 7,512 | 0.7 | |||||||||||||||||||||||||||||||||||||||||
Virginia | 11,491 | 1 | 11,758 | 1.1 | |||||||||||||||||||||||||||||||||||||||||
South Carolina | 9,223 | 0.8 | 5,853 | 0.5 | |||||||||||||||||||||||||||||||||||||||||
Connecticut | 8,429 | 0.7 | 11,216 | 1 | |||||||||||||||||||||||||||||||||||||||||
Tennessee | 5,843 | 0.5 | 770 | 0.1 | |||||||||||||||||||||||||||||||||||||||||
Michigan | 5,599 | 0.5 | 450 | 0 | |||||||||||||||||||||||||||||||||||||||||
Ohio | 4,703 | 0.4 | 2,260 | 0.2 | |||||||||||||||||||||||||||||||||||||||||
Indiana | 2,820 | 0.2 | 1,098 | 0.1 | |||||||||||||||||||||||||||||||||||||||||
All other states | 5,690 | 0.5 | 3,683 | 0.3 | |||||||||||||||||||||||||||||||||||||||||
$ | 1,131,550 | 100 | % | $ | 1,111,063 | 100 | % | ||||||||||||||||||||||||||||||||||||||
Information regarding loans restructured during 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Number | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | of Loans | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||
In 2013 | - Commercial real estate - extended maturity date | 2 | $ | 9,159 | $ | 9,159 | |||||||||||||||||||||||||||||||||||||||
In 2012 | - Commercial real estate - extended maturity date | 1 | $ | 5,010 | $ | 5,010 | |||||||||||||||||||||||||||||||||||||||
- Multifamily - extended maturity date | 1 | 1,805 | 1,805 | ||||||||||||||||||||||||||||||||||||||||||
- Land - extended maturity date | 2 | 520 | 520 | ||||||||||||||||||||||||||||||||||||||||||
4 | $ | 7,335 | $ | 7,335 | |||||||||||||||||||||||||||||||||||||||||
During 2013, there was one TDR in the amount of $3.0 million that defaulted in March 2013 and it was subsequently paid off in June 2013. During 2013, one TDR in the amount of $1.9 million matured. The loan was re-financed by INB and transferred to a performing non-TDR category since the borrower was no longer experiencing financial difficulties. For 2012, there were no TDRs that defaulted or TDRs transferred to a non-TDR loan category. | |||||||||||||||||||||||||||||||||||||||||||||
The distribution of TDRs by accruing versus non-accruing, by loan type and by geographic distribution follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Performing - nonaccrual status | $ | 33,184 | $ | 36,291 | |||||||||||||||||||||||||||||||||||||||||
Performing - accrual status | 13,429 | 20,076 | |||||||||||||||||||||||||||||||||||||||||||
$ | 46,613 | $ | 56,367 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 41,860 | $ | 43,685 | |||||||||||||||||||||||||||||||||||||||||
Multifamily | 3,128 | 10,081 | |||||||||||||||||||||||||||||||||||||||||||
Land | 1,625 | 2,601 | |||||||||||||||||||||||||||||||||||||||||||
$ | 46,613 | $ | 56,367 | ||||||||||||||||||||||||||||||||||||||||||
New York | $ | 8,223 | $ | 18,478 | |||||||||||||||||||||||||||||||||||||||||
Florida | 27,070 | 33,920 | |||||||||||||||||||||||||||||||||||||||||||
New Jersey | — | 883 | |||||||||||||||||||||||||||||||||||||||||||
Georgia | 8,695 | — | |||||||||||||||||||||||||||||||||||||||||||
Ohio | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||||||
South Dakota | 1,625 | 2,086 | |||||||||||||||||||||||||||||||||||||||||||
$ | 46,613 | $ | 56,367 | ||||||||||||||||||||||||||||||||||||||||||
Allowance_for_Loan_Losses
Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||
4. Allowance for Loan Losses | |||||||||||||||||||||||||
Activity in the allowance for loan losses by loan type for the periods indicated follows: | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 21,919 | $ | 11,234 | $ | 122 | $ | 1,553 | $ | 12 | $ | 34,840 | |||||||||||||
Loan chargeoffs | (7,186 | ) | (2,412 | ) | — | — | — | (9,598 | ) | ||||||||||||||||
Loan recoveries | 90 | 65 | — | — | — | 155 | |||||||||||||||||||
Provision (credit) for loan losses | 4,333 | (39 | ) | 210 | 516 | (2 | ) | 5,018 | |||||||||||||||||
Balance at December 31, 2011 | $ | 19,156 | $ | 8,848 | $ | 332 | $ | 2,069 | $ | 10 | $ | 30,415 | |||||||||||||
Loan chargeoffs | (2,588 | ) | (564 | ) | — | — | — | (3,152 | ) | ||||||||||||||||
Loan recoveries | 507 | 333 | — | — | — | 840 | |||||||||||||||||||
Provision (credit) for loan losses | 1,976 | (1,736 | ) | 788 | (1,026 | ) | (2 | ) | — | ||||||||||||||||
Balance at December 31, 2012 | $ | 19,051 | $ | 6,881 | $ | 1,120 | $ | 1,043 | $ | 8 | $ | 28,103 | |||||||||||||
Loan chargeoffs | (1,932 | ) | (6 | ) | — | — | — | (1,938 | ) | ||||||||||||||||
Loan recoveries | 1,053 | 682 | — | 483 | — | 2,218 | |||||||||||||||||||
Provision (credit) for loan losses | 231 | (2,460 | ) | 1,897 | (218 | ) | — | (550 | ) | ||||||||||||||||
Balance at December 31, 2013 | $ | 18,403 | $ | 5,097 | $ | 3,017 | $ | 1,308 | $ | 8 | $ | 27,833 | |||||||||||||
The following table sets forth the balances of our loans receivable by segment and impairment evaluation and the allowance for loan losses associated with such loans at December 31, 2013. | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 52,407 | $ | 3,128 | $ | — | $ | 1,625 | $ | — | $ | 57,160 | |||||||||||||
Collectively evaluated for impairment | 786,359 | 207,142 | 72,064 | 7,553 | 1,272 | 1,074,390 | |||||||||||||||||||
Total loans | $ | 838,766 | $ | 210,270 | $ | 72,064 | $ | 9,178 | $ | 1,272 | $ | 1,131,550 | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 4,999 | $ | 594 | $ | — | $ | 500 | $ | — | $ | 6,093 | |||||||||||||
Collectively evaluated for impairment | 13,404 | 4,503 | 3,017 | 808 | 8 | 21,740 | |||||||||||||||||||
Total allowance for loan losses | $ | 18,403 | $ | 5,097 | $ | 3,017 | $ | 1,308 | $ | 8 | $ | 27,833 | |||||||||||||
-1 | See note 3 to financial statements in this report. | ||||||||||||||||||||||||
The following table sets forth the balances of our loans receivable by segment and impairment evaluation and the allowance for loan losses associated with such loans at December 31, 2012. | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 50,795 | $ | 12,577 | $ | — | $ | 2,601 | $ | — | $ | 65,973 | |||||||||||||
Collectively evaluated for impairment | 801,418 | 196,122 | 41,676 | 4,566 | 1,308 | 1,045,090 | |||||||||||||||||||
Total loans | $ | 852,213 | $ | 208,699 | $ | 41,676 | $ | 7,167 | $ | 1,308 | $ | 1,111,063 | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 3,825 | $ | 1,542 | $ | — | $ | 521 | $ | — | $ | 5,888 | |||||||||||||
Collectively evaluated for impairment | 15,226 | 5,339 | 1,120 | 522 | 8 | 22,215 | |||||||||||||||||||
Total allowance for loan losses | $ | 19,051 | $ | 6,881 | $ | 1,120 | $ | 1,043 | $ | 8 | $ | 28,103 | |||||||||||||
-1 | See note 3 to financial statements in this report. |
Premises_and_Equipment_Lease_C
Premises and Equipment, Lease Commitments, Rental Expense and Sublease Income | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment, Lease Commitments, Rental Expense and Sublease Income | ' | ||||||||
5. Premises and Equipment, Lease Commitments, Rental Expense and Sublease Income | |||||||||
Premises and equipment is as follows: | |||||||||
At December 31, | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
Land | $ | 1,264 | $ | 1,264 | |||||
Buildings | 5,214 | 5,020 | |||||||
Leasehold improvements | 1,786 | 1,632 | |||||||
Furniture, fixtures and equipment | 1,713 | 1,770 | |||||||
Total cost | 9,977 | 9,686 | |||||||
Less accumulated deprecation and amortization | (5,921 | ) | (5,808 | ) | |||||
Net book value | $ | 4,056 | $ | 3,878 | |||||
The offices of IBC and INB’s headquarters and full-service banking office are located in leased premises on the entire fourth floor of One Rockefeller Plaza in New York City, with such lease expiring in March 2024. In addition, INB leases its Belcher Road and Mandalay Avenue branch offices in Florida, with such leases expiring in September 2022 and January 2016, respectively. All the leases above contain operating escalation clauses related to taxes and operating costs based upon various criteria and are accounted for as operating leases. INB owns all of its remaining offices in Florida and also leases a portion of the space in its office buildings in Florida that is not used for banking operations to other companies under leases that have expiration dates at various times through August 2017. | |||||||||
Depreciation and amortization of premises and equipment is reflected as a component of noninterest expense in the consolidated statements of earnings and amounted to $0.4 million in 2013, 2012 and 2011. | |||||||||
Future minimum annual lease payments and sublease income due under non-cancelable leases at December 31, 2013 are as follows: | |||||||||
Minimum Rentals | |||||||||
($ in thousands) | Lease Expense (1) | Sublease Income (2) | |||||||
In 2014 | $ | 1,540 | $ | 276 | |||||
In 2015 | 1,569 | 245 | |||||||
In 2016 | 1,506 | 229 | |||||||
In 2017 | 1,504 | 153 | |||||||
In 2018 | 1,507 | — | |||||||
Thereafter | 8,314 | — | |||||||
$ | 15,940 | $ | 903 | ||||||
-1 | Rent expense under operating leases aggregated to $1.6 million in 2013, $1.5 million in 2012 and $1.2 million in 2011. | ||||||||
-2 | Rent income aggregated to $0.4 million in 2013, 2012 and 2011. |
Foreclosed_Real_Estate_and_Val
Foreclosed Real Estate and Valuation Allowance for Real Estate Losses | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Foreclosed Real Estate and Valuation Allowance for Real Estate Losses | ' | ||||||||||||||||
6. Foreclosed Real Estate and Valuation Allowance for Real Estate Losses | |||||||||||||||||
Real estate acquired through foreclosure by property type is summarized as follows: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
($ in thousands) | # of Properties | Amount (1) | # of Properties | Amount (1) | |||||||||||||
Commercial real estate | 2 | $ | 3,984 | 2 | $ | 2,790 | |||||||||||
Multifamily | 1 | 6,685 | 3 | 12,000 | |||||||||||||
Land | — | — | 1 | 1,133 | |||||||||||||
Real estate acquired through foreclosure | 3 | $ | 10,669 | 6 | $ | 15,923 | |||||||||||
-1 | Reported net of any associated valuation allowance. | ||||||||||||||||
Activity in the valuation allowance for real estate losses is as follows: | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Valuation allowance at beginning of year | $ | 5,339 | $ | 6,037 | $ | 2,688 | |||||||||||
Provision for real estate losses charged to expense | 1,105 | 4,068 | 3,349 | ||||||||||||||
Real estate chargeoffs: | |||||||||||||||||
Commercial real estate | (256 | ) | (2,280 | ) | — | ||||||||||||
Multifamily | (3,157 | ) | — | — | |||||||||||||
Land | (1,014 | ) | (2,486 | ) | — | ||||||||||||
Total real estate chargeoffs | (4,427 | ) | (4,766 | ) | — | ||||||||||||
Valuation allowance at end of year | $ | 2,017 | $ | 5,339 | $ | 6,037 | |||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
7. Deposits | |||||||||||||||||
Scheduled maturities of certificates of deposit accounts (CDs) are as follows: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
($ in thousands) | Amount | Wtd-Avg | Amount | Wtd-Avg | |||||||||||||
Stated Rate | Stated Rate | ||||||||||||||||
Within one year | $ | 307,122 | 1.97 | % | $ | 519,236 | 2.92 | % | |||||||||
Over one to two years | 167,323 | 1.92 | 181,698 | 2.79 | |||||||||||||
Over two to three years | 170,956 | 1.92 | 89,049 | 2.74 | |||||||||||||
Over three to four years | 106,700 | 2.5 | 60,119 | 3.02 | |||||||||||||
Over four years | 129,678 | 2.06 | 86,776 | 2.93 | |||||||||||||
$ | 881,779 | 2.03 | % | $ | 936,878 | 2.89 | % | ||||||||||
CDs of $100,000 or more totaled $473 million at December 31, 2013 and $463 million at December 31, 2012 and included brokered CDs of $91 million and $78 million, respectively. At December 31, 2013, all CDs of $100,000 or more (inclusive of brokered CDs) by remaining maturity were as follows: $143 million due within one year; $75 million due over one to two years; $107 million due over two to three years; $67 million due over three to four years; and $81 million due thereafter. At December 31, 2013, brokered CDs had a weighted average rate of 3.01% and their remaining maturities were as follows: $23 million due within one year; $5 million due over one to two years; $13 million due over two to three years; $29 million due over three to four years and $21 million due over four years. | |||||||||||||||||
Interest expense on deposit accounts is as follows: | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Interest checking accounts | $ | 65 | $ | 65 | $ | 79 | |||||||||||
Savings accounts | 29 | 34 | 58 | ||||||||||||||
Money market accounts | 1,530 | 2,142 | 3,669 | ||||||||||||||
Certificates of deposit accounts | 23,806 | 33,590 | 43,776 | ||||||||||||||
$ | 25,430 | $ | 35,831 | $ | 47,582 | ||||||||||||
We have deposit accounts from affiliated companies, our directors, our executive officers and members of their immediate families and related business interests of approximately $3.7 million at December 31, 2013 and $3.4 million at December 31, 2012. |
FHLB_Advances_and_Lines_of_Cre
FHLB Advances and Lines of Credit | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
FHLB Advances and Lines of Credit | ' | ||||||||||||
8. FHLB Advances and Lines of Credit | |||||||||||||
At December 31, 2013, INB had $24 million of unsecured credit lines that were cancelable by the lender at any time. As a member of the FHLB and the FRB) INB can borrow from these institutions on a secured basis. At December 31, 2013, INB had available collateral consisting of investment securities and certain loans that could be pledged to support additional total borrowings of approximately $403 million from the FHLB and FRB, if needed. | |||||||||||||
The following is a summary of certain information regarding INB’s borrowings in the aggregate: | |||||||||||||
At or For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at year end | $ | — | $ | — | $ | 17,500 | |||||||
Maximum amount outstanding at any month end during the year | $ | — | $ | 13,500 | $ | 25,500 | |||||||
Average outstanding balance for the year | $ | 295 | $ | 9,087 | $ | 21,574 | |||||||
Weighted-average interest rate paid for the year | 0.38 | % | 4.27 | % | 4.1 | % | |||||||
Weighted-average interest rate at year end | — | — | 4.1 | % | |||||||||
In November 2012, FHLB advances totaling $7.0 million were repaid with cash on hand prior to their stated maturity. A loss of $0.2 million from the early extinguishment of these advances was recorded. This loss represented a prepayment penalty associated with the early retirement of these advances. |
Subordinated_Debentures_Capita
Subordinated Debentures - Capital Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Subordinated Debentures - Capital Securities | ' | ||||||||||||||||||||||||
9. Subordinated Debentures - Capital Securities | |||||||||||||||||||||||||
Capital Securities (commonly referred to as trust preferred securities) outstanding are summarized as follows: | |||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||
($ in thousands) | Principal | Accrued | Interest | Principal | Accrued | Interest | |||||||||||||||||||
Interest | Rate | Interest | Rate | ||||||||||||||||||||||
Payable | Payable | ||||||||||||||||||||||||
Capital Securities II - debentures due September 17, 2033 | $ | 15,464 | $ | 275 | 3.19 | % | $ | 15,464 | $ | 1,661 | 3.26 | % | |||||||||||||
Capital Securities III - debentures due March 17, 2034 | 15,464 | 261 | 3.03 | % | 15,464 | 1,577 | 3.1 | % | |||||||||||||||||
Capital Securities IV - debentures due September 20, 2034 | 15,464 | 223 | 2.65 | % | 15,464 | 1,370 | 2.71 | % | |||||||||||||||||
Capital Securities V - debentures due December 15, 2036 | 10,310 | 109 | 1.89 | % | 10,310 | 1,620 | 1.96 | % | |||||||||||||||||
$ | 56,702 | $ | 868 | $ | 56,702 | $ | 6,228 | ||||||||||||||||||
The securities are obligations of IBC’s wholly owned statutory business trusts, Intervest Statutory Trust II, III, IV and V, respectively. Each Trust was formed with a capital contribution from IBC and for the sole purpose of issuing and administering the Capital Securities. The proceeds from the issuance of the Capital Securities together with the capital contribution for each Trust were used to acquire IBC’s Junior Subordinated Debentures (the “Debentures”) that are due concurrently with the Capital Securities. The Capital Securities, net of IBC’s capital contributions of $1.7 million, total $55 million and qualify as regulatory Tier 1 capital up to certain limits. IBC has guaranteed the payment of distributions on, payments on any redemptions of, and any liquidation distribution with respect to the Capital Securities. Issuance costs associated with Capital Securities II, III and IV were capitalized and are being amortized over the contractual life of the securities using the straight-line method. The unamortized balance totaled approximately $0.7 million at December 31, 2013. There were no issuance costs for Capital Securities V. | |||||||||||||||||||||||||
Interest payments on the Debentures (and the corresponding distributions on the Capital Securities) are payable in arrears as follows: | |||||||||||||||||||||||||
• | Capital Securities II - quarterly at the rate of 2.95% over 3 month libor; | ||||||||||||||||||||||||
• | Capital Securities III - quarterly at the rate of 2.79% over 3 month libor; | ||||||||||||||||||||||||
• | Capital Securities IV- quarterly at the rate of 2.40% over 3 month libor; and | ||||||||||||||||||||||||
• | Capital Securities V - quarterly at the rate of 1.65% over 3 month libor. | ||||||||||||||||||||||||
Interest payments may be deferred at any time and from time to time during the term of the Debentures at IBC’s election for up to 20 consecutive quarterly periods, or 5 years, with no limitations on the number of deferral periods IBC may elect, provided, however, no deferral period may extend beyond the maturity date of the Debentures. During an interest deferral period, interest will continue to accrue on the Debentures and interest on such accrued interest will accrue at an annual rate equal to the interest rate in effect for such deferral period, compounded quarterly from the date such interest would have been payable were it not deferred. At the end of the deferral period, IBC will be obligated to pay all interest then accrued and unpaid. During the deferral period, among other restrictions, IBC and any affiliate cannot, subject to certain exceptions: (i) declare or pay any dividends or distributions on, or redeem, purchase or acquire any capital stock of IBC or its affiliates (other than payment of dividends to IBC); or (ii) make any payment of principal or interest or premium on, or repay, repurchase or redeem any debt securities of IBC or its affiliates that rank pari passu with or junior to the Debentures. In February 2010, as required by its primary regulator, IBC exercised its right to defer interest payments as described above. In June 2013, IBC, with approval from its regulator, repaid all accrued interest payments in arrears as of that date on the Debentures. In September 2013, IBC again exercised its right to defer interest payments on the Debentures due to the restrictions of its written agreement with its regulator. | |||||||||||||||||||||||||
The Capital Securities are subject to mandatory redemption as follows: (i) in whole, but not in part, upon repayment of the Debentures at stated maturity or earlier, at the option of IBC, within 90 days following the occurrence and continuation of certain changes in the tax or capital treatment of the Capital Securities, or a change in law such that the statutory trust would be considered an investment company, contemporaneously with the redemption by IBC of the Debentures; and (ii) in whole or in part at any time contemporaneously with the optional redemption by IBC of the Debentures in whole or in part. Any redemption would be subject to the receipt of regulatory approvals. |
Stockholders_Equity_and_Redemp
Stockholders' Equity and Redemption of Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity and Redemption of Preferred Stock | ' |
10. Stockholders’ Equity and Redemption of Preferred Stock | |
Prior to May 24, 2012, IBC had two classes of authorized common stock - Class A and Class B. At IBC’s 2012 Annual Meeting of Stockholders held on May 24, 2012, stockholders approved an amendment and restatement of IBC’s Certificate of Incorporation to eliminate any and all references to Class B common stock and to rename its Class A common stock “common stock.” | |
IBC is authorized to issue up to 62,300,000 shares of its capital stock, consisting of 62,000,000 shares of common stock and 300,000 shares of preferred stock. IBC’s board of directors determines the powers, preferences and rights, and the qualifications, limitations, and restrictions thereof on any series of preferred stock issued. | |
From December 23, 2008 through June 24, 2013 a total of 25,000 shares of preferred stock were designated as Series A (the “Preferred Stock”) and were owned by the U.S. Department of the Treasury (the “Treasury”). The Preferred Stock was issued to the Treasury by IBC in connection with IBC’s participation in the Capital Purchase Program (the “CPP”) under the Treasury’s Troubled Asset Relief Program (“TARP”), together with a ten-year warrant (the “Warrant”) to purchase 691,882 shares of IBC’s common stock at an exercise price of $5.42 per share. In February 2010, IBC ceased the declaration and payment of dividends on the Preferred Stock as required by IBC’s primary regulator. | |
On June 6, 2013, the Treasury announced its intent to sell its investment in IBC’s Preferred Stock, along with similar investments the Treasury had made in five other financial institutions, primarily to qualified institutional buyers and certain institutional accredited investors. IBC obtained regulatory approvals allowing it to participate in the auction. Using a modified Dutch auction methodology that established a market price by allowing investors to submit bids at specified increments during the period from June 10 through June 13, 2013, the Treasury auctioned all of IBC’s 25,000 shares of Preferred Stock. IBC was the winning bidder on 6,250 shares of the Preferred Stock and the remaining 18,750 shares were purchased by unrelated third parties. The closing price of the auctioned shares was $970.00 per share. | |
On June 24, 2013, IBC completed the repurchase of 6,250 shares of the Preferred Stock from the Treasury and those shares were retired. The shares were repurchased for $6.1 million, plus an additional $1.2 million in accrued and unpaid dividends through June 24, 2013, for a total of $7.3 million. | |
On August 15, 2013, IBC redeemed the remaining 18,750 shares of the Preferred Stock held by the unrelated third parties for a purchase price equaling the stated liquidation value of $1,000 per share, plus accumulated and unpaid dividends earned through August 15, 2013. The total cost of redeeming these shares was $22.6 million, which included $3.9 million of accrued and unpaid dividends. IBC received all necessary regulatory approvals to complete the redemption. The Treasury continued to hold the Warrant as of December 31, 2013. |
Asset_and_Dividend_Restriction
Asset and Dividend Restrictions | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Asset and Dividend Restrictions | ' |
11. Asset and Dividend Restrictions | |
INB is required under FRB regulations to maintain reserves against its transaction accounts. At December 31, 2013 and 2012, balances maintained as reserves were approximately $1.0 million. The FRB pays interest on required and excess reserve balances based on a defined formula. | |
As a member of the FRB and FHLB, INB must maintain an investment in the capital stock of each entity. At December 31, 2013 and 2012, the total investment aggregated to $8.2 million. At December 31, 2013 and 2012, U.S. government agency security investments with a carrying value of approximately $27 million and $17 million, respectively, were pledged against lines of credit. At December 31, 2013 and 2012, certain mortgage loans totaling approximately $71 million and $105 million, respectively, were also pledged against lines of credit. | |
The payment of cash dividends by IBC to its common and preferred shareholders and the payment of cash dividends by INB to IBC are subject to various regulatory restrictions, as well as restrictions that may arise from any outstanding indentures and other capital securities. These restrictions take into consideration various factors such as whether there are sufficient net earnings, as defined, liquidity, asset quality, capital adequacy and economic conditions. Since February 2010, as required by the FRB, IBC’s primary regulator, IBC may not, without the prior approval of the FRB, pay dividends on or redeem its capital stock, pay interest on or redeem its trust preferred securities, or incur new debt. No cash common dividends were declared or paid in 2013, 2012 or 2011. See note 10 for a discussion of cash preferred dividends paid in 2013. |
Profit_Sharing_Plans
Profit Sharing Plans | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Profit Sharing Plans | ' |
12. Profit Sharing Plans | |
We have a tax-qualified profit sharing plan for our employees in accordance with the provisions of Section 401(k) of the Internal Revenue Code, whereby our eligible employees meeting certain length-of-service requirements may make tax-deferred contributions up to certain limits. We made discretionary matching contributions of up to 4% of employee compensation, which vest to the employees over a five-year period. Total cash contributions to the plan aggregated to $164,000, $161,000 and $141,000 in 2013, 2012 and 2011, respectively, and were included in the line item “salaries and employee benefits” in the consolidated statements of earnings. |
Common_Stock_Warrant_Options_a
Common Stock Warrant, Options and Restricted Common Stock | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Common Stock Warrant, Options and Restricted Common Stock | ' | ||||||||||||||||||||||||||||||||
13. Common Stock Warrant, Options and Restricted Common Stock | |||||||||||||||||||||||||||||||||
IBC has shareholder-approved incentive plans, the 2006 Long Term Incentive Plan and the 2013 Equity Incentive Plan (together referred to as the “Plans”) under which stock options, restricted stock and other forms of incentive compensation may be awarded from time to time to officers, employees and directors of IBC and its subsidiaries. The maximum number of shares of common stock that may be awarded under the Plans is 2,250,000. At December 31, 2013, 789,003 shares of common stock were available for award under the Plans. | |||||||||||||||||||||||||||||||||
A summary of selected information regarding option awards made under the Plans for the three-year period ended December 31, 2013 follows. There were no option awards made in 2013 or 2012: | |||||||||||||||||||||||||||||||||
($ in thousands, except per option amounts) | 2011 | ||||||||||||||||||||||||||||||||
Option Award | |||||||||||||||||||||||||||||||||
Date of award | 12/8/11 | ||||||||||||||||||||||||||||||||
Total options awarded | 44,100 | ||||||||||||||||||||||||||||||||
Exercise price of option | $ | 2.55 | |||||||||||||||||||||||||||||||
Estimated fair value per option (1) | $ | 1.67 | |||||||||||||||||||||||||||||||
Total estimated fair value of award | $ | 73,647 | |||||||||||||||||||||||||||||||
Assumptions used in Black-Scholes Model: | |||||||||||||||||||||||||||||||||
Expected dividend yield (2) | 0 | % | |||||||||||||||||||||||||||||||
Expected stock volatility (3) | 75 | % | |||||||||||||||||||||||||||||||
Risk-free interest rate (4) | 1.13 | % | |||||||||||||||||||||||||||||||
Expected term in years (5) | 6 | ||||||||||||||||||||||||||||||||
-1 | Fair value was estimated at the grant date of the award based on the Black-Scholes option-pricing model using the assumptions noted in the table above. The assumptions are subjective in nature, involve uncertainties and therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options which are not immediately exercisable and are not traded on public markets. | ||||||||||||||||||||||||||||||||
-2 | No dividends were assumed to be declared and paid for shares underlying the option grants. | ||||||||||||||||||||||||||||||||
-3 | Expected stock volatility is estimated based on an assessment of historical volatility of IBC’s common stock. | ||||||||||||||||||||||||||||||||
-4 | Risk-free interest rate was derived from a U.S. Treasury security having a similar expected life as the option as of the grant date. | ||||||||||||||||||||||||||||||||
-5 | Expected term (average life) was calculated using the “simplified method” as prescribed by the SEC guidance. | ||||||||||||||||||||||||||||||||
A summary of the activity in IBC’s outstanding common stock warrant and options and related information follows: | |||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | Exercise Price Per Warrant/Option | Wtd-Avg. | |||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||
$5.42 (1) | $17.10 | $7.50 | $4.02 | $3.00 | $2.55 | Total | Price | ||||||||||||||||||||||||||
Outstanding at December 31, 2010 | 691,882 | 118,140 | 122,290 | 71,710 | 41,400 | — | 1,045,422 | $ | 6.79 | ||||||||||||||||||||||||
Forfeited/expired (2) | — | (300 | ) | (900 | ) | (1,200 | ) | (1,500 | ) | — | (3,900 | ) | $ | 5.44 | |||||||||||||||||||
Options granted | — | — | — | — | — | 44,100 | 44,100 | $ | 2.55 | ||||||||||||||||||||||||
Outstanding at December 31, 2011 | 691,882 | 117,840 | 121,390 | 70,510 | 39,900 | 44,100 | 1,085,622 | $ | 6.62 | ||||||||||||||||||||||||
Forfeited/expired (2) | — | (1,200 | ) | (1,200 | ) | (1,600 | ) | (1,600 | ) | (1,800 | ) | (7,400 | ) | $ | 6.13 | ||||||||||||||||||
Exercised | — | — | — | — | (100 | ) | — | (100 | ) | $ | 3 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 691,882 | 116,640 | 120,190 | 68,910 | 38,200 | 42,300 | 1,078,122 | $ | 6.63 | ||||||||||||||||||||||||
Forfeited/expired (2) | — | (6,000 | ) | (6,200 | ) | (1,610 | ) | (2,100 | ) | (3,500 | ) | (19,410 | ) | $ | 8.8 | ||||||||||||||||||
Options exercised | — | — | — | (9,900 | ) | (3,700 | ) | (3,667 | ) | (17,267 | ) | $ | 3.49 | ||||||||||||||||||||
Outstanding at December 31, 2013 | 691,882 | 110,640 | 113,990 | 57,400 | 32,400 | 35,133 | 1,041,445 | $ | 6.64 | ||||||||||||||||||||||||
Expiration date | 12/23/18 | 12/13/17 | 12/11/18 | 12/10/19 | 12/9/20 | 12/8/21 | |||||||||||||||||||||||||||
Vested and exercisable (3) | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 67 | % | 99 | % | |||||||||||||||||||
Wtd-avg contractual remaining term (in years) | 5 | 4 | 4.9 | 5.9 | 6.9 | 7.9 | 5.1 | ||||||||||||||||||||||||||
Intrinsic value at December 31, 2013 (4) | $ | 1,446 | — | $ | 1 | $ | 201 | $ | 146 | $ | 174 | $ | 1,968 | ||||||||||||||||||||
-1 | This warrant is held by the U.S. Treasury as described in note 10 to the financial statements. | ||||||||||||||||||||||||||||||||
-2 | Represent options forfeited or expired unexercised. | ||||||||||||||||||||||||||||||||
-3 | The $2.55 options further vest and become 100% exercisable on December 8, 2014. Full vesting may occur earlier upon the occurrence of certain events as defined in the option agreement. | ||||||||||||||||||||||||||||||||
-4 | Intrinsic value was calculated using the closing price of the common stock on December 31, 2013 of $7.51. | ||||||||||||||||||||||||||||||||
A summary of selected information regarding restricted common stock awards made under the Plans for the three-year period ended December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | Stock Grant | Stock | Stock | ||||||||||||||||||||||||||||||
Grant | Grant | ||||||||||||||||||||||||||||||||
Grant date of award | 12/12/13 | 1/24/13 | 1/19/12 | ||||||||||||||||||||||||||||||
Total restricted shares of stock awarded (1) | 135,500 | 330,700 | 465,400 | ||||||||||||||||||||||||||||||
Estimated fair value per share awarded (2) | $ | 7.21 | $ | 4.5 | $ | 2.9 | |||||||||||||||||||||||||||
Total estimated fair value of award | $ | 977 | $ | 1,488 | $ | 1,350 | |||||||||||||||||||||||||||
Awards scheduled to vest as follows: | |||||||||||||||||||||||||||||||||
Jan-13 | — | — | 256,800 | ||||||||||||||||||||||||||||||
Jan-14 | 75,417 | 49,566 | 133,455 | ||||||||||||||||||||||||||||||
Jan-15 | 44,917 | 170,888 | 75,145 | ||||||||||||||||||||||||||||||
Jan-16 | 15,166 | 110,246 | — | ||||||||||||||||||||||||||||||
135,500 | 330,700 | 465,400 | |||||||||||||||||||||||||||||||
-1 | The December 2013 awards were made to five executive officers vesting in five installments over a three-year period. These awards replaced certain awards that were forfeited during 2013 in connection with the requirements of TARP. | ||||||||||||||||||||||||||||||||
The January 2013 awards were made as follows: a total of 182,000 shares to five executive officers (vesting in two installments, with two thirds vesting on the second anniversary of the grant and the remaining one third on the third anniversary of the grant); a total of 80,000 shares to eight non-employee directors and 68,700 shares to other officers and employees (vesting in three equal installments, with one third vesting on each of the first three anniversary dates of the grant). | |||||||||||||||||||||||||||||||||
The January 2012 awards were made as follows: a total of 175,000 shares to five executive officers (vesting in two installments, with two thirds vesting on the second anniversary of the grant and the remaining one third on the third anniversary of the grant); a total of 240,000 shares to six non-employee directors (vesting 100% on the first anniversary of the grant); and a total of 50,400 shares to other officers and employees (vesting in three equal installments, with one third on each of the first three anniversary dates of the grant). | |||||||||||||||||||||||||||||||||
-2 | Fair value of each award was estimated as of the grant date based on the closing market price of the common stock on the grant date. | ||||||||||||||||||||||||||||||||
A summary of activity in outstanding restricted common stock and related information follows: | |||||||||||||||||||||||||||||||||
Price Per Share | |||||||||||||||||||||||||||||||||
$2.35 | $2.90 | $4.50 | $7.21 | Total | |||||||||||||||||||||||||||||
Outstanding at December 31, 2010 | 319,300 | — | — | — | 319,300 | ||||||||||||||||||||||||||||
Shares forfeited | (1,200 | ) | — | — | — | (1,200 | ) | ||||||||||||||||||||||||||
Outstanding at December 31, 2011 | 318,100 | — | — | — | 318,100 | ||||||||||||||||||||||||||||
Shares granted | — | 465,400 | — | — | 465,400 | ||||||||||||||||||||||||||||
Shares forfeited | (600 | ) | (600 | ) | — | — | (1,200 | ) | |||||||||||||||||||||||||
Outstanding at December 31, 2012 | 317,500 | 464,800 | — | — | 782,300 | ||||||||||||||||||||||||||||
Shares vested and no longer restricted | (264,150 | ) | (256,600 | ) | — | — | (520,750 | ) | |||||||||||||||||||||||||
Shares granted | — | — | 330,700 | 135,500 | 466,200 | ||||||||||||||||||||||||||||
Shares forfeited | (53,350 | ) | (49,883 | ) | (51,200 | ) | — | (154,433 | ) | ||||||||||||||||||||||||
Outstanding at December 31, 2013 (1) (2) | — | 158,317 | 279,500 | 135,500 | 573,317 | ||||||||||||||||||||||||||||
-1 | All outstanding shares of restricted common stock at December 31, 2013 were unvested and subject to forfeiture. | ||||||||||||||||||||||||||||||||
Shares issued at $2.90 will vest as follows: 101,034 on January 19, 2014 and 57,283 on January 19, 2015. | |||||||||||||||||||||||||||||||||
Shares issued at $4.50 will vest as follows: 47,667 on January 24, 2014, 138,667 on January 24, 2015 and 93,166 on January 24, 2016. | |||||||||||||||||||||||||||||||||
Shares issued at $7.21 will vest as follows: 46,250 on January 2, 2014; 29,167 on January 19, 2014; 14,584 on January 19, 2015; 30,333 on January 24, 2015; and 15,166 on January 24, 2016. | |||||||||||||||||||||||||||||||||
-2 | Vesting is subject to the grantee’s continued employment with us or, in the case of non-employee directors, the grantee’s continued service as our director on the vesting dates. All of the awards are subject to accelerated vesting upon the death or disability of the grantee or upon a change in control of IBC, as defined in the restricted stock agreements. The record holder of IBC’s restricted shares of common stock possesses all the rights of a holder of our common stock, including the right to receive dividends on and to vote the restricted shares. The restricted shares may not be sold, transferred, pledged, assigned, encumbered, or otherwise alienated or hypothecated until they become fully vested and transferable in accordance with the agreements. | ||||||||||||||||||||||||||||||||
Stock-based compensation expense is recognized on a straight-line basis over the vesting period of the awards and totaled $0.8 million, $1.2 million and $0.3 million in 2013, 2012 and 2011, respectively. As required by GAAP, stock-based compensation expense is recorded as an expense and a corresponding increase to our stockholders’ equity as additional paid-in capital. At December 31, 2013, pre-tax compensation expense related to all nonvested awards of options and restricted stock not yet recognized totaled $1.9 million and such amount is expected to be recognized in the future over a weighted-average period of approximately 1.9 years. | |||||||||||||||||||||||||||||||||
Our income taxes payable for 2013 was reduced by the excess income tax benefit associated with the vesting of restricted common stock awards and the exercise of stock option awards (calculated as the difference between the fair market value of the stock at the vesting date versus the grant date in the case of stock awards and the difference between the fair market value of the stock at the exercise date versus the exercise price per share in the case of options, multiplied by our effective income tax rate). The net tax benefit amounted to $0.6 million and is required to be recorded as an increase to our paid-in capital. There was no such tax benefit for 2012 and 2011. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
14. Income Taxes | |||||||||||||
We file a consolidated federal income tax return and combined state and city income tax returns in New York. INB files a state income tax return in Florida. All returns are filed on a calendar year basis. Our income tax returns that have been filed and are no longer subject to examination by taxing authorities are for years prior to 2010. Our Federal returns for 2008, 2009 and 2010 were audited by the Internal Revenue Service. This audit was completed in 2013 and no adjustments were proposed. As of December 31, 2013, our New York State returns for 2010, 2011 and 2012 were being audited and we are not aware of any proposed adjustments as of the date of filing of this report. | |||||||||||||
Allocation of our federal, state and local income tax expense between current and deferred portions is as follows: | |||||||||||||
($ in thousands) | Current | Deferred | Total | ||||||||||
Year Ended December 31, 2013: | |||||||||||||
Federal | $ | 420 | $ | 9,130 | $ | 9,550 | |||||||
State and Local | 339 | 1,766 | 2,105 | ||||||||||
$ | 759 | $ | 10,896 | $ | 11,655 | ||||||||
Year Ended December 31, 2012: | |||||||||||||
Federal | $ | 370 | $ | 7,751 | $ | 8,121 | |||||||
State and Local | 335 | 1,851 | 2,186 | ||||||||||
$ | 705 | $ | 9,602 | $ | 10,307 | ||||||||
Year Ended December 31, 2011: | |||||||||||||
Federal | $ | 958 | $ | 6,670 | $ | 7,628 | |||||||
State and Local | 311 | 1,573 | 1,884 | ||||||||||
$ | 1,269 | $ | 8,243 | $ | 9,512 | ||||||||
The components of the deferred tax expense are as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
NOL and AMT credit carryforwards | $ | 7,353 | $ | 8,084 | $ | 8,138 | |||||||
Allowances for loan losses and real estate losses | 1,597 | 1,315 | 484 | ||||||||||
Capitalized real estate expenses and nonaccrual interest | 36 | 1,011 | (232 | ) | |||||||||
Impairment writedowns on investment securities | 1,857 | (282 | ) | (86 | ) | ||||||||
Deferred compensation and benefits | 285 | (355 | ) | (48 | ) | ||||||||
Depreciation | (234 | ) | (166 | ) | (16 | ) | |||||||
Deferred income | 2 | (5 | ) | 3 | |||||||||
$ | 10,896 | $ | 9,602 | $ | 8,243 | ||||||||
The tax effects of the temporary differences that give rise to the deferred tax asset are as follows: | |||||||||||||
At December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||
NOL and AMT credit carryforwards | $ | 3,061 | $ | 10,414 | |||||||||
Allowances for loan losses and real estate losses | 12,814 | 14,411 | |||||||||||
Capitalized real estate expenses and nonaccrual interest | 1,152 | 1,188 | |||||||||||
Impairment writedowns on investment securities | — | 1,857 | |||||||||||
Unrealized losses on securities available for sale | 24 | — | |||||||||||
Deferred compensation and benefits | 852 | 1,137 | |||||||||||
Depreciation | 454 | 220 | |||||||||||
Deferred income | 5 | 7 | |||||||||||
Total deferred tax asset | $ | 18,362 | $ | 29,234 | |||||||||
Our deferred tax asset in the table above arises from to the unrealized benefit for net temporary differences between the financial statement carrying amounts of our existing assets and liabilities and their respective tax bases that will result in future income tax deductions as well as any unused net operating loss carryforwards (NOLs) and Federal AMT credit carry forwards, all of which can be applied against and reduce our future taxable income and tax liabilities. At December 31, 2013, our remaining unused state and local NOLs amounted to approximately $30 million, which are available for state and local income tax purposes. The NOLs expire in 2030. | |||||||||||||
We have determined that a valuation allowance for our deferred tax asset was not required at any time during the reporting periods in this report because we believe that it is more likely than not that the asset will be fully realized. This conclusion is based on our taxable earnings history and our future projections of taxable income which indicate that we will be able to generate an adequate amount of future taxable income over a reasonable period of time to fully utilize the deferred tax asset. | |||||||||||||
The reconciliation between the statutory federal income tax rate and our effective income tax rate is as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Increase resulting from: | |||||||||||||
State and local income tax rate, net of federal benefit | 7.8 | 9.4 | 9.3 | ||||||||||
All other | 1.8 | 1.4 | 1.5 | ||||||||||
Effective Income Tax Rate | 44.6 | % | 45.8 | % | 45.8 | % | |||||||
As a Delaware corporation not earning income in Delaware, IBC is exempt from Delaware corporate income tax but is required to file an annual report with and pay an annual franchise tax to the State of Delaware. The tax is imposed as a percentage of the capital base of IBC and is reported in the line item “All other” in the noninterest expense section of our statements of earnings. Total annual franchise tax expense was $0.2 million in 2013, 2012 and 2011. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Common Share | ' | ||||||||||||
15. Earnings Per Common Share | |||||||||||||
Net earnings available to common stockholders and the weighted-average number of shares used for basic and diluted earnings per common share computations are summarized in the table that follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic Earnings Per Common Share: | |||||||||||||
Net earnings available to common stockholders | $ | 13,437,000 | $ | 10,421,000 | $ | 9,516,000 | |||||||
Weighted-Average number of common shares outstanding | 21,894,030 | 21,566,009 | 21,126,187 | ||||||||||
Basic Earnings Per Common Share | $ | 0.61 | $ | 0.48 | $ | 0.45 | |||||||
Diluted Earnings Per Common Share: | |||||||||||||
Net earnings available to common stockholders | $ | 13,437,000 | $ | 10,421,000 | $ | 9,516,000 | |||||||
Weighted-Average number of common shares outstanding: | |||||||||||||
Common shares outstanding | 21,894,030 | 21,566,009 | 21,126,187 | ||||||||||
Potential dilutive shares resulting from exercise of warrants /options (1) | 99,596 | 2,187 | — | ||||||||||
Total average number of common shares outstanding used for dilution | 21,993,626 | 21,568,196 | 21,126,187 | ||||||||||
Diluted Earnings Per Common Share | $ | 0.61 | $ | 0.48 | $ | 0.45 | |||||||
-1 | All outstanding options/warrants to purchase shares of our common stock were considered for the Diluted EPS computations and only those that were dilutive (as determined by using the treasury stock method prescribed by GAAP) were included in the diluted earnings per share computations above. In 2013, 2012 and 2011, 224,630, 997,622 and 1,085,622 of options/warrants to purchase common stock, respectively, were not dilutive because the exercise price per share of each option/warrant was above the average market price of our common stock during these periods. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
16. Contingencies | |
We are periodically a party to or otherwise involved in legal proceedings arising in the normal course of business, such as foreclosure proceedings. Based on review and consultation with our legal counsel, we do not believe that there is any pending or threatened proceeding against us, which, if determined adversely, would have a material effect on our business, results of operations, financial position or liquidity. | |
In the first and second quarters of 2013, INB entered into settlement agreements with respect to certain litigation INB had pursued in connection with foreclosure actions it had commenced in 2010 on several of its loans. INB commenced the actions to collect, in one case, insurance proceeds, which it contended had been improperly paid to various third parties, and in another case, damages due to alleged legal malpractice when the loan was originated. As a result of these settlements, INB received net proceeds totaling $2.7 million and $0.1 million in the first and second quarters of 2013, respectively, which were recorded as $1.2 million of recoveries of prior loan charge offs and $1.6 million of recoveries of prior real estate expenses associated with two loans and underlying collateral property. |
Contractual_Death_Benefit_Paym
Contractual Death Benefit Payments | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Contractual Death Benefit Payments | ' |
17. Contractual Death Benefit Payments | |
We are contractually obligated to pay through June 30, 2014 death benefits to the spouse of our former chairman, Jerome Dansker, pursuant to the terms of his employment agreements with IBC and its former subsidiary, IMC. At December 31, 2013, the remaining amount of death benefit payments payable totaled $0.2 million. In the event of the death of the former chairman’s spouse prior to June 30, 2014, any remaining unpaid payments will be paid by us in a lump sum to the spouse’s estate. We also have a ten-year employment and supplemental benefits agreement with our current Chairman, Mr. Lowell Dansker, which expires on June 30, 2014. Pursuant to the agreement, his annual base salary as of July 1, 2013, is $1.2 million and is subject to annual increases effective July 1st of each year of the term of the agreement based on various criteria. Mr. Dansker’s employment agreement also contains certain other provisions, including disability and death benefits and indemnification. In the event of Mr. Dansker’s disability, as defined in the agreement, or death, we would be obligated to pay to Mr. Dansker’s wife or his estate, as applicable, a specified amount over a period equal to the greater of (i) three years, and (ii) the number of months remaining in the stated term of the agreement. The specified amount is equal to a percentage, 50% in the case of disability and 25% in the case of death, of Mr. Dansker’s monthly base salary had the agreement continued in force and effect. No provision for this contingent liability has been made in the financial statements. |
OffBalance_Sheet_Financial_Ins
Off-Balance Sheet Financial Instruments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Off-Balance Sheet Financial Instruments | ' | ||||||||
18. Off-Balance Sheet Financial Instruments | |||||||||
INB is party to financial instruments with off-balance sheet risk in the normal course of its business to meet the financing needs of its customers. These instruments can be in the form of commitments to extend credit, unused lines of credit and standby letters of credit, and may involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in our financial statements. Our maximum exposure to credit risk is represented by the contractual amount of those instruments. Commitments to extend credit are agreements to lend funds to a customer as long as there is no violation of any condition established in the contract. Such commitments generally have fixed expiration dates or other termination clauses and normally require payment of fees to INB. Since some of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. Standby letters of credit are conditional commitments issued by INB to guarantee the performance of its customer to a third party. The credit risk involved in the underwriting of letters of credit is essentially the same as that involved in originating loans. INB had no standby letters of credit outstanding at December 31, 2013 or 2012. | |||||||||
The contractual amounts of off-balance sheet financial instruments are as follows: | |||||||||
At December 31, | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
Commitments to extend credit | $ | 19,386 | $ | 19,154 | |||||
Unused lines of credit | 877 | 854 | |||||||
$ | 20,263 | $ | 20,008 | ||||||
Regulatory_Capital_and_Regulat
Regulatory Capital and Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||||||||||
Regulatory Capital and Regulatory Matters | ' | ||||||||||||||||||||||||||||||||
19. Regulatory Capital and Regulatory Matters | |||||||||||||||||||||||||||||||||
General. IBC is subject to regulation, examination and supervision by the FRB. INB is subject to regulation, examination and supervision by the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”). Both IBC and INB are subject to various minimum regulatory capital requirements. Failure to comply with these requirements can initiate mandatory and discretionary actions by the aforementioned regulators that, if undertaken, could have a material adverse effect on our financial condition, results of operations and business. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. These capital amounts are also subject to qualitative judgement by the regulators about components, risk weighting and other factors. Quantitative measures established by the regulations to ensure capital adequacy require us to maintain minimum amounts and ratios of total Tier 1 capital to risk-weighted assets, total Tier 1 capital to average assets and total regulatory capital to risk weighted assets, as defined by the regulations. | |||||||||||||||||||||||||||||||||
Capital Ratios. We believe that both IBC and INB met all capital adequacy requirements to which they were subject. As of the date of filing of this report, we are not aware of any conditions or events that would have changed the status of such compliance with regulatory capital requirements from December 31, 2013. | |||||||||||||||||||||||||||||||||
Information regarding our regulatory capital and related ratios is summarized as follows: | |||||||||||||||||||||||||||||||||
INB | IBC Consolidated | ||||||||||||||||||||||||||||||||
At December 31, | At December 31, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Tier 1 capital (1) | $ | 240,918 | $ | 244,081 | $ | 245,191 | $ | 249,465 | |||||||||||||||||||||||||
Tier 2 capital | 15,479 | 15,566 | 15,517 | 15,620 | |||||||||||||||||||||||||||||
Total risk-based capital (2) | $ | 256,397 | $ | 259,647 | $ | 260,708 | $ | 265,085 | |||||||||||||||||||||||||
Net risk-weighted assets for regulatory purposes | $ | 1,225,936 | $ | 1,232,670 | $ | 1,228,994 | $ | 1,238,024 | |||||||||||||||||||||||||
Average assets for regulatory purposes | $ | 1,581,713 | $ | 1,690,329 | $ | 1,586,416 | $ | 1,696,410 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | 20.91 | % | 21.06 | % | 21.21 | % | 21.41 | % | |||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 19.65 | % | 19.8 | % | 19.95 | % | 20.15 | % | |||||||||||||||||||||||||
Tier 1 capital to average assets | 15.23 | % | 14.44 | % | 15.46 | % | 14.71 | % | |||||||||||||||||||||||||
-1 | IBC’s consolidated Tier 1 capital at both dates included $55 million of IBC’s outstanding qualifying trust preferred securities. | ||||||||||||||||||||||||||||||||
The table that follows presents information regarding our actual capital and minimum capital requirements. | |||||||||||||||||||||||||||||||||
Actual Capital | Minimum | Minimum | Minimum | ||||||||||||||||||||||||||||||
Under Prompt | To Be “Well Capitalized” | Under Agreement | |||||||||||||||||||||||||||||||
Corrective | Under Prompt Corrective | With OCC | |||||||||||||||||||||||||||||||
Action Provisions | Action Provisions | ||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
IBC Consolidated at December 31, 2013: | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets (1) | $ | 260,708 | 21.21 | % | $ | 98,320 | 8 | % | NA | NA | NA | NA | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets (1) | $ | 245,191 | 19.95 | % | $ | 49,160 | 4 | % | NA | NA | NA | NA | |||||||||||||||||||||
Tier 1 capital to average assets (1) | $ | 245,191 | 15.46 | % | $ | 63,457 | 4 | % | NA | NA | NA | NA | |||||||||||||||||||||
IBC Consolidated at December 31, 2012: | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 265,085 | 21.41 | % | $ | 99,042 | 8 | % | NA | NA | NA | NA | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets | $ | 249,465 | 20.15 | % | $ | 49,521 | 4 | % | NA | NA | NA | NA | |||||||||||||||||||||
Tier 1 capital to average assets | $ | 249,465 | 14.71 | % | $ | 67,856 | 4 | % | NA | NA | NA | NA | |||||||||||||||||||||
INB at December 31, 2013: | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 256,397 | 20.91 | % | $ | 98,075 | 8 | % | $ | 122,594 | 10 | % | NA | NA | |||||||||||||||||||
Tier 1 capital to risk-weighted assets | $ | 240,918 | 19.65 | % | $ | 49,037 | 4 | % | $ | 73,556 | 6 | % | NA | NA | |||||||||||||||||||
Tier 1 capital to average assets | $ | 240,918 | 15.23 | % | $ | 63,269 | 4 | % | $ | 79,086 | 5 | % | NA | NA | |||||||||||||||||||
INB at December 31, 2012: | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 259,647 | 21.06 | % | $ | 98,614 | 8 | % | $ | 123,267 | 10 | % | $ | 147,920 | 12 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | $ | 244,081 | 19.8 | % | $ | 49,307 | 4 | % | $ | 73,960 | 6 | % | $ | 123,267 | 10 | % | |||||||||||||||||
Tier 1 capital to average assets | $ | 244,081 | 14.44 | % | $ | 67,613 | 4 | % | $ | 84,516 | 5 | % | $ | 152,130 | 9 | % | |||||||||||||||||
-1 | Assuming IBC had excluded all of its eligible outstanding trust preferred securities (which totaled $55 million) from its Tier 1 capital and included the entire amount in its Tier 2 capital, consolidated proforma capital ratios at December 31, 2013 would have been 21.21%, 15.48% and 11.99%, respectively. | ||||||||||||||||||||||||||||||||
The table that follows presents additional information regarding our capital adequacy at December 31, 2013. | |||||||||||||||||||||||||||||||||
INB Regulatory Capital | Consolidated Regulatory Capital | ||||||||||||||||||||||||||||||||
($ in thousands) | Actual | Required (1) | Excess | Actual | Required | Excess | |||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 256,397 | $ | 122,594 | $ | 133,803 | $ | 260,708 | $ | 98,320 | $ | 162,388 | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets | $ | 240,918 | $ | 73,556 | $ | 167,362 | $ | 245,191 | $ | 49,160 | $ | 196,031 | |||||||||||||||||||||
Tier 1 capital to average assets | $ | 240,918 | $ | 79,086 | $ | 161,832 | $ | 245,191 | $ | 63,457 | $ | 181,734 | |||||||||||||||||||||
-1 | Minimum amount required to be considered “Well-Capitalized.” | ||||||||||||||||||||||||||||||||
Formal Agreements and Regulatory Restrictions. Since January 2011, IBC has been operating under a written agreement with its primary regulator, the Federal Reserve Bank of New York (the “FRB”). The FRB agreement, among other things, requires IBC to use its financial and managerial resources to serve as a source of strength to INB. In addition, the FRB agreement requires IBC to obtain approval from the FRB to do any of the following: declare or pay dividends on its capital stock; take any payments from INB that represent a reduction in INB’s capital; make any distributions of interest, principal or other sums on IBC’s outstanding debt (subordinated debentures); and incur, increase or guarantee any debt or purchase or redeem any shares of IBC’s capital stock. IBC must also notify the FRB when appointing any new director or senior executive officer or changing responsibilities of any senior executive officer. IBC is also restricted in making certain severance and indemnification payments. | |||||||||||||||||||||||||||||||||
IBC believes that it has complied with all of the requirements of the above agreement. As of December 31, 2013, IBC remained subject to this written agreement with the FRB and all the restrictions contained therein, including those described above. The FRB has advised IBC that it is reviewing the need for such agreement. | |||||||||||||||||||||||||||||||||
From December 2010 through March 20, 2013, INB was also operating under a formal written agreement with its primary regulator, the Office of the Comptroller of the Currency (the “OCC”). INB’s agreement with the OCC required INB to take certain actions, including (1) creating a compliance committee to monitor and coordinate INB’s performance under the agreement and to submit periodic progress reports to the OCC, (2) develop strategic and capital plans covering at least three years, (3) complete an assessment of management and ensure effective management, and (4) develop programs related to: (i) loan portfolio management; (ii) criticized assets; (iii) loan review; (iv) credit concentrations; (v) accounting for other real estate owned; (vi) maintaining an adequate allowance for loan losses; (vii) liquidity risk management; and (viii) interest rate risk management. On March 21, 2013, INB received notification from the OCC that all of the actions taken by INB since December 2010 satisfied the OCC’s regulatory directives and the OCC terminated the agreement. Additionally, effective March 21, 2013, the OCC terminated its heightened regulatory capital requirements that had also been imposed on INB since February 2010. As a result, as of December 31, 2013, INB was no longer subject to any regulatory agreement or heightened capital requirements. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
20. Fair Value Measurements | |||||||||||||||||||||
We use fair value measurements to record fair value adjustments to certain of our assets and to determine our fair value disclosures contained in this report. | |||||||||||||||||||||
At December 31, 2013 and 2012, we had no liabilities recorded at fair value and approximately $1.0 million of assets (comprised of securities available for sale) recorded at fair value on a recurring basis. From time to time, we are required to record at fair value other assets on a non-recurring basis, such as impaired loans and securities and real estate we own through foreclosure. These fair value adjustments generally involve the application of lower-of-cost-or-market accounting or writedowns of individual assets. All of our assets measured at fair value on a nonrecurring basis in this report used Level 3 inputs in the fair value measurements. | |||||||||||||||||||||
In accordance with GAAP, we group the fair value measurements of our assets and liabilities into three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value, as follows: | |||||||||||||||||||||
Level 1 – Fair value is based upon quoted prices for identical instruments traded in active markets. This level has the highest level of reliability; | |||||||||||||||||||||
Level 2 – Fair value is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market; and | |||||||||||||||||||||
Level 3 – Fair Value is generated from model-based techniques that use significant assumptions that generally are not observable in the marketplace. The assumptions used therein reflect our estimates of the assumptions that market participants would use in pricing the asset or liability, and cannot be assured that they would be identical. Valuation techniques for Level 3 include the use of discounted cash flow models. | |||||||||||||||||||||
The fair value results obtained through the use of Level 3 valuation techniques cannot be determined with precision. Moreover, any of the fair value estimates disclosed in this report may not be realized in an actual sale or immediate settlement of the asset or liability. | |||||||||||||||||||||
The following tables provide information regarding our assets measured at fair value on a nonrecurring basis. | |||||||||||||||||||||
Outstanding Carrying Value | |||||||||||||||||||||
At December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
($ in thousands) | Level 3 | Level 3 | |||||||||||||||||||
Impaired loans (1) : | |||||||||||||||||||||
Commercial real estate | $ | 52,407 | $ | 50,795 | |||||||||||||||||
Multifamily | 3,128 | 12,577 | |||||||||||||||||||
Land | 1,625 | 2,601 | |||||||||||||||||||
Total impaired loans | 57,160 | 65,973 | |||||||||||||||||||
Impaired securities (2) | — | 3,721 | |||||||||||||||||||
Foreclosed real estate | 10,669 | 15,923 | |||||||||||||||||||
Accumulated Losses on | |||||||||||||||||||||
Outstanding Balance | Total Losses (Gains) (3) | ||||||||||||||||||||
At December 31, | For the Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | $ | 10,294 | $ | 9,979 | $ | 2,053 | $ | 1,038 | $ | 4,936 | |||||||||||
Multifamily | 598 | 3,092 | (966 | ) | (364 | ) | 4,190 | ||||||||||||||
Land | 500 | 521 | (21 | ) | (488 | ) | 1,009 | ||||||||||||||
Total impaired loans | 11,392 | 13,592 | 1,066 | 186 | 10,135 | ||||||||||||||||
Impaired securities | — | 4,233 | (517 | ) | 582 | 201 | |||||||||||||||
Foreclosed real estate | 2,017 | 5,339 | 142 | 4,161 | 3,161 | ||||||||||||||||
-1 | Outstanding carrying value excludes a specific valuation allowance included in the overall allowance for loan losses. See notes 3 and 4 to the financial statements. | ||||||||||||||||||||
-2 | Comprised at December 31, 2012 of certain held-to maturity investments in trust preferred securities considered other than temporarily impaired. See note 2 to the financial statements. | ||||||||||||||||||||
-3 | Represents total losses or (gains) recognized on all assets measured at fair value on a nonrecurring basis during the period indicated. The losses or (gains) for impaired loans represent the change (before net chargeoffs) during the period in the corresponding specific valuation allowance, while the losses (gains) for foreclosed real estate represent writedowns in carrying values subsequent to foreclosure (recorded as provisions for real estate losses) adjusted for any recoveries of prior write downs and (gains) or losses from the transfer/sale of properties during the period. The (gains) losses on securities represent the total of other than temporary impairment charges and net gains from sales, which are recorded as components of noninterest income. See note 2 to the financial statements in this report. | ||||||||||||||||||||
The following table presents information regarding the change in assets measured at fair value on a nonrecurring basis for the three-year period ended December 31, 2013. | |||||||||||||||||||||
Impaired | Impaired | Foreclosed | |||||||||||||||||||
($ in thousands) | Securities | Loans | Real Estate | ||||||||||||||||||
Balance at December 31, 2010 | $ | 4,580 | $ | 56,555 | $ | 27,064 | |||||||||||||||
Net new impaired loans | — | 41,768 | — | ||||||||||||||||||
Principal repayments/sales | — | (18,198 | ) | — | |||||||||||||||||
Chargeoffs | — | (9,481 | ) | — | |||||||||||||||||
Ttransferred to foreclosed real estate | — | (4,375 | ) | 4,375 | |||||||||||||||||
Other than temporary impairment writedowns | (201 | ) | — | — | |||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (3,349 | ) | |||||||||||||||||
Gain on sales/transfers from loans | — | — | 188 | ||||||||||||||||||
All other | (1 | ) | — | — | |||||||||||||||||
Balance at December 31, 2011 | $ | 4,378 | $ | 66,269 | $ | 28,278 | |||||||||||||||
Net new impaired loans | — | 19,875 | — | ||||||||||||||||||
Principal repayments/sales | (75 | ) | (12,330 | ) | (12,883 | ) | |||||||||||||||
Chargeoffs | — | (3,152 | ) | — | |||||||||||||||||
Ttransferred to foreclosed real estate | — | (4,689 | ) | 4,689 | |||||||||||||||||
Other than temporary impairment writedowns | (582 | ) | — | — | |||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (4,068 | ) | |||||||||||||||||
Loss on sales | — | — | (93 | ) | |||||||||||||||||
Balance at December 31, 2012 | $ | 3,721 | $ | 65,973 | $ | 15,923 | |||||||||||||||
Net new impaired loans | — | 16,122 | — | ||||||||||||||||||
Principal repayments/sales | (4,238 | ) | (19,957 | ) | (8,152 | ) | |||||||||||||||
Chargeoffs | — | (1,938 | ) | — | |||||||||||||||||
Ttransferred to foreclosed real estate | — | (3,040 | ) | 3,040 | |||||||||||||||||
Other than temporary impairment writedowns | (964 | ) | — | — | |||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (1,105 | ) | |||||||||||||||||
Gain on sales | 1,481 | — | 963 | ||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | 57,160 | $ | 10,669 | |||||||||||||||
We are required to disclose the estimated fair value of each class of our financial instruments for which it is practicable to estimate, which values are shown in the table that follows on the next page. The fair value of a financial instrument is the current estimated amount that would be exchanged between willing parties, other than in a forced liquidation. The fair value estimates are made at a specific point in time based on available information. A significant portion of our financial instruments, such as our mortgage loans, do not have an active marketplace in which they can be readily sold or purchased to determine fair value. Consequently, fair value estimates for such instruments are based on assumptions made by us that include the instrument’s credit risk characteristics and future estimated cash flows and prevailing interest rates. As a result, these fair value estimates are subjective in nature, involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Accordingly, changes in any of our assumptions could cause the fair value estimates to deviate substantially. Fair value estimates included in the table are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the fair value of assets that are not required to be recorded or disclosed at fair value, like our premises and equipment. Accordingly, the aggregate fair value amounts presented in the table that follows may not necessarily represent the underlying fair value of our Company. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates presented in the table. | |||||||||||||||||||||
The carrying and estimated fair values of our financial instruments are as follows: | |||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||
($ in thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and cash equivalents (1) | $ | 24,700 | $ | 24,700 | $ | 60,395 | $ | 60,395 | |||||||||||||
Time deposits with banks (1) | 5,370 | 5,370 | 5,170 | 5,170 | |||||||||||||||||
Securities available for sale, net (1) | 965 | 965 | 1,000 | 1,000 | |||||||||||||||||
Securities held to maturity, net (2) | 383,937 | 378,507 | 443,777 | 442,166 | |||||||||||||||||
FRB and FHLB stock (3) | 8,244 | 8,244 | 8,151 | 8,151 | |||||||||||||||||
Loans receivable, net (3) | 1,099,689 | 1,100,858 | 1,079,363 | 1,102,333 | |||||||||||||||||
Accrued interest receivable (3) | 4,861 | 4,861 | 5,191 | 5,191 | |||||||||||||||||
Loan fees receivable (3) | 2,298 | 1,808 | 3,108 | 2,547 | |||||||||||||||||
Total Financial Assets | $ | 1,530,064 | $ | 1,525,313 | $ | 1,606,155 | $ | 1,626,953 | |||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits (3) | $ | 1,282,232 | $ | 1,294,690 | $ | 1,362,619 | $ | 1,389,629 | |||||||||||||
Borrowed funds plus accrued interest payable (3) | 57,570 | 57,260 | 62,930 | 62,448 | |||||||||||||||||
Accrued interest payable on deposits (3) | 1,508 | 1,508 | 2,379 | 2,379 | |||||||||||||||||
Commitments to lend (3) | 408 | 408 | 386 | 386 | |||||||||||||||||
Total Financial Liabilities | $ | 1,341,718 | $ | 1,353,866 | $ | 1,428,314 | $ | 1,454,842 | |||||||||||||
Net Financial Assets | $ | 188,346 | $ | 171,447 | $ | 177,841 | $ | 172,111 | |||||||||||||
-1 | We consider these fair value measurements to be Level 1. | ||||||||||||||||||||
-2 | We consider these fair value measurements to be Level 2, except for our corporate security investments held to maturity, which are considered to be Level 3. | ||||||||||||||||||||
-3 | We consider these fair value measurements to be Level 3. | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of financial instruments. | |||||||||||||||||||||
Cash and Equivalents and Time Deposits with Banks - Carrying value approximated estimated fair value because of the relatively short time between the origination of the instrument and its expected realization. | |||||||||||||||||||||
Securities - Except for investments in corporate securities, the estimated fair value for our securities held to maturity and available for sale was obtained from third-party brokers who provided quoted prices derived from active markets for identical or similar securities. The estimated fair value of our corporate security investments, which did not have an active trading market, were obtained from a third-party pricing service, which used a complex valuation model that factored in numerous assumptions and data, including anticipated discounts related to illiquid trading markets, and credit and interest rate risk. The estimated fair value of our investments in FRB and FHLB stock approximated carrying value since the securities were redeemable at cost. | |||||||||||||||||||||
Loans Receivable - The estimated fair value of non-impaired loans was based on a discounted cash flow analysis using discount rates which we believe a third party would require as a reasonable rate of return for loans in our portfolio with similar terms and credit quality. The estimated fair value of impaired loans was approximated to be their net carrying value, net of any specific reserve, as of the dates indicated. We can make no assurance that our perception and quantification of the factors we used in determining the estimated fair value of our loans, including our estimate of perceived credit risk, would be viewed in the same manner as that of a potential investor. Therefore, changes in any of our assumptions could cause the fair value estimates of our loans to deviate substantially. | |||||||||||||||||||||
Deposits - The estimated fair value of deposits with no stated maturity, such as savings, money market, checking and noninterest-bearing demand deposit accounts approximated carrying value since these deposits are payable on demand. The estimated fair value of certificates of deposit (CDs) was based on a discounted cash flow analysis using a discount rate estimated from comparison to interest rates offered by INB as of the dates indicated for CDs with similar remaining maturities. We can make no assurance that this discount rate would be the same used by a potential purchaser. Therefore, any changes in the discount rate could cause their fair value to deviate substantially. | |||||||||||||||||||||
Borrowed Funds and Accrued Interest Payable - The estimated fair value of borrowed funds and related accrued interest payable was based on a discounted cash flow analysis. The discount rate used in the present value computation was estimated by comparison to what we believe to be our incremental borrowing rate for similar arrangements. | |||||||||||||||||||||
All Other Financial Assets and Liabilities - The estimated fair value of accrued interest receivable and accrued interest payable on deposits approximated their carrying values since these instruments have a relatively short time before they are realized or satisfied as the case may be. The estimated fair value of loan fees receivable is based on a discounted cash flow analysis using the same discount rate that was used to value non-impaired loans. The carrying amounts of commitments to lend approximated estimated fair value. Estimated fair value was based on fees charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counter party’s credit standing. |
Holding_Company_Financial_Info
Holding Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||
Holding Company Financial Information | ' | ||||||||||||
21. Holding Company Financial Information | |||||||||||||
The following IBC (parent company only) condensed financial information should be read in conjunction with the other notes to the consolidated financial statements in this report. | |||||||||||||
Condensed Balance Sheets | |||||||||||||
At December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 319 | $ | 46 | |||||||||
Short-term investments | 2,241 | 8,070 | |||||||||||
Total cash and cash equivalents | 2,560 | 8,116 | |||||||||||
Loans receivable (net of allowance for loan losses of $50) | 1,777 | 2,753 | |||||||||||
Investment in consolidated subsidiaries | 240,918 | 254,815 | |||||||||||
Investment in unconsolidated subsidiaries - Intervest Statutory Trusts | 1,702 | 1,702 | |||||||||||
Deferred income tax asset | 6,800 | 5,748 | |||||||||||
Deferred debenture offering costs, net of amortization | 742 | 779 | |||||||||||
All other assets | 220 | 388 | |||||||||||
Total assets | $ | 254,719 | $ | 274,301 | |||||||||
LIABILITIES | |||||||||||||
Debentures payable - capital securities | $ | 56,702 | $ | 56,702 | |||||||||
Accrued interest payable on debentures | 868 | 6,228 | |||||||||||
All other liabilities | 158 | 424 | |||||||||||
Total liabilities | 57,728 | 63,354 | |||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||
Preferred equity, net of preferred stock discount | — | 24,624 | |||||||||||
Common equity | 196,991 | 186,323 | |||||||||||
Total stockholders’ equity | 196,991 | 210,947 | |||||||||||
Total liabilities and stockholders’ equity | $ | 254,719 | $ | 274,301 | |||||||||
Condensed Statements of Earnings | |||||||||||||
For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 129 | $ | 264 | $ | 475 | |||||||
Interest expense | 1,679 | 1,848 | 2,072 | ||||||||||
Net interest expense | (1,550 | ) | (1,584 | ) | (1,597 | ) | |||||||
Provision for loan losses | — | — | 290 | ||||||||||
Noninterest income | 5 | 5 | 8 | ||||||||||
Noninterest expenses | 745 | 773 | 816 | ||||||||||
Loss before credit for income taxes | (2,290 | ) | (2,352 | ) | (2,695 | ) | |||||||
Credit for income taxes | 1,052 | 1,080 | 1,237 | ||||||||||
Net loss before earnings of subsidiary | (1,238 | ) | (1,272 | ) | (1,458 | ) | |||||||
Equity in undistributed earnings of Intervest National Bank | 15,732 | 13,494 | 12,704 | ||||||||||
Consolidated net earnings | 14,494 | 12,222 | 11,246 | ||||||||||
Preferred stock dividend requirements and discount amortization (1) | 1,057 | 1,801 | 1,730 | ||||||||||
Consolidated net earnings available to common stockholders | $ | 13,437 | $ | 10,421 | $ | 9,516 | |||||||
-1 | Represents dividend requirements on preferred stock and amortization of related preferred stock discount. | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
OPERATING ACTIVITIES | |||||||||||||
Consolidated net earnings | $ | 14,494 | $ | 12,222 | $ | 11,246 | |||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||||
Equity in earnings of subsidiary | (15,732 | ) | (13,494 | ) | (12,704 | ) | |||||||
Cash dividends from subsidiary | 31,000 | — | — | ||||||||||
(Decrease) increase in accrued interest payable on debentures | (5,360 | ) | 1,867 | 2,099 | |||||||||
All other, net change | (1,460 | ) | (1,116 | ) | (926 | ) | |||||||
Net cash provided by (used in) operating activities | 22,942 | (521 | ) | (285 | ) | ||||||||
INVESTING ACTIVITIES | |||||||||||||
Return of capital from subsidiary | — | — | 229 | ||||||||||
Net decrease in loans receivable | 981 | 45 | 3,884 | ||||||||||
Purchase of premises and equipment | (154 | ) | — | — | |||||||||
Net cash provided by investing activities | 827 | 45 | 4,113 | ||||||||||
FINANCING ACTIVITIES | |||||||||||||
Net (decrease) increase in mortgage escrow funds payable | (84 | ) | 44 | (217 | ) | ||||||||
Redemption of preferred stock | (24,813 | ) | — | — | |||||||||
Cash dividends paid to preferred stockholders | (5,068 | ) | — | — | |||||||||
Proceeds from issuance of common stock upon exercise of options | 61 | — | — | ||||||||||
Excess tax benefit from exercise of options and vesting of restricted stock | 579 | — | — | ||||||||||
Net cash (used in) provided by financing activities | (29,325 | ) | 44 | (217 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | (5,556 | ) | (432 | ) | 3,611 | ||||||||
Cash and cash equivalents at beginning of year | 8,116 | 8,548 | 4,937 | ||||||||||
Cash and cash equivalents at end of year | $ | 2,560 | $ | 8,116 | $ | 8,548 | |||||||
SUPPLEMENTAL DISCLOSURES | |||||||||||||
Cash paid for interest | $ | 7,002 | $ | — | $ | — | |||||||
Cash paid for (received from refunds of) income taxes, net | — | — | (43 | ) | |||||||||
Transfer of loans from subsidiary | — | — | 7,437 | ||||||||||
Transfer of all other net assets from subsidiary | — | — | 1,030 | ||||||||||
Subsidiary’s compensation expense related to equity awards | 823 | 1,194 | 326 | ||||||||||
Preferred dividend requirements and amortization of preferred stock discount | 1,057 | 1,801 | 1,730 | ||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||
22. Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following is a summary of our unaudited interim results of operations and other period-end selected information by quarter for the years ended December 31, 2013 and 2012. | |||||||||||||||||
2013 | |||||||||||||||||
($ in thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Interest and dividend income | $ | 16,249 | $ | 15,623 | $ | 15,624 | $ | 16,120 | |||||||||
Interest expense | 7,245 | 7,048 | 6,794 | 6,023 | |||||||||||||
Net interest and dividend income | 9,004 | 8,575 | 8,830 | 10,097 | |||||||||||||
(Credit) provision for loan losses | (1,000 | ) | (750 | ) | 250 | 950 | |||||||||||
Net interest and dividend income after (credit) provision for loan losses | 10,004 | 9,325 | 8,580 | 9,147 | |||||||||||||
Noninterest income | 743 | 702 | 901 | 2,600 | |||||||||||||
Noninterest expenses: | |||||||||||||||||
Provision for real estate losses | 629 | 76 | 250 | 150 | |||||||||||||
Real estate expenses (income), net | (986 | ) | (346 | ) | 212 | 284 | |||||||||||
Operating expenses | 4,138 | 3,954 | 3,862 | 3,630 | |||||||||||||
Earnings before provision for income taxes | 6,966 | 6,343 | 5,157 | 7,683 | |||||||||||||
Provision for income taxes | 3,075 | 2,804 | 2,300 | 3,476 | |||||||||||||
Net earnings | 3,891 | 3,539 | 2,857 | 4,207 | |||||||||||||
Preferred dividend requirements and discount amortization | 462 | 326 | 269 | — | |||||||||||||
Net earnings available to common stockholders | $ | 3,429 | $ | 3,213 | $ | 2,588 | $ | 4,207 | |||||||||
Basic earnings per common share | $ | 0.16 | $ | 0.14 | $ | 0.12 | $ | 0.19 | |||||||||
Diluted earnings per common share | 0.16 | 0.14 | 0.12 | 0.19 | |||||||||||||
Cash dividends paid per common share | — | — | — | — | |||||||||||||
Total assets | $ | 1,627,787 | $ | 1,596,639 | $ | 1,584,239 | $ | 1,567,796 | |||||||||
Total cash, short-term investments and security investments | 507,665 | 512,573 | 461,197 | 423,216 | |||||||||||||
Total loans, net of unearned fees | 1,081,482 | 1,056,191 | 1,100,277 | 1,127,522 | |||||||||||||
Total deposits | 1,318,215 | 1,293,175 | 1,298,403 | 1,282,232 | |||||||||||||
Total borrowed funds and related accrued interest payable | 63,373 | 56,760 | 57,165 | 57,570 | |||||||||||||
Total stockholders’ equity | 215,265 | 211,775 | 192,288 | 196,991 | |||||||||||||
2012 | |||||||||||||||||
($ in thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Interest and dividend income | $ | 20,698 | $ | 19,706 | $ | 19,082 | $ | 17,798 | |||||||||
Interest expense | 10,740 | 10,001 | 9,223 | 8,103 | |||||||||||||
Net interest and dividend income | 9,958 | 9,705 | 9,859 | 9,695 | |||||||||||||
Provision for loan losses | — | — | — | — | |||||||||||||
Net interest and dividend income after provision for loan losses | 9,958 | 9,705 | 9,859 | 9,695 | |||||||||||||
Noninterest income | 1,125 | 1,406 | 1,187 | 2,476 | |||||||||||||
Noninterest expenses: | |||||||||||||||||
Provision for real estate losses | 511 | 1,397 | 1,025 | 1,135 | |||||||||||||
Real estate expenses, net | 460 | 479 | 883 | 324 | |||||||||||||
Operating expenses | 4,164 | 4,149 | 4,160 | 4,195 | |||||||||||||
Earnings before provision for income taxes | 5,948 | 5,086 | 4,978 | 6,517 | |||||||||||||
Provision for income taxes | 2,694 | 2,326 | 2,300 | 2,987 | |||||||||||||
Net earnings | 3,254 | 2,760 | 2,678 | 3,530 | |||||||||||||
Preferred dividend requirements and discount amortization | 444 | 448 | 453 | 456 | |||||||||||||
Net earnings available to common stockholders | $ | 2,810 | $ | 2,312 | $ | 2,225 | $ | 3,074 | |||||||||
Basic earnings per common share | $ | 0.13 | $ | 0.11 | $ | 0.1 | $ | 0.14 | |||||||||
Diluted earnings per common share | 0.13 | 0.11 | 0.1 | 0.14 | |||||||||||||
Cash dividends paid per common share | — | — | — | — | |||||||||||||
Total assets | $ | 1,909,052 | $ | 1,862,110 | $ | 1,751,880 | $ | 1,665,792 | |||||||||
Total cash, short-term investments and security investments | 691,205 | 667,509 | 546,397 | 518,493 | |||||||||||||
Total loans, net of unearned fees | 1,155,437 | 1,137,780 | 1,155,171 | 1,107,466 | |||||||||||||
Total deposits | 1,599,653 | 1,554,615 | 1,432,209 | 1,362,619 | |||||||||||||
Total borrowed funds and related accrued interest payable | 72,064 | 72,528 | 69,487 | 62,930 | |||||||||||||
Total stockholders’ equity | 201,051 | 204,121 | 207,108 | 210,947 | |||||||||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation, Basis of Presentation and Use of Estimates | ' |
Principles of Consolidation, Basis of Presentation and Use of Estimates | |
The consolidated financial statements in this report (which may also be referred to as “financial statements” throughout this report) include the accounts of IBC and its subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. Our accounting and reporting policies conform to Generally Accepted Accounting Principles (“GAAP”) and to general practices within the banking industry. | |
In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of our assets, liabilities and disclosure of our contingent liabilities as of the date of the consolidated financial statements, and revenues and expenses during the reporting periods. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change currently relate to the determination of our allowance for loan losses, valuation allowance for real estate losses, other than temporary impairment assessments of our security investments and the need for and amount of a valuation allowance for our deferred tax asset. These estimates involve a higher degree of complexity and subjectivity and require assumptions about highly uncertain matters. | |
Cash Equivalents | ' |
Cash Equivalents | |
For purposes of reporting cash flows, our cash equivalents include cash and balances due from banks, federal funds sold (generally sold for one-day periods) and other short-term investments that have maturities of three months or less from the time of purchase. | |
Securities | ' |
Securities | |
General. Investments in debt securities for which we have the ability and intent to hold until maturity are classified as held to maturity (“HTM”) and are carried at cost, adjusted for accretion of discounts and amortization of premiums, which are recognized into interest income using the effective interest method over their contractual lives. Securities that are held for indefinite periods of time which we intend to use as part of our asset/liability management strategy, or that may be sold in response to changes in interest rates or other factors, are classified as available for sale (“AFS”) and are carried at fair value. Unrealized gains and losses on securities available for sale, net of related income taxes, are reported as a separate component of comprehensive income. Realized gains and losses from sales of securities are determined using the specific identification method. We do not purchase securities for the purpose of engaging in trading activities. | |
Impairment. We evaluate our security investments for other than temporary impairment (“OTTI”) at least quarterly or more frequently when conditions warrant such evaluation. Impairment is assessed at the individual security level. We consider an investment security to be impaired if, after a review of available evidence, the full collection of our principal investment and interest over the life of the security is no longer probable. The assessment for and the amount of impairment requires the exercise of considerable judgment by us and is entirely an estimate and not a precise determination. | |
Our impairment evaluation process considers factors such as the expected cash flows of the security, severity, length of time and anticipated recovery period of the cash shortfalls, recent events specific to the issuer, including investment downgrades by rating agencies and current and anticipated economic and regulatory conditions of its industry, and the issuer’s financial condition, capital strength and near-term prospects. We also consider our intent and ability to retain the security for a period of time sufficient to allow for a recovery in fair value, or until maturity. Among the factors that we consider in determining our intent and ability to retain the security is a review of our capital adequacy, interest rate risk position and liquidity. If it is deemed that OTTI has occurred, the security is written down to a new cost basis and the resulting loss is charged to operations as a component of noninterest income. | |
INB is a member of the Federal Home Loan Bank of New York (FHLB) and Federal Reserve Bank of New York (FRB) and is required hold a certain level capital stock of each entity based on various criteria. These investments are carried at cost and are also periodically reviewed for OTTI. | |
Loans Receivable | ' |
Loans Receivable | |
General. Loans for which we have the intent and ability to hold for the foreseeable future or until maturity or satisfaction are carried at their outstanding principal net of chargeoffs, the allowance for loan losses, unamortized discounts and deferred loan fees or costs. Loan origination and commitment fees, net of certain costs, are deferred and amortized to interest income as an adjustment to the yield of the related loans over the contractual life of the loans using the interest method. When a loan is paid off or sold, or if a commitment expires unexercised, any unamortized net deferred amount is credited or charged to operations. | |
Loans are placed on nonaccrual status when principal or interest becomes 90 days or more past due or earlier in certain cases unless the loan is well secured and in the process of collection. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, all interest accrued but not collected is reversed against interest income and amortization of net deferred fee income is discontinued. Interest payments received on loans in nonaccrual status are recognized as income on a cash basis unless future collections of principal are doubtful, in which case the payments received are applied as a reduction of principal. | |
Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. For loans that have been partially charged off, if the remaining book balance of the loan is deemed fully collectible, interest income is recognized on a cash basis but limited to that which would have been accrued on the recorded balance at the contractual rate. Any cash interest received over this limit is recorded as recoveries of prior charge offs until these chargeoffs have been fully recovered. | |
Segments. We consider our loan portfolio to be comprised of two segments - (i) real estate loans (which is comprised of loans secured by commercial real estate and multifamily (5 or more units) real estate, loans secured by vacant land and loans secured by 1-4 family real estate) and (ii) all other loans (which is comprised of personal and business loans, both secured and unsecured). Each segment has different risk characteristics and methodologies for assessing risk. | |
Commercial and multifamily real estate loans are generally considered to have more credit risk than traditional single family residential loans because these loans tend to involve larger loan balances and their repayment is typically dependent upon the successful operation and management of the underlying real estate. Included in this category are loans we originate on vacant or substantially vacant properties and owner-occupied properties, all of which typically have limited or no income streams and depend upon other sources of cash flow from the borrower for repayment, which add an additional element of risk. Our land loans normally have no income streams and depend upon other sources of cash flow from the borrower for repayment. Our 1-4 family loans consist almost entirely of loans secured by individual condominium dwelling units. We normally make these loans to investors who purchase multiple condo units that remain unsold after a condo conversion or the unsold units in a new condo development. The units are normally rented for a number of years until the economy improves and the units can be sold as was the original intention. Nearly all of these loans are in our Florida market. Although these loans are classified necessarily as loans secured by 1-4 family real estate as required by regulatory guidance, they are underwritten in accordance with our multifamily underwriting polices and their risk characteristics are essentially the same as our multifamily real estate lending and we risk weight them for regulatory capital purposes at 100%. All the above loans require ongoing evaluation and monitoring since they may be affected to a greater degree by adverse conditions in the real estate markets or the economy or changes in government regulation. | |
Our real estate loans typically provide for periodic payments of interest and principal during the term of the loan, with the remaining principal balance and any accrued interest due at the maturity date. Most of these loans provide for balloon payments at maturity, which means that a substantial part of or the entire original principal amount is due in one lump sum payment at maturity. If the net revenue from the property is not sufficient to make all debt service payments due on the loan or, if at maturity or the due date of any balloon payment, the owner of the property fails to raise the funds (through refinancing the loan, sale of the property or otherwise) to make the lump sum payment, we could sustain a loss on our loan. As part of our written policies for real estate loans, loan-to-value ratios (the ratio that the original principal amount of the loan bears to the lower of the purchase price or appraised value of the property securing the loan at the time of origination) on loans originated by us typically do not exceed 80% and in practice, rarely exceed 75%. Debt service coverage ratios (the ratio of the net operating income generated by the property securing the loan to the required debt service) on multi-family and commercial real estate loans originated typically are not less than 1.2 times. As noted earlier, we may originate mortgage loans on vacant or substantially vacant properties and vacant land for which there is limited or no cash flow being generated by the operation of the underlying real estate. We may also require personal guarantees from the principals of our borrowers as additional security, although loans are often originated on a limited recourse basis. In originating loans, we consider the ability of the net operating income generated by the real estate to support the debt service, the financial resources, income level and managerial expertise of the borrower, the marketability of the property and our lending experience with the borrower. Our loans are not insured or guaranteed by governmental agencies. In the event of a default, our ability to recover our investment is dependent upon the market value of the mortgaged property. | |
The “all other loans” segment is comprised of a small number of business and consumer loans that are extended for various purposes, including lines of credit, personal loans, and personal loans collateralized by deposit accounts. Repayment of consumer loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Loans to businesses and consumers are extended after a credit evaluation, including the creditworthiness of the borrower, the purpose of the credit, and the secondary source of repayment. Risk is mitigated somewhat by the fact that the loans are of smaller individual amounts. | |
Risk ratings. We categorize our loans into various risk categories (discussed below) based on an individual analysis of each loan’s quantitative factors and other relevant information, including: an analysis of the underlying collateral’s appraised value and its actual cash flows, with emphasis on projected or normalized cash flows in cases where the collateral currently has no or inadequate cash flows to service the debt; the ability of the borrowers to service their debt from other sources, including whether they have personally guaranteed the loan and the strength of that guaranty, which takes into account a review of their current personal financial information; credit and loan underwriting documentation; and other available pertinent information about the borrower or the collateral, such as an annual property inspection. All of our loans are assigned a risk grade upon based on the timely review, interpretation of and conclusions on the above data as received by us. | |
Loans are normally classified as pass credits until they become past due or management becomes aware of deterioration in cash flows and or the credit worthiness of the collateral or the borrower based on the information we collect and monitor. All of our pass-rated loans our generally reviewed annually to determine if they are appropriately classified. Loans rated substandard or special mention are reviewed at least quarterly or more often in some cases to determine if they are appropriately classified. Further, during the renewal process of any maturing loan, as well as if any loan becomes past due, the loan’s risk rating is also reviewed for appropriateness. | |
Our internally assigned risk grades and a general summary of the factors that determine the ratings are as follows: | |
Pass – Loan is normally current and its primary source of repayment is satisfactory, with secondary sources adequate and very likely to be realized if necessary. This category also contains loans where the underlying collateral is not producing cash flows or is producing in-adequate cash flows to service the loan’s required payments (such as in cases where the collateral is a vacant or substantially vacant building or land) and such payments are being made by the borrower’s other sources of funds. In many cases, the borrower or its principals has guaranteed the loan and or deposited escrow funds with us to cover the loan’s contractual payments for a portion of the loan term. | |
Special Mention – Loan is normally current but has one or more potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the loan’s repayment prospects or our credit position at some future date. | |
Substandard – Loan is inadequately protected by the current worth and paying capacity of the borrower or of the underlying collateral. Such loans have a well-defined weakness or weaknesses that jeopardize the full repayment of the loan. These loans have the distinct possibility that we will sustain some loss if the deficiencies are not corrected. | |
Doubtful – Loan has all the weaknesses inherent in one classified substandard with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |
Loss – Loan is considered uncollectible and of such little value that continuance as an asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be occur in the future. | |
Restructured Loans (TDRs). A TDR is a loan that we have restructured, for economic or legal reasons related to a borrower’s financial difficulties, and for which we have granted certain concessions to the borrower that we would not otherwise have considered. In order to be considered a TDR, we must conclude that the restructuring was to a borrower who is experiencing financial difficulties and the restructured loan constitutes a “concession”. We define a concession as a modification of existing terms granted to a borrower for economic or legal reasons related to the borrower’s financial difficulties. Concessions include modifying the original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: a reduction of the stated interest rate for the remaining original life of the debt; an extension of the maturity date or dates at an interest rate lower than the current market rate for new debt with similar risk characteristics, a reduction of the face amount or maturity amount of the debt, or a reduction of accrued interest owed on the debt. A loan that is extended or renewed at a stated interest rate equal to the current interest rate for a new loan originated by us with similar risk is not reported as a TDR. | |
In determining whether the borrower is experiencing financial difficulties, we consider, among other things, whether the borrower is in default on its existing loan, or is in an economic position where it is probable the borrower will be in default on its loan in the foreseeable future without a modification, including whether, without the modification, the borrower cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for similar debt for a non-troubled debtor. TDR loans are reviewed for specific impairment in accordance with our allowance for loan loss methodology with respect to impaired loans. A TDR that is on nonaccrual status is returned to an accrual status if ultimate collectability of the entire contractual principal is assured and the borrower has demonstrated satisfactory payment performance either before or after the restructuring, usually consisting of a six-month period. | |
Impaired Loans. Loans are deemed to be impaired when, based upon current information and events, it is probable that we will be unable to collect both principal and interest due according to the loan’s contractual terms. We consider a variety of factors in determining whether a loan is impaired, including (i) any notice from the borrower that the borrower will be unable to repay all principal and interest amounts contractually due under the loan agreement, (ii) any delinquency in the principal and/or interest payments other than minimal delays or shortfalls in payments, and (iii) other information known by us that would indicate the full repayment of principal and interest is not probable. We generally consider delinquencies of 60 days or less to be minimal delays, and accordingly we do not consider such delinquent loans to be impaired in the absence of other indications. | |
Our impaired loans normally consist of loans on nonaccrual status and TDRs. Generally, impairment for all of our impaired loans is calculated on a loan-by-loan basis using either the estimated fair value of the loan’s collateral less estimated selling costs (for collateral dependent loans) or the present value of the loan’s cash flows (for non-collateral dependent loans). Any calculated impairment is recognized as a valuation allowance within the overall allowance for loan losses and a charge through the provision for loan losses. We may charge off any portion of the impaired loan with a corresponding decrease to the valuation allowance when such impairment is deemed uncollectible and confirmed as a loss. The net carrying amount of an impaired loan (net of the valuation allowance) does not at any time exceed the recorded investment in the loan. | |
Allowance for Loan Losses and Loan Chargeoffs | ' |
Allowance for Loan Losses and Loan Chargeoffs | |
The allowance for loan losses, which includes a valuation allowance for impaired loans, is netted against loans receivable and is increased by provisions charged to operations and decreased by chargeoffs (net of recoveries). The adequacy of the allowance is evaluated at least quarterly with consideration given to various factors beginning with our historical lending loss rate for each major loan type (exclusive of the impact of any transaction that is unusual and deemed not reflective of normal charge-off history). | |
The historical loss rate is then adjusted either upward or downward based on a review of the following qualitative factors and their estimated impact to the historical loss rate: (i) the size of our loans; (ii) concentrations of our loans; (iii) changes in the quality of our review of specific problem loans, including loans on nonaccrual status, and estimates of fair value of the underlying properties; (iv) changes in the volume of our past due loans, nonaccrual loans and adversely classified assets. (iv) specific problem loans and estimates of fair value of the related collateral; (v) adverse situations which may affect our borrowers’ ability to repay; (vi) changes in national, regional and local economic and business conditions and other developments that may affect the collectability of our loan portfolio, including impacts of political, regulatory, legal and competitive changes on the portfolio; (vii) changes to our lending policies and procedures, underwriting standards, risk selection (loan volumes and loan terms) and to our collection, loan chargeoff and recovery practices; and (viii) changes in the experience, ability and depth of our lending management and other relevant staff. | |
We fully or partially charge off an impaired loan when such amount has been deemed uncollectible and confirmed as a loss. In the case of impaired collateral dependent loans, we normally charge-off the portion of the loan’s recorded investment that exceeds the appraised value (net of estimated selling costs) of its underlying collateral. The remaining portion of the valuation allowance that we have provided and maintain on all of our impaired loans for the difference between the net appraised value and our internal estimate of fair value of the collateral is charged off only when such amount has been confirmed as a loss, either through the receipt of future appraisals or through our quarterly evaluation of the factors described below. | |
Consistent with regulatory guidance, we normally maintain a specific valuation allowance on each of our impaired loans. We believe it is prudent to do so because the process of estimating real estate values is imprecise and subject to changing market conditions which could cause fluctuations in estimated values. Estimates are subjective in nature, involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in any of the market assumptions could cause fair value estimates to deviate substantially. Furthermore, commercial real estate markets and national and local economic conditions remain weak; unemployment rates and vacancy rates in retail and office properties continue to be high; and the timing of the resolution of impaired loans in many cases remains uncertain, which increases the negative impact to the portfolio from further declines in real estate values. | |
Regulatory guidelines require that the appraised value of collateral should be used as a starting point for determining its estimated fair value. An institution should also consider other factors and events in the environment that may affect the current fair value of the collateral since the appraisal was performed. The institution’s experience with whether the appraised values of impaired collateral-dependent loans are actually realized should also be taken into account. In addition, the timing of when the cash flows are expected to be received from the underlying collateral could affect the fair value of the collateral if the timing was not contemplated in the appraisal. The consideration of all the above generally results in the appraised value of the collateral being greater than the institution’s estimate of the collateral’s fair value, less estimated costs to sell. As a consequence, an institution may necessarily still have a specific reserve on an impaired loan (whether or not a charge off has been taken) for the amount by which the institution’s estimated fair value of the collateral, less estimated costs to sell, is believed to be lower than its appraised value. As a result, we maintain a specific valuation allowance on all of our impaired loans for the reasons described above. | |
We estimate the fair value of the properties that collateralize our impaired loans based on a variety of information, including third party appraisals and our management’s judgment of other factors. Our internal policy is to obtain externally prepared appraisals as follows (i) for all impaired loans; (ii) for all restructured or renewed loans; (iii) upon classification or downgrade of a loan; (iv) upon completion of foreclosure and acquisition of the collateral property; and at least annually thereafter for all impaired and substandard rated loans and real estate owned through foreclosure. | |
In addition, we also consider the knowledge and experience of our two senior lending officers (our Chairman and INB’s President) and INB’s Chief Credit Officer related to values of properties in our lending markets. They take into account various information, including: discussions with real estate brokers and interested buyers, local and national real estate market data provided by third parties; the consideration of the type, condition, location, demand for and occupancy of the specific collateral property and current economic and real estate market conditions in the area the property is located in assessing our internal estimates of fair value. | |
Our regulators, as an integral part of their examination process, also periodically review our allowances for loan and real estate losses. Accordingly, we may be required to take chargeoffs and/or recognize additions to these allowances based on the regulators’ judgment concerning information available to them during their examination. There were no changes to our methodology for the allowance for loan loss during the reporting periods in this report | |
Premises and Equipment | ' |
Premises and Equipment | |
Land is carried at cost. Buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized using the straight-line method over the terms of the related leases, or the useful life of the asset, whichever is shorter. Maintenance, repairs and minor improvements are expensed as incurred, while major improvements are capitalized. | |
Deferred Debenture Offering Costs | ' |
Deferred Debenture Offering Costs | |
Costs relating to offerings of our debentures consisting primarily of underwriters’ commissions are amortized over the life of the debentures. At December 31, 2013, these costs totaled approximately $0.7 million, net of accumulated amortization of $0.4 million. At December 31, 2012, these costs totaled approximately $0.8 million, net of accumulated amortization of $0.3 million. | |
Foreclosed Real Estate and Valuation Allowance For Real Estate Losses | ' |
Foreclosed Real Estate and Valuation Allowance For Real Estate Losses | |
Real estate that we acquire through loan foreclosure or similar proceedings is held for sale. At the time we acquire the property, the related loan is transferred from the loan portfolio to foreclosed real estate at the estimated fair value of the property less estimated selling costs. Such amount becomes the new cost basis of the property. Adjustments made to reduce the carrying value at the time of transfer are charged to the allowance for loan losses. | |
We may periodically adjust the carrying values of the real estate to reflect decreases in its estimated fair value through a charge to earnings (recorded as a provision for real estate losses) and an increase to the valuation allowance for real estate losses. As the properties are sold, the valuation allowance associated with the property, if any, is charged off. We determine the estimated fair value of foreclosed real estate at least quarterly by performing market valuations of the properties, which normally consist of obtaining externally prepared appraisals at least annually for every property, as well as performing reviews of economic and real estate market conditions in the local area where the property is located, including taking into consideration discussions with real estate brokers and interested buyers, in order to determine if a valuation allowance is needed to reflect any decrease in the estimated fair value of the property since acquisition. | |
Revenue and expenses from the operations of foreclosed real estate are included in the caption “Real Estate Activities” in the consolidated statements of earnings. This line item is comprised of real estate taxes, repairs and maintenance, insurance, utilities, legal fees and other charges (net of any rental income earned from the operation of the property) that are required in protecting our interest in real estate acquired through foreclosure and various properties collateralizing our nonaccrual loans. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
We recognize the cost of our employee and director services received in exchange for awards of our equity instruments (such as restricted stock and stock options grants) based on the grant-date fair value of the awards. Compensation cost related to the awards is recognized on a straight-line basis over the requisite service period, which is normally the vesting period of the grants. The fair value of options granted is estimated using the Black-Scholes option-pricing model based on various assumptions that are described in note 13. The fair value of restricted stock grants is based on the closing market value of the stock as reported on the Nasdaq Stock Market on the grant date. | |
Advertising Costs | ' |
Advertising Costs | |
Advertising costs are expensed as incurred and amounted to $23,000 in 2013, $17,000 in 2012 and $26,000 in 2011. | |
Income Taxes | ' |
Income Taxes | |
Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to our taxable income or loss. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates, applicable to future years, to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. | |
Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Certain tax benefits attributable to stock options, restricted stock and warrants are credited to additional paid-in-capital. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. | |
Uncertain tax positions are recognized if it is more likely (a likelihood of more than 50 percent) than not that the tax position will be realized or sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. At December 31, 2013, we were not aware of any uncertain tax positions that would have a material effect on our financial statements. | |
Earnings Per Common Share | ' |
Earnings Per Common Share | |
Basic earnings per common share is calculated by dividing net earnings available to common stockholders by the weighted-average number of shares of all common stock outstanding during the reporting period. Unvested restricted stock is deemed to be issued and outstanding. Diluted earnings per common share is calculated by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock and dilutive potential common stock shares that may be outstanding in the future. Potential common stock shares consist of shares that may arise from outstanding dilutive common stock warrants and options (the number of which is computed using the “treasury stock method”). | |
When applying the treasury stock method, we add: the assumed proceeds from stock option and warrant exercises; the tax benefit that would have been credited to additional paid-in capital assuming exercise of non-qualified stock options and warrants and the unamortized compensation costs related to unvested shares of stock options and warrants. We then divide this sum by our average stock price for the period to calculate shares assumed to be repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per common share. | |
Comprehensive Earnings | ' |
Comprehensive Income | |
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net earnings. However, certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the consolidated balance sheet, such items along with net earnings, are components of comprehensive income. | |
Off-Balance Sheet Financial Instruments | ' |
Off-Balance Sheet Financial Instruments | |
We enter into off-balance sheet financial instruments consisting of commitments to extend credit, unused lines of credit and from time to time standby letters of credit. Such financial instruments are recorded in the consolidated financial statements when they are funded or related fees are received. | |
Recent Accounting Standards Update | ' |
Recent Accounting Standards Update | |
In July 2012, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment,” which, among other things, gives an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite-lived intangible asset is impaired. We adopted this ASU on January 1, 2013, and since we do not have intangible assets, it had no impact on our financial statements. | |
In January 2013, the FASB issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” which limits the scope of the new balance sheet offsetting disclosures in ASU 2011-11 to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. We adopted this ASU on February 1, 2013 and it had no impact on our financial statements. | |
In February 2013, the FASB Issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires entities to present information about reclassification adjustments from accumulated other comprehensive income in their annual financial statements in a single note or on the face of the financial statements. We adopted this ASU on March 1, 2013 and it had no impact on our financial statements. | |
In February 2013, the FASB Issued ASU No. 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date”. ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for obligations within the scope of this ASU, which is effective January 1, 2014. Upon adoption, we do not expect this ASU to impact our financial statements. | |
In July 2013, the FASB issued ASU No. 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes”. ASU No. 2013-10 permits the use of the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge account purposes. The amendment is effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. The adoption of ASU No. 2013-10 did have an impact on our financial statements. | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which among other things, require an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as denoted within the ASU. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the impact of ASU 2013-11 on our financial statements. |
Securities_Held_to_Maturity_an1
Securities Held to Maturity and Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Carrying Value (Amortized Cost) and Estimated Fair Value of Securities Held to Maturity | ' | ||||||||||||||||||||||||||||
The carrying value (amortized cost) and estimated fair value of securities held to maturity (“HTM”) are as follows: | |||||||||||||||||||||||||||||
($ in thousands) | Number of | Amortized | Gross | Gross | Estimated | Wtd-Avg | Wtd-Avg | Wtd-Avg | |||||||||||||||||||||
Securities | Cost | Unrealized | Unrealized | Fair | Yield | Expected | Remaining | ||||||||||||||||||||||
Gains | Losses | Value | Life | Maturity | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
U.S. government agencies (1) | 161 | $ | 305,906 | $ | 410 | $ | 4,947 | $ | 301,369 | 0.94 | % | 3.0 Yrs | 3.8 Yrs | ||||||||||||||||
Residential mortgage-backed (2) | 57 | 77,500 | 130 | 1,017 | 76,613 | 1.79 | % | 4.3 Yrs | 14.7 Yrs | ||||||||||||||||||||
State and municipal | 1 | 531 | — | 6 | 525 | 1.25 | % | 3.2 Yrs | 3.3 Yrs | ||||||||||||||||||||
219 | $ | 383,937 | $ | 540 | $ | 5,970 | $ | 378,507 | 1.11 | % | 3.3Yrs | 6.0 Yrs | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
U.S. government agencies (1) | 165 | $ | 355,244 | $ | 1,109 | $ | 233 | $ | 356,120 | 0.87 | % | 1.6 Yrs | 4.6 Yrs | ||||||||||||||||
Residential mortgage-backed (2) | 48 | 84,279 | 651 | 72 | 84,858 | 1.76 | % | 3.3 Yrs | 17.3 Yrs | ||||||||||||||||||||
State and municipal | 1 | 533 | — | 3 | 530 | 1.25 | % | 4.2 Yrs | 4.3 Yrs | ||||||||||||||||||||
Corporate (3) | 8 | 3,721 | — | 3,063 | 658 | 2.11 | % | 20.3 Yrs | 20.9 Yrs | ||||||||||||||||||||
222 | $ | 443,777 | $ | 1,760 | $ | 3,371 | $ | 442,166 | 1.05 | % | 2.0 Yrs | 7.1 Yrs | |||||||||||||||||
-1 | Consisted of debt obligations of U.S. government sponsored agencies (GSEs) - Federal Home Loan Bank (FHLB), Federal Farm Credit Bank (FFCB), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC), which are federally chartered corporations privately owned by shareholders. GSE securities carry no explicit U.S. government guarantee of creditworthiness. Neither principal nor interest payments are guaranteed by the U.S. government nor do they not constitute a debt or obligation of the U.S. government or any of its agencies or instrumentalities other than the applicable GSE. FNMA and FHLMC are under U.S. government conservatorship. | ||||||||||||||||||||||||||||
-2 | At December 31, 2013, consisted of $13.6 million of Government National Mortgage Association (GNMA) pass-through certificates, $45.6 million of FNMA participation certificates and $18.3 million of FHLMC participation certificates, compared to $18.7 million, $40.0 million and $25.6 million, respectively, at December 31, 2012. The GNMA pass-through certificates are guaranteed as to the payment of principal and interest by the full faith and credit of the U.S. government while the FNMA and FHLMC certificates have an implied guarantee by such agency as to principal and interest payments. | ||||||||||||||||||||||||||||
-3 | Consisted of variable-rate pooled trust preferred securities backed by obligations of companies in the banking industry. Amortized cost at December 2012 is reported net of other than temporary impairment (“OTTI”) charges of $4.2 million. During 2013, an additional $1.0 million of OTTI charges were recorded. In December 2013, these securities were transferred to available for sale and subsequently sold. | ||||||||||||||||||||||||||||
Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||||||
The estimated fair values of HTM securities with gross unrealized losses segregated between securities that have been in a continuous unrealized loss position for less than twelve months at the respective dates and those that have been in a continuous unrealized loss position for twelve months or longer are summarized as follows: | |||||||||||||||||||||||||||||
($ in thousands) | Number of | Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||
Securities | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||
U.S. government agencies | 130 | $ | 233,930 | $ | 4,791 | $ | 7,344 | $ | 156 | $ | 241,274 | $ | 4,947 | ||||||||||||||||
Residential mortgage-backed | 41 | 48,862 | 987 | 3,284 | 30 | 52,146 | 1,017 | ||||||||||||||||||||||
State and municipal | 1 | 525 | 6 | — | — | 525 | 6 | ||||||||||||||||||||||
172 | $ | 283,317 | $ | 5,784 | $ | 10,628 | $ | 186 | $ | 293,945 | $ | 5,970 | |||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
U.S. government agencies | 53 | $ | 129,365 | $ | 233 | $ | — | $ | — | $ | 129,365 | $ | 233 | ||||||||||||||||
Residential mortgage-backed | 14 | 24,481 | 72 | — | — | 24,481 | 72 | ||||||||||||||||||||||
State and municipal | 1 | 530 | 3 | — | — | 530 | 3 | ||||||||||||||||||||||
Corporate | 8 | — | — | 658 | 3,063 | 658 | 3,063 | ||||||||||||||||||||||
76 | $ | 154,376 | $ | 308 | $ | 658 | $ | 3,063 | $ | 155,034 | $ | 3,371 | |||||||||||||||||
Summary of Carrying Value (Amortized Cost) and Fair Value of Securities Held to Maturity | ' | ||||||||||||||||||||||||||||
The following table is a summary of the carrying value (amortized cost) and estimated fair value of HTM securities at December 31, 2013, by remaining period to contractual maturity (ignoring earlier call dates, if any). The amounts reported in the table also did not consider the effects of possible prepayments or unscheduled repayments. Accordingly, actual maturities may differ from contractual maturities shown in the table. | |||||||||||||||||||||||||||||
($ in thousands) | Amortized | Estimated | Wtd-Avg | ||||||||||||||||||||||||||
Cost | Fair Value | Yield | |||||||||||||||||||||||||||
Due in one year or less | $ | 12,329 | $ | 12,394 | 1.27 | % | |||||||||||||||||||||||
Due after one year through five years | 262,878 | 259,611 | 0.9 | ||||||||||||||||||||||||||
Due after five years through ten years | 56,507 | 54,962 | 1.38 | ||||||||||||||||||||||||||
Due after ten years | 52,223 | 51,540 | 1.87 | ||||||||||||||||||||||||||
$ | 383,937 | $ | 378,507 | 1.11 | % | ||||||||||||||||||||||||
Credit Losses Recognized on Securities | ' | ||||||||||||||||||||||||||||
The table below provides a roll forward of credit losses recognized on the corporate securities for the periods indicated. | |||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,233 | $ | 3,651 | $ | 3,450 | |||||||||||||||||||||||
Additional credit losses on debt securities for which OTTI was previously recognized | 964 | 582 | 201 | ||||||||||||||||||||||||||
Balance at end of period | $ | 5,197 | $ | 4,233 | $ | 3,651 | |||||||||||||||||||||||
Schedule of Corporate Securities Available for Sale | ' | ||||||||||||||||||||||||||||
The table below provides information ($ in thousands) regarding the corporate securities as of the date of sale. | |||||||||||||||||||||||||||||
Original | Cumulative | Cumulative | Net | Net Proceeds | Net Gain | ||||||||||||||||||||||||
Cost | Cash Payments | OTTI | Carrying | from Sale | on Sale | ||||||||||||||||||||||||
Basis | Applied to Cost | Charges | Value | ||||||||||||||||||||||||||
$8,029 | $ | (263 | ) | $ | (5,197 | ) | $ | 2,569 | $ | 4,050 | $ | 1,481 |
Loans_Receivable_Tables
Loans Receivable (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
Major Classifications of Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||||||||||
Major classifications of loans receivable are summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | # of Loans | Amount | # of Loans | Amount | |||||||||||||||||||||||||||||||||||||||||
Loans Secured By Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 394 | $ | 838,766 | 376 | $ | 852,213 | |||||||||||||||||||||||||||||||||||||||
Multifamily loans | 138 | 210,270 | 142 | 208,699 | |||||||||||||||||||||||||||||||||||||||||
One to four family loans | 20 | 72,064 | 13 | 41,676 | |||||||||||||||||||||||||||||||||||||||||
Land loans | 5 | 9,178 | 7 | 7,167 | |||||||||||||||||||||||||||||||||||||||||
557 | 1,130,278 | 538 | 1,109,755 | ||||||||||||||||||||||||||||||||||||||||||
All Other Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Business loans | 19 | 1,061 | 18 | 949 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | 12 | 211 | 12 | 359 | |||||||||||||||||||||||||||||||||||||||||
31 | 1,272 | 30 | 1,308 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, gross | 588 | 1,131,550 | 568 | 1,111,063 | |||||||||||||||||||||||||||||||||||||||||
Deferred loan fees | (4,028 | ) | (3,597 | ) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net of deferred fees | 1,127,522 | 1,107,466 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (27,833 | ) | (28,103 | ) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 1,099,689 | $ | 1,079,363 | |||||||||||||||||||||||||||||||||||||||||
Summary of Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||
The tables below summarize certain information regarding our impaired loans as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Recorded Investment by State (1) | Specific | Total | # of | |||||||||||||||||||||||||||||||||||||||||
Valuation | Unpaid | Loans | |||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | NY | FL | VA | GA | CT | OH | SD | Total | Allowance (2) | Principal (3) | |||||||||||||||||||||||||||||||||||
Type | |||||||||||||||||||||||||||||||||||||||||||||
Retail | $ | 8,223 | $ | 9,005 | $ | 7,828 | $ | — | $ | 2,719 | $ | 1,000 | $ | — | $ | 28,775 | $ | 3,052 | $ | 36,216 | 7 | ||||||||||||||||||||||||
Office Building | — | 14,937 | — | 8,695 | — | — | — | 23,632 | 1,947 | 23,632 | 3 | ||||||||||||||||||||||||||||||||||
Multifamily | — | 3,128 | — | — | — | — | — | 3,128 | 594 | 3,128 | 2 | ||||||||||||||||||||||||||||||||||
Land | — | — | — | — | — | — | 1,625 | 1,625 | 500 | 1,625 | 1 | ||||||||||||||||||||||||||||||||||
Totals | $ | 8,223 | $ | 27,070 | $ | 7,828 | $ | 8,695 | $ | 2,719 | $ | 1,000 | $ | 1,625 | $ | 57,160 | $ | 6,093 | $ | 64,601 | 13 | ||||||||||||||||||||||||
($ in thousands) | Recorded Investment by State (1) | Specific | Total | # of | |||||||||||||||||||||||||||||||||||||||||
Valuation | Unpaid | Loans | |||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 | NY | FL | NJ | OH | SD | Total | Allowance (2) | Principal (3) | |||||||||||||||||||||||||||||||||||||
Type | |||||||||||||||||||||||||||||||||||||||||||||
Retail | $ | 11,837 | $ | 9,005 | $ | — | $ | 1,000 | $ | — | $ | 21,842 | $ | 1,966 | $ | 27,596 | 6 | ||||||||||||||||||||||||||||
Office Building | — | 17,988 | 883 | — | — | 18,871 | 583 | 19,621 | 3 | ||||||||||||||||||||||||||||||||||||
Warehouse | 950 | — | — | — | — | 950 | 28 | 950 | 1 | ||||||||||||||||||||||||||||||||||||
Mixed-use commercial | 8,632 | — | 500 | — | — | 9,132 | 1,248 | 9,421 | 4 | ||||||||||||||||||||||||||||||||||||
Multifamily | — | 12,577 | — | — | — | 12,577 | 1,542 | 14,225 | 6 | ||||||||||||||||||||||||||||||||||||
Land | 515 | — | — | — | 2,086 | 2,601 | 521 | 2,601 | 3 | ||||||||||||||||||||||||||||||||||||
Totals | $ | 21,934 | $ | 39,570 | $ | 1,383 | $ | 1,000 | $ | 2,086 | $ | 65,973 | $ | 5,888 | $ | 74,414 | 23 | ||||||||||||||||||||||||||||
-1 | Represents unpaid principal less partial principal charge offs and interest received and applied as a reduction of principal in certain cases. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Represents a specific valuation allowance against the recorded investment, which is included as part of our overall allowance for loan losses. | ||||||||||||||||||||||||||||||||||||||||||||
All impaired loans at the dates indicated in the table had a specific valuation allowance. | |||||||||||||||||||||||||||||||||||||||||||||
-3 | Represents contractual unpaid principal balance (shown for informational purposes only). The borrowers are obligated to pay such amounts. | ||||||||||||||||||||||||||||||||||||||||||||
Other Information Related to Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||
Other information related to our impaired loans is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
Average recorded investment in nonaccrual loans | $ | 40,345 | $ | 52,199 | $ | 51,356 | |||||||||||||||||||||||||||||||||||||||
Total cash basis interest income recognized on nonaccrual loans | 2,265 | 2,660 | 2,437 | ||||||||||||||||||||||||||||||||||||||||||
Average recorded investment in accruing TDR loans | 13,918 | 12,289 | 5,417 | ||||||||||||||||||||||||||||||||||||||||||
Total interest income recognized on accruing TDR loans under modified terms | 734 | 739 | 299 | ||||||||||||||||||||||||||||||||||||||||||
Age Analysis of Loan Portfolio by Segment | ' | ||||||||||||||||||||||||||||||||||||||||||||
Age analysis of our loan portfolio by segment at December 31, 2013 is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total | Current | Past Due | Past Due | Past Due | Total | Total | ||||||||||||||||||||||||||||||||||||||
Portfolio | 31-59 | 60-89 | 90 or more | Past Due | Classified | ||||||||||||||||||||||||||||||||||||||||
Days | Days | Days | Nonaccrual | ||||||||||||||||||||||||||||||||||||||||||
Accruing Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 802,863 | $ | 796,980 | $ | 1,796 | $ | — | $ | 4,087 | $ | 5,883 | $ | — | |||||||||||||||||||||||||||||||
Multifamily | 210,270 | 209,426 | 844 | — | — | 844 | — | ||||||||||||||||||||||||||||||||||||||
One to four family | 72,064 | 72,064 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land | 9,178 | 9,178 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
All other | 1,272 | 1,271 | 1 | — | — | 1 | — | ||||||||||||||||||||||||||||||||||||||
Total accruing loans | 1,095,647 | 1,088,919 | 2,641 | — | 4,087 | 6,728 | — | ||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans (1): | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 35,903 | 35,903 | — | — | — | — | 35,903 | ||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | 35,903 | 35,903 | — | — | — | — | 35,903 | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,131,550 | $ | 1,124,822 | $ | 2,641 | $ | — | $ | 4,087 | $ | 6,728 | $ | 35,903 | |||||||||||||||||||||||||||||||
Age analysis of our loan portfolio by segment at December 31, 2012 is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total | Current | Past Due | Past Due | Past Due | Total | Total | ||||||||||||||||||||||||||||||||||||||
Portfolio | 31-59 | 60-89 | 90 or more | Past Due | Classified | ||||||||||||||||||||||||||||||||||||||||
Days | Days | Days | Nonaccrual | ||||||||||||||||||||||||||||||||||||||||||
Accruing Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 816,357 | $ | 799,130 | $ | 12,836 | $ | — | $ | 4,391 | $ | 17,227 | $ | — | |||||||||||||||||||||||||||||||
Multifamily | 198,942 | 198,942 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
One to four family | 41,676 | 41,676 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Land | 6,882 | 4,221 | 2,661 | — | — | 2,661 | — | ||||||||||||||||||||||||||||||||||||||
All other | 1,308 | 1,308 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total accruing loans | 1,065,165 | 1,045,277 | 15,497 | — | 4,391 | 19,888 | — | ||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans (1): | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 35,856 | 32,701 | — | — | 3,155 | 3,155 | 35,856 | ||||||||||||||||||||||||||||||||||||||
Multifamily | 9,757 | 7,261 | — | — | 2,496 | 2,496 | 9,757 | ||||||||||||||||||||||||||||||||||||||
Land | 285 | 285 | — | — | — | — | 285 | ||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | 45,898 | 40,247 | — | — | 5,651 | 5,651 | 45,898 | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,111,063 | $ | 1,085,524 | $ | 15,497 | $ | — | $ | 10,042 | $ | 25,539 | $ | 45,898 | |||||||||||||||||||||||||||||||
-1 | The amount of nonaccrual loans in the current column included $33.2 million of TDRs at December 31, 2013 and $36.3 million of TDRs at December 31, 2012 for which payments were being made in accordance with their restructured terms, but the loans were maintained on nonaccrual status in accordance with regulatory guidance. The remaining portion at both dates was comprised of certain paying loans classified nonaccrual due to concerns regarding the borrowers’ ability to continue making payments. Interest income from loan payments on all loans in nonaccrual status is recognized on a cash basis, provided the remaining principal balance is deemed collectible. | ||||||||||||||||||||||||||||||||||||||||||||
Information Regarding Credit Quality of Loan Portfolio | ' | ||||||||||||||||||||||||||||||||||||||||||||
Information regarding the credit quality of the loan portfolio based on our internally assigned grades follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Pass | Special Mention | Substandard (1) | Total | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 772,900 | $ | 3,522 | $ | 62,344 | $ | 838,766 | |||||||||||||||||||||||||||||||||||||
Multifamily | 204,298 | 2,369 | 3,603 | 210,270 | |||||||||||||||||||||||||||||||||||||||||
One to four family | 72,064 | — | — | 72,064 | |||||||||||||||||||||||||||||||||||||||||
Land | 7,553 | — | 1,625 | 9,178 | |||||||||||||||||||||||||||||||||||||||||
All other | 1,272 | — | — | 1,272 | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,058,087 | $ | 5,891 | $ | 67,572 | $ | 1,131,550 | |||||||||||||||||||||||||||||||||||||
Allocation of allowance for loan losses | $ | 20,720 | $ | 169 | $ | 6,944 | $ | 27,833 | |||||||||||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 775,136 | $ | 17,041 | $ | 60,036 | $ | 852,213 | |||||||||||||||||||||||||||||||||||||
Multifamily | 193,738 | 2,384 | 12,577 | 208,699 | |||||||||||||||||||||||||||||||||||||||||
One to four family | 41,676 | — | — | 41,676 | |||||||||||||||||||||||||||||||||||||||||
Land | 4,566 | — | 2,601 | 7,167 | |||||||||||||||||||||||||||||||||||||||||
All other | 1,308 | — | — | 1,308 | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,016,424 | $ | 19,425 | $ | 75,214 | $ | 1,111,063 | |||||||||||||||||||||||||||||||||||||
Allocation of allowance for loan losses | $ | 20,037 | $ | 443 | $ | 7,623 | $ | 28,103 | |||||||||||||||||||||||||||||||||||||
-1 | Substandard loans consisted of $35.9 million of nonaccrual loans, $13.1 million of accruing TDRs and $18.6 million of other performing loans at December 31, 2013, compared to $45.9 million of nonaccrual loans, $20.1 million of accruing TDRs and $9.2 million of other performing loans at December 31, 2012. At December 31, 2013, we also had one accruing TDR for $0.4 million which was rated pass. | ||||||||||||||||||||||||||||||||||||||||||||
Geographic Distribution of Loan Portfolio | ' | ||||||||||||||||||||||||||||||||||||||||||||
The geographic distribution of the loan portfolio by state follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||
New York | $ | 670,052 | 59.2 | % | $ | 717,141 | 64.5 | % | |||||||||||||||||||||||||||||||||||||
Florida | 321,812 | 28.4 | 286,619 | 25.8 | |||||||||||||||||||||||||||||||||||||||||
North Carolina | 22,611 | 2 | 14,256 | 1.3 | |||||||||||||||||||||||||||||||||||||||||
Georgia | 18,799 | 1.7 | 11,752 | 1.1 | |||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 16,898 | 1.5 | 10,270 | 0.9 | |||||||||||||||||||||||||||||||||||||||||
New Jersey | 15,650 | 1.4 | 26,425 | 2.4 | |||||||||||||||||||||||||||||||||||||||||
Kentucky | 11,930 | 1.1 | 7,512 | 0.7 | |||||||||||||||||||||||||||||||||||||||||
Virginia | 11,491 | 1 | 11,758 | 1.1 | |||||||||||||||||||||||||||||||||||||||||
South Carolina | 9,223 | 0.8 | 5,853 | 0.5 | |||||||||||||||||||||||||||||||||||||||||
Connecticut | 8,429 | 0.7 | 11,216 | 1 | |||||||||||||||||||||||||||||||||||||||||
Tennessee | 5,843 | 0.5 | 770 | 0.1 | |||||||||||||||||||||||||||||||||||||||||
Michigan | 5,599 | 0.5 | 450 | 0 | |||||||||||||||||||||||||||||||||||||||||
Ohio | 4,703 | 0.4 | 2,260 | 0.2 | |||||||||||||||||||||||||||||||||||||||||
Indiana | 2,820 | 0.2 | 1,098 | 0.1 | |||||||||||||||||||||||||||||||||||||||||
All other states | 5,690 | 0.5 | 3,683 | 0.3 | |||||||||||||||||||||||||||||||||||||||||
$ | 1,131,550 | 100 | % | $ | 1,111,063 | 100 | % | ||||||||||||||||||||||||||||||||||||||
Information Regarding Loans Restructured | ' | ||||||||||||||||||||||||||||||||||||||||||||
Information regarding loans restructured during 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Number | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | of Loans | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||
In 2013 | - Commercial real estate - extended maturity date | 2 | $ | 9,159 | $ | 9,159 | |||||||||||||||||||||||||||||||||||||||
In 2012 | - Commercial real estate - extended maturity date | 1 | $ | 5,010 | $ | 5,010 | |||||||||||||||||||||||||||||||||||||||
- Multifamily - extended maturity date | 1 | 1,805 | 1,805 | ||||||||||||||||||||||||||||||||||||||||||
- Land - extended maturity date | 2 | 520 | 520 | ||||||||||||||||||||||||||||||||||||||||||
4 | $ | 7,335 | $ | 7,335 | |||||||||||||||||||||||||||||||||||||||||
Distribution of TDRs by Accruing Versus Non-Accruing, by Segment and by Geographic | ' | ||||||||||||||||||||||||||||||||||||||||||||
The distribution of TDRs by accruing versus non-accruing, by loan type and by geographic distribution follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Performing - nonaccrual status | $ | 33,184 | $ | 36,291 | |||||||||||||||||||||||||||||||||||||||||
Performing - accrual status | 13,429 | 20,076 | |||||||||||||||||||||||||||||||||||||||||||
$ | 46,613 | $ | 56,367 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 41,860 | $ | 43,685 | |||||||||||||||||||||||||||||||||||||||||
Multifamily | 3,128 | 10,081 | |||||||||||||||||||||||||||||||||||||||||||
Land | 1,625 | 2,601 | |||||||||||||||||||||||||||||||||||||||||||
$ | 46,613 | $ | 56,367 | ||||||||||||||||||||||||||||||||||||||||||
New York | $ | 8,223 | $ | 18,478 | |||||||||||||||||||||||||||||||||||||||||
Florida | 27,070 | 33,920 | |||||||||||||||||||||||||||||||||||||||||||
New Jersey | — | 883 | |||||||||||||||||||||||||||||||||||||||||||
Georgia | 8,695 | — | |||||||||||||||||||||||||||||||||||||||||||
Ohio | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||||||
South Dakota | 1,625 | 2,086 | |||||||||||||||||||||||||||||||||||||||||||
$ | 46,613 | $ | 56,367 | ||||||||||||||||||||||||||||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Loan Losses by Loan Type | ' | ||||||||||||||||||||||||
Activity in the allowance for loan losses by loan type for the periods indicated follows: | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 21,919 | $ | 11,234 | $ | 122 | $ | 1,553 | $ | 12 | $ | 34,840 | |||||||||||||
Loan chargeoffs | (7,186 | ) | (2,412 | ) | — | — | — | (9,598 | ) | ||||||||||||||||
Loan recoveries | 90 | 65 | — | — | — | 155 | |||||||||||||||||||
Provision (credit) for loan losses | 4,333 | (39 | ) | 210 | 516 | (2 | ) | 5,018 | |||||||||||||||||
Balance at December 31, 2011 | $ | 19,156 | $ | 8,848 | $ | 332 | $ | 2,069 | $ | 10 | $ | 30,415 | |||||||||||||
Loan chargeoffs | (2,588 | ) | (564 | ) | — | — | — | (3,152 | ) | ||||||||||||||||
Loan recoveries | 507 | 333 | — | — | — | 840 | |||||||||||||||||||
Provision (credit) for loan losses | 1,976 | (1,736 | ) | 788 | (1,026 | ) | (2 | ) | — | ||||||||||||||||
Balance at December 31, 2012 | $ | 19,051 | $ | 6,881 | $ | 1,120 | $ | 1,043 | $ | 8 | $ | 28,103 | |||||||||||||
Loan chargeoffs | (1,932 | ) | (6 | ) | — | — | — | (1,938 | ) | ||||||||||||||||
Loan recoveries | 1,053 | 682 | — | 483 | — | 2,218 | |||||||||||||||||||
Provision (credit) for loan losses | 231 | (2,460 | ) | 1,897 | (218 | ) | — | (550 | ) | ||||||||||||||||
Balance at December 31, 2013 | $ | 18,403 | $ | 5,097 | $ | 3,017 | $ | 1,308 | $ | 8 | $ | 27,833 | |||||||||||||
Loans Receivable by Segment and Impairment Evaluation and Allowance for Loan Losses | ' | ||||||||||||||||||||||||
The following table sets forth the balances of our loans receivable by segment and impairment evaluation and the allowance for loan losses associated with such loans at December 31, 2013. | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 52,407 | $ | 3,128 | $ | — | $ | 1,625 | $ | — | $ | 57,160 | |||||||||||||
Collectively evaluated for impairment | 786,359 | 207,142 | 72,064 | 7,553 | 1,272 | 1,074,390 | |||||||||||||||||||
Total loans | $ | 838,766 | $ | 210,270 | $ | 72,064 | $ | 9,178 | $ | 1,272 | $ | 1,131,550 | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 4,999 | $ | 594 | $ | — | $ | 500 | $ | — | $ | 6,093 | |||||||||||||
Collectively evaluated for impairment | 13,404 | 4,503 | 3,017 | 808 | 8 | 21,740 | |||||||||||||||||||
Total allowance for loan losses | $ | 18,403 | $ | 5,097 | $ | 3,017 | $ | 1,308 | $ | 8 | $ | 27,833 | |||||||||||||
-1 | See note 3 to financial statements in this report. | ||||||||||||||||||||||||
The following table sets forth the balances of our loans receivable by segment and impairment evaluation and the allowance for loan losses associated with such loans at December 31, 2012. | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 50,795 | $ | 12,577 | $ | — | $ | 2,601 | $ | — | $ | 65,973 | |||||||||||||
Collectively evaluated for impairment | 801,418 | 196,122 | 41,676 | 4,566 | 1,308 | 1,045,090 | |||||||||||||||||||
Total loans | $ | 852,213 | $ | 208,699 | $ | 41,676 | $ | 7,167 | $ | 1,308 | $ | 1,111,063 | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 3,825 | $ | 1,542 | $ | — | $ | 521 | $ | — | $ | 5,888 | |||||||||||||
Collectively evaluated for impairment | 15,226 | 5,339 | 1,120 | 522 | 8 | 22,215 | |||||||||||||||||||
Total allowance for loan losses | $ | 19,051 | $ | 6,881 | $ | 1,120 | $ | 1,043 | $ | 8 | $ | 28,103 | |||||||||||||
-1 | See note 3 to financial statements in this report. |
Premises_and_Equipment_Lease_C1
Premises and Equipment, Lease Commitments, Rental Expense and Sublease Income (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Premises and equipment is as follows: | |||||||||
At December 31, | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
Land | $ | 1,264 | $ | 1,264 | |||||
Buildings | 5,214 | 5,020 | |||||||
Leasehold improvements | 1,786 | 1,632 | |||||||
Furniture, fixtures and equipment | 1,713 | 1,770 | |||||||
Total cost | 9,977 | 9,686 | |||||||
Less accumulated deprecation and amortization | (5,921 | ) | (5,808 | ) | |||||
Net book value | $ | 4,056 | $ | 3,878 | |||||
Foreclosed_Real_Estate_and_Val1
Foreclosed Real Estate and Valuation Allowance for Real Estate Losses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Summary of Activity in the Valuation Allowance for Real Estate Losses | ' | ||||||||||||
Activity in the valuation allowance for real estate losses is as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Valuation allowance at beginning of year | $ | 5,339 | $ | 6,037 | $ | 2,688 | |||||||
Provision for real estate losses charged to expense | 1,105 | 4,068 | 3,349 | ||||||||||
Real estate chargeoffs: | |||||||||||||
Commercial real estate | (256 | ) | (2,280 | ) | — | ||||||||
Multifamily | (3,157 | ) | — | — | |||||||||
Land | (1,014 | ) | (2,486 | ) | — | ||||||||
Total real estate chargeoffs | (4,427 | ) | (4,766 | ) | — | ||||||||
Valuation allowance at end of year | $ | 2,017 | $ | 5,339 | $ | 6,037 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Scheduled Maturities of Certificates of Deposits | ' | ||||||||||||||||
Scheduled maturities of certificates of deposit accounts (CDs) are as follows: | |||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||
($ in thousands) | Amount | Wtd-Avg | Amount | Wtd-Avg | |||||||||||||
Stated Rate | Stated Rate | ||||||||||||||||
Within one year | $ | 307,122 | 1.97 | % | $ | 519,236 | 2.92 | % | |||||||||
Over one to two years | 167,323 | 1.92 | 181,698 | 2.79 | |||||||||||||
Over two to three years | 170,956 | 1.92 | 89,049 | 2.74 | |||||||||||||
Over three to four years | 106,700 | 2.5 | 60,119 | 3.02 | |||||||||||||
Over four years | 129,678 | 2.06 | 86,776 | 2.93 | |||||||||||||
$ | 881,779 | 2.03 | % | $ | 936,878 | 2.89 | % | ||||||||||
Interest Expense on Deposit Accounts | ' | ||||||||||||||||
Interest expense on deposit accounts is as follows: | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Interest checking accounts | $ | 65 | $ | 65 | $ | 79 | |||||||||||
Savings accounts | 29 | 34 | 58 | ||||||||||||||
Money market accounts | 1,530 | 2,142 | 3,669 | ||||||||||||||
Certificates of deposit accounts | 23,806 | 33,590 | 43,776 | ||||||||||||||
$ | 25,430 | $ | 35,831 | $ | 47,582 | ||||||||||||
FHLB_Advances_and_Lines_of_Cre1
FHLB Advances and Lines of Credit (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Summary of Certain Information Regarding INB Borrowings | ' | ||||||||||||
The following is a summary of certain information regarding INB’s borrowings in the aggregate: | |||||||||||||
At or For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at year end | $ | — | $ | — | $ | 17,500 | |||||||
Maximum amount outstanding at any month end during the year | $ | — | $ | 13,500 | $ | 25,500 | |||||||
Average outstanding balance for the year | $ | 295 | $ | 9,087 | $ | 21,574 | |||||||
Weighted-average interest rate paid for the year | 0.38 | % | 4.27 | % | 4.1 | % | |||||||
Weighted-average interest rate at year end | — | — | 4.1 | % |
Subordinated_Debentures_Capita1
Subordinated Debentures - Capital Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Summary of Capital Securities Outstanding | ' | ||||||||||||||||||||||||
Capital Securities (commonly referred to as trust preferred securities) outstanding are summarized as follows: | |||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||
($ in thousands) | Principal | Accrued | Interest | Principal | Accrued | Interest | |||||||||||||||||||
Interest | Rate | Interest | Rate | ||||||||||||||||||||||
Payable | Payable | ||||||||||||||||||||||||
Capital Securities II - debentures due September 17, 2033 | $ | 15,464 | $ | 275 | 3.19 | % | $ | 15,464 | $ | 1,661 | 3.26 | % | |||||||||||||
Capital Securities III - debentures due March 17, 2034 | 15,464 | 261 | 3.03 | % | 15,464 | 1,577 | 3.1 | % | |||||||||||||||||
Capital Securities IV - debentures due September 20, 2034 | 15,464 | 223 | 2.65 | % | 15,464 | 1,370 | 2.71 | % | |||||||||||||||||
Capital Securities V - debentures due December 15, 2036 | 10,310 | 109 | 1.89 | % | 10,310 | 1,620 | 1.96 | % | |||||||||||||||||
$ | 56,702 | $ | 868 | $ | 56,702 | $ | 6,228 | ||||||||||||||||||
Common_Stock_Warrant_Options_a1
Common Stock Warrant, Options and Restricted Common Stock (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Selected Information Regarding Option Awards Made Under Plans | ' | ||||||||||||||||||||||||||||||||
A summary of selected information regarding option awards made under the Plans for the three-year period ended December 31, 2013 follows. There were no option awards made in 2013 or 2012: | |||||||||||||||||||||||||||||||||
($ in thousands, except per option amounts) | 2011 | ||||||||||||||||||||||||||||||||
Option Award | |||||||||||||||||||||||||||||||||
Date of award | 12/8/11 | ||||||||||||||||||||||||||||||||
Total options awarded | 44,100 | ||||||||||||||||||||||||||||||||
Exercise price of option | $ | 2.55 | |||||||||||||||||||||||||||||||
Estimated fair value per option (1) | $ | 1.67 | |||||||||||||||||||||||||||||||
Total estimated fair value of award | $ | 73,647 | |||||||||||||||||||||||||||||||
Assumptions used in Black-Scholes Model: | |||||||||||||||||||||||||||||||||
Expected dividend yield (2) | 0 | % | |||||||||||||||||||||||||||||||
Expected stock volatility (3) | 75 | % | |||||||||||||||||||||||||||||||
Risk-free interest rate (4) | 1.13 | % | |||||||||||||||||||||||||||||||
Expected term in years (5) | 6 | ||||||||||||||||||||||||||||||||
-1 | Fair value was estimated at the grant date of the award based on the Black-Scholes option-pricing model using the assumptions noted in the table above. The assumptions are subjective in nature, involve uncertainties and therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options which are not immediately exercisable and are not traded on public markets. | ||||||||||||||||||||||||||||||||
-2 | No dividends were assumed to be declared and paid for shares underlying the option grants. | ||||||||||||||||||||||||||||||||
-3 | Expected stock volatility is estimated based on an assessment of historical volatility of IBC’s common stock. | ||||||||||||||||||||||||||||||||
-4 | Risk-free interest rate was derived from a U.S. Treasury security having a similar expected life as the option as of the grant date. | ||||||||||||||||||||||||||||||||
-5 | Expected term (average life) was calculated using the “simplified method” as prescribed by the SEC guidance. | ||||||||||||||||||||||||||||||||
Summary of the Activity in IBC's Outstanding Common Stock Warrant and Options | ' | ||||||||||||||||||||||||||||||||
A summary of the activity in IBC’s outstanding common stock warrant and options and related information follows: | |||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | Exercise Price Per Warrant/Option | Wtd-Avg. | |||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||
$5.42 (1) | $17.10 | $7.50 | $4.02 | $3.00 | $2.55 | Total | Price | ||||||||||||||||||||||||||
Outstanding at December 31, 2010 | 691,882 | 118,140 | 122,290 | 71,710 | 41,400 | — | 1,045,422 | $ | 6.79 | ||||||||||||||||||||||||
Forfeited/expired (2) | — | (300 | ) | (900 | ) | (1,200 | ) | (1,500 | ) | — | (3,900 | ) | $ | 5.44 | |||||||||||||||||||
Options granted | — | — | — | — | — | 44,100 | 44,100 | $ | 2.55 | ||||||||||||||||||||||||
Outstanding at December 31, 2011 | 691,882 | 117,840 | 121,390 | 70,510 | 39,900 | 44,100 | 1,085,622 | $ | 6.62 | ||||||||||||||||||||||||
Forfeited/expired (2) | — | (1,200 | ) | (1,200 | ) | (1,600 | ) | (1,600 | ) | (1,800 | ) | (7,400 | ) | $ | 6.13 | ||||||||||||||||||
Exercised | — | — | — | — | (100 | ) | — | (100 | ) | $ | 3 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 691,882 | 116,640 | 120,190 | 68,910 | 38,200 | 42,300 | 1,078,122 | $ | 6.63 | ||||||||||||||||||||||||
Forfeited/expired (2) | — | (6,000 | ) | (6,200 | ) | (1,610 | ) | (2,100 | ) | (3,500 | ) | (19,410 | ) | $ | 8.8 | ||||||||||||||||||
Options exercised | — | — | — | (9,900 | ) | (3,700 | ) | (3,667 | ) | (17,267 | ) | $ | 3.49 | ||||||||||||||||||||
Outstanding at December 31, 2013 | 691,882 | 110,640 | 113,990 | 57,400 | 32,400 | 35,133 | 1,041,445 | $ | 6.64 | ||||||||||||||||||||||||
Expiration date | 12/23/18 | 12/13/17 | 12/11/18 | 12/10/19 | 12/9/20 | 12/8/21 | |||||||||||||||||||||||||||
Vested and exercisable (3) | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 67 | % | 99 | % | |||||||||||||||||||
Wtd-avg contractual remaining term (in years) | 5 | 4 | 4.9 | 5.9 | 6.9 | 7.9 | 5.1 | ||||||||||||||||||||||||||
Intrinsic value at December 31, 2013 (4) | $ | 1,446 | — | $ | 1 | $ | 201 | $ | 146 | $ | 174 | $ | 1,968 | ||||||||||||||||||||
-1 | This warrant is held by the U.S. Treasury as described in note 10 to the financial statements. | ||||||||||||||||||||||||||||||||
-2 | Represent options forfeited or expired unexercised. | ||||||||||||||||||||||||||||||||
-3 | The $2.55 options further vest and become 100% exercisable on December 8, 2014. Full vesting may occur earlier upon the occurrence of certain events as defined in the option agreement. | ||||||||||||||||||||||||||||||||
-4 | Intrinsic value was calculated using the closing price of the common stock on December 31, 2013 of $7.51. | ||||||||||||||||||||||||||||||||
Summary of Selected Information Regarding Restricted Common Stock Awards Made Under Plans | ' | ||||||||||||||||||||||||||||||||
A summary of selected information regarding restricted common stock awards made under the Plans for the three-year period ended December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | Stock Grant | Stock | Stock | ||||||||||||||||||||||||||||||
Grant | Grant | ||||||||||||||||||||||||||||||||
Grant date of award | 12/12/13 | 1/24/13 | 1/19/12 | ||||||||||||||||||||||||||||||
Total restricted shares of stock awarded (1) | 135,500 | 330,700 | 465,400 | ||||||||||||||||||||||||||||||
Estimated fair value per share awarded (2) | $ | 7.21 | $ | 4.5 | $ | 2.9 | |||||||||||||||||||||||||||
Total estimated fair value of award | $ | 977 | $ | 1,488 | $ | 1,350 | |||||||||||||||||||||||||||
Awards scheduled to vest as follows: | |||||||||||||||||||||||||||||||||
Jan-13 | — | — | 256,800 | ||||||||||||||||||||||||||||||
Jan-14 | 75,417 | 49,566 | 133,455 | ||||||||||||||||||||||||||||||
Jan-15 | 44,917 | 170,888 | 75,145 | ||||||||||||||||||||||||||||||
Jan-16 | 15,166 | 110,246 | — | ||||||||||||||||||||||||||||||
135,500 | 330,700 | 465,400 | |||||||||||||||||||||||||||||||
-1 | The December 2013 awards were made to five executive officers vesting in five installments over a three-year period. These awards replaced certain awards that were forfeited during 2013 in connection with the requirements of TARP. | ||||||||||||||||||||||||||||||||
The January 2013 awards were made as follows: a total of 182,000 shares to five executive officers (vesting in two installments, with two thirds vesting on the second anniversary of the grant and the remaining one third on the third anniversary of the grant); a total of 80,000 shares to eight non-employee directors and 68,700 shares to other officers and employees (vesting in three equal installments, with one third vesting on each of the first three anniversary dates of the grant). | |||||||||||||||||||||||||||||||||
The January 2012 awards were made as follows: a total of 175,000 shares to five executive officers (vesting in two installments, with two thirds vesting on the second anniversary of the grant and the remaining one third on the third anniversary of the grant); a total of 240,000 shares to six non-employee directors (vesting 100% on the first anniversary of the grant); and a total of 50,400 shares to other officers and employees (vesting in three equal installments, with one third on each of the first three anniversary dates of the grant). | |||||||||||||||||||||||||||||||||
-2 | Fair value of each award was estimated as of the grant date based on the closing market price of the common stock on the grant date. | ||||||||||||||||||||||||||||||||
Summary of Activity in IBCs Restricted Class A Common Stock | ' | ||||||||||||||||||||||||||||||||
A summary of activity in outstanding restricted common stock and related information follows: | |||||||||||||||||||||||||||||||||
Price Per Share | |||||||||||||||||||||||||||||||||
$2.35 | $2.90 | $4.50 | $7.21 | Total | |||||||||||||||||||||||||||||
Outstanding at December 31, 2010 | 319,300 | — | — | — | 319,300 | ||||||||||||||||||||||||||||
Shares forfeited | (1,200 | ) | — | — | — | (1,200 | ) | ||||||||||||||||||||||||||
Outstanding at December 31, 2011 | 318,100 | — | — | — | 318,100 | ||||||||||||||||||||||||||||
Shares granted | — | 465,400 | — | — | 465,400 | ||||||||||||||||||||||||||||
Shares forfeited | (600 | ) | (600 | ) | — | — | (1,200 | ) | |||||||||||||||||||||||||
Outstanding at December 31, 2012 | 317,500 | 464,800 | — | — | 782,300 | ||||||||||||||||||||||||||||
Shares vested and no longer restricted | (264,150 | ) | (256,600 | ) | — | — | (520,750 | ) | |||||||||||||||||||||||||
Shares granted | — | — | 330,700 | 135,500 | 466,200 | ||||||||||||||||||||||||||||
Shares forfeited | (53,350 | ) | (49,883 | ) | (51,200 | ) | — | (154,433 | ) | ||||||||||||||||||||||||
Outstanding at December 31, 2013 (1) (2) | — | 158,317 | 279,500 | 135,500 | 573,317 | ||||||||||||||||||||||||||||
-1 | All outstanding shares of restricted common stock at December 31, 2013 were unvested and subject to forfeiture. | ||||||||||||||||||||||||||||||||
Shares issued at $2.90 will vest as follows: 101,034 on January 19, 2014 and 57,283 on January 19, 2015. | |||||||||||||||||||||||||||||||||
Shares issued at $4.50 will vest as follows: 47,667 on January 24, 2014, 138,667 on January 24, 2015 and 93,166 on January 24, 2016. | |||||||||||||||||||||||||||||||||
Shares issued at $7.21 will vest as follows: 46,250 on January 2, 2014; 29,167 on January 19, 2014; 14,584 on January 19, 2015; 30,333 on January 24, 2015; and 15,166 on January 24, 2016. | |||||||||||||||||||||||||||||||||
-2 | Vesting is subject to the grantee’s continued employment with us or, in the case of non-employee directors, the grantee’s continued service as our director on the vesting dates. All of the awards are subject to accelerated vesting upon the death or disability of the grantee or upon a change in control of IBC, as defined in the restricted stock agreements. The record holder of IBC’s restricted shares of common stock possesses all the rights of a holder of our common stock, including the right to receive dividends on and to vote the restricted shares. The restricted shares may not be sold, transferred, pledged, assigned, encumbered, or otherwise alienated or hypothecated until they become fully vested and transferable in accordance with the agreements. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Allocation of Federal, State and Local Income Tax Expense between Current and Deferred Portions | ' | ||||||||||||
Allocation of our federal, state and local income tax expense between current and deferred portions is as follows: | |||||||||||||
($ in thousands) | Current | Deferred | Total | ||||||||||
Year Ended December 31, 2013: | |||||||||||||
Federal | $ | 420 | $ | 9,130 | $ | 9,550 | |||||||
State and Local | 339 | 1,766 | 2,105 | ||||||||||
$ | 759 | $ | 10,896 | $ | 11,655 | ||||||||
Year Ended December 31, 2012: | |||||||||||||
Federal | $ | 370 | $ | 7,751 | $ | 8,121 | |||||||
State and Local | 335 | 1,851 | 2,186 | ||||||||||
$ | 705 | $ | 9,602 | $ | 10,307 | ||||||||
Year Ended December 31, 2011: | |||||||||||||
Federal | $ | 958 | $ | 6,670 | $ | 7,628 | |||||||
State and Local | 311 | 1,573 | 1,884 | ||||||||||
$ | 1,269 | $ | 8,243 | $ | 9,512 | ||||||||
Components of Deferred Tax Expense | ' | ||||||||||||
The components of the deferred tax expense are as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
NOL and AMT credit carryforwards | $ | 7,353 | $ | 8,084 | $ | 8,138 | |||||||
Allowances for loan losses and real estate losses | 1,597 | 1,315 | 484 | ||||||||||
Capitalized real estate expenses and nonaccrual interest | 36 | 1,011 | (232 | ) | |||||||||
Impairment writedowns on investment securities | 1,857 | (282 | ) | (86 | ) | ||||||||
Deferred compensation and benefits | 285 | (355 | ) | (48 | ) | ||||||||
Depreciation | (234 | ) | (166 | ) | (16 | ) | |||||||
Deferred income | 2 | (5 | ) | 3 | |||||||||
$ | 10,896 | $ | 9,602 | $ | 8,243 | ||||||||
Tax Effects of Temporary Differences in Deferred Tax Asset | ' | ||||||||||||
The tax effects of the temporary differences that give rise to the deferred tax asset are as follows: | |||||||||||||
At December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||
NOL and AMT credit carryforwards | $ | 3,061 | $ | 10,414 | |||||||||
Allowances for loan losses and real estate losses | 12,814 | 14,411 | |||||||||||
Capitalized real estate expenses and nonaccrual interest | 1,152 | 1,188 | |||||||||||
Impairment writedowns on investment securities | — | 1,857 | |||||||||||
Unrealized losses on securities available for sale | 24 | — | |||||||||||
Deferred compensation and benefits | 852 | 1,137 | |||||||||||
Depreciation | 454 | 220 | |||||||||||
Deferred income | 5 | 7 | |||||||||||
Total deferred tax asset | $ | 18,362 | $ | 29,234 | |||||||||
Reconciliation between Statutory Federal Income Tax Rate and Our Effective Income Tax Rate | ' | ||||||||||||
The reconciliation between the statutory federal income tax rate and our effective income tax rate is as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Increase resulting from: | |||||||||||||
State and local income tax rate, net of federal benefit | 7.8 | 9.4 | 9.3 | ||||||||||
All other | 1.8 | 1.4 | 1.5 | ||||||||||
Effective Income Tax Rate | 44.6 | % | 45.8 | % | 45.8 | % | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Summary of Basic and Diluted Earnings Per Common Share | ' | ||||||||||||
Net earnings available to common stockholders and the weighted-average number of shares used for basic and diluted earnings per common share computations are summarized in the table that follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic Earnings Per Common Share: | |||||||||||||
Net earnings available to common stockholders | $ | 13,437,000 | $ | 10,421,000 | $ | 9,516,000 | |||||||
Weighted-Average number of common shares outstanding | 21,894,030 | 21,566,009 | 21,126,187 | ||||||||||
Basic Earnings Per Common Share | $ | 0.61 | $ | 0.48 | $ | 0.45 | |||||||
Diluted Earnings Per Common Share: | |||||||||||||
Net earnings available to common stockholders | $ | 13,437,000 | $ | 10,421,000 | $ | 9,516,000 | |||||||
Weighted-Average number of common shares outstanding: | |||||||||||||
Common shares outstanding | 21,894,030 | 21,566,009 | 21,126,187 | ||||||||||
Potential dilutive shares resulting from exercise of warrants /options (1) | 99,596 | 2,187 | — | ||||||||||
Total average number of common shares outstanding used for dilution | 21,993,626 | 21,568,196 | 21,126,187 | ||||||||||
Diluted Earnings Per Common Share | $ | 0.61 | $ | 0.48 | $ | 0.45 | |||||||
-1 | All outstanding options/warrants to purchase shares of our common stock were considered for the Diluted EPS computations and only those that were dilutive (as determined by using the treasury stock method prescribed by GAAP) were included in the diluted earnings per share computations above. In 2013, 2012 and 2011, 224,630, 997,622 and 1,085,622 of options/warrants to purchase common stock, respectively, were not dilutive because the exercise price per share of each option/warrant was above the average market price of our common stock during these periods. |
OffBalance_Sheet_Financial_Ins1
Off-Balance Sheet Financial Instruments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Summary of Contractual Amounts of Off-Balance Sheet Financial Instruments | ' | ||||||||
The contractual amounts of off-balance sheet financial instruments are as follows: | |||||||||
At December 31, | |||||||||
($ in thousands) | 2013 | 2012 | |||||||
Commitments to extend credit | $ | 19,386 | $ | 19,154 | |||||
Unused lines of credit | 877 | 854 | |||||||
$ | 20,263 | $ | 20,008 | ||||||
Regulatory_Capital_and_Regulat1
Regulatory Capital and Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Regulatory Capital and Related Ratios | ' | ||||||||||||||||||||||||||||||||
Information regarding our regulatory capital and related ratios is summarized as follows: | |||||||||||||||||||||||||||||||||
INB | IBC Consolidated | ||||||||||||||||||||||||||||||||
At December 31, | At December 31, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Tier 1 capital (1) | $ | 240,918 | $ | 244,081 | $ | 245,191 | $ | 249,465 | |||||||||||||||||||||||||
Tier 2 capital | 15,479 | 15,566 | 15,517 | 15,620 | |||||||||||||||||||||||||||||
Total risk-based capital (2) | $ | 256,397 | $ | 259,647 | $ | 260,708 | $ | 265,085 | |||||||||||||||||||||||||
Net risk-weighted assets for regulatory purposes | $ | 1,225,936 | $ | 1,232,670 | $ | 1,228,994 | $ | 1,238,024 | |||||||||||||||||||||||||
Average assets for regulatory purposes | $ | 1,581,713 | $ | 1,690,329 | $ | 1,586,416 | $ | 1,696,410 | |||||||||||||||||||||||||
Total capital to risk-weighted assets | 20.91 | % | 21.06 | % | 21.21 | % | 21.41 | % | |||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 19.65 | % | 19.8 | % | 19.95 | % | 20.15 | % | |||||||||||||||||||||||||
Tier 1 capital to average assets | 15.23 | % | 14.44 | % | 15.46 | % | 14.71 | % | |||||||||||||||||||||||||
-1 | IBC’s consolidated Tier 1 capital at both dates included $55 million of IBC’s outstanding qualifying trust preferred securities. | ||||||||||||||||||||||||||||||||
Capital Adequacy | ' | ||||||||||||||||||||||||||||||||
The table that follows presents information regarding our actual capital and minimum capital requirements. | |||||||||||||||||||||||||||||||||
Actual Capital | Minimum | Minimum | Minimum | ||||||||||||||||||||||||||||||
Under Prompt | To Be “Well Capitalized” | Under Agreement | |||||||||||||||||||||||||||||||
Corrective | Under Prompt Corrective | With OCC | |||||||||||||||||||||||||||||||
Action Provisions | Action Provisions | ||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
IBC Consolidated at December 31, 2013: | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets (1) | $ | 260,708 | 21.21 | % | $ | 98,320 | 8 | % | NA | NA | NA | NA | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets (1) | $ | 245,191 | 19.95 | % | $ | 49,160 | 4 | % | NA | NA | NA | NA | |||||||||||||||||||||
Tier 1 capital to average assets (1) | $ | 245,191 | 15.46 | % | $ | 63,457 | 4 | % | NA | NA | NA | NA | |||||||||||||||||||||
IBC Consolidated at December 31, 2012: | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 265,085 | 21.41 | % | $ | 99,042 | 8 | % | NA | NA | NA | NA | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets | $ | 249,465 | 20.15 | % | $ | 49,521 | 4 | % | NA | NA | NA | NA | |||||||||||||||||||||
Tier 1 capital to average assets | $ | 249,465 | 14.71 | % | $ | 67,856 | 4 | % | NA | NA | NA | NA | |||||||||||||||||||||
INB at December 31, 2013: | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 256,397 | 20.91 | % | $ | 98,075 | 8 | % | $ | 122,594 | 10 | % | NA | NA | |||||||||||||||||||
Tier 1 capital to risk-weighted assets | $ | 240,918 | 19.65 | % | $ | 49,037 | 4 | % | $ | 73,556 | 6 | % | NA | NA | |||||||||||||||||||
Tier 1 capital to average assets | $ | 240,918 | 15.23 | % | $ | 63,269 | 4 | % | $ | 79,086 | 5 | % | NA | NA | |||||||||||||||||||
INB at December 31, 2012: | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 259,647 | 21.06 | % | $ | 98,614 | 8 | % | $ | 123,267 | 10 | % | $ | 147,920 | 12 | % | |||||||||||||||||
Tier 1 capital to risk-weighted assets | $ | 244,081 | 19.8 | % | $ | 49,307 | 4 | % | $ | 73,960 | 6 | % | $ | 123,267 | 10 | % | |||||||||||||||||
Tier 1 capital to average assets | $ | 244,081 | 14.44 | % | $ | 67,613 | 4 | % | $ | 84,516 | 5 | % | $ | 152,130 | 9 | % | |||||||||||||||||
-1 | Assuming IBC had excluded all of its eligible outstanding trust preferred securities (which totaled $55 million) from its Tier 1 capital and included the entire amount in its Tier 2 capital, consolidated proforma capital ratios at December 31, 2013 would have been 21.21%, 15.48% and 11.99%, respectively. | ||||||||||||||||||||||||||||||||
Additional Information Regarding Capital Adequacy | ' | ||||||||||||||||||||||||||||||||
The table that follows presents additional information regarding our capital adequacy at December 31, 2013. | |||||||||||||||||||||||||||||||||
INB Regulatory Capital | Consolidated Regulatory Capital | ||||||||||||||||||||||||||||||||
($ in thousands) | Actual | Required (1) | Excess | Actual | Required | Excess | |||||||||||||||||||||||||||
Total capital to risk-weighted assets | $ | 256,397 | $ | 122,594 | $ | 133,803 | $ | 260,708 | $ | 98,320 | $ | 162,388 | |||||||||||||||||||||
Tier 1 capital to risk-weighted assets | $ | 240,918 | $ | 73,556 | $ | 167,362 | $ | 245,191 | $ | 49,160 | $ | 196,031 | |||||||||||||||||||||
Tier 1 capital to average assets | $ | 240,918 | $ | 79,086 | $ | 161,832 | $ | 245,191 | $ | 63,457 | $ | 181,734 | |||||||||||||||||||||
-1 | Minimum amount required to be considered “Well-Capitalized.” |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||||||
The following tables provide information regarding our assets measured at fair value on a nonrecurring basis. | |||||||||||||||||||||
Outstanding Carrying Value | |||||||||||||||||||||
At December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
($ in thousands) | Level 3 | Level 3 | |||||||||||||||||||
Impaired loans (1) : | |||||||||||||||||||||
Commercial real estate | $ | 52,407 | $ | 50,795 | |||||||||||||||||
Multifamily | 3,128 | 12,577 | |||||||||||||||||||
Land | 1,625 | 2,601 | |||||||||||||||||||
Total impaired loans | 57,160 | 65,973 | |||||||||||||||||||
Impaired securities (2) | — | 3,721 | |||||||||||||||||||
Foreclosed real estate | 10,669 | 15,923 | |||||||||||||||||||
Accumulated Losses on | |||||||||||||||||||||
Outstanding Balance | Total Losses (Gains) (3) | ||||||||||||||||||||
At December 31, | For the Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial real estate | $ | 10,294 | $ | 9,979 | $ | 2,053 | $ | 1,038 | $ | 4,936 | |||||||||||
Multifamily | 598 | 3,092 | (966 | ) | (364 | ) | 4,190 | ||||||||||||||
Land | 500 | 521 | (21 | ) | (488 | ) | 1,009 | ||||||||||||||
Total impaired loans | 11,392 | 13,592 | 1,066 | 186 | 10,135 | ||||||||||||||||
Impaired securities | — | 4,233 | (517 | ) | 582 | 201 | |||||||||||||||
Foreclosed real estate | 2,017 | 5,339 | 142 | 4,161 | 3,161 | ||||||||||||||||
-1 | Outstanding carrying value excludes a specific valuation allowance included in the overall allowance for loan losses. See notes 3 and 4 to the financial statements. | ||||||||||||||||||||
-2 | Comprised at December 31, 2012 of certain held-to maturity investments in trust preferred securities considered other than temporarily impaired. See note 2 to the financial statements. | ||||||||||||||||||||
-3 | Represents total losses or (gains) recognized on all assets measured at fair value on a nonrecurring basis during the period indicated. The losses or (gains) for impaired loans represent the change (before net chargeoffs) during the period in the corresponding specific valuation allowance, while the losses (gains) for foreclosed real estate represent writedowns in carrying values subsequent to foreclosure (recorded as provisions for real estate losses) adjusted for any recoveries of prior write downs and (gains) or losses from the transfer/sale of properties during the period. The (gains) losses on securities represent the total of other than temporary impairment charges and net gains from sales, which are recorded as components of noninterest income. See note 2 to the financial statements in this report. | ||||||||||||||||||||
Change in Assets Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents information regarding the change in assets measured at fair value on a nonrecurring basis for the three-year period ended December 31, 2013. | |||||||||||||||||||||
Impaired | Impaired | Foreclosed | |||||||||||||||||||
($ in thousands) | Securities | Loans | Real Estate | ||||||||||||||||||
Balance at December 31, 2010 | $ | 4,580 | $ | 56,555 | $ | 27,064 | |||||||||||||||
Net new impaired loans | — | 41,768 | — | ||||||||||||||||||
Principal repayments/sales | — | (18,198 | ) | — | |||||||||||||||||
Chargeoffs | — | (9,481 | ) | — | |||||||||||||||||
Ttransferred to foreclosed real estate | — | (4,375 | ) | 4,375 | |||||||||||||||||
Other than temporary impairment writedowns | (201 | ) | — | — | |||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (3,349 | ) | |||||||||||||||||
Gain on sales/transfers from loans | — | — | 188 | ||||||||||||||||||
All other | (1 | ) | — | — | |||||||||||||||||
Balance at December 31, 2011 | $ | 4,378 | $ | 66,269 | $ | 28,278 | |||||||||||||||
Net new impaired loans | — | 19,875 | — | ||||||||||||||||||
Principal repayments/sales | (75 | ) | (12,330 | ) | (12,883 | ) | |||||||||||||||
Chargeoffs | — | (3,152 | ) | — | |||||||||||||||||
Ttransferred to foreclosed real estate | — | (4,689 | ) | 4,689 | |||||||||||||||||
Other than temporary impairment writedowns | (582 | ) | — | — | |||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (4,068 | ) | |||||||||||||||||
Loss on sales | — | — | (93 | ) | |||||||||||||||||
Balance at December 31, 2012 | $ | 3,721 | $ | 65,973 | $ | 15,923 | |||||||||||||||
Net new impaired loans | — | 16,122 | — | ||||||||||||||||||
Principal repayments/sales | (4,238 | ) | (19,957 | ) | (8,152 | ) | |||||||||||||||
Chargeoffs | — | (1,938 | ) | — | |||||||||||||||||
Ttransferred to foreclosed real estate | — | (3,040 | ) | 3,040 | |||||||||||||||||
Other than temporary impairment writedowns | (964 | ) | — | — | |||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (1,105 | ) | |||||||||||||||||
Gain on sales | 1,481 | — | 963 | ||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | 57,160 | $ | 10,669 | |||||||||||||||
Carrying and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The carrying and estimated fair values of our financial instruments are as follows: | |||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||
($ in thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and cash equivalents (1) | $ | 24,700 | $ | 24,700 | $ | 60,395 | $ | 60,395 | |||||||||||||
Time deposits with banks (1) | 5,370 | 5,370 | 5,170 | 5,170 | |||||||||||||||||
Securities available for sale, net (1) | 965 | 965 | 1,000 | 1,000 | |||||||||||||||||
Securities held to maturity, net (2) | 383,937 | 378,507 | 443,777 | 442,166 | |||||||||||||||||
FRB and FHLB stock (3) | 8,244 | 8,244 | 8,151 | 8,151 | |||||||||||||||||
Loans receivable, net (3) | 1,099,689 | 1,100,858 | 1,079,363 | 1,102,333 | |||||||||||||||||
Accrued interest receivable (3) | 4,861 | 4,861 | 5,191 | 5,191 | |||||||||||||||||
Loan fees receivable (3) | 2,298 | 1,808 | 3,108 | 2,547 | |||||||||||||||||
Total Financial Assets | $ | 1,530,064 | $ | 1,525,313 | $ | 1,606,155 | $ | 1,626,953 | |||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits (3) | $ | 1,282,232 | $ | 1,294,690 | $ | 1,362,619 | $ | 1,389,629 | |||||||||||||
Borrowed funds plus accrued interest payable (3) | 57,570 | 57,260 | 62,930 | 62,448 | |||||||||||||||||
Accrued interest payable on deposits (3) | 1,508 | 1,508 | 2,379 | 2,379 | |||||||||||||||||
Commitments to lend (3) | 408 | 408 | 386 | 386 | |||||||||||||||||
Total Financial Liabilities | $ | 1,341,718 | $ | 1,353,866 | $ | 1,428,314 | $ | 1,454,842 | |||||||||||||
Net Financial Assets | $ | 188,346 | $ | 171,447 | $ | 177,841 | $ | 172,111 | |||||||||||||
-1 | We consider these fair value measurements to be Level 1. | ||||||||||||||||||||
-2 | We consider these fair value measurements to be Level 2, except for our corporate security investments held to maturity, which are considered to be Level 3. | ||||||||||||||||||||
-3 | We consider these fair value measurements to be Level 3. |
Holding_Company_Financial_Info1
Holding Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||
Condensed Balance Sheets | ' | ||||||||||||
The following IBC (parent company only) condensed financial information should be read in conjunction with the other notes to the consolidated financial statements in this report. | |||||||||||||
Condensed Balance Sheets | |||||||||||||
At December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | |||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 319 | $ | 46 | |||||||||
Short-term investments | 2,241 | 8,070 | |||||||||||
Total cash and cash equivalents | 2,560 | 8,116 | |||||||||||
Loans receivable (net of allowance for loan losses of $50) | 1,777 | 2,753 | |||||||||||
Investment in consolidated subsidiaries | 240,918 | 254,815 | |||||||||||
Investment in unconsolidated subsidiaries - Intervest Statutory Trusts | 1,702 | 1,702 | |||||||||||
Deferred income tax asset | 6,800 | 5,748 | |||||||||||
Deferred debenture offering costs, net of amortization | 742 | 779 | |||||||||||
All other assets | 220 | 388 | |||||||||||
Total assets | $ | 254,719 | $ | 274,301 | |||||||||
LIABILITIES | |||||||||||||
Debentures payable - capital securities | $ | 56,702 | $ | 56,702 | |||||||||
Accrued interest payable on debentures | 868 | 6,228 | |||||||||||
All other liabilities | 158 | 424 | |||||||||||
Total liabilities | 57,728 | 63,354 | |||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||
Preferred equity, net of preferred stock discount | — | 24,624 | |||||||||||
Common equity | 196,991 | 186,323 | |||||||||||
Total stockholders’ equity | 196,991 | 210,947 | |||||||||||
Total liabilities and stockholders’ equity | $ | 254,719 | $ | 274,301 | |||||||||
Condensed Statements of Earnings | ' | ||||||||||||
Condensed Statements of Earnings | |||||||||||||
For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 129 | $ | 264 | $ | 475 | |||||||
Interest expense | 1,679 | 1,848 | 2,072 | ||||||||||
Net interest expense | (1,550 | ) | (1,584 | ) | (1,597 | ) | |||||||
Provision for loan losses | — | — | 290 | ||||||||||
Noninterest income | 5 | 5 | 8 | ||||||||||
Noninterest expenses | 745 | 773 | 816 | ||||||||||
Loss before credit for income taxes | (2,290 | ) | (2,352 | ) | (2,695 | ) | |||||||
Credit for income taxes | 1,052 | 1,080 | 1,237 | ||||||||||
Net loss before earnings of subsidiary | (1,238 | ) | (1,272 | ) | (1,458 | ) | |||||||
Equity in undistributed earnings of Intervest National Bank | 15,732 | 13,494 | 12,704 | ||||||||||
Consolidated net earnings | 14,494 | 12,222 | 11,246 | ||||||||||
Preferred stock dividend requirements and discount amortization (1) | 1,057 | 1,801 | 1,730 | ||||||||||
Consolidated net earnings available to common stockholders | $ | 13,437 | $ | 10,421 | $ | 9,516 | |||||||
-1 | Represents dividend requirements on preferred stock and amortization of related preferred stock discount. | ||||||||||||
Condensed Statements of Cash Flows | ' | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
For the Year Ended December 31, | |||||||||||||
($ in thousands) | 2013 | 2012 | 2011 | ||||||||||
OPERATING ACTIVITIES | |||||||||||||
Consolidated net earnings | $ | 14,494 | $ | 12,222 | $ | 11,246 | |||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||||
Equity in earnings of subsidiary | (15,732 | ) | (13,494 | ) | (12,704 | ) | |||||||
Cash dividends from subsidiary | 31,000 | — | — | ||||||||||
(Decrease) increase in accrued interest payable on debentures | (5,360 | ) | 1,867 | 2,099 | |||||||||
All other, net change | (1,460 | ) | (1,116 | ) | (926 | ) | |||||||
Net cash provided by (used in) operating activities | 22,942 | (521 | ) | (285 | ) | ||||||||
INVESTING ACTIVITIES | |||||||||||||
Return of capital from subsidiary | — | — | 229 | ||||||||||
Net decrease in loans receivable | 981 | 45 | 3,884 | ||||||||||
Purchase of premises and equipment | (154 | ) | — | — | |||||||||
Net cash provided by investing activities | 827 | 45 | 4,113 | ||||||||||
FINANCING ACTIVITIES | |||||||||||||
Net (decrease) increase in mortgage escrow funds payable | (84 | ) | 44 | (217 | ) | ||||||||
Redemption of preferred stock | (24,813 | ) | — | — | |||||||||
Cash dividends paid to preferred stockholders | (5,068 | ) | — | — | |||||||||
Proceeds from issuance of common stock upon exercise of options | 61 | — | — | ||||||||||
Excess tax benefit from exercise of options and vesting of restricted stock | 579 | — | — | ||||||||||
Net cash (used in) provided by financing activities | (29,325 | ) | 44 | (217 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | (5,556 | ) | (432 | ) | 3,611 | ||||||||
Cash and cash equivalents at beginning of year | 8,116 | 8,548 | 4,937 | ||||||||||
Cash and cash equivalents at end of year | $ | 2,560 | $ | 8,116 | $ | 8,548 | |||||||
SUPPLEMENTAL DISCLOSURES | |||||||||||||
Cash paid for interest | $ | 7,002 | $ | — | $ | — | |||||||
Cash paid for (received from refunds of) income taxes, net | — | — | (43 | ) | |||||||||
Transfer of loans from subsidiary | — | — | 7,437 | ||||||||||
Transfer of all other net assets from subsidiary | — | — | 1,030 | ||||||||||
Subsidiary’s compensation expense related to equity awards | 823 | 1,194 | 326 | ||||||||||
Preferred dividend requirements and amortization of preferred stock discount | 1,057 | 1,801 | 1,730 | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Interim Results of Operations and Other Period-End Selected Information by Quarter | ' | ||||||||||||||||
The following is a summary of our unaudited interim results of operations and other period-end selected information by quarter for the years ended December 31, 2013 and 2012. | |||||||||||||||||
2013 | |||||||||||||||||
($ in thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Interest and dividend income | $ | 16,249 | $ | 15,623 | $ | 15,624 | $ | 16,120 | |||||||||
Interest expense | 7,245 | 7,048 | 6,794 | 6,023 | |||||||||||||
Net interest and dividend income | 9,004 | 8,575 | 8,830 | 10,097 | |||||||||||||
(Credit) provision for loan losses | (1,000 | ) | (750 | ) | 250 | 950 | |||||||||||
Net interest and dividend income after (credit) provision for loan losses | 10,004 | 9,325 | 8,580 | 9,147 | |||||||||||||
Noninterest income | 743 | 702 | 901 | 2,600 | |||||||||||||
Noninterest expenses: | |||||||||||||||||
Provision for real estate losses | 629 | 76 | 250 | 150 | |||||||||||||
Real estate expenses (income), net | (986 | ) | (346 | ) | 212 | 284 | |||||||||||
Operating expenses | 4,138 | 3,954 | 3,862 | 3,630 | |||||||||||||
Earnings before provision for income taxes | 6,966 | 6,343 | 5,157 | 7,683 | |||||||||||||
Provision for income taxes | 3,075 | 2,804 | 2,300 | 3,476 | |||||||||||||
Net earnings | 3,891 | 3,539 | 2,857 | 4,207 | |||||||||||||
Preferred dividend requirements and discount amortization | 462 | 326 | 269 | — | |||||||||||||
Net earnings available to common stockholders | $ | 3,429 | $ | 3,213 | $ | 2,588 | $ | 4,207 | |||||||||
Basic earnings per common share | $ | 0.16 | $ | 0.14 | $ | 0.12 | $ | 0.19 | |||||||||
Diluted earnings per common share | 0.16 | 0.14 | 0.12 | 0.19 | |||||||||||||
Cash dividends paid per common share | — | — | — | — | |||||||||||||
Total assets | $ | 1,627,787 | $ | 1,596,639 | $ | 1,584,239 | $ | 1,567,796 | |||||||||
Total cash, short-term investments and security investments | 507,665 | 512,573 | 461,197 | 423,216 | |||||||||||||
Total loans, net of unearned fees | 1,081,482 | 1,056,191 | 1,100,277 | 1,127,522 | |||||||||||||
Total deposits | 1,318,215 | 1,293,175 | 1,298,403 | 1,282,232 | |||||||||||||
Total borrowed funds and related accrued interest payable | 63,373 | 56,760 | 57,165 | 57,570 | |||||||||||||
Total stockholders’ equity | 215,265 | 211,775 | 192,288 | 196,991 | |||||||||||||
2012 | |||||||||||||||||
($ in thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Interest and dividend income | $ | 20,698 | $ | 19,706 | $ | 19,082 | $ | 17,798 | |||||||||
Interest expense | 10,740 | 10,001 | 9,223 | 8,103 | |||||||||||||
Net interest and dividend income | 9,958 | 9,705 | 9,859 | 9,695 | |||||||||||||
Provision for loan losses | — | — | — | — | |||||||||||||
Net interest and dividend income after provision for loan losses | 9,958 | 9,705 | 9,859 | 9,695 | |||||||||||||
Noninterest income | 1,125 | 1,406 | 1,187 | 2,476 | |||||||||||||
Noninterest expenses: | |||||||||||||||||
Provision for real estate losses | 511 | 1,397 | 1,025 | 1,135 | |||||||||||||
Real estate expenses, net | 460 | 479 | 883 | 324 | |||||||||||||
Operating expenses | 4,164 | 4,149 | 4,160 | 4,195 | |||||||||||||
Earnings before provision for income taxes | 5,948 | 5,086 | 4,978 | 6,517 | |||||||||||||
Provision for income taxes | 2,694 | 2,326 | 2,300 | 2,987 | |||||||||||||
Net earnings | 3,254 | 2,760 | 2,678 | 3,530 | |||||||||||||
Preferred dividend requirements and discount amortization | 444 | 448 | 453 | 456 | |||||||||||||
Net earnings available to common stockholders | $ | 2,810 | $ | 2,312 | $ | 2,225 | $ | 3,074 | |||||||||
Basic earnings per common share | $ | 0.13 | $ | 0.11 | $ | 0.1 | $ | 0.14 | |||||||||
Diluted earnings per common share | 0.13 | 0.11 | 0.1 | 0.14 | |||||||||||||
Cash dividends paid per common share | — | — | — | — | |||||||||||||
Total assets | $ | 1,909,052 | $ | 1,862,110 | $ | 1,751,880 | $ | 1,665,792 | |||||||||
Total cash, short-term investments and security investments | 691,205 | 667,509 | 546,397 | 518,493 | |||||||||||||
Total loans, net of unearned fees | 1,155,437 | 1,137,780 | 1,155,171 | 1,107,466 | |||||||||||||
Total deposits | 1,599,653 | 1,554,615 | 1,432,209 | 1,362,619 | |||||||||||||
Total borrowed funds and related accrued interest payable | 72,064 | 72,528 | 69,487 | 62,930 | |||||||||||||
Total stockholders’ equity | 201,051 | 204,121 | 207,108 | 210,947 | |||||||||||||
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Office | |||
Business Acquisition [Line Items] | ' | ' | ' |
Percentage owns by IBC of Statutory business trusts capital stock | 100.00% | ' | ' |
Number of full-service banking offices | 6 | ' | ' |
Federal funds sold for period | '1 day | ' | ' |
Short-term investments maturities | '3 months | ' | ' |
Non accrual loans past due period | '90 days | ' | ' |
Risk weight of loan for regulatory capital purposes | 100.00% | ' | ' |
Compliance related to real estate loan | 'loan-to-value ratios (the ratio that the original principal amount of the loan bears to the lower of the purchase price or appraised value of the property securing the loan at the time of origination) on loans originated by us typically do not exceed 80% and in practice, rarely exceed 75% | ' | ' |
Minimum debt service coverage ratio | 1.2 | ' | ' |
Period over which borrower has demonstrated satisfactory payment performance leading to TDR that is on nonaccrual status returned to an accrual status | '6 months | ' | ' |
Maximum period of delinquencies for minimal delays | '60 days | ' | ' |
Costs relating to offerings of debentures (approximately) | $700,000 | $800,000 | ' |
Accumulated amortization | 400,000 | 300,000 | ' |
Advertising costs | $23,000 | $17,000 | $26,000 |
More-likely-than-not recognition threshold (Percent) of tax position | 50.00% | ' | ' |
Clearwater [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of full-service banking offices | 4 | ' | ' |
Clearwater Beach [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of full-service banking offices | 1 | ' | ' |
South Pasadena [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of full-service banking offices | 1 | ' | ' |
INB [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage owned in subsidiary | 100.00% | ' | ' |
Percent INB accounts in parents consolidated assets | 99.00% | ' | ' |
IMC [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Number of Statutory business trusts | 4 | ' | ' |
Securities_Held_to_Maturity_an2
Securities Held to Maturity and Available for Sale - Carrying Value (Amortized Cost) and Estimated Fair Value of Securities Held to Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Security | Security |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities | 219 | 222 |
Amortized Cost | $383,937 | $443,777 |
Gross Unrealized Gains | 540 | 1,760 |
Gross Unrealized Losses | 5,970 | 3,371 |
Estimated Fair Value | 378,507 | 442,166 |
Wtd-Avg Yield | 1.11% | 1.05% |
Wtd-Avg Expected Life | '3 years 3 months 18 days | '2 years |
Wtd-Avg Remaining Maturity | '6 years | '7 years 1 month 6 days |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities | 161 | 165 |
Amortized Cost | 305,906 | 355,244 |
Gross Unrealized Gains | 410 | 1,109 |
Gross Unrealized Losses | 4,947 | 233 |
Estimated Fair Value | 301,369 | 356,120 |
Wtd-Avg Yield | 0.94% | 0.87% |
Wtd-Avg Expected Life | '3 years | '1 year 7 months 6 days |
Wtd-Avg Remaining Maturity | '3 years 9 months 18 days | '4 years 7 months 6 days |
Residential Mortgage-backed [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities | 57 | 48 |
Amortized Cost | 77,500 | 84,279 |
Gross Unrealized Gains | 130 | 651 |
Gross Unrealized Losses | 1,017 | 72 |
Estimated Fair Value | 76,613 | 84,858 |
Wtd-Avg Yield | 1.79% | 1.76% |
Wtd-Avg Expected Life | '4 years 3 months 18 days | '3 years 3 months 18 days |
Wtd-Avg Remaining Maturity | '14 years 8 months 12 days | '17 years 3 months 18 days |
State and Municipal [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities | 1 | 1 |
Amortized Cost | 531 | 533 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | 6 | 3 |
Estimated Fair Value | 525 | 530 |
Wtd-Avg Yield | 1.25% | 1.25% |
Wtd-Avg Expected Life | '3 years 2 months 12 days | '4 years 2 months 12 days |
Wtd-Avg Remaining Maturity | '3 years 3 months 18 days | '4 years 3 months 18 days |
Corporate [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities | ' | 8 |
Amortized Cost | ' | 3,721 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | 3,063 |
Estimated Fair Value | ' | $658 |
Wtd-Avg Yield | ' | 2.11% |
Wtd-Avg Expected Life | ' | '20 years 3 months 18 days |
Wtd-Avg Remaining Maturity | ' | '20 years 10 months 24 days |
Securities_Held_to_Maturity_an3
Securities Held to Maturity and Available for Sale - Carrying Value (Amortized Cost) and Estimated Fair Value of Securities Held to Maturity (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $383,937,000 | $443,777,000 |
Other than temporary impairment charges | ' | 4,200,000 |
Additional OTTI charges | 1,000,000 | ' |
Government National Mortgage Association [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 13,600,000 | 18,700,000 |
Federal National Mortgage Association [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 45,600,000 | 40,000,000 |
Federal Home Loan Mortgage Corporation Participation Certificates [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $18,300,000 | $25,600,000 |
Securities_Held_to_Maturity_an4
Securities Held to Maturity and Available for Sale - Continuous Unrealized Loss Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Security | Security |
Long Term Debt Maturity [Line Items] | ' | ' |
Number of Securities | 172 | 76 |
Less Than Twelve Months, Estimated Fair Value | $283,317 | $154,376 |
Less Than Twelve Months, Gross Unrealized Losses | 5,784 | 308 |
Twelve Months or Longer, Estimated Fair Value | 10,628 | 658 |
Twelve Months or Longer, Gross Unrealized Losses | 186 | 3,063 |
Total Estimated Fair Value | 293,945 | 155,034 |
Total Gross Unrealized Losses | 5,970 | 3,371 |
U.S. Government Agencies [Member] | ' | ' |
Long Term Debt Maturity [Line Items] | ' | ' |
Number of Securities | 130 | 53 |
Less Than Twelve Months, Estimated Fair Value | 233,930 | 129,365 |
Less Than Twelve Months, Gross Unrealized Losses | 4,791 | 233 |
Twelve Months or Longer, Estimated Fair Value | 7,344 | ' |
Twelve Months or Longer, Gross Unrealized Losses | 156 | ' |
Total Estimated Fair Value | 241,274 | 129,365 |
Total Gross Unrealized Losses | 4,947 | 233 |
Residential Mortgage-backed [Member] | ' | ' |
Long Term Debt Maturity [Line Items] | ' | ' |
Number of Securities | 41 | 14 |
Less Than Twelve Months, Estimated Fair Value | 48,862 | 24,481 |
Less Than Twelve Months, Gross Unrealized Losses | 987 | 72 |
Twelve Months or Longer, Estimated Fair Value | 3,284 | ' |
Twelve Months or Longer, Gross Unrealized Losses | 30 | ' |
Total Estimated Fair Value | 52,146 | 24,481 |
Total Gross Unrealized Losses | 1,017 | 72 |
State and Municipal [Member] | ' | ' |
Long Term Debt Maturity [Line Items] | ' | ' |
Number of Securities | 1 | 1 |
Less Than Twelve Months, Estimated Fair Value | 525 | 530 |
Less Than Twelve Months, Gross Unrealized Losses | 6 | 3 |
Twelve Months or Longer, Estimated Fair Value | ' | ' |
Twelve Months or Longer, Gross Unrealized Losses | ' | ' |
Total Estimated Fair Value | 525 | 530 |
Total Gross Unrealized Losses | 6 | 3 |
Corporate [Member] | ' | ' |
Long Term Debt Maturity [Line Items] | ' | ' |
Number of Securities | ' | 8 |
Less Than Twelve Months, Estimated Fair Value | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | ' | ' |
Twelve Months or Longer, Estimated Fair Value | ' | 658 |
Twelve Months or Longer, Gross Unrealized Losses | ' | 3,063 |
Total Estimated Fair Value | ' | 658 |
Total Gross Unrealized Losses | ' | $3,063 |
Securities_Held_to_Maturity_an5
Securities Held to Maturity and Available for Sale - Summary of Carrying Value (Amortized Cost) and Fair Value of Securities Held to Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $12,329 | ' |
Due in one year or less, Estimated Fair Value | 12,394 | ' |
Due in one year or less, Wtd-Avg Yield | 1.27% | ' |
Due after one year through five years, Amortized Cost | 262,878 | ' |
Due after one year through five years, Estimated Fair Value | 259,611 | ' |
Due after one year through five years, Wtd-Avg Yield | 0.90% | ' |
Due after five years through ten years, Amortized Cost | 56,507 | ' |
Due after five years through ten years, Estimated Fair Value | 54,962 | ' |
Due after five years through ten years, Wtd-Avg Yield | 1.38% | ' |
Due after ten years, Amortized Cost | 52,223 | ' |
Due after ten years, Estimated Fair Value | 51,540 | ' |
Due after ten years, Wtd-Avg Yield | 1.87% | ' |
Securities held to maturity, Total Amortized Cost | 383,937 | ' |
Estimated Fair Value | $378,507 | $442,166 |
Securities held to maturity, Wtd-Avg Yield | 1.11% | 1.05% |
Securities_Held_to_Maturity_an6
Securities Held to Maturity and Available for Sale - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Credit losses | $5,200,000 | ' |
Securities available for sale | $965,000 | $1,000,000 |
Shares owned in an intermediate bond fund | 91,700 | 90,000 |
Securities_Held_to_Maturity_an7
Securities Held to Maturity and Available for Sale - Credit Losses Recognized on Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Balance at beginning of period | $4,233 | $3,651 | $3,450 |
Additional credit losses on debt securities for which OTTI was previously recognized | 964 | 582 | 201 |
Balance at end of period | $5,197 | $4,233 | $3,651 |
Securities_Held_to_Maturity_an8
Securities Held to Maturity and Available for Sale - Schedule of Corporate Securities Available for Sale (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cumulative OTTI Charges | $5,200 | ' |
Net Carrying Value | 965 | 1,000 |
Net Proceeds from Sale | 4,050 | ' |
Net Gain on Sale | 1,481 | ' |
Corporate [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Original Cost Basis | 8,029 | ' |
Cumulative Cash Payments Applied to Cost | -263 | ' |
Cumulative OTTI Charges | -5,197 | ' |
Net Carrying Value | 2,569 | ' |
Net Proceeds from Sale | 4,050 | ' |
Net Gain on Sale | $1,481 | ' |
Loans_Receivable_Major_Classif
Loans Receivable - Major Classification of Loans Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | SecurityLoan | SecurityLoan | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 588,000 | 568,000 | ' | ' |
Loans receivable, gross, Amount | $1,131,550 | $1,111,063 | ' | ' |
Deferred loan fees | -4,028 | -3,597 | ' | ' |
Loans receivable, net of deferred fees | 1,127,522 | 1,107,466 | ' | ' |
Allowance for loan losses | -27,833 | -28,103 | -30,415 | -34,840 |
Loans receivable, net | 1,099,689 | 1,079,363 | ' | ' |
Loans Secured by Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 557,000 | 538,000 | ' | ' |
Loans receivable, gross, Amount | 1,130,278 | 1,109,755 | ' | ' |
All Other Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 31,000 | 30,000 | ' | ' |
Loans receivable, gross, Amount | 1,272 | 1,308 | ' | ' |
Commercial Real Estate [Member] | Loans Secured by Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 394,000 | 376,000 | ' | ' |
Loans receivable, gross, Amount | 838,766 | 852,213 | ' | ' |
Multifamily [Member] | Loans Secured by Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 138,000 | 142,000 | ' | ' |
Loans receivable, gross, Amount | 210,270 | 208,699 | ' | ' |
One to Four Family [Member] | Loans Secured by Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 20,000 | 13,000 | ' | ' |
Loans receivable, gross, Amount | 72,064 | 41,676 | ' | ' |
Land Loans [Member] | Loans Secured by Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 5,000 | 7,000 | ' | ' |
Loans receivable, gross, Amount | 9,178 | 7,167 | ' | ' |
Business Loans [Member] | All Other Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 19,000 | 18,000 | ' | ' |
Loans receivable, gross, Amount | 1,061 | 949 | ' | ' |
Consumer Loans [Member] | All Other Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 12,000 | 12,000 | ' | ' |
Loans receivable, gross, Amount | $211 | $359 | ' | ' |
Loans_Receivable_Additional_In
Loans Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
SecurityLoan | Debt | |
Debt | ||
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
90 days past due and still accruing interest loan | $4,087,000 | $10,042,000 |
Troubled debt restructured loans | 46,613,000 | 56,367,000 |
Performing and accruing loans classified as impaired | 7,800,000 | ' |
Performing loans | 1 | ' |
Amount of TDR defaulted | 3,000,000 | ' |
TDR matured | 1,900,000 | ' |
TDR defaulted | 1 | 0 |
Accruing Loans [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of loans, 90 days past due and still accruing | 3 | 2 |
90 days past due and still accruing interest loan | 4,100,000 | 4,400,000 |
Troubled debt restructured loans | 13,100,000 | 20,100,000 |
Troubled debt restructured loans | 13,500,000 | 20,100,000 |
Nonaccrual Loans [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total loans | 35,900,000 | 45,900,000 |
Troubled debt restructured loans | 35,900,000 | 45,900,000 |
Non-accrual Status [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Troubled debt restructured loans | $33,200,000 | $36,300,000 |
Loans_Receivable_Summary_of_Im
Loans Receivable - Summary of Impaired Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | SecurityLoan | SecurityLoan |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | $57,160 | $65,973 |
Specific Valuation Allowance | 6,093 | 5,888 |
Total Unpaid Principal | 64,601 | 74,414 |
# of Loans | 13 | 23 |
New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 8,223 | 21,934 |
Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 27,070 | 39,570 |
Virginia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 7,828 | ' |
Georgia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 8,695 | ' |
Connecticut [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 2,719 | ' |
Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 1,000 | 1,000 |
South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 1,625 | 2,086 |
New Jersey [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 1,383 |
Retail [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 28,775 | 21,842 |
Specific Valuation Allowance | 3,052 | 1,966 |
Total Unpaid Principal | 36,216 | 27,596 |
# of Loans | 7 | 6 |
Retail [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 8,223 | 11,837 |
Retail [Member] | Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 9,005 | 9,005 |
Retail [Member] | Virginia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 7,828 | ' |
Retail [Member] | Georgia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Retail [Member] | Connecticut [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 2,719 | ' |
Retail [Member] | Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 1,000 | 1,000 |
Retail [Member] | South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Retail [Member] | New Jersey [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Office Building [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 233,632 | 18,871 |
Specific Valuation Allowance | 1,947 | 583 |
Total Unpaid Principal | 23,632 | 19,621 |
# of Loans | 3 | 3 |
Office Building [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Office Building [Member] | Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 14,937 | 17,988 |
Office Building [Member] | Virginia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Office Building [Member] | Georgia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 8,695 | ' |
Office Building [Member] | Connecticut [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Office Building [Member] | Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Office Building [Member] | South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Office Building [Member] | New Jersey [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 883 |
Multifamily [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 3,128 | 12,577 |
Specific Valuation Allowance | 594 | 1,542 |
Total Unpaid Principal | 3,128 | 14,225 |
# of Loans | 2 | 6 |
Multifamily [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily [Member] | Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 3,128 | 12,577 |
Multifamily [Member] | Virginia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily [Member] | Georgia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily [Member] | Connecticut [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily [Member] | Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily [Member] | South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily [Member] | New Jersey [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Land [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 1,625 | 2,601 |
Specific Valuation Allowance | 500 | 521 |
Total Unpaid Principal | 1,625 | 2,601 |
# of Loans | 1 | 3 |
Land [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 515 |
Land [Member] | Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Land [Member] | Virginia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Land [Member] | Georgia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Land [Member] | Connecticut [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Land [Member] | Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Land [Member] | South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 1,625 | 2,086 |
Land [Member] | New Jersey [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Warehouse [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 950 |
Specific Valuation Allowance | ' | 28 |
Total Unpaid Principal | ' | 950 |
# of Loans | ' | 1 |
Warehouse [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 950 |
Warehouse [Member] | Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Warehouse [Member] | Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Warehouse [Member] | South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Warehouse [Member] | New Jersey [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Mixed-Use Commercial [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 9,132 |
Specific Valuation Allowance | ' | 1,248 |
Total Unpaid Principal | ' | 9,421 |
# of Loans | ' | 4 |
Mixed-Use Commercial [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 8,632 |
Mixed-Use Commercial [Member] | Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Mixed-Use Commercial [Member] | Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Mixed-Use Commercial [Member] | South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Mixed-Use Commercial [Member] | New Jersey [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | $500 |
Loans_Receivable_Other_Informa
Loans Receivable - Other Information Related to Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Nonaccrual Loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Average recorded investment in loans | $40,345 | $52,199 | $51,356 |
Total cash basis interest income recognized on nonaccrual loans | 2,265 | 2,660 | 2,437 |
TDR Loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Average recorded investment in loans | 13,918 | 12,289 | 5,417 |
Total interest income recognized on accruing TDR loans under modified terms | $734 | $739 | $299 |
Loans_Receivable_Age_Analysis_
Loans Receivable - Age Analysis of Loan Portfolio by Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | $1,131,550 | $1,111,063 |
Current | 1,124,822 | 1,085,524 |
Past Due 31-59 Days | 2,641 | 15,497 |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | 4,087 | 10,042 |
Total Past Due | 6,728 | 25,539 |
Total Classified Nonaccrual | 35,903 | 45,898 |
Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 1,095,647 | 1,065,165 |
Current | 1,088,919 | 1,045,277 |
Past Due 31-59 Days | 2,641 | 15,497 |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | 4,087 | 4,391 |
Total Past Due | 6,728 | 19,888 |
Total Classified Nonaccrual | ' | ' |
Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 35,903 | 45,898 |
Current | 35,903 | 40,247 |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | 5,651 |
Total Past Due | ' | 5,651 |
Total Classified Nonaccrual | 35,903 | 45,898 |
Commercial Real Estate [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 838,766 | 852,213 |
Commercial Real Estate [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 802,863 | 816,357 |
Current | 796,980 | 799,130 |
Past Due 31-59 Days | 1,796 | 12,836 |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | 4,087 | 4,391 |
Total Past Due | 5,883 | 17,227 |
Total Classified Nonaccrual | ' | ' |
Commercial Real Estate [Member] | Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 35,903 | 35,856 |
Current | 35,903 | 32,701 |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | 3,155 |
Total Past Due | ' | 3,155 |
Total Classified Nonaccrual | 35,903 | 35,856 |
Multifamily [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 210,270 | 208,699 |
Multifamily [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 210,270 | 198,942 |
Current | 209,426 | 198,942 |
Past Due 31-59 Days | 844 | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | 844 | ' |
Total Classified Nonaccrual | ' | ' |
Multifamily [Member] | Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | ' | 9,757 |
Current | ' | 7,261 |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | 2,496 |
Total Past Due | ' | 2,496 |
Total Classified Nonaccrual | ' | 9,757 |
One to Four Family [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 72,064 | 41,676 |
One to Four Family [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 72,064 | 41,676 |
Current | 72,064 | 41,676 |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | ' | ' |
Total Classified Nonaccrual | ' | ' |
Land [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 9,178 | 7,167 |
Land [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 9,178 | 6,882 |
Current | 9,178 | 4,221 |
Past Due 31-59 Days | ' | 2,661 |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | ' | 2,661 |
Total Classified Nonaccrual | ' | ' |
Land [Member] | Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | ' | 285 |
Current | ' | 285 |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | ' | ' |
Total Classified Nonaccrual | ' | 285 |
All Other [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 1,272 | 1,308 |
All Other [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 1,272 | 1,308 |
Current | 1,271 | 1,308 |
Past Due 31-59 Days | 1 | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | 1 | ' |
Total Classified Nonaccrual | ' | ' |
Loans_Receivable_Age_Analysis_1
Loans Receivable - Age Analysis of Loan Portfolio by Segment (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Current | $1,124,822 | $1,085,524 |
Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Current | $33,200 | $36,300 |
Loans_Receivable_Information_R
Loans Receivable - Information Regarding Credit Quality of Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $1,131,550 | $1,111,063 |
Allocation o allowance for loan losses | 27,833 | 28,103 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 838,766 | 852,213 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 210,270 | 208,699 |
One to Four Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 72,064 | 41,676 |
Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 9,178 | 7,167 |
All Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,272 | 1,308 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,058,087 | 1,016,424 |
Allocation o allowance for loan losses | 20,720 | 20,037 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 772,900 | 775,136 |
Pass [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 204,298 | 193,738 |
Pass [Member] | One to Four Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 72,064 | 41,676 |
Pass [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,553 | 4,566 |
Pass [Member] | All Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,272 | 1,308 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,891 | 19,425 |
Allocation o allowance for loan losses | 169 | 443 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,522 | 17,041 |
Special Mention [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,369 | 2,384 |
Special Mention [Member] | One to Four Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Special Mention [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Special Mention [Member] | All Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 67,572 | 75,214 |
Allocation o allowance for loan losses | 6,944 | 7,623 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 62,344 | 60,036 |
Substandard [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,603 | 12,577 |
Substandard [Member] | One to Four Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Substandard [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,625 | 2,601 |
Substandard [Member] | All Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Loans_Receivable_Information_R1
Loans Receivable - Information Regarding Credit Quality of Loan Portfolio (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Security_Loan | SecurityLoan | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | $46,613 | $56,367 |
Number of rated pass accruing TDR | 1 | 4 |
Nonaccrual Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 35,900 | 45,900 |
Accruing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 13,100 | 20,100 |
All Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 18,600 | 9,200 |
Pass [Member] | Accruing Loans One [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | $400 | ' |
Loans_Receivable_Geographic_Di
Loans Receivable - Geographic Distribution of Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | $1,131,550 | $1,111,063 |
Total Loan Receivable, % of Total | 100.00% | 100.00% |
New York [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 670,052 | 717,141 |
Total Loan Receivable, % of Total | 59.20% | 64.50% |
Florida [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 321,812 | 286,619 |
Total Loan Receivable, % of Total | 28.40% | 25.80% |
North Carolina [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 22,611 | 14,256 |
Total Loan Receivable, % of Total | 2.00% | 1.30% |
Georgia [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 18,799 | 11,752 |
Total Loan Receivable, % of Total | 1.70% | 1.10% |
Pennsylvania [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 16,898 | 10,270 |
Total Loan Receivable, % of Total | 1.50% | 0.90% |
New Jersey [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 15,650 | 26,425 |
Total Loan Receivable, % of Total | 1.40% | 2.40% |
Kentucky [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 11,930 | 7,512 |
Total Loan Receivable, % of Total | 1.10% | 0.70% |
Virginia [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 11,491 | 11,758 |
Total Loan Receivable, % of Total | 1.00% | 1.10% |
South Carolina [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 9,223 | 5,853 |
Total Loan Receivable, % of Total | 0.80% | 0.50% |
Connecticut [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 8,429 | 11,216 |
Total Loan Receivable, % of Total | 0.70% | 1.00% |
Tennessee [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 5,843 | 770 |
Total Loan Receivable, % of Total | 0.50% | 0.10% |
Michigan [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 5,599 | 450 |
Total Loan Receivable, % of Total | 0.50% | 0.00% |
Ohio [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 4,703 | 2,260 |
Total Loan Receivable, % of Total | 0.40% | 0.20% |
Indiana [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 2,820 | 1,098 |
Total Loan Receivable, % of Total | 0.20% | 0.10% |
All Other States [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | $5,690 | $3,683 |
Total Loan Receivable, % of Total | 0.50% | 0.30% |
Loans_Receivable_Information_R2
Loans Receivable - Information Regarding Loans Restructured (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Security_Loan | SecurityLoan | |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Loans | 1 | 4 |
Loans restructured, Pre-Modification Recorded Investment | ' | $7,335 |
Loans restructured, Post-Modification Recorded Investment | ' | 7,335 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Loans | 2 | 1 |
Loans restructured, Pre-Modification Recorded Investment | 9,159 | 5,010 |
Loans restructured, Post-Modification Recorded Investment | 9,159 | 5,010 |
Multifamily [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Loans restructured, Pre-Modification Recorded Investment | ' | 1,805 |
Loans restructured, Post-Modification Recorded Investment | ' | 1,805 |
Land [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Loans | ' | 2 |
Loans restructured, Pre-Modification Recorded Investment | ' | 520 |
Loans restructured, Post-Modification Recorded Investment | ' | $520 |
Loans_Receivable_Distribution_
Loans Receivable - Distribution of TDRs by Accruing Versus Non-Accruing, by Segment and by Geographic (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | $46,613 | $56,367 |
Total Financing Receivable by TDRs | 46,613 | 56,367 |
Total Financing Receivable by TDRs | 46,613 | 56,367 |
New York [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 8,223 | 18,478 |
Total Financing Receivable by TDRs | 8,223 | 18,478 |
Total Financing Receivable by TDRs | 8,223 | 18,478 |
Florida [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 27,070 | 33,920 |
Total Financing Receivable by TDRs | 27,070 | 33,920 |
Total Financing Receivable by TDRs | 27,070 | 33,920 |
New Jersey [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | ' | 883 |
Total Financing Receivable by TDRs | ' | 883 |
Total Financing Receivable by TDRs | ' | 883 |
Georgia [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 8,695 | ' |
Total Financing Receivable by TDRs | 8,695 | ' |
Total Financing Receivable by TDRs | 8,695 | ' |
Ohio [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 1,000 | 1,000 |
Total Financing Receivable by TDRs | 1,000 | 1,000 |
Total Financing Receivable by TDRs | 1,000 | 1,000 |
SD [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 1,625 | 2,086 |
Total Financing Receivable by TDRs | 1,625 | 2,086 |
Total Financing Receivable by TDRs | 1,625 | 2,086 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 41,860 | 43,685 |
Total Financing Receivable by TDRs | 41,860 | 43,685 |
Total Financing Receivable by TDRs | 41,860 | 43,685 |
Multifamily [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 3,128 | 10,081 |
Total Financing Receivable by TDRs | 3,128 | 10,081 |
Total Financing Receivable by TDRs | 3,128 | 10,081 |
Land [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 1,625 | 2,601 |
Total Financing Receivable by TDRs | 1,625 | 2,601 |
Total Financing Receivable by TDRs | 1,625 | 2,601 |
Non-accrual Status [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 33,200 | 36,300 |
Total Financing Receivable by TDRs | 33,200 | 36,300 |
Total Financing Receivable by TDRs | 33,200 | 36,300 |
Performing [Member] | Non-accrual Status [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 33,184 | 36,291 |
Total Financing Receivable by TDRs | 33,184 | 36,291 |
Total Financing Receivable by TDRs | 33,184 | 36,291 |
Performing [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 13,429 | 20,076 |
Total Financing Receivable by TDRs | 13,429 | 20,076 |
Total Financing Receivable by TDRs | $13,429 | $20,076 |
Allowance_for_Loan_Losses_Allo
Allowance for Loan Losses - Allowance for Loan Losses by Loan Type (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | $28,103 | ' | ' | ' | $30,415 | $28,103 | $30,415 | $34,840 |
Loan chargeoffs | ' | ' | ' | ' | ' | ' | ' | ' | -1,938 | -3,152 | -9,598 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 2,218 | 840 | 155 |
Provision (credit) for loan losses | 950 | 250 | -750 | -1,000 | ' | ' | ' | ' | -550 | ' | 5,018 |
Balance at end of period | 27,833 | ' | ' | ' | 28,103 | ' | ' | ' | 27,833 | 28,103 | 30,415 |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 19,051 | ' | ' | ' | 19,156 | 19,051 | 19,156 | 21,919 |
Loan chargeoffs | ' | ' | ' | ' | ' | ' | ' | ' | -1,932 | -2,588 | -7,186 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1,053 | 507 | 90 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 231 | 1,976 | 4,333 |
Balance at end of period | 18,403 | ' | ' | ' | 19,051 | ' | ' | ' | 18,403 | 19,051 | 19,156 |
Multifamily [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 6,881 | ' | ' | ' | 8,848 | 6,881 | 8,848 | 11,234 |
Loan chargeoffs | ' | ' | ' | ' | ' | ' | ' | ' | -6 | -564 | -2,412 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 682 | 333 | 65 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -2,460 | -1,736 | -39 |
Balance at end of period | 5,097 | ' | ' | ' | 6,881 | ' | ' | ' | 5,097 | 6,881 | 8,848 |
One to Four Family [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 1,120 | ' | ' | ' | 332 | 1,120 | 332 | 122 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,897 | 788 | 210 |
Balance at end of period | 3,017 | ' | ' | ' | 1,120 | ' | ' | ' | 3,017 | 1,120 | 332 |
Land [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 1,043 | ' | ' | ' | 2,069 | 1,043 | 2,069 | 1,553 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 483 | ' | ' |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -218 | -1,026 | 516 |
Balance at end of period | 1,308 | ' | ' | ' | 1,043 | ' | ' | ' | 1,308 | 1,043 | 2,069 |
All Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' | ' | ' | ' | 10 | ' | 10 | 12 |
Provision (credit) for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -2 |
Balance at end of period | $8 | ' | ' | ' | $8 | ' | ' | ' | $8 | $8 | $10 |
Allowance_for_Loan_Losses_Loan
Allowance for Loan Losses - Loans Receivable by Segment and Impairment Evaluation and Allowance for Loan Losses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Loans: | ' | ' | ' | ' |
Individually evaluated for impairment | $57,160 | $65,973 | ' | ' |
Collectively evaluated for impairment | 1,074,390 | 1,045,090 | ' | ' |
Total loans | 1,131,550 | 1,111,063 | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Individually evaluated for impairment | 6,093 | 5,888 | ' | ' |
Collectively evaluated for impairment | 21,740 | 22,215 | ' | ' |
Total allowance for loan losses | 27,833 | 28,103 | 30,415 | 34,840 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' |
Individually evaluated for impairment | 52,407 | 50,795 | ' | ' |
Collectively evaluated for impairment | 786,359 | 801,418 | ' | ' |
Total loans | 838,766 | 852,213 | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Individually evaluated for impairment | 4,999 | 3,825 | ' | ' |
Collectively evaluated for impairment | 13,404 | 15,226 | ' | ' |
Total allowance for loan losses | 18,403 | 19,051 | ' | ' |
Multifamily [Member] | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' |
Individually evaluated for impairment | 3,128 | 12,577 | ' | ' |
Collectively evaluated for impairment | 207,142 | 196,122 | ' | ' |
Total loans | 210,270 | 208,699 | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Individually evaluated for impairment | 594 | 1,542 | ' | ' |
Collectively evaluated for impairment | 4,503 | 5,339 | ' | ' |
Total allowance for loan losses | 5,097 | 6,881 | ' | ' |
One to Four Family [Member] | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' |
Collectively evaluated for impairment | 72,064 | 41,676 | ' | ' |
Total loans | 72,064 | 41,676 | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Collectively evaluated for impairment | 3,017 | 1,120 | ' | ' |
Total allowance for loan losses | 3,017 | 1,120 | ' | ' |
Land [Member] | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' |
Individually evaluated for impairment | 1,625 | 2,601 | ' | ' |
Collectively evaluated for impairment | 7,553 | 4,566 | ' | ' |
Total loans | 9,178 | 7,167 | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Individually evaluated for impairment | 500 | 521 | ' | ' |
Collectively evaluated for impairment | 808 | 522 | ' | ' |
Total allowance for loan losses | 1,308 | 1,043 | ' | ' |
All Other [Member] | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' |
Collectively evaluated for impairment | 1,272 | 1,308 | ' | ' |
Total loans | 1,272 | 1,308 | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' |
Collectively evaluated for impairment | 8 | 8 | ' | ' |
Total allowance for loan losses | $8 | $8 | ' | ' |
Premises_and_Equipment_Lease_C2
Premises and Equipment, Lease Commitments, Rental Expense and Sublease Income - Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | $9,977 | $9,686 |
Less accumulated depreciation and amortization | -5,921 | -5,808 |
Net book value | 4,056 | 3,878 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 1,264 | 1,264 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 5,214 | 5,020 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | 1,786 | 1,632 |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total cost | $1,713 | $1,770 |
Premises_and_Equipment_Lease_C3
Premises and Equipment, Lease Commitments, Rental Expense and Sublease Income - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Depreciation and amortization of premises and equipment | $353 | $345 | $357 |
Premises and Equipment [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Depreciation and amortization of premises and equipment | $400 | $400 | $400 |
One Rockefeller Plaza [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Lease expiration date | '2024-03 | ' | ' |
Belcher Road [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Lease expiration date | '2022-09 | ' | ' |
Mandalay Avenue [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Lease expiration date | '2016-01 | ' | ' |
Premises_and_Equipment_Lease_C4
Premises and Equipment, Lease Commitments, Rental Expense and Sublease Income - Future Minimum Annual Lease Payments and Sublease Income Due under Non-Cancelable Leases (Detail) (USD $) | Dec. 31, 2013 |
Leases [Abstract] | ' |
In 2014, Lease Expense | $1,540,000 |
In 2015, Lease Expense | 1,569,000 |
In 2016, Lease Expense | 1,506,000 |
In 2017, Lease Expense | 1,504,000 |
In 2018, Lease Expense | 1,507,000 |
In 2019 and thereafter, Lease Expense | 8,314,000 |
Total, Lease Expense | 15,940,000 |
In 2014, Sublease Income | 276 |
In 2015, Sublease Income | 245 |
In 2016, Sublease Income | 229 |
In 2017, Sublease Income | 153 |
In 2018, Sublease Income | ' |
In 2019 and thereafter, Sublease Income | ' |
Total, Sublease Income | $903 |
Premises_and_Equipment_Lease_C5
Premises and Equipment, Lease Commitments, Rental Expense and Sublease Income - Future Minimum Annual Lease Payments and Sublease Income Due under Non-Cancelable Leases (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rent expense | $1.60 | $1.50 | $1.20 |
Lease rental income | $0.40 | $0.40 | $0.40 |
Foreclosed_Real_Estate_and_Val2
Foreclosed Real Estate and Valuation Allowance for Real Estate Losses - Summary of Real Estate Acquired through Foreclosure by Property Type (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Property | Property |
Real Estate Properties [Line Items] | ' | ' |
# of Properties | 3 | 6 |
Amount | $10,669 | $15,923 |
Commercial Real Estate [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
# of Properties | 2 | 2 |
Amount | 3,984 | 2,790 |
Multifamily [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
# of Properties | 1 | 3 |
Amount | 6,685 | 12,000 |
Land [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
# of Properties | ' | 1 |
Amount | ' | $1,133 |
Foreclosed_Real_Estate_and_Val3
Foreclosed Real Estate and Valuation Allowance for Real Estate Losses - Summary of Activity in the Valuation Allowance for Real Estate Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Properties [Line Items] | ' | ' | ' |
Valuation allowance at beginning of year | $5,339 | $6,037 | $2,688 |
Provision for real estate losses charged to expense | 1,105 | 4,068 | 3,349 |
Real estate chargeoffs | -4,427 | -4,766 | ' |
Valuation allowance at end of year | 2,017 | 5,339 | 6,037 |
Commercial Real Estate [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Real estate chargeoffs | -256 | -2,280 | ' |
Multifamily [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Real estate chargeoffs | -3,157 | ' | ' |
Land [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Real estate chargeoffs | ($1,014) | ($2,486) | ' |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Certificates of Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Time Deposits By Maturity [Abstract] | ' | ' |
Within one year, Amount | $307,122 | $519,236 |
Over one to two years, Amount | 167,323 | 181,698 |
Over two to three years, Amount | 170,956 | 89,049 |
Over three to four years, Amount | 106,700 | 60,119 |
Over four years, Amount | 129,678 | 86,776 |
Total certificates of deposit, Amount | $881,779 | $936,878 |
Within one year, Wtd-Avg Stated Rate | 1.97% | 2.92% |
Over one to two years, Wtd-Avg Stated Rate | 1.92% | 2.79% |
Over two to three years, Wtd-Avg Stated Rate | 1.92% | 2.74% |
Over three to four years, Wtd-Avg Stated Rate | 2.50% | 3.02% |
Over four years, Wtd-Avg Stated Rate | 2.06% | 2.93% |
Total certificates of deposit, Wtd-Avg Stated Rate | 2.03% | 2.89% |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
CDs of $100,000 or more | $473,000,000 | $463,000,000 |
Brokered certificate deposits amount | 91,000,000 | 78,000,000 |
Due within one year | 307,122,000 | 519,236,000 |
Due over one to two years | 167,323,000 | 181,698,000 |
Due over two to three years | 170,956,000 | 89,049,000 |
Due over three to four years | 106,700,000 | 60,119,000 |
Due thereafter | 129,678,000 | 86,776,000 |
Business Interests | 3,700,000 | 3,400,000 |
CDs of $100,000 or More [Member] | ' | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
Due within one year | 143,000,000 | ' |
Due over one to two years | 75,000,000 | ' |
Due over two to three years | 107,000,000 | ' |
Due over three to four years | 67,000,000 | ' |
Due thereafter | 81,000,000 | ' |
Brokered CDs [Member] | ' | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
Due within one year | 23,000,000 | ' |
Due over one to two years | 5,000,000 | ' |
Due over two to three years | 13,000,000 | ' |
Due over three to four years | 29,000,000 | ' |
Due thereafter | $21,000,000 | ' |
Brokered certificates deposits weighted average rate | 3.01% | ' |
Deposits_Interest_Expense_on_D
Deposits - Interest Expense on Deposit Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Interest expense on deposit, Total | $25,430 | $35,831 | $47,582 |
Interest Checking Accounts [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest expense on deposit, Total | 65 | 65 | 79 |
Savings Accounts [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest expense on deposit, Total | 29 | 34 | 58 |
Money Market Accounts [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest expense on deposit, Total | 1,530 | 2,142 | 3,669 |
Certificates of Deposit Accounts [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest expense on deposit, Total | $23,806 | $33,590 | $43,776 |
FHLB_Advances_and_Lines_of_Cre2
FHLB Advances and Lines of Credit - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' | ' |
FHLB advances repaid | $7 | ' | ' | ' |
Loss on extinguishment of advances | 0.2 | 0.2 | 0.2 | 0.2 |
Federal Home Loan Bank of New York and Federal Reserve Bank of New York [Member] | ' | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' | ' |
Unsecured credit lines | ' | 24 | ' | ' |
Available collateral investment securities and loans pledged to support additional borrowings | ' | $403 | ' | ' |
FHLB_Advances_and_Lines_of_Cre3
FHLB Advances and Lines of Credit - Summary of Certain Information Regarding INB Borrowings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Balance at year end | ' | ' | $17,500 |
Maximum amount outstanding at any month end during the year | ' | 13,500 | 25,500 |
Average outstanding balance for the year | $295 | $9,087 | $21,574 |
Weighted-average interest rate paid for the year | 0.38% | 4.27% | 4.10% |
Weighted-average interest rate at year end | ' | ' | 4.10% |
Subordinated_Debentures_Capita2
Subordinated Debentures - Capital Securities - Summary of Capital Securities Outstanding (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Accrued Interest Payable | $868 | $6,228 |
Capital Securities II [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 15,464 | 15,464 |
Accrued Interest Payable | 275 | 1,661 |
Interest Rate | 3.19% | 3.26% |
Capital Securities III [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 15,464 | 15,464 |
Accrued Interest Payable | 261 | 1,577 |
Interest Rate | 3.03% | 3.10% |
Capital Securities IV [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 15,464 | 15,464 |
Accrued Interest Payable | 223 | 1,370 |
Interest Rate | 2.65% | 2.71% |
Capital Securities V [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 10,310 | 10,310 |
Accrued Interest Payable | 109 | 1,620 |
Interest Rate | 1.89% | 1.96% |
Capital Securities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 56,702 | 56,702 |
Accrued Interest Payable | $868 | $6,228 |
Subordinated_Debentures_Capita3
Subordinated Debentures - Capital Securities - Summary of Capital Securities Outstanding (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Capital Securities II [Member] | ' |
Debt Instrument [Line Items] | ' |
Subordinated debentures due date | 17-Sep-33 |
Capital Securities III [Member] | ' |
Debt Instrument [Line Items] | ' |
Subordinated debentures due date | 17-Mar-34 |
Capital Securities IV [Member] | ' |
Debt Instrument [Line Items] | ' |
Subordinated debentures due date | 20-Sep-34 |
Capital Securities V [Member] | ' |
Debt Instrument [Line Items] | ' |
Subordinated debentures due date | 15-Dec-36 |
Subordinated_Debentures_Capita4
Subordinated Debentures - Capital Securities - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' |
Capital securities, net of IBC's capital contributions | $55 |
IBC's capital contributions | 1.7 |
Unamortized balance of issuance costs | 0.7 |
Capital Securities V [Member] | ' |
Debt Instrument [Line Items] | ' |
Capital securities issuance costs | $0 |
Frequency of periodic interest payment | 'Quarterly |
Debt instrument interest rate | 1.65% |
Debt instrument, interest rate terms | '1.65% over 3 month libor |
Junior Subordinated Debentures [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, limit on extension periods | 20 |
Debt instrument, interest payment, maximum extension period | '5 years |
Capital securities, mandatory maturity period | '90 days |
Capital Securities II [Member] | ' |
Debt Instrument [Line Items] | ' |
Frequency of periodic interest payment | 'Quarterly |
Debt instrument interest rate | 2.95% |
Debt instrument, interest rate terms | '2.95% over 3 month libor |
Capital Securities III [Member] | ' |
Debt Instrument [Line Items] | ' |
Frequency of periodic interest payment | 'Quarterly |
Debt instrument interest rate | 2.79% |
Debt instrument, interest rate terms | '2.79% over 3 month libor |
Capital Securities IV [Member] | ' |
Debt Instrument [Line Items] | ' |
Frequency of periodic interest payment | 'Quarterly |
Debt instrument interest rate | 2.40% |
Debt instrument, interest rate terms | '2.40% over 3 month libor |
Stockholders_Equity_and_Redemp1
Stockholders' Equity and Redemption of Preferred Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Aug. 15, 2013 | Jun. 24, 2013 | Jun. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock_Unit | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Classes of authorized common stock | ' | ' | ' | 2 | ' |
Capital stock, shares authorized to issue | ' | ' | ' | 62,300,000 | ' |
Common stock, shares authorized | ' | ' | ' | 62,000,000 | 62,000,000 |
Preferred stock, shares authorized | ' | ' | ' | 300,000 | 300,000 |
Preferred stock, stock issued | ' | ' | ' | ' | 25,000 |
Duration of warrant | ' | '10 years | ' | ' | ' |
Number of shares to be exercised upon warrants | ' | 691,882 | ' | ' | ' |
Conversion price for warrants | ' | $5.42 | ' | ' | ' |
Treasury auctioned shares | ' | ' | 25,000 | ' | ' |
Number of preferred stock | ' | ' | 6,250 | ' | ' |
Purchase of preferred stock shares by third parties | ' | ' | 18,750 | ' | ' |
Closing price of the auctioned shares | ' | ' | $970 | ' | ' |
Number of preferred stock repurchased | ' | 6,250 | ' | ' | ' |
Rate of repurchase of shares | ' | $6,100,000 | ' | ' | ' |
Additional accrued and unpaid dividends | ' | 1,200,000 | ' | ' | ' |
Total shares repurchase | ' | 7,300,000 | ' | ' | ' |
Preferred Stock outstanding redeemed | 18,750 | ' | ' | ' | ' |
Effective date of the planned redemption | 15-Aug-13 | ' | ' | ' | ' |
Purchase price of shares | $1,000 | ' | ' | ' | ' |
Total expected cost to redeem shares | 22,600,000 | ' | ' | ' | ' |
Preferred dividends | $3,900,000 | ' | ' | ' | ' |
Warrant [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Preferred stock, stock issued | ' | 25,000 | ' | ' | ' |
Asset_and_Dividend_Restriction1
Asset and Dividend Restrictions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' | ' |
Total capital to risk-weighted assets, Required | $98,320,000 | $99,042,000 | ' |
Investment | 8,200,000 | 8,200,000 | ' |
Mortgage loans | 71,000,000 | 105,000,000 | ' |
Common stock dividend declared or paid not in cash | 0 | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | ' | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' | ' |
U.S. government agency security investments | $27,000,000 | $17,000,000 | ' |
Profit_Sharing_Plans_Additiona
Profit Sharing Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Employee compensation contribution | 4.00% | ' | ' |
Vesting period | '5 years | ' | ' |
Total cash contributions | $164,000 | $161,000 | $141,000 |
Common_Stock_Warrant_Options_a2
Common Stock Warrant, Options and Restricted Common Stock - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $0.80 | $1.20 | $0.30 |
Pre-tax, stock-based compensation cost related to all nonvested awards of options and restricted stock not yet recognized | 1.9 | ' | ' |
Options and restricted stock not yet recognized and will be recognized over a weighted-average period | '1 year 10 months 24 days | ' | ' |
Net tax benefit | $0.60 | $0 | $0 |
Long Term Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum number of shares of common stock that may be awarded | 2,250,000 | ' | ' |
Common stock were available for award | 789,003 | ' | ' |
Common_Stock_Warrant_Options_a3
Common Stock Warrant, Options and Restricted Common Stock - Summary of Selected Information Regarding Option Awards Made Under Plans (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Date of award | 8-Dec-11 |
Total options awarded | 44,100 |
Exercise price of option | $2.55 |
Estimated fair value per option | $1.67 |
Total estimated fair value of award | $73,647 |
Assumptions used in Black-Scholes Model: | ' |
Expected dividend yield | 0.00% |
Expected stock volatility | 75.00% |
Risk-free interest rate | 1.13% |
Expected term in years | '6 years |
Common_Stock_Warrant_Options_a4
Common Stock Warrant, Options and Restricted Common Stock - Summary of the Activity in IBC's Outstanding Common Stock Warrant and Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning Outstanding | 1,078,122 | 1,085,622 | 1,045,422 |
Forfeited/expired | -19,410 | -7,400 | -3,900 |
Options granted | ' | ' | 44,100 |
Ending Outstanding | 1,041,445 | 1,078,122 | 1,085,622 |
Options exercised | -17,267 | -100 | ' |
Vested and exercisable | 99.00% | ' | ' |
Wtd-avg contractual remaining term (in years) | '5 years 1 month 6 days | ' | ' |
Intrinsic value at December 31, 2013 | $1,968 | ' | ' |
Wtd-Avg Exercise Price, Beginning Outstanding | $6.63 | $6.62 | $6.79 |
Wtd-Avg Exercise Price, Forfeited/expired | $8.80 | $6.13 | $5.44 |
Wtd-Avg Exercise Price, Options granted | ' | ' | $2.55 |
Wtd-Avg Exercise Price, Ending Outstanding | $6.64 | $6.63 | $6.62 |
Wtd-Avg Exercise Price, Exercised | $3.49 | $3 | ' |
Exercise Price Per Warrant/Option $5.42 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise Price Per Warrant/Option | ' | ' | $5.42 |
Beginning Outstanding | 691,882 | ' | 691,882 |
Ending Outstanding | 691,882 | ' | 691,882 |
Expiration date | 23-Dec-18 | ' | ' |
Vested and exercisable | 100.00% | ' | ' |
Wtd-avg contractual remaining term (in years) | '5 years | ' | ' |
Intrinsic value at December 31, 2013 | 1,446 | ' | ' |
Exercise Price Per Warrant/Option $17.10 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise Price Per Warrant/Option | ' | ' | $17.10 |
Beginning Outstanding | 116,640 | 117,840 | 118,140 |
Forfeited/expired | -6,000 | -1,200 | -300 |
Ending Outstanding | 110,640 | 116,640 | 117,840 |
Expiration date | 13-Dec-17 | ' | ' |
Vested and exercisable | 100.00% | ' | ' |
Wtd-avg contractual remaining term (in years) | '4 years | ' | ' |
Exercise Price Per Warrant/Option $7.50 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise Price Per Warrant/Option | ' | ' | $7.50 |
Beginning Outstanding | 120,190 | 121,390 | 122,290 |
Forfeited/expired | -6,200 | -1,200 | -900 |
Ending Outstanding | 113,990 | 120,190 | 121,390 |
Expiration date | 11-Dec-18 | ' | ' |
Vested and exercisable | 100.00% | ' | ' |
Wtd-avg contractual remaining term (in years) | '4 years 10 months 24 days | ' | ' |
Intrinsic value at December 31, 2013 | 1 | ' | ' |
Exercise Price Per Warrant/Option $4.02 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise Price Per Warrant/Option | ' | ' | $4.02 |
Beginning Outstanding | 68,910 | 70,510 | 71,710 |
Forfeited/expired | -1,610 | -1,600 | -1,200 |
Ending Outstanding | 57,400 | 68,910 | 70,510 |
Options exercised | -9,900 | ' | ' |
Expiration date | 10-Dec-19 | ' | ' |
Vested and exercisable | 100.00% | ' | ' |
Wtd-avg contractual remaining term (in years) | '5 years 10 months 24 days | ' | ' |
Intrinsic value at December 31, 2013 | 201 | ' | ' |
Exercise Price Per Warrant/Option $3.00 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise Price Per Warrant/Option | ' | ' | $3 |
Beginning Outstanding | 38,200 | 39,900 | 41,400 |
Forfeited/expired | -2,100 | -1,600 | -1,500 |
Ending Outstanding | 32,400 | 38,200 | 39,900 |
Options exercised | -3,700 | -100 | ' |
Expiration date | 9-Dec-20 | ' | ' |
Vested and exercisable | 100.00% | ' | ' |
Wtd-avg contractual remaining term (in years) | '6 years 10 months 24 days | ' | ' |
Intrinsic value at December 31, 2013 | 146 | ' | ' |
Exercise Price Per Warrant/Option $2.55 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise Price Per Warrant/Option | ' | ' | $2.55 |
Beginning Outstanding | 42,300 | 44,100 | ' |
Forfeited/expired | -3,500 | -1,800 | ' |
Options granted | ' | ' | 44,100 |
Ending Outstanding | 35,133 | 42,300 | 44,100 |
Options exercised | -3,667 | ' | ' |
Expiration date | 8-Dec-21 | ' | ' |
Vested and exercisable | 67.00% | ' | ' |
Wtd-avg contractual remaining term (in years) | '7 years 10 months 24 days | ' | ' |
Intrinsic value at December 31, 2013 | $174 | ' | ' |
Common_Stock_Warrant_Options_a5
Common Stock Warrant, Options and Restricted Common Stock - Summary of the Activity in IBC's Outstanding Common Stock Warrant and Options (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested and exercisable | 99.00% |
Calculated intrinsic value | $7.51 |
Price Per Share $2.55 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price Per Warrant/Option | $2.55 |
Vested and exercisable | 100.00% |
Common_Stock_Warrant_Options_a6
Common Stock Warrant, Options and Restricted Common Stock - Summary of Selected Information Regarding Restricted Common Stock Awards Made Under Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date of award, Stock Grant | 12-Dec-13 | 24-Jan-13 | 19-Jan-12 |
Total restricted shares of stock awarded | 135,500 | 330,700 | 465,400 |
Estimated fair value per share awarded | $7.21 | $4.50 | $2.90 |
Total estimated fair value of award | $977 | $1,488 | $1,350 |
Awards scheduled to vest as follows: | ' | ' | ' |
Awards scheduled to vest, Stock Grant | 135,500 | 330,700 | 465,400 |
January 2013 [Member] | ' | ' | ' |
Awards scheduled to vest as follows: | ' | ' | ' |
Awards scheduled to vest, Stock Grant | ' | ' | 256,800 |
January 2014 [Member] | ' | ' | ' |
Awards scheduled to vest as follows: | ' | ' | ' |
Awards scheduled to vest, Stock Grant | 75,417 | 49,566 | 133,455 |
January 2015 [Member] | ' | ' | ' |
Awards scheduled to vest as follows: | ' | ' | ' |
Awards scheduled to vest, Stock Grant | 44,917 | 170,888 | 75,145 |
January 2016 [Member] | ' | ' | ' |
Awards scheduled to vest as follows: | ' | ' | ' |
Awards scheduled to vest, Stock Grant | 15,166 | 110,246 | ' |
Common_Stock_Warrant_Options_a7
Common Stock Warrant, Options and Restricted Common Stock - Summary of Selected Information Regarding Restricted Common Stock Awards Made Under Plans (Parenthetical) (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | |
Restricted Common Stock [Member] | Restricted Common Stock [Member] | Executive Officers [Member] | Executive Officers [Member] | Executive Officers [Member] | Executive Officers [Member] | Executive Officers [Member] | Non-employee Directors [Member] | Non-employee Directors [Member] | Non-employee Directors [Member] | Non-employee Directors [Member] | Other Officers and Employees [Member] | Other Officers and Employees [Member] | Other Officers and Employees [Member] | Other Officers and Employees [Member] | |
Installment | Installment | Installment | Restricted Common Stock [Member] | Restricted Common Stock [Member] | Executives | Executives | Restricted Common Stock [Member] | Restricted Common Stock [Member] | Installment | Installment | Restricted Common Stock [Member] | Restricted Common Stock [Member] | |||
Executives | Executives | Executives | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of participants | ' | ' | 5 | 5 | 5 | ' | ' | 8 | 6 | ' | ' | ' | ' | ' | ' |
Number of installments | ' | ' | 2 | 2 | 5 | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' |
Vesting period | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Awarded | 466,200 | 465,400 | ' | ' | ' | 182,000 | 175,000 | ' | ' | 80,000 | 240,000 | ' | ' | 68,700 | 50,400 |
Restricted stock awards vesting in second anniversary of the grant | ' | ' | 66.67% | 66.67% | ' | ' | ' | 33.33% | ' | ' | ' | 33.33% | 33.33% | ' | ' |
Restricted stock awards vesting in third anniversary of the grant | ' | ' | 33.33% | 33.33% | ' | ' | ' | 33.33% | ' | ' | ' | 33.33% | 33.33% | ' | ' |
Restricted stock awards vesting in first anniversary of the grant | ' | ' | ' | ' | ' | ' | ' | 33.33% | 100.00% | ' | ' | 33.33% | 33.33% | ' | ' |
Common_Stock_Warrant_Options_a8
Common Stock Warrant, Options and Restricted Common Stock - Summary of Activity in IBCs Restricted Class A Common Stock (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares forfeited | -154,433 | ' | ' |
Ending Outstanding | 573,317 | ' | ' |
Restricted Common Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Price Per Share | $7.21 | ' | ' |
Beginning Outstanding | 782,300 | 318,100 | 319,300 |
Shares forfeited | ' | -1,200 | -1,200 |
Ending Outstanding | ' | 782,300 | 318,100 |
Shares granted | 466,200 | 465,400 | ' |
Shares vested and no longer restricted | -520,750 | ' | ' |
Price Per Share $2.35 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares forfeited | -53,350 | ' | ' |
Price Per Share $2.35 [Member] | Restricted Common Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Price Per Share | ' | ' | 2.35 |
Beginning Outstanding | 317,500 | 318,100 | 319,300 |
Shares forfeited | ' | -600 | -1,200 |
Ending Outstanding | ' | 317,500 | 318,100 |
Shares vested and no longer restricted | -264,150 | ' | ' |
Price Per Share $2.90 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares forfeited | -49,883 | ' | ' |
Ending Outstanding | 158,317 | ' | ' |
Price Per Share $2.90 [Member] | Restricted Common Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Price Per Share | ' | ' | 2.9 |
Beginning Outstanding | 464,800 | ' | ' |
Shares forfeited | ' | -600 | ' |
Ending Outstanding | ' | 464,800 | ' |
Shares granted | ' | 465,400 | ' |
Shares vested and no longer restricted | -256,600 | ' | ' |
Price Per Share $4.50 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares forfeited | -51,200 | ' | ' |
Ending Outstanding | 279,500 | ' | ' |
Price Per Share $4.50 [Member] | Restricted Common Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Price Per Share | $4.50 | ' | 4.5 |
Shares granted | 330,700 | ' | ' |
Price Per Share $7.21 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Ending Outstanding | 135,500 | ' | ' |
Price Per Share $7.21 [Member] | Restricted Common Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Price Per Share | ' | ' | 7.21 |
Shares granted | 135,500 | ' | ' |
Common_Stock_Warrant_Options_a9
Common Stock Warrant, Options and Restricted Common Stock - Summary of Activity in IBCs Restricted Class A Common Stock (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Restricted Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Exercise Price Per Warrant/Option | $7.21 | ' |
Restricted common stock will vest on date 1Restricted common stock will vest on date 2 | 15,166 | ' |
Restricted Common Stock [Member] | January 2, 2014 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted common stock will vest on date 1 | 46,250 | ' |
Restricted Common Stock [Member] | January 19, 2014 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted common stock will vest on date 1 | 29,167 | ' |
Restricted Common Stock [Member] | January 19, 2015 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted common stock will vest on date 1 | 14,584 | ' |
Restricted Common Stock [Member] | January 24, 2015 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted common stock will vest on date 1 | 30,333 | ' |
Price Per Share $2.35 [Member] | Vest and Become Exercisable on December 9, 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Exercise Price Per Warrant/Option | $2.90 | ' |
Price Per Share $2.35 [Member] | Restricted Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Exercise Price Per Warrant/Option | ' | $2.35 |
Price Per Share $2.90 [Member] | Restricted Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Exercise Price Per Warrant/Option | ' | $2.90 |
Restricted common stock will vest on date 1 | 101,034 | ' |
Restricted common stock will vest on date 1 | 57,283 | ' |
Price Per Share $4.50 [Member] | Restricted Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Exercise Price Per Warrant/Option | $4.50 | $4.50 |
Restricted common stock will vest on date 1 | 47,667 | ' |
Restricted common stock will vest on date 1 | 138,667 | ' |
Restricted common stock will vest on date 1Restricted common stock will vest on date 2 | 93,166 | ' |
Income_Taxes_Allocation_of_Fed
Income Taxes - Allocation of Federal, State and Local Income Tax Expense Between Current and Deferred Portions (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Federal Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | $420 | $370 | $958 |
Current State and Local Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | 339 | 335 | 311 |
Current Income Tax Expense, Total | ' | ' | ' | ' | ' | ' | ' | ' | 759 | 705 | 1,269 |
Deferred Federal Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,130 | 7,751 | 6,670 |
Deferred State and Local Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,766 | 1,851 | 1,573 |
Deferred Income Tax Expense, Total | ' | ' | ' | ' | ' | ' | ' | ' | 10,896 | 9,602 | 8,243 |
Federal Income Tax Expense, Total | ' | ' | ' | ' | ' | ' | ' | ' | 9,550 | 8,121 | 7,628 |
State and Local Income Tax Expense, Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,105 | 2,186 | 1,884 |
Income Tax Expense, Total | $3,476 | $2,300 | $2,804 | $3,075 | $2,987 | $2,300 | $2,326 | $2,694 | $11,655 | $10,307 | $9,512 |
Income_Taxes_Components_of_the
Income Taxes - Components of the Deferred Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
NOL and AMT credit carryforwards | $7,353 | $8,084 | $8,138 |
Allowances for loan losses and real estate losses | 1,597 | 1,315 | 484 |
Capitalized real estate expenses and nonaccrual interest | 36 | 1,011 | -232 |
Impairment writedowns on investment securities | 1,857 | -282 | -86 |
Deferred compensation and benefits | 285 | -355 | -48 |
Depreciation | -234 | -166 | -16 |
Deferred income | 2 | -5 | 3 |
Deferred Income Tax Expense, Total | $10,896 | $9,602 | $8,243 |
Income_Taxes_Tax_Effects_of_th
Income Taxes - Tax Effects of the Temporary Differences in Deferred Tax Asset (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
NOL and AMT credit carryforwards | $3,061 | $10,414 |
Allowances for loan losses and real estate losses | 12,814 | 14,411 |
Capitalized real estate expenses and nonaccrual interest | 1,152 | 1,188 |
Impairment writedowns on investment securities | ' | 1,857 |
Unrealized losses on securities available for sale | 24 | ' |
Deferred compensation and benefits | 852 | 1,137 |
Depreciation | 454 | 220 |
Deferred income | 5 | 7 |
Total deferred tax asset | $18,362 | $29,234 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Income tax proposed adjustments to federal returns under audit | ' | $0 | ' | ' |
NOL carryforwards expiration year | ' | '2030 | ' | ' |
Annual franchise tax expense | 0.2 | 0.2 | 0.2 | 0.2 |
State and Local [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Unused net operating loss carryforward | ' | $30 | ' | ' |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Our Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State and local income tax rate, net of federal benefit | 7.80% | 9.40% | 9.30% |
All other | 1.80% | 1.40% | 1.50% |
Effective Income Tax Rate | 44.60% | 45.80% | 45.80% |
Earning_Per_Common_Share_Summa
Earning Per Common Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic Earnings Per Common Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings available to common stockholders | $4,207 | $2,588 | $3,213 | $3,429 | $3,074 | $2,225 | $2,312 | $2,810 | $13,437 | $10,421 | $9,516 |
Weighted-Average number of common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 21,894,030 | 21,566,009 | 21,126,187 |
Basic earnings per common share | $0.19 | $0.12 | $0.14 | $0.16 | $0.14 | $0.10 | $0.11 | $0.13 | $0.61 | $0.48 | $0.45 |
Diluted Earnings Per Common Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings available to common stockholders | $4,207 | $2,588 | $3,213 | $3,429 | $3,074 | $2,225 | $2,312 | $2,810 | $13,437 | $10,421 | $9,516 |
Weighted-Average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 21,894,030 | 21,566,009 | 21,126,187 |
Potential dilutive shares resulting from exercise of warrants /options | ' | ' | ' | ' | ' | ' | ' | ' | 99,596 | 2,187 | ' |
Total average number of common shares outstanding used for dilution | ' | ' | ' | ' | ' | ' | ' | ' | 21,993,626 | 21,568,196 | 21,126,187 |
Diluted earnings per common share | $0.19 | $0.12 | $0.14 | $0.16 | $0.14 | $0.10 | $0.11 | $0.13 | $0.61 | $0.48 | $0.45 |
Earning_Per_Common_Share_Summa1
Earning Per Common Share - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Outstanding options/warrants to purchase, shares | 224,630 | 997,622 | 1,085,622 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
Security_Loan | SecurityLoan | INB [Member] | INB [Member] | INB [Member] | |
SecurityLoan | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Net Proceeds of loans | ' | ' | $0.10 | $2.70 | ' |
Recovery of prior loan charge offs | ' | ' | ' | ' | 1.2 |
Recovery of prior real estate expenses | ' | ' | ' | ' | $1.60 |
Number of loans associated with recoveries of prior real estate expenses | 1 | 4 | ' | ' | 2 |
Contractual_Death_Benefit_Paym1
Contractual Death Benefit Payments - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Schedule Of Contractual Death Benefit Payments [Line Items] | ' | ' |
Remaining death benefit payment net | 0.2 | ' |
Agreement condition obligated to pay to Mr. Dansker's wife or his estate | 'Greater of (i) three years, and (ii) the number of months remaining in the stated term of the agreement | ' |
Period of agreement under condition one | '3 years | ' |
Percentage of amount in the case of disability | 50.00% | ' |
Percentage of amount in the case of death | 25.00% | ' |
Provision for contingent liability | 0 | ' |
Mr. Lowell S. Dansker [Member] | ' | ' |
Schedule Of Contractual Death Benefit Payments [Line Items] | ' | ' |
Employment and supplemental benefits agreement | '10 years | ' |
Employment and supplemental benefits agreement expiry date | 30-Jun-14 | ' |
Salary under employment agreement | ' | $1.20 |
OffBalance_Sheet_Financial_Ins2
Off-Balance Sheet Financial Instruments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Off Balance Sheet Financial Instruments [Abstract] | ' | ' |
Standby letters of credit | $0 | $0 |
OffBalance_Sheet_Financial_Ins3
Off-Balance Sheet Financial Instruments - Summary of Contractual Amounts of Off-Balance Sheet Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Standby letters of credit | $20,263 | $20,008 |
Commitments to Extend Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Standby letters of credit | 19,386 | 19,154 |
Unused Lines of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Standby letters of credit | $877 | $854 |
Regulatory_Capital_and_Regulat2
Regulatory Capital and Regulatory Matters - Summary of Regulatory Capital and Related Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 capital | $245,191 | $249,465 |
Tier 2 capital | 15,517 | 15,620 |
Total risk-based capital | 260,708 | 265,085 |
Net risk-weighted assets for regulatory purposes | 1,228,994 | 1,238,024 |
Average assets for regulatory purposes | 1,586,416 | 1,696,410 |
Total capital to risk-weighted assets | 21.21% | 21.41% |
Tier 1 capital to risk-weighted assets | 19.95% | 20.15% |
Tier 1 capital to average assets | 15.46% | 14.71% |
INB [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 capital | 240,918 | 244,081 |
Tier 2 capital | 15,479 | 15,566 |
Total risk-based capital | 256,397 | 259,647 |
Net risk-weighted assets for regulatory purposes | 1,225,936 | 1,232,670 |
Average assets for regulatory purposes | $1,581,713 | $1,690,329 |
Total capital to risk-weighted assets | 20.91% | 21.06% |
Tier 1 capital to risk-weighted assets | 19.65% | 19.80% |
Tier 1 capital to average assets | 15.23% | 14.44% |
Regulatory_Capital_and_Regulat3
Regulatory Capital and Regulatory Matters - Summary of Regulatory Capital and Related Ratios (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
Outstanding qualifying trust preferred securities | $55 | $55 |
Regulatory_Capital_and_Regulat4
Regulatory Capital and Regulatory Matters - Capital Adequacy (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital to risk-weighted assets, Actual Capital, Amount | $260,708 | $265,085 |
Tier 1 capital to risk-weighted assets, Actual Capital, Amount | 245,191 | 249,465 |
Tier 1 capital to average assets, Actual Capital, Amount | 245,191 | 249,465 |
Total capital to risk-weighted assets, Actual Capital, Ratio | 21.21% | 21.41% |
Tier 1 capital to risk-weighted assets, Actual Capital, Ratio | 19.95% | 20.15% |
Tier 1 capital to average assets, Actual Capital, Ratio | 15.46% | 14.71% |
Total capital to risk-weighted assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Amount | 98,320 | 99,042 |
Tier 1 capital to risk-weighted assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Amount | 49,160 | 49,521 |
Tier 1 capital to average assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Amount | 63,457 | 67,856 |
Total capital to risk-weighted assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 capital to risk-weighted assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Ratio | 4.00% | 4.00% |
Tier 1 capital to average assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Ratio | 4.00% | 4.00% |
INB [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital to risk-weighted assets, Actual Capital, Amount | 256,397 | 259,647 |
Tier 1 capital to risk-weighted assets, Actual Capital, Amount | 240,918 | 244,081 |
Tier 1 capital to average assets, Actual Capital, Amount | 240,918 | 244,081 |
Total capital to risk-weighted assets, Actual Capital, Ratio | 20.91% | 21.06% |
Tier 1 capital to risk-weighted assets, Actual Capital, Ratio | 19.65% | 19.80% |
Tier 1 capital to average assets, Actual Capital, Ratio | 15.23% | 14.44% |
Total capital to risk-weighted assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Amount | 98,075 | 98,614 |
Tier 1 capital to risk-weighted assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Amount | 49,037 | 49,307 |
Tier 1 capital to average assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Amount | 63,269 | 67,613 |
Total capital to risk-weighted assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 capital to risk-weighted assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Ratio | 4.00% | 4.00% |
Tier 1 capital to average assets, Capital Requirements, Minimum Under Prompt Corrective Action Provisions, Ratio | 4.00% | 4.00% |
Total capital to risk-weighted assets, Capital Requirements, Minimum To Be "Well Capitalized" Under Prompt Corrective Action Provisions, Amount | 122,594 | 123,267 |
Tier 1 capital to risk-weighted assets, Capital Requirements, Minimum To Be "Well Capitalized" Under Prompt Corrective Action Provisions, Amount | 73,556 | 73,960 |
Tier 1 capital to average assets, Capital Requirements, Minimum To Be "Well Capitalized" Under Prompt Corrective Action Provisions, Amount | 79,086 | 84,516 |
Total capital to risk-weighted assets, Capital Requirements, Minimum To Be "Well Capitalized" Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 capital to risk-weighted assets, Capital Requirements, Minimum To Be "Well Capitalized" Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Tier 1 capital to average assets, Capital Requirements, Minimum To Be "Well Capitalized" Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Total capital to risk-weighted assets, Capital Requirements, Minimum Under Agreement With OCC, Amount | ' | 147,920 |
Tier 1 capital to risk-weighted assets, Capital Requirements, Minimum Under Agreement With OCC, Amount | ' | 123,267 |
Tier 1 capital to average assets, Capital Requirements, Minimum Under Agreement With OCC, Amount | ' | $152,130 |
Total capital to risk-weighted assets, Capital Requirements, Minimum Under Agreement With OCC, Ratio | ' | 12.00% |
Tier 1 capital to risk-weighted assets, Capital Requirements, Minimum Under Agreement With OCC, Ratio | ' | 10.00% |
Tier 1 capital to average assets, Capital Requirements, Minimum Under Agreement With OCC, Ratio | ' | 9.00% |
Regulatory_Capital_and_Regulat5
Regulatory Capital and Regulatory Matters - Capital Adequacy (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
Outstanding qualifying trust preferred securities | $55 | $55 |
Tier 1 proforma capital ratio | 21.21% | ' |
Tier two proforma capital ratio | 15.48% | ' |
Consolidated proforma capital ratio | 11.99% | ' |
Regulatory_Capital_and_Regulat6
Regulatory Capital and Regulatory Matters - Additional Information Regarding Capital Adequacy (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital to risk-weighted assets, Actual Capital, Amount | $260,708 | $265,085 |
Tier 1 capital to risk-weighted assets, Actual Capital, Amount | 245,191 | 249,465 |
Tier 1 capital to average assets, Actual | 245,191 | ' |
Total capital to risk-weighted assets, Required | 98,320 | 99,042 |
Tier 1 capital to risk-weighted assets, Required | 49,160 | 49,521 |
Tier 1 capital to average assets, Required | 63,457 | 67,856 |
Total capital to risk-weighted assets, Excess | 162,388 | ' |
Tier 1 capital to risk-weighted assets, Excess | 196,031 | ' |
Tier 1 capital to average assets, Excess | 181,734 | ' |
INB [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital to risk-weighted assets, Actual Capital, Amount | 256,397 | 259,647 |
Tier 1 capital to risk-weighted assets, Actual Capital, Amount | 240,918 | 244,081 |
Tier 1 capital to average assets, Actual | 240,918 | ' |
Total capital to risk-weighted assets, Required | 122,594 | 123,267 |
Tier 1 capital to risk-weighted assets, Required | 73,556 | 73,960 |
Tier 1 capital to average assets, Required | 79,086 | 84,516 |
Total capital to risk-weighted assets, Required | 98,075 | 98,614 |
Tier 1 capital to risk-weighted assets, Required | 49,037 | 49,307 |
Tier 1 capital to average assets, Required | 63,269 | 67,613 |
Total capital to risk-weighted assets, Excess | 133,803 | ' |
Tier 1 capital to risk-weighted assets, Excess | 167,362 | ' |
Tier 1 capital to average assets, Excess | $161,832 | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, net | $965 | $1,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, net | 1,000 | 1,000 |
Liabilities that were recorded at fair value | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impaired Securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accumulated Losses on Outstanding Balance | ' | $4,233 | ' |
Total Losses (Gains) | -517 | 582 | 201 |
Foreclosure Real Estate [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 2,017 | 5,339 | ' |
Total Losses (Gains) | 142 | 4,161 | 3,161 |
Level 3 [Member] | Impaired Securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Outstanding Carrying Value | ' | 3,721 | ' |
Level 3 [Member] | Foreclosure Real Estate [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Outstanding Carrying Value | 10,669 | 15,923 | ' |
Impaired Loans [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 11,392 | 13,592 | ' |
Total Losses (Gains) | 1,066 | 186 | 10,135 |
Impaired Loans [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 10,294 | 9,979 | ' |
Total Losses (Gains) | 2,053 | 1,038 | 4,936 |
Impaired Loans [Member] | Multifamily [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 598 | 3,092 | ' |
Total Losses (Gains) | -966 | -364 | 4,190 |
Impaired Loans [Member] | Land [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 500 | 521 | ' |
Total Losses (Gains) | -21 | -488 | 1,009 |
Impaired Loans [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Outstanding Carrying Value | 57,160 | 65,973 | ' |
Impaired Loans [Member] | Level 3 [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Outstanding Carrying Value | 52,407 | 50,795 | ' |
Impaired Loans [Member] | Level 3 [Member] | Multifamily [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Outstanding Carrying Value | 3,128 | 12,577 | ' |
Impaired Loans [Member] | Level 3 [Member] | Land [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Outstanding Carrying Value | $1,625 | $2,601 | ' |
Fair_Value_Measurements_Change
Fair Value Measurements - Change in Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (Assets Measured at Fair Value on a Nonrecurring Basis [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impaired Securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Beginning balance | $3,721 | $4,378 | $4,580 |
Principal repayments/sales | -4,238 | -75 | ' |
Other than temporary impairment writedowns | -964 | -582 | -201 |
Gain (Loss) on sales | 1,481 | ' | ' |
All other | ' | ' | -1 |
Ending balance | ' | 3,721 | 4,378 |
Impaired Loans [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Beginning balance | 65,973 | 66,269 | 56,555 |
Net new impaired loans | 16,122 | 19,875 | 41,768 |
Principal repayments/sales | -19,957 | -12,330 | -18,198 |
Chargeoffs | -1,938 | -3,152 | -9,481 |
Transferred to foreclosed real estate | -3,040 | -4,689 | -4,375 |
Ending balance | 57,160 | 65,973 | 66,269 |
Foreclosure Real Estate [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Beginning balance | 15,923 | 28,278 | 27,064 |
Principal repayments/sales | -8,152 | -12,883 | ' |
Transferred to foreclosed real estate | 3,040 | 4,689 | 4,375 |
Writedowns of carrying value subsequent to foreclosure | -1,105 | -4,068 | -3,349 |
Gain on sales/transfers from loans | ' | ' | 188 |
Gain (Loss) on sales | 963 | -93 | ' |
Ending balance | $10,669 | $15,923 | $28,278 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
Securities available for sale, net | $965 | $1,000 |
Securities held to maturity, net | 378,507 | 442,166 |
Fair Value [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 24,700 | 60,395 |
Time deposits with banks | 5,370 | 5,170 |
Securities available for sale, net | 965 | 1,000 |
Securities held to maturity, net | 378,507 | 442,166 |
FRB and FHLB stock | 8,244 | 8,151 |
Loans receivable, net | 1,100,858 | 1,102,333 |
Accrued interest receivable | 4,861 | 5,191 |
Loan fees receivable | 1,808 | 2,547 |
Total Financial Assets | 1,525,313 | 1,626,953 |
Financial Liabilities: | ' | ' |
Deposits | 1,294,690 | 1,389,629 |
Borrowed funds plus accrued interest payable | 57,260 | 62,448 |
Accrued interest payable on deposits | 1,508 | 2,379 |
Commitments to lend | 408 | 386 |
Total Financial Liabilities | 1,353,866 | 1,454,842 |
Net Financial Assets | 171,447 | 172,111 |
Carrying Value [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 24,700 | 60,395 |
Time deposits with banks | 5,370 | 5,170 |
Securities available for sale, net | 965 | 1,000 |
Securities held to maturity, net | 383,937 | 443,777 |
FRB and FHLB stock | 8,244 | 8,151 |
Loans receivable, net | 1,099,689 | 1,079,363 |
Accrued interest receivable | 4,861 | 5,191 |
Loan fees receivable | 2,298 | 3,108 |
Total Financial Assets | 1,530,064 | 1,606,155 |
Financial Liabilities: | ' | ' |
Deposits | 1,282,232 | 1,362,619 |
Borrowed funds plus accrued interest payable | 57,570 | 62,930 |
Accrued interest payable on deposits | 1,508 | 2,379 |
Commitments to lend | 408 | 386 |
Total Financial Liabilities | 1,341,718 | 1,428,314 |
Net Financial Assets | $188,346 | $177,841 |
Holding_Company_Financial_Info2
Holding Company Financial Information - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and due from banks | $16,689 | ' | ' | ' | $57,641 | ' | ' | ' | ' |
Total cash and cash equivalents | 423,216 | 461,197 | 512,573 | 507,665 | 518,493 | 546,397 | 667,509 | 691,205 | ' |
Loans receivable (net of allowance for loan losses of $50) | 1,099,689 | ' | ' | ' | 1,079,363 | ' | ' | ' | ' |
Deferred income tax asset | 18,362 | ' | ' | ' | 29,234 | ' | ' | ' | ' |
Deferred debenture offering costs, net of amortization | 700 | ' | ' | ' | 800 | ' | ' | ' | ' |
All other assets | 4,645 | ' | ' | ' | 10,602 | ' | ' | ' | ' |
Total assets | 1,567,796 | 1,584,239 | 1,596,639 | 1,627,787 | 1,665,792 | 1,751,880 | 1,862,110 | 1,909,052 | ' |
LIABILITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' |
All other liabilities | 3,281 | ' | ' | ' | 2,171 | ' | ' | ' | ' |
Total liabilities | 1,370,805 | ' | ' | ' | 1,454,845 | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common equity | 21,919 | ' | ' | ' | 21,590 | ' | ' | ' | ' |
Total stockholders' equity | 196,991 | 192,288 | 211,775 | 215,265 | 210,947 | 207,108 | 204,121 | 201,051 | 197,531 |
Total liabilities and stockholders' equity | 1,567,796 | ' | ' | ' | 1,665,792 | ' | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 319 | ' | ' | ' | 46 | ' | ' | ' | ' |
Short-term investments | 2,241 | ' | ' | ' | 8,070 | ' | ' | ' | ' |
Total cash and cash equivalents | 2,560 | ' | ' | ' | 8,116 | ' | ' | ' | ' |
Loans receivable (net of allowance for loan losses of $50) | 1,777 | ' | ' | ' | 2,753 | ' | ' | ' | ' |
Investment in consolidated subsidiaries | 240,918 | ' | ' | ' | 254,815 | ' | ' | ' | ' |
Investment in unconsolidated subsidiaries - Intervest Statutory Trusts | 1,702 | ' | ' | ' | 1,702 | ' | ' | ' | ' |
Deferred income tax asset | 6,800 | ' | ' | ' | 5,748 | ' | ' | ' | ' |
Deferred debenture offering costs, net of amortization | 742 | ' | ' | ' | 779 | ' | ' | ' | ' |
All other assets | 220 | ' | ' | ' | 388 | ' | ' | ' | ' |
Total assets | 254,719 | ' | ' | ' | 274,301 | ' | ' | ' | ' |
LIABILITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures payable - capital securities | 56,702 | ' | ' | ' | 56,702 | ' | ' | ' | ' |
Accrued interest payable on debentures | 868 | ' | ' | ' | 6,228 | ' | ' | ' | ' |
All other liabilities | 158 | ' | ' | ' | 424 | ' | ' | ' | ' |
Total liabilities | 57,728 | ' | ' | ' | 63,354 | ' | ' | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred equity, net of preferred stock discount | ' | ' | ' | ' | 24,624 | ' | ' | ' | ' |
Common equity | 196,991 | ' | ' | ' | 186,323 | ' | ' | ' | ' |
Total stockholders' equity | 196,991 | ' | ' | ' | 210,947 | ' | ' | ' | ' |
Total liabilities and stockholders' equity | $254,719 | ' | ' | ' | $274,301 | ' | ' | ' | ' |
Holding_Company_Financial_Info3
Holding Company Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Allowance for loan losses | $27,833 | $28,103 | $30,415 | $34,840 |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Allowance for loan losses | $50 | $50 | ' | ' |
Holding_Company_Financial_Info4
Holding Company Financial Information - Condensed Statements of Earnings (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | $6,023 | $6,794 | $7,048 | $7,245 | $8,103 | $9,223 | $10,001 | $10,740 | $27,110 | $38,067 | $50,540 |
Net interest and dividend income | 10,097 | 8,830 | 8,575 | 9,004 | 9,695 | 9,859 | 9,705 | 9,958 | 36,506 | 39,217 | 42,297 |
Provision for loan losses | 950 | 250 | -750 | -1,000 | ' | ' | ' | ' | -550 | ' | 5,018 |
Noninterest income | 2,600 | 901 | 702 | 743 | 2,476 | 1,187 | 1,406 | 1,125 | 4,946 | 6,194 | 4,308 |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 15,853 | 22,882 | 20,829 |
Earnings before provision for income taxes | 7,683 | 5,157 | 6,343 | 6,966 | 6,517 | 4,978 | 5,086 | 5,948 | 26,149 | 22,529 | 20,758 |
Credit for income taxes | 3,476 | 2,300 | 2,804 | 3,075 | 2,987 | 2,300 | 2,326 | 2,694 | 11,655 | 10,307 | 9,512 |
Net earnings | 4,207 | 2,857 | 3,539 | 3,891 | 3,530 | 2,678 | 2,760 | 3,254 | 14,494 | 12,222 | 11,246 |
Preferred stock dividend requirements and discount amortization | ' | 269 | 326 | 462 | 456 | 453 | 448 | 444 | 1,057 | 1,801 | 1,730 |
Consolidated net earnings available to common stockholders | 4,207 | 2,588 | 3,213 | 3,429 | 3,074 | 2,225 | 2,312 | 2,810 | 13,437 | 10,421 | 9,516 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 129 | 264 | 475 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,679 | 1,848 | 2,072 |
Net interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | -1,550 | -1,584 | -1,597 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290 |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | 8 |
Noninterest expenses | ' | ' | ' | ' | ' | ' | ' | ' | 745 | 773 | 816 |
Earnings before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,290 | -2,352 | -2,695 |
Credit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,052 | 1,080 | 1,237 |
Net loss before earnings of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -1,238 | -1,272 | -1,458 |
Equity in undistributed earnings of Intervest National Bank | ' | ' | ' | ' | ' | ' | ' | ' | 15,732 | 13,494 | 12,704 |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | 14,494 | 12,222 | 11,246 |
Preferred stock dividend requirements and discount amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,057 | 1,801 | 1,730 |
Consolidated net earnings available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $13,437 | $10,421 | $9,516 |
Holding_Company_Financial_Info5
Holding Company Financial Information - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net earnings | $14,494 | $12,222 | $11,246 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ' | ' | ' |
(Decrease) increase in accrued interest payable on debentures | -5,360 | 1,867 | 2,099 |
Net change in all other assets and liabilities | 8,507 | 3,506 | 17,244 |
Net cash provided by operating activities | 30,602 | 37,171 | 46,117 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchase of premises and equipment | -531 | -119 | -184 |
Net cash provided by investing activities | 42,195 | 312,193 | 73,081 |
FINANCING ACTIVITIES | ' | ' | ' |
Net (decrease) increase in mortgage escrow funds payable | 1,136 | -1,927 | -1,039 |
Redemption of preferred stock | -24,813 | ' | ' |
Cash dividends paid to preferred stockholders | -5,068 | ' | ' |
Proceeds from issuance of common stock upon exercise of options | 61 | ' | ' |
Excess tax benefit from exercise of options and vesting of restricted stock | 579 | ' | ' |
Net cash used in financing activities | -108,492 | -318,832 | -113,246 |
Net increase in cash and cash equivalents | -35,695 | 30,532 | 5,952 |
Cash and cash equivalents at beginning of year | 60,395 | 29,863 | 23,911 |
Cash and cash equivalents at end of year | 24,700 | 60,395 | 29,863 |
SUPPLEMENTAL DISCLOSURES | ' | ' | ' |
Cash paid for interest | 33,304 | 37,503 | 49,342 |
Cash paid for (received from refunds of) income taxes, net | 940 | 734 | -10,340 |
Transfer of loans from subsidiary | 3,040 | 4,689 | 4,375 |
Preferred dividend requirements and amortization of preferred stock discount | 1,801 | 1,801 | 1,730 |
Parent Company [Member] | ' | ' | ' |
OPERATING ACTIVITIES | ' | ' | ' |
Net earnings | 14,494 | 12,222 | 11,246 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ' | ' | ' |
Equity in earnings of subsidiary | -15,732 | -13,494 | -12,704 |
Cash dividends from subsidiary | 31,000 | ' | ' |
(Decrease) increase in accrued interest payable on debentures | -5,360 | 1,867 | 2,099 |
Net change in all other assets and liabilities | -1,460 | -1,116 | -926 |
Net cash provided by operating activities | 22,942 | -521 | -285 |
INVESTING ACTIVITIES | ' | ' | ' |
Return of capital from subsidiary | ' | ' | 229 |
Net decrease in loans receivable | 981 | 45 | 3,884 |
Purchase of premises and equipment | -154 | ' | ' |
Net cash provided by investing activities | 827 | 45 | 4,113 |
FINANCING ACTIVITIES | ' | ' | ' |
Net (decrease) increase in mortgage escrow funds payable | -84 | 44 | -217 |
Redemption of preferred stock | -24,813 | ' | ' |
Cash dividends paid to preferred stockholders | -5,068 | ' | ' |
Proceeds from issuance of common stock upon exercise of options | 61 | ' | ' |
Excess tax benefit from exercise of options and vesting of restricted stock | 579 | ' | ' |
Net cash used in financing activities | -29,325 | 44 | -217 |
Net increase in cash and cash equivalents | -5,556 | -432 | 3,611 |
Cash and cash equivalents at beginning of year | 8,116 | 8,548 | 4,937 |
Cash and cash equivalents at end of year | 2,560 | 8,116 | 8,548 |
SUPPLEMENTAL DISCLOSURES | ' | ' | ' |
Cash paid for interest | 7,002 | ' | ' |
Cash paid for (received from refunds of) income taxes, net | ' | ' | -43 |
Transfer of loans from subsidiary | ' | ' | 7,437 |
Transfer of all other net assets from subsidiary | ' | ' | 1,030 |
Subsidiary's compensation expense related to equity awards | 823 | 1,194 | 326 |
Preferred dividend requirements and amortization of preferred stock discount | $1,057 | $1,801 | $1,730 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Interim Results of Operations and Other Period-End Selected Information by Quarter (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $16,120 | $15,624 | $15,623 | $16,249 | $17,798 | $19,082 | $19,706 | $20,698 | $63,616 | $77,284 | $92,837 |
Interest expense | 6,023 | 6,794 | 7,048 | 7,245 | 8,103 | 9,223 | 10,001 | 10,740 | 27,110 | 38,067 | 50,540 |
Net interest and dividend income | 10,097 | 8,830 | 8,575 | 9,004 | 9,695 | 9,859 | 9,705 | 9,958 | 36,506 | 39,217 | 42,297 |
(Credit) provision for loan losses | 950 | 250 | -750 | -1,000 | ' | ' | ' | ' | -550 | ' | 5,018 |
Net interest and dividend income after (credit) provision for loan losses | 9,147 | 8,580 | 9,325 | 10,004 | 9,695 | 9,859 | 9,705 | 9,958 | 37,056 | 39,217 | 37,279 |
Noninterest income | 2,600 | 901 | 702 | 743 | 2,476 | 1,187 | 1,406 | 1,125 | 4,946 | 6,194 | 4,308 |
Noninterest expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for real estate losses | 150 | 250 | 76 | 629 | 1,135 | 1,025 | 1,397 | 511 | ' | ' | ' |
Real estate expenses (income), net | 284 | 212 | -346 | -986 | ' | ' | ' | ' | ' | ' | ' |
Real estate expenses, net | ' | ' | ' | ' | 324 | 883 | 479 | 460 | -836 | 2,146 | 1,619 |
Operating expenses | 3,630 | 3,862 | 3,954 | 4,138 | 4,195 | 4,160 | 4,149 | 4,164 | ' | ' | ' |
Earnings before provision for income taxes | 7,683 | 5,157 | 6,343 | 6,966 | 6,517 | 4,978 | 5,086 | 5,948 | 26,149 | 22,529 | 20,758 |
Provision for income taxes | 3,476 | 2,300 | 2,804 | 3,075 | 2,987 | 2,300 | 2,326 | 2,694 | 11,655 | 10,307 | 9,512 |
Net earnings | 4,207 | 2,857 | 3,539 | 3,891 | 3,530 | 2,678 | 2,760 | 3,254 | 14,494 | 12,222 | 11,246 |
Preferred dividend requirements and discount amortization | ' | 269 | 326 | 462 | 456 | 453 | 448 | 444 | 1,057 | 1,801 | 1,730 |
Net earnings available to common stockholders | 4,207 | 2,588 | 3,213 | 3,429 | 3,074 | 2,225 | 2,312 | 2,810 | 13,437 | 10,421 | 9,516 |
Basic earnings per common share | $0.19 | $0.12 | $0.14 | $0.16 | $0.14 | $0.10 | $0.11 | $0.13 | $0.61 | $0.48 | $0.45 |
Diluted earnings per common share | $0.19 | $0.12 | $0.14 | $0.16 | $0.14 | $0.10 | $0.11 | $0.13 | $0.61 | $0.48 | $0.45 |
Cash dividends paid per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 1,567,796 | 1,584,239 | 1,596,639 | 1,627,787 | 1,665,792 | 1,751,880 | 1,862,110 | 1,909,052 | 1,567,796 | 1,665,792 | ' |
Total cash, short-term investments and security investments | 423,216 | 461,197 | 512,573 | 507,665 | 518,493 | 546,397 | 667,509 | 691,205 | 423,216 | 518,493 | ' |
Total loans, net of unearned fees | 1,127,522 | 1,100,277 | 1,056,191 | 1,081,482 | 1,107,466 | 1,155,171 | 1,137,780 | 1,155,437 | 1,127,522 | 1,107,466 | ' |
Total deposits | 1,282,232 | 1,298,403 | 1,293,175 | 1,318,215 | 1,362,619 | 1,432,209 | 1,554,615 | 1,599,653 | 1,282,232 | 1,362,619 | ' |
Total borrowed funds and related accrued interest payable | 57,570 | 57,165 | 56,760 | 63,373 | 62,930 | 69,487 | 72,528 | 72,064 | 57,570 | 62,930 | ' |
Total stockholders' equity | $196,991 | $192,288 | $211,775 | $215,265 | $210,947 | $207,108 | $204,121 | $201,051 | $196,991 | $210,947 | $197,531 |