Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'IBCA | ' |
Entity Registrant Name | 'INTERVEST BANCSHARES CORP | ' |
Entity Central Index Key | '0000927807 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 22,023,990 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $10,249 | $16,689 |
Federal funds sold and other short-term investments | 1,234 | 8,011 |
Total cash and cash equivalents | 11,483 | 24,700 |
Time deposits with banks | 4,620 | 5,370 |
Securities available for sale, at estimated fair value | 305,347 | 965 |
Securities held to maturity (estimated fair value of $378,507) | ' | 383,937 |
Federal Reserve Bank and Federal Home Loan Bank stock, at cost | 7,715 | 8,244 |
Loans receivable (net of allowance for loan losses of $26,634 and $27,833, respectively) | 1,148,635 | 1,099,689 |
Accrued interest receivable | 4,665 | 4,861 |
Loan fees receivable | 2,224 | 2,298 |
Premises and equipment, net | 4,428 | 4,056 |
Foreclosed real estate (net of valuation allowance of $390 and $2,017, respectively) | 2,650 | 10,669 |
Deferred income tax asset | 15,229 | 18,362 |
Other assets | 4,207 | 4,645 |
Total assets | 1,511,203 | 1,567,796 |
Deposits: | ' | ' |
Noninterest-bearing demand deposit accounts | 6,390 | 5,211 |
Interest-bearing deposit accounts: | ' | ' |
Checking (NOW) accounts | 17,505 | 17,831 |
Savings accounts | 10,382 | 10,027 |
Money market accounts | 338,999 | 367,384 |
Certificate of deposit accounts | 841,048 | 881,779 |
Total deposit accounts | 1,214,324 | 1,282,232 |
Long-term debt - subordinated debentures (capital securities) | 56,702 | 56,702 |
Accrued interest payable on long term debt | 56 | 868 |
Accrued interest payable on deposits | 850 | 1,508 |
Mortgage escrow funds payable | 27,531 | 18,879 |
Official checks outstanding | 3,943 | 7,335 |
Other liabilities | 1,918 | 3,281 |
Total liabilities | 1,305,324 | 1,370,805 |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock ($1.00 par value; 62,000,000 shares authorized; 22,023,990 and 21,918,623 shares issued and outstanding, respectively) | 22,024 | 21,919 |
Additional paid-in-capital, common | 86,123 | 88,043 |
Unearned compensation on restricted common stock awards | -1,597 | -1,898 |
Retained earnings | 100,517 | 88,959 |
Accumulated other comprehensive loss | -1,188 | -32 |
Total stockholders' equity | 205,879 | 196,991 |
Total liabilities and stockholders' equity | $1,511,203 | $1,567,796 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Securities held to maturity, estimated fair value | ' | $378,507 |
Loans receivable, allowance for loan losses | 26,634 | 27,833 |
Foreclosed real estate, valuation allowance | $390 | $2,017 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 62,000,000 | 62,000,000 |
Common stock, shares issued | 22,023,990 | 21,918,623 |
Common stock, shares outstanding | 22,023,990 | 21,918,623 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
INTEREST AND DIVIDEND INCOME | ' | ' | ' | ' |
Loans receivable | $14,760 | $14,486 | $43,961 | $44,230 |
Securities | 1,141 | 1,121 | 3,486 | 3,213 |
Other interest-earning assets | 15 | 17 | 48 | 53 |
Total interest and dividend income | 15,916 | 15,624 | 47,495 | 47,496 |
INTEREST EXPENSE | ' | ' | ' | ' |
Deposits | 4,530 | 6,392 | 14,209 | 19,810 |
Subordinated debentures - capital securities | 396 | 402 | 1,182 | 1,277 |
Total interest expense | 4,926 | 6,794 | 15,391 | 21,087 |
Net interest and dividend income | 10,990 | 8,830 | 32,104 | 26,409 |
Provision (credit) for loan losses | ' | 250 | -1,500 | -1,500 |
Net interest and dividend income after provision (credit) for loan losses | 10,990 | 8,580 | 33,604 | 27,909 |
NONINTEREST INCOME | ' | ' | ' | ' |
Income from the early repayment of mortgage loans | 432 | 619 | 2,961 | 1,909 |
Income from mortgage lending activities | 277 | 455 | 869 | 1,112 |
Customer service fees | 104 | 100 | 310 | 289 |
Gains from sales of securities available for sale | 196 | ' | 196 | ' |
Impairment writedowns on investment securities | ' | -273 | ' | -964 |
Total noninterest income | 1,009 | 901 | 4,336 | 2,346 |
NONINTEREST EXPENSES | ' | ' | ' | ' |
Salaries and employee benefits | 1,963 | 1,852 | 6,105 | 5,663 |
Stock compensation for employees and directors | 278 | 229 | 1,052 | 731 |
Occupancy and equipment, net | 540 | 554 | 1,627 | 1,632 |
Data processing | 107 | 97 | 317 | 271 |
Professional fees and services | 1,113 | 327 | 1,773 | 1,095 |
Stationery, printing, supplies, postage and delivery | 50 | 61 | 211 | 207 |
FDIC insurance | 192 | 318 | 717 | 1,129 |
General insurance | 150 | 153 | 447 | 455 |
Director and committee fees | 97 | 85 | 342 | 272 |
Advertising and promotion | 7 | 7 | 33 | 17 |
Real estate activities expense (income), net | 117 | 212 | 616 | -1,120 |
Provision for real estate losses | ' | 250 | ' | 955 |
All other | 117 | 179 | 488 | 482 |
Total noninterest expenses | 4,731 | 4,324 | 13,728 | 11,789 |
Earnings before provision for income taxes | 7,268 | 5,157 | 24,212 | 18,466 |
Provision for income taxes | 3,088 | 2,300 | 10,452 | 8,179 |
Net earnings | 4,180 | 2,857 | 13,760 | 10,287 |
Preferred stock dividend requirements and discount amortization | ' | -269 | ' | -1,057 |
Net earnings available to common stockholders | $4,180 | $2,588 | $13,760 | $9,230 |
Basic earnings per common share | $0.19 | $0.12 | $0.62 | $0.42 |
Diluted earnings per common share | $0.19 | $0.12 | $0.62 | $0.42 |
Cash dividends per common share | $0.05 | ' | $0.10 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $4,180 | $2,857 | $13,760 | $10,287 |
Securities available for sale: | ' | ' | ' | ' |
Net unrealized loss arising from transfer from held-to maturity | -2,201 | ' | -2,201 | ' |
Net unrealized holding gain arising during the period | 343 | ' | 360 | ' |
Reclassification for net gain on sales included in net income | -196 | ' | -196 | ' |
Net unrealized loss on securities available for sale | -2,054 | ' | -2,037 | ' |
Benefit for income taxes related to net unrealized loss | 888 | ' | 881 | ' |
Other comprehensive loss, net of tax | -1,166 | ' | -1,156 | ' |
Total comprehensive income | $3,014 | $2,857 | $12,604 | $10,287 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $) | Total | Preferred Stock [Member] | Additional Paid-In-Capital, Preferred [Member] | Preferred Stock Discount [Member] | Common Stock [Member] | Additional Paid-In-Capital, Common [Member] | Unearned Compensation - Restricted Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at beginning of period at Dec. 31, 2012 | ' | $25,000 | $24,975,000 | ($376,000) | $21,590,000 | $85,726,000 | ($715,000) | $79,722,000 | ' |
Balance at beginning of period (in shares) at Dec. 31, 2012 | ' | 25,000 | ' | ' | 21,589,589 | ' | ' | ' | ' |
Net earnings | 10,287,000 | ' | ' | ' | ' | ' | ' | 10,287,000 | ' |
Amortization of preferred stock discount | ' | ' | ' | 376,000 | ' | ' | ' | ' | ' |
Issuance of 92,000 and 465,400 shares of restricted stock | ' | ' | ' | ' | 331,000 | 1,157,000 | -1,488,000 | ' | ' |
Redemption | ' | -25,000 | -24,975,000 | ' | ' | ' | ' | ' | ' |
Issuance of shares of restricted stock (in shares) | ' | ' | ' | ' | 330,700 | ' | 465,400 | ' | ' |
Amortization of unearned compensation to compensation expense | ' | ' | ' | ' | ' | ' | 756,000 | ' | ' |
Redemption (in shares) | ' | -25,000 | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared and paid on preferred stock | ' | ' | ' | ' | ' | ' | ' | -5,068,000 | ' |
Issuance of shares upon exercise of stock options | ' | ' | ' | ' | 15,000 | 39,000 | ' | ' | ' |
Discount from redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | 187,000 | ' |
Issuance of shares upon exercise of stock options (in shares) | ' | ' | ' | ' | 14,967 | ' | ' | ' | ' |
Preferred stock discount amortization | -1,057,000 | ' | ' | ' | ' | ' | ' | -376,000 | ' |
Forfeiture of shares of restricted stock | ' | ' | ' | ' | -19,000 | -40,000 | ' | ' | ' |
Forfeitures of shares of restricted stock issued (in shares) | ' | ' | ' | ' | -18,633 | ' | ' | ' | ' |
Excess income tax benefit from equity awards | 150,000 | ' | ' | ' | ' | 150,000 | ' | ' | ' |
Compensation expense related to stock options | ' | ' | ' | ' | ' | 34,000 | ' | ' | ' |
Total stockholders' equity at end of period at Sep. 30, 2013 | 192,288,000 | ' | ' | ' | 21,917,000 | 87,066,000 | -1,447,000 | 84,752,000 | ' |
Balance at end of period (in shares) at Sep. 30, 2013 | 21,916,623 | ' | ' | ' | 21,916,623 | ' | ' | ' | ' |
Balance at beginning of period at Dec. 31, 2013 | 196,991,000 | 0 | 0 | 0 | 21,919,000 | 88,043,000 | -1,898,000 | 88,959,000 | -32,000 |
Balance at beginning of period (in shares) at Dec. 31, 2013 | ' | ' | ' | ' | 21,918,623 | ' | ' | ' | ' |
Net earnings | 13,760,000 | ' | ' | ' | ' | ' | ' | 13,760,000 | ' |
Amortization of preferred stock discount | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Net change in accumulated other comprehensive loss | -1,156,000 | ' | ' | ' | ' | ' | ' | ' | -1,156,000 |
Issuance of 92,000 and 465,400 shares of restricted stock | ' | ' | ' | ' | 92,000 | 612,000 | -704,000 | ' | ' |
Redemption | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Cash dividends declared and paid on common stock | ' | ' | ' | ' | ' | ' | ' | -2,202,000 | ' |
Issuance of shares of restricted stock (in shares) | ' | ' | ' | ' | 92,000 | ' | 92,000 | ' | ' |
Amortization of unearned compensation to compensation expense | ' | ' | ' | ' | ' | ' | 1,005,000 | ' | ' |
Issuance of shares upon exercise of stock options | ' | ' | ' | ' | 16,000 | 37,000 | ' | ' | ' |
Issuance of shares upon exercise of stock options (in shares) | 16,667 | ' | ' | ' | 16,667 | ' | ' | ' | ' |
Forfeiture of shares of restricted stock | ' | ' | ' | ' | -3,000 | -11,000 | ' | ' | ' |
Forfeitures of shares of restricted stock issued (in shares) | ' | ' | ' | ' | -3,300 | ' | ' | ' | ' |
Excess income tax benefit from equity awards | 318,000 | ' | ' | ' | ' | 318,000 | ' | ' | ' |
Compensation expense related to stock options | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' |
Repurchase and cancelation of stock warrant | ' | ' | ' | ' | ' | -2,892,000 | ' | ' | ' |
Total stockholders' equity at end of period at Sep. 30, 2014 | $205,879,000 | $0 | $0 | $0 | $22,024,000 | $86,123,000 | ($1,597,000) | $100,517,000 | ($1,188,000) |
Balance at end of period (in shares) at Sep. 30, 2014 | 22,023,990 | 0 | ' | ' | 22,023,990 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) (Unearned Compensation - Restricted Common Stock [Member]) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Unearned Compensation - Restricted Common Stock [Member] | ' | ' |
Issuance of shares of restricted stock, shares | 92,000 | 465,400 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net earnings | $13,760 | $10,287 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 218 | 258 |
Credit for loan losses | -1,500 | -1,500 |
Provision for real estate losses | ' | 955 |
Deferred income tax expense | 4,014 | 7,460 |
Stock compensation expense | 1,052 | 731 |
Amortization of deferred debenture offering costs | 28 | 28 |
Amortization of premiums (accretion) of discounts and deferred loan fees, net | -313 | 610 |
Net gain from sales of securities available for sale | -196 | ' |
Net gain from sales of foreclosed real estate | -203 | -820 |
Impairment writedowns on investment securities | ' | 964 |
Net decrease in loan fees receivable | 74 | 597 |
Net decrease in accrued interest payable on borrowed funds | -812 | -5,765 |
Net decrease in official checks outstanding | -3,392 | -1,779 |
Net change in all other assets and liabilities | -114 | 7,716 |
Net cash provided by operating activities | 12,616 | 19,742 |
INVESTING ACTIVITIES | ' | ' |
Repayments of securities held to maturity | 66,394 | 99,705 |
Purchases of securities held to maturity | -34,752 | -75,051 |
Repayments of securities available for sale | 8,841 | ' |
Purchases of securities available for sale | -1,046 | -16 |
Proceeds from sales of securities available for sale | 37,384 | ' |
Repayments (purchases) of interest-earning time deposits with banks | 750 | -200 |
Purchases of FRB and FHLB stock, net | 529 | -86 |
(Originations) repayments of loans receivable, net | -47,586 | 7,337 |
Proceeds from sales of foreclosed real estate | 8,222 | 3,569 |
Purchases of premises and equipment, net | -590 | -509 |
Net cash provided by investing activities | 38,146 | 34,749 |
FINANCING ACTIVITIES | ' | ' |
Net decrease in deposits | -67,908 | -64,216 |
Net increase in mortgage escrow funds payable | 8,652 | 9,260 |
Redemption of preferred stock | ' | -24,813 |
Repurchase of common stock warrant from U.S. Treasury | -2,892 | ' |
Cash dividends paid to common stockholders | -2,202 | ' |
Cash dividends paid to preferred stockholders | ' | -5,068 |
Proceeds from issuance of common stock upon exercise of stock options | 53 | 54 |
Excess income tax benefit from exercise of options and vesting of restricted stock | 318 | 150 |
Net cash used in financing activities | -63,979 | -84,633 |
Net decrease in cash and cash equivalents | -13,217 | -30,142 |
Cash and cash equivalents at beginning of period | 24,700 | 60,395 |
Cash and cash equivalents at end of period | 11,483 | 30,253 |
SUPPLEMENTAL DISCLOSURES | ' | ' |
Cash paid for interest | 16,833 | 27,805 |
Cash paid for income taxes | 5,855 | 900 |
Securities held to maturity transferred to available for sale | 351,587 | ' |
Net change in unrealized loss on securities available for sale | -1,156 | ' |
Loans transferred to foreclosed real estate | ' | 3,040 |
Loans originated to finance sales of foreclosed real estate | ' | 3,240 |
Preferred stock dividend requirements and amortization of related discount | ' | $1,057 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business and Summary of Significant Accounting Policies | ' |
Note 1 – Description of Business and Summary of Significant Accounting Policies | |
General | |
Intervest Bancshares Corporation (“IBC”) is the parent company of Intervest National Bank (“INB”). References in this report to “we,” “us” and “our” refer to these entities on a consolidated basis, unless otherwise specified. For a description of our business, see note 1 to the financial statements in our 2013 Annual Report on Form 10-K (“2013 10-K”). Our accounting and reporting policies conform to U.S. generally accepted accounting principles (GAAP) and general practices within the banking industry and are described in note 1 to the financial statements in our 2013 10-K, as updated by the information in this Form 10-Q. | |
Proposed Merger | |
On July 31, 2014, IBC and INB entered into a definitive agreement and plan of merger (the “Merger Agreement”) with Bank of the Ozarks, Inc. (“Ozarks”) and its wholly-owned bank subsidiary, Bank of the Ozarks, relating to a proposed merger transaction. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, (i) IBC will merge with and into Ozarks, with Ozarks continuing as the surviving corporation (the “Merger”), and (ii) INB will merge with and into Bank of the Ozarks, with Bank of the Ozarks continuing as the surviving bank (the “Bank Merger” and, collectively with the “Merger,” the “Mergers”). | |
Subject to the terms and conditions of the Merger Agreement, upon completion of the Merger, each share of IBC’s common stock, issued and outstanding immediately prior to the effective time of the Merger will be converted into the right to receive shares of Ozarks common stock (plus cash in lieu of any fractional share) based on the purchase price of $228.5 million (less the amount paid by IBC to cash out outstanding stock options and stock appreciation rights and to redeem all outstanding stock warrants prior to closing), subject to certain additional purchase price adjustments set forth in the Merger Agreement. The number of Ozarks shares to be issued will be determined based on Ozarks’ 10-day average closing stock price as of the fifth business day prior to the closing date, subject to a minimum and maximum price of $23.95 and $39.91, respectively. | |
It is a condition of the Merger that all IBC stock options and stock appreciation rights, whether or not vested, will be cashed out by IBC prior to closing and shares of restricted stock will become fully vested. The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Merger Agreement, which was filed as Exhibit 2.1 to IBC’s Current Report on Form 8-K, filed on July 31, 2014. | |
The Merger Agreement has been approved by the boards of directors of each of IBC and Ozarks. Subject to the required approval of IBC’s stockholders, requisite regulatory approvals, the effectiveness of the registration statement filed by Ozarks with respect to the stock to be issued in this transaction, and other customary closing conditions, the Merger is expected to be completed by the end of the first quarter of 2015. See note 11 for a discussion of certain litigation in connection with this Merger. | |
Principles of Consolidation and Basis of Presentation | |
The condensed consolidated financial statements (“financial statements”) in this report have not been audited except for information derived from our audited 2013 consolidated financial statements and notes thereto and should be read in conjunction with our 2013 10-K. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this report pursuant to the rules and regulations of the Securities and Exchange Commission. | |
Use of Estimates | |
In preparing our financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities as of the date of the 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 and valuation allowance for real estate losses. These estimates involve a higher degree of complexity and subjectivity and may require assumptions about highly uncertain matters. Current market conditions increase the risk and complexity of the judgments in these estimates. In our opinion, all material adjustments necessary for a fair presentation of our financial condition and results of operations for the interim periods presented in this report have been made. These adjustments are of a normal recurring nature. | |
All significant intercompany balances and transactions have been eliminated in consolidation. Our results of operations for the interim periods are not necessarily indicative of results that may be expected for the entire year or any other interim period. | |
Stock-Based Compensation | |
We recognize the cost of our employee and director services received in exchange for awards of our equity instruments (which are in the form of restricted stock, stock options and cash-settled stock appreciation rights or “SARs”) that vest over time based on the grant-date fair value of the awards. The fair value of restricted stock grants is based on the closing market value of our common stock as reported on the Nasdaq Stock Market on the grant date. The fair value of options and SARs is estimated using the Black-Scholes option-pricing model based on various inputs and assumptions that are described in note 9. Compensation cost, or the grant-date fair value of the awards, related to equity awards is recognized on a straight-line basis over the requisite service period, which is normally the vesting period of the grants. | |
For SARs only, fair value is re-measured at the end of each reporting period and amortized as compensation cost over the remaining requisite service period less amounts previously recognized. The SARs represent liability-classified awards that are remeasured to reflect their fair value at each reporting period. After the requisite service period is completed, the SAR’s fair value continues to be remeasured each reporting period until settlement and any increase/decrease in the fair value is immediately recognized as an increase/decrease to our reported stock compensation expense. Upon cash-settlement of a SAR, stock compensation expense is trued-up to equal the SAR’s intrinsic cash value on the date of settlement. | |
Stock-based compensation associated with equity awards is recorded as stock compensation expense in the statement of earnings and a corresponding increase to stockholders’ equity as additional paid-in capital for amounts related to restricted stock and stock options, and corresponding increase to accrued stock compensation payable for amounts related to the SARs, which is reported as part of our “other liabilities” in our balance sheet. | |
For any 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) is recorded as decrease to our income taxes payable and an increase in stockholders’ equity as paid-in capital. | |
Recent Accounting Standards Update | |
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. We adopted this ASU on January 1, 2014 and it had no 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, requires 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 adopted this ASU on January 1, 2014 and it had no impact on our financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”, which is intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. These amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (b) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures are required. The amendments are effective for us beginning January 1, 2015. | |
In June 2014, FASB issued ASU 2014-11, “Transfers and Servicing – Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU 2014-11 requires, among other things, two accounting changes. First, the amendments in this update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. ASU 2014-11 is effective for the first interim or annual period beginning after December 15, 2014. The adoption of this guidance is not expected to have any impact on our financial statements. | |
In June 2014, FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 requires, among other things, that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have any impact on our financial statements. |
Securities_Held_to_Maturity_an
Securities Held to Maturity and Available for Sale | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Securities Held to Maturity and Available for Sale | ' | ||||||||||||||||||||||||||||||||
Note 2 – Securities Held to Maturity and Available for Sale | |||||||||||||||||||||||||||||||||
During the quarter ended September 30, 2014, INB’s entire portfolio of securities held to maturity (with a then carrying value of $351.6 million and estimated fair value of $349.4 million) was transferred to the available-for-sale category in order to provide additional flexibility in executing INB’s asset and liability management strategies. At September 30, 2014, we had no securities classified as held to maturity. Due to this transfer, INB cannot classify its securities as held-to-maturity until after September 2016. | |||||||||||||||||||||||||||||||||
The carrying value (estimated fair value) and amortized cost of securities available for sale are as follows as of the dates indicated: | |||||||||||||||||||||||||||||||||
($ 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 September 30, 2014 | |||||||||||||||||||||||||||||||||
U.S. government agencies (1) | 125 | $ | 226,361 | $ | 15 | $ | 2,244 | $ | 224,132 | 1 | % | 2.9 Yrs | 3.5 Yrs | ||||||||||||||||||||
Residential mortgage-backed (2) | 70 | 79,512 | 524 | 346 | 79,690 | 1.9 | % | 4.5 Yrs | 13.1 Yrs | ||||||||||||||||||||||||
State and municipal | 1 | 530 | — | 1 | 529 | 1.25 | % | 2.5 Yrs | 2.5 Yrs | ||||||||||||||||||||||||
196 | 306,403 | 539 | 2,591 | 304,351 | 1.23 | % | 3.3 Yrs | 6.0 Yrs | |||||||||||||||||||||||||
Mutual fund investment (3) | 1 | 1,038 | — | 42 | 996 | ||||||||||||||||||||||||||||
197 | $ | 307,441 | $ | 539 | $ | 2,633 | $ | 305,347 | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Mutual fund investment (3) | 1 | $ | 1,021 | — | $ | 56 | $ | 965 | |||||||||||||||||||||||||
The carrying value (amortized cost) and estimated fair value of securities held to maturity 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 | % | 3.3 Yrs | 6.0 Yrs | |||||||||||||||||||||
-1 | Consist 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 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 September 30, 2014, the portfolio consisted of $11.2 million of Government National Mortgage Association (GNMA) residential pass-through certificates and $68.5 million of residential participation certificates issued by FNMA or FHLMC, compared to $13.6 million and $63.9 million, respectively, at December 31, 2013. 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. Included in this line item are investments in FNMA Delegated Underwriting and Servicing (DUS) mortgage-backed securities (of approximately $16 million at September 30, 2014 and $7.0 million at December 31, 2013) that are backed by eligible multifamily pools that typically contain one loan or single purpose entity. | ||||||||||||||||||||||||||||||||
-3 | The investment represented approximately 93,342 shares at September 30, 2014 and 91,683 shares at December 31, 2013, of an intermediate bond fund that holds securities that are deemed to be qualified under the Community Reinvestment Act. | ||||||||||||||||||||||||||||||||
The estimated fair values of debt securities with gross unrealized losses segregated between securities that have been in a continuous unrealized loss position for less than twelve months at the respective dates and those that have been in a continuous unrealized loss position for twelve months or longer are summarized as follows: | |||||||||||||||||||||||||||||||||
($ in thousands) | Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||||
Number of | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||
Securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||||||||||
U.S. government agencies | 115 | $ | 49,161 | $ | 139 | $ | 158,382 | $ | 2,105 | $ | 207,543 | $ | 2,244 | ||||||||||||||||||||
Residential mortgage-backed | 33 | 15,210 | 78 | 20,333 | 268 | 35,543 | 346 | ||||||||||||||||||||||||||
State and municipal | 1 | 529 | 1 | — | — | 529 | 1 | ||||||||||||||||||||||||||
149 | $ | 64,900 | $ | 218 | $ | 178,715 | $ | 2,373 | $ | 243,615 | $ | 2,591 | |||||||||||||||||||||
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 | |||||||||||||||||||||
All of our investments in debt 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. The estimated fair values of securities disclosed in this footnote were obtained from a third-party pricing service that used Level 2 inputs for debt securities and Level 1 inputs for equity securities. | |||||||||||||||||||||||||||||||||
The following table is a summary of our investments in debt securities at September 30, 2014, 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 | $ | — | $ | — | — | % | |||||||||||||||||||||||||||
Due after one year through five years | 215,795 | 213,891 | 0.99 | ||||||||||||||||||||||||||||||
Due after five years through ten years | 42,390 | 42,053 | 1.68 | ||||||||||||||||||||||||||||||
Due after ten years | 48,218 | 48,407 | 1.94 | ||||||||||||||||||||||||||||||
$ | 306,403 | $ | 304,351 | 1.23 | % | ||||||||||||||||||||||||||||
The table below provides a cumulative roll forward of credit losses recognized on securities held to maturity for the periods indicated. | |||||||||||||||||||||||||||||||||
Quarter Ended | Nine-Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 4,924 | $ | — | $ | 4,233 | |||||||||||||||||||||||||
Additional credit losses on debt securities for which OTTI was previously recognized | — | 273 | — | 964 | |||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 5,197 | $ | — | $ | 5,197 | |||||||||||||||||||||||||
During the quarter ended September 30, 2014, proceeds from sales of securities available for sale totaled $37.4 million, resulting in a net realized gain totaling $0.2 million. See note 15 for additional information on sales. |
Loans_Receivable
Loans Receivable | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||||||||||
Note 3 – Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||
Major classifications of loans receivable are summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | # of Loans | Amount | # of Loans | Amount | |||||||||||||||||||||||||||||||||||||||||
Loans Secured By Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 426 | $ | 908,697 | 394 | $ | 838,766 | |||||||||||||||||||||||||||||||||||||||
Multifamily loans | 137 | 200,251 | 138 | 210,270 | |||||||||||||||||||||||||||||||||||||||||
One to four family loans | 17 | 59,472 | 20 | 72,064 | |||||||||||||||||||||||||||||||||||||||||
Land loans | 6 | 9,875 | 5 | 9,178 | |||||||||||||||||||||||||||||||||||||||||
586 | 1,178,295 | 557 | 1,130,278 | ||||||||||||||||||||||||||||||||||||||||||
All Other Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Business loans | 18 | 1,004 | 19 | 1,061 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | 7 | 138 | 12 | 211 | |||||||||||||||||||||||||||||||||||||||||
25 | 1,142 | 31 | 1,272 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, gross | 611 | 1,179,437 | 588 | 1,131,550 | |||||||||||||||||||||||||||||||||||||||||
Deferred loan fees | (4,168 | ) | (4,028 | ) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net of deferred fees | 1,175,269 | 1,127,522 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (26,634 | ) | (27,833 | ) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 1,148,635 | $ | 1,099,689 | |||||||||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing interest – At September 30, 2014, there were two loans 90 days past due and still accruing totaling $4.0 million, compared to three loans totaling $4.1 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
Loans on nonaccrual status – At September 30, 2014 and December 31, 2013, there were $22.5 million and $35.9 million of loans, respectively, on nonaccrual status, which included restructured loans (or “TDRs”) of $19.9 million and $33.2 million, respectively. All nonaccrual loans were considered impaired loans. | |||||||||||||||||||||||||||||||||||||||||||||
TDRs on accrual status - At September 30, 2014 and December 31, 2013, there were $24.7 million and $13.4 million of TDR loans, respectively, classified as accruing TDRs. All of these TDR loans were considered impaired loans. | |||||||||||||||||||||||||||||||||||||||||||||
Other impaired loans - At September 30, 2014 and December 31, 2013, there was one performing and accruing loan of $7.7 million that was also classified as impaired. | |||||||||||||||||||||||||||||||||||||||||||||
The tables below summarize certain information regarding our impaired loans as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Recorded Investment by State (1) | Specific | Total | # of | |||||||||||||||||||||||||||||||||||||||||
Valuation | Unpaid | Loans | |||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 | NY | FL | VA | GA | CT | OH | SD | Total | Allowance (2) | Principal (3) | |||||||||||||||||||||||||||||||||||
Type | |||||||||||||||||||||||||||||||||||||||||||||
Retail | $ | 8,106 | $ | 9,005 | $ | 7,677 | $ | — | $ | 2,665 | $ | — | $ | — | $ | 27,453 | $ | 2,456 | $ | 31,150 | 6 | ||||||||||||||||||||||||
Office Building | — | 14,220 | — | 8,608 | — | — | — | 22,828 | 1,913 | 22,915 | 3 | ||||||||||||||||||||||||||||||||||
Multifamily | — | 3,104 | — | — | — | — | — | 3,104 | 590 | 3,104 | 2 | ||||||||||||||||||||||||||||||||||
Land | — | — | — | — | — | — | 1,520 | 1,520 | 156 | 1,520 | 1 | ||||||||||||||||||||||||||||||||||
Totals | $ | 8,106 | $ | 26,329 | $ | 7,677 | $ | 8,608 | $ | 2,665 | $ | — | $ | 1,520 | $ | 54,905 | $ | 5,115 | $ | 58,689 | 12 | ||||||||||||||||||||||||
($ 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 | ||||||||||||||||||||||||
-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 is not assured. | ||||||||||||||||||||||||||||||||||||||||||||
Other information related to our impaired loans is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Nine-Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Average recorded investment in nonaccrual loans | $ | 21,551 | $ | 39,159 | $ | 30,784 | $ | 41,039 | |||||||||||||||||||||||||||||||||||||
Total cash basis interest income recognized on nonaccrual loans | 304 | 521 | 1,281 | 1,729 | |||||||||||||||||||||||||||||||||||||||||
Average recorded investment in accruing TDR loans | 26,451 | 11,423 | 18,864 | 14,482 | |||||||||||||||||||||||||||||||||||||||||
Total interest income recognized on accruing TDR loans under modified terms | 226 | 152 | 626 | 581 | |||||||||||||||||||||||||||||||||||||||||
Age analysis of our loan portfolio by segment at September 30, 2014 is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total | Current | Past Due | Past Due | Past Due | Total | |||||||||||||||||||||||||||||||||||||||
Portfolio | 31-59 | 60-89 | 90 or | Past Due | |||||||||||||||||||||||||||||||||||||||||
Days | Days | more | |||||||||||||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 888,420 | $ | 886,078 | $ | — | $ | 378 | $ | 1,963 | $ | 2,341 | |||||||||||||||||||||||||||||||||
Multifamily | 197,990 | 192,635 | — | 3,353 | 2,002 | 5,355 | |||||||||||||||||||||||||||||||||||||||
One to four family | 59,472 | 59,472 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Land | 9,875 | 9,875 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
All other | 1,142 | 1,142 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total accruing loans | 1,156,899 | 1,149,202 | — | 3,731 | 3,965 | 7,696 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans (1): | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 20,277 | 13,292 | — | 4,320 | 2,665 | 6,985 | |||||||||||||||||||||||||||||||||||||||
Multifamily | 2,261 | 2,261 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | 22,538 | 15,553 | — | 4,320 | 2,665 | 6,985 | |||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,179,437 | $ | 1,164,755 | $ | — | $ | 8,051 | $ | 6,630 | $ | 14,681 | |||||||||||||||||||||||||||||||||
-1 | The amount of nonaccrual loans in the current column included $19.9 million of TDRs for which payments were being made in accordance with their restructured terms, but the loans were maintained on nonaccrual status in accordance with regulatory guidance. The remaining portion was comprised of one performing and paying loan classified nonaccrual due to concerns regarding the borrower’s ability to continue making payments. Interest income from loan payments received on loans in nonaccrual status is recognized on a cash basis, provided the remaining principal balance is deemed collectible. | ||||||||||||||||||||||||||||||||||||||||||||
Age analysis of our loan portfolio by segment at December 31, 2013 is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total | Current | Past Due | Past Due | Past Due | Total | |||||||||||||||||||||||||||||||||||||||
Portfolio | 31-59 | 60-89 | 90 or | Past | |||||||||||||||||||||||||||||||||||||||||
Days | Days | more | Due | ||||||||||||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,131,550 | $ | 1,124,822 | $ | 2,641 | $ | — | $ | 4,087 | $ | 6,728 | |||||||||||||||||||||||||||||||||
-1 | The amount of nonaccrual loans in the current column included $33.2 million of TDRs for which payments were being made in accordance with their restructured terms, but the loans were maintained on nonaccrual status in accordance with regulatory guidance. The remaining portion was comprised of certain paying loans classified nonaccrual due to concerns regarding the borrowers’ ability to continue making payments. Interest income from loan payments received on loans in nonaccrual status is recognized on a cash basis, provided the remaining principal balance is deemed collectible. | ||||||||||||||||||||||||||||||||||||||||||||
Information regarding the credit quality of the loan portfolio based on our internally assigned grades follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Pass | Special Mention | Substandard (1) | Total | |||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 853,979 | $ | 2,236 | $ | 52,482 | $ | 908,697 | |||||||||||||||||||||||||||||||||||||
Multifamily | 194,334 | 2,357 | 3,560 | 200,251 | |||||||||||||||||||||||||||||||||||||||||
One to four family | 59,472 | — | — | 59,472 | |||||||||||||||||||||||||||||||||||||||||
Land | 9,875 | — | — | 9,875 | |||||||||||||||||||||||||||||||||||||||||
All other | 1,142 | — | — | 1,142 | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,118,802 | $ | 4,593 | $ | 56,042 | $ | 1,179,437 | |||||||||||||||||||||||||||||||||||||
Allocation of allowance for loan losses | $ | 21,530 | $ | 141 | $ | 4,963 | $ | 26,634 | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
-1 | Substandard loans consisted of $22.5 million of nonaccrual loans, $22.7 million of accruing TDRs and $10.8 million of other performing loans at September 30, 2014, compared to $35.9 million, $13.1 million and $18.6 million in the same categories, respectively, at December 31, 2013. At September 30, 2014 and December 31, 2013, we also had accruing TDRs of $2.0 million and $0.4 million, respectively, which were rated pass. | ||||||||||||||||||||||||||||||||||||||||||||
The geographic distribution of the loan portfolio by state follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||
New York | $ | 648,271 | 55 | % | $ | 670,052 | 59.3 | % | |||||||||||||||||||||||||||||||||||||
Florida | 346,757 | 29.4 | 321,812 | 28.4 | |||||||||||||||||||||||||||||||||||||||||
North Carolina | 28,390 | 2.4 | 22,611 | 2 | |||||||||||||||||||||||||||||||||||||||||
Georgia | 24,249 | 2.1 | 18,799 | 1.7 | |||||||||||||||||||||||||||||||||||||||||
New Jersey | 13,832 | 1.2 | 15,650 | 1.4 | |||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 13,154 | 1.1 | 16,898 | 1.5 | |||||||||||||||||||||||||||||||||||||||||
Virginia | 13,088 | 1.1 | 11,491 | 1 | |||||||||||||||||||||||||||||||||||||||||
South Carolina | 11,426 | 1 | 9,223 | 0.8 | |||||||||||||||||||||||||||||||||||||||||
Kentucky | 8,403 | 0.7 | 11,930 | 1.1 | |||||||||||||||||||||||||||||||||||||||||
Ohio | 7,024 | 0.6 | 4,703 | 0.4 | |||||||||||||||||||||||||||||||||||||||||
Tennessee | 6,691 | 0.6 | 5,843 | 0.5 | |||||||||||||||||||||||||||||||||||||||||
Connecticut | 6,357 | 0.5 | 8,429 | 0.7 | |||||||||||||||||||||||||||||||||||||||||
Massachusetts | 6,016 | 0.5 | — | — | |||||||||||||||||||||||||||||||||||||||||
Texas | 5,691 | 0.5 | — | — | |||||||||||||||||||||||||||||||||||||||||
Michigan | 5,473 | 0.5 | 5,599 | 0.5 | |||||||||||||||||||||||||||||||||||||||||
Utah | 5,138 | 0.5 | — | — | |||||||||||||||||||||||||||||||||||||||||
Arizona | 5,108 | 0.4 | — | — | |||||||||||||||||||||||||||||||||||||||||
West Virginia | 4,454 | 0.4 | — | — | |||||||||||||||||||||||||||||||||||||||||
Indiana | 4,191 | 0.3 | 2,820 | 0.2 | |||||||||||||||||||||||||||||||||||||||||
Illinois | 3,608 | 0.3 | — | — | |||||||||||||||||||||||||||||||||||||||||
Wisconsin | 3,349 | 0.2 | 1,790 | 0.1 | |||||||||||||||||||||||||||||||||||||||||
California | 2,742 | 0.2 | — | — | |||||||||||||||||||||||||||||||||||||||||
All other states | 6,025 | 0.5 | 3,900 | 0.4 | |||||||||||||||||||||||||||||||||||||||||
$ | 1,179,437 | 100 | % | $ | 1,131,550 | 100 | % | ||||||||||||||||||||||||||||||||||||||
The distribution of TDRs by accruing versus nonaccruing, by loan type and by geographic distribution follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Performing – nonaccrual status | $ | 19,873 | $ | 33,184 | |||||||||||||||||||||||||||||||||||||||||
Performing – accrual status | 24,690 | 13,429 | |||||||||||||||||||||||||||||||||||||||||||
$ | 44,563 | $ | 46,613 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 39,939 | $ | 41,860 | |||||||||||||||||||||||||||||||||||||||||
Multifamily | 3,104 | 3,128 | |||||||||||||||||||||||||||||||||||||||||||
Land | 1,520 | 1,625 | |||||||||||||||||||||||||||||||||||||||||||
$ | 44,563 | $ | 46,613 | ||||||||||||||||||||||||||||||||||||||||||
New York | $ | 8,106 | $ | 8,223 | |||||||||||||||||||||||||||||||||||||||||
Florida | 26,329 | 27,070 | |||||||||||||||||||||||||||||||||||||||||||
Georgia | 8,608 | 8,695 | |||||||||||||||||||||||||||||||||||||||||||
Ohio | — | 1,000 | |||||||||||||||||||||||||||||||||||||||||||
South Dakota | 1,520 | 1,625 | |||||||||||||||||||||||||||||||||||||||||||
$ | 44,563 | $ | 46,613 | ||||||||||||||||||||||||||||||||||||||||||
Allowance_for_Loan_Losses
Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||
Note 4 – Allowance for Loan Losses | |||||||||||||||||||||||||
Activity in the allowance for loan losses by loan type for the periods indicated is as follows: | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 18,381 | $ | 4,964 | $ | 2,358 | $ | 887 | $ | 8 | $ | 26,598 | |||||||||||||
Loan chargeoffs | — | — | — | — | — | — | |||||||||||||||||||
Loan recoveries | 36 | — | — | — | — | 36 | |||||||||||||||||||
Provision (credit) for loan losses | 17 | (139 | ) | (28 | ) | 150 | — | — | |||||||||||||||||
Balance at end of period | $ | 18,434 | $ | 4,825 | $ | 2,330 | $ | 1,037 | $ | 8 | $ | 26,634 | |||||||||||||
Nine-Months Ended September 30, 2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 18,403 | $ | 5,097 | $ | 3,017 | $ | 1,308 | $ | 8 | $ | 27,833 | |||||||||||||
Loan chargeoffs | — | — | — | — | — | — | |||||||||||||||||||
Loan recoveries | 287 | 14 | — | — | — | 301 | |||||||||||||||||||
Credit for loan losses | (256 | ) | (286 | ) | (687 | ) | (271 | ) | — | (1,500 | ) | ||||||||||||||
Balance at end of period | $ | 18,434 | $ | 4,825 | $ | 2,330 | $ | 1,037 | $ | 8 | $ | 26,634 | |||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 17,596 | $ | 5,098 | $ | 2,795 | $ | 956 | $ | 10 | $ | 26,455 | |||||||||||||
Loan chargeoffs | — | — | — | — | — | — | |||||||||||||||||||
Loan recoveries | 67 | 5 | — | — | — | 72 | |||||||||||||||||||
Provision (credit) for loan losses | (175 | ) | 212 | 229 | (15 | ) | (1 | ) | 250 | ||||||||||||||||
Balance at end of period | $ | 17,488 | $ | 5,315 | $ | 3,024 | $ | 941 | $ | 9 | $ | 26,777 | |||||||||||||
Nine-Months Ended September 30, 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 19,051 | $ | 6,881 | $ | 1,120 | $ | 1,043 | $ | 8 | $ | 28,103 | |||||||||||||
Loan chargeoffs | (1,932 | ) | (6 | ) | — | — | — | (1,938 | ) | ||||||||||||||||
Loan recoveries (1) | 947 | 682 | — | 483 | — | 2,112 | |||||||||||||||||||
Provision (credit) for loan losses | (578 | ) | (2,242 | ) | 1,904 | (585 | ) | 1 | (1,500 | ) | |||||||||||||||
Balance at end of period | $ | 17,488 | $ | 5,315 | $ | 3,024 | $ | 941 | $ | 9 | $ | 26,777 | |||||||||||||
-1 | 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 quarter of 2013, respectively, which was recorded as $1.2 million of recoveries of prior loan charge offs and $1.6 million of recoveries of prior real estate expenses associated with two loans and underlying collateral property. | ||||||||||||||||||||||||
The following table sets forth the balances of our loans receivable by segment and impairment evaluation and the allowance for loan losses associated with such loans at September 30, 2014. | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All | Total | |||||||||||||||||||
Real Estate | Family | Other | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 50,281 | $ | 3,104 | $ | — | $ | 1,520 | $ | — | $ | 54,905 | |||||||||||||
Collectively evaluated for impairment | 858,416 | 197,147 | 59,472 | 8,355 | 1,142 | 1,124,532 | |||||||||||||||||||
Total loans | $ | 908,697 | $ | 200,251 | $ | 59,472 | $ | 9,875 | $ | 1,142 | $ | 1,179,437 | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,369 | $ | 590 | $ | — | $ | 156 | $ | — | $ | 5,115 | |||||||||||||
Collectively evaluated for impairment | 14,066 | 4,234 | 2,330 | 881 | 8 | 21,519 | |||||||||||||||||||
Total allowance for loan losses | $ | 18,435 | $ | 4,824 | $ | 2,330 | $ | 1,037 | $ | 8 | $ | 26,634 | |||||||||||||
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 | Total | |||||||||||||||||||
Real Estate | Family | Other | |||||||||||||||||||||||
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 | $ | 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 | |||||||||||||
Foreclosed_Real_Estate_and_Val
Foreclosed Real Estate and Valuation Allowance for Real Estate Losses | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||
Foreclosed Real Estate and Valuation Allowance for Real Estate Losses | ' | ||||||||||||||||
Note 5 – Foreclosed Real Estate and Valuation Allowance for Real Estate Losses | |||||||||||||||||
Real estate acquired through foreclosure by property type is summarized as follows: | |||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||
($ in thousands) | # of Properties | Amount (1) | # of Properties | Amount (1) | |||||||||||||
Commercial real estate | 1 | $ | 2,650 | 2 | $ | 3,984 | |||||||||||
Multifamily | — | — | 1 | 6,685 | |||||||||||||
1 | $ | 2,650 | 3 | $ | 10,669 | ||||||||||||
-1 | Reported net of any associated valuation allowance. | ||||||||||||||||
Activity in the valuation allowance for real estate losses is summarized as follows: | |||||||||||||||||
Quarter Ended | Nine-Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Valuation allowance at beginning of period | $ | 390 | $ | 6,044 | $ | 2,017 | $ | 5,339 | |||||||||
Provision for real estate losses | — | 250 | — | 955 | |||||||||||||
Real estate chargeoffs | — | (4,171 | ) | (1,627 | ) | (4,171 | ) | ||||||||||
Valuation allowance at end of period | $ | 390 | $ | 2,123 | $ | 390 | $ | 2,123 | |||||||||
Deposits
Deposits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
Note 6 – Deposits | |||||||||||||||||
Scheduled maturities of certificates of deposit accounts (CDs) were as follows: | |||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||
($ in thousands) | Amount | Wtd-Avg | Amount | Wtd-Avg | |||||||||||||
Stated Rate | Stated Rate | ||||||||||||||||
Within one year | $ | 269,268 | 1.57 | % | $ | 307,122 | 1.97 | % | |||||||||
Over one to two years | 158,266 | 1.85 | 167,323 | 1.92 | |||||||||||||
Over two to three years | 213,925 | 1.96 | 170,956 | 1.92 | |||||||||||||
Over three to four years | 73,696 | 1.76 | 106,700 | 2.5 | |||||||||||||
Over four years | 125,893 | 2.11 | 129,678 | 2.06 | |||||||||||||
$ | 841,048 | 1.82 | % | $ | 881,779 | 2.03 | % | ||||||||||
CDs of $100,000 or more totaled $465 million at September 30, 2014 and $473 million at December 31, 2013 and included brokered CDs of $68 million and $91 million, respectively. At September 30, 2014, all CDs of $100,000 or more (inclusive of brokered CDs) by remaining maturity were as follows: $113 million due within one year; $85 million due over one to two years; $140 million due over two to three years; $47 million due over three to four years; and $80 million due thereafter. At September 30, 2014, brokered CDs had a weighted-average rate of 2.43% and their remaining maturities were as follows: $5 million due within one year; $8 million due over one to two years; $29 million due over two to three years; $14 million due over three to four years and $12 million due over four years. |
Lines_of_Credit
Lines of Credit | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Lines of Credit | ' |
Note 7 – Lines of Credit | |
At September 30, 2014, INB had $41 million of unsecured credit lines that were cancelable by the lender at any time. As a member of the Federal Home Loan Bank of New York (FHLB) and the Federal Reserve Bank of New York (FRB), INB can borrow from these institutions on a secured basis. At September 30, 2014, INB had available collateral consisting of investment securities and certain loans that could be pledged to support additional total borrowings of approximately $323 million from the FHLB and FRB, if needed. There were no borrowings during the reporting periods in this report. |
Subordinated_Debentures_Capita
Subordinated Debentures - Capital Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Subordinated Debentures - Capital Securities | ' | ||||||||||||||||||||||||
Note 8 – Subordinated Debentures – Capital Securities | |||||||||||||||||||||||||
Capital Securities (commonly referred to as trust preferred securities) outstanding are summarized as follows: | |||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | Principal | Accrued | Interest | Principal | Accrued | Interest | |||||||||||||||||||
Interest | Rate | Interest | Rate | ||||||||||||||||||||||
Payable | Payable | ||||||||||||||||||||||||
Capital Securities II – debentures due September 17, 2033 | $ | 15,464 | $ | 17 | 3.18 | % | $ | 15,464 | $ | 275 | 3.19 | % | |||||||||||||
Capital Securities III – debentures due March 17, 2034 | 15,464 | 17 | 3.02 | % | 15,464 | 261 | 3.03 | % | |||||||||||||||||
Capital Securities IV – debentures due September 20, 2034 | 15,464 | 14 | 2.63 | % | 15,464 | 223 | 2.65 | % | |||||||||||||||||
Capital Securities V – debentures due December 15, 2036 | 10,310 | 8 | 1.88 | % | 10,310 | 109 | 1.89 | % | |||||||||||||||||
$ | 56,702 | $ | 56 | $ | 56,702 | $ | 868 | ||||||||||||||||||
The securities are obligations of IBC’s wholly owned statutory business trusts, Intervest Statutory Trust II, III, IV and V, respectively. See note 9 to the financial statements included in our 2013 Annual Report on Form 10-K for additional discussion of the above securities. |
Common_Stock_Warrant_and_Equit
Common Stock Warrant and Equity Incentive Plans | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Common Stock Warrant and Equity Incentive Plans | ' | ||||||||||||||||||||||||||||||||
Note 9 – Common Stock Warrant and Equity Incentive Plans | |||||||||||||||||||||||||||||||||
IBC has shareholder-approved equity incentive plans in place 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 subsidiary. The maximum number of shares of common stock that may be awarded is 2,250,000. At September 30, 2014, 624,703 shares of common stock were available for award. | |||||||||||||||||||||||||||||||||
Stock Options and Stock Warrant | |||||||||||||||||||||||||||||||||
There were no awards of options during the quarterly and nine-month periods ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
A summary of outstanding common stock options and warrant and related information follows: | |||||||||||||||||||||||||||||||||
Exercise Price Per Warrant/Option | Wtd-Avg. | ||||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | $5.42 (1) | $17.10 | $7.50 | $4.02 | $3.00 | $2.55 | Total | Price | |||||||||||||||||||||||||
Outstanding at December 31, 2013 | 691,882 | 110,640 | 113,990 | 57,400 | 32,400 | 35,133 | 1,041,445 | $ | 6.64 | ||||||||||||||||||||||||
Repurchased and cancelled | (691,882 | ) | — | — | — | — | — | (691,882 | ) | $ | 5.42 | ||||||||||||||||||||||
Forfeited/expired (2) | — | (600 | ) | (300 | ) | (300 | ) | (300 | ) | (900 | ) | (2,400 | ) | $ | 7.05 | ||||||||||||||||||
Options exercised | — | — | (600 | ) | (2,400 | ) | (7,500 | ) | (6,167 | ) | (16,667 | ) | $ | 3.14 | |||||||||||||||||||
Outstanding at September 30, 2014 | — | 110,040 | 113,090 | 54,700 | 24,600 | 28,066 | 330,496 | $ | 9.37 | ||||||||||||||||||||||||
Expiration date | — | 12/13/17 | 12/11/18 | 12/10/19 | 12/9/20 | 12/8/21 | |||||||||||||||||||||||||||
Vested and exercisable (3) | — | 100 | % | 100 | % | 100 | % | 100 | % | 67 | % | 97 | % | ||||||||||||||||||||
Wtd-avg contractual remaining term (in years) | — | 3.2 | 4.2 | 5.2 | 6.2 | 7.2 | 4.4 | ||||||||||||||||||||||||||
Intrinsic value at September 30, 2014 (4) | — | $ | — | $ | 233 | $ | 303 | $ | 161 | $ | 197 | $ | 894 | ||||||||||||||||||||
-1 | The U.S. Department of the Treasury, in connection with IBC’s prior participation in the Capital Purchase Program of TARP, had owned a warrant to purchase 691,882 shares of IBC’s common stock at an exercise price of $5.42 per share. On September 3, 2014, IBC repurchased the warrant for a purchase price of $2.9 million and cancelled the warrant. The purchase price was recorded as a reduction in IBC’s stockholders’ equity. | ||||||||||||||||||||||||||||||||
-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 September 30, 2014 of $9.56. | ||||||||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||||||||
A summary of selected information regarding awards of restricted common stock during the periods covered by this report follows: | |||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Grant date of award | 1/23/14 | 1/24/13 | |||||||||||||||||||||||||||||||
Total restricted shares of stock awarded (1) | 92,000 | 330,700 | |||||||||||||||||||||||||||||||
Grant date per share fair value (2) | $ | 7.65 | $ | 4.5 | |||||||||||||||||||||||||||||
Total estimated fair value of award | $ | 703,800 | $ | 1,488,150 | |||||||||||||||||||||||||||||
Awards scheduled to vest as follows: | |||||||||||||||||||||||||||||||||
Jan-14 | — | 49,566 | |||||||||||||||||||||||||||||||
Jan-15 | 30,664 | 170,888 | |||||||||||||||||||||||||||||||
Jan-16 | 30,664 | 110,246 | |||||||||||||||||||||||||||||||
Jan-17 | 30,672 | — | |||||||||||||||||||||||||||||||
92,000 | 330,700 | ||||||||||||||||||||||||||||||||
-1 | For 2014, awards were as follows: a total of 12,000 shares to five executive officers and a total of 80,000 shares to eight non-employee directors (vesting in three equal installments, with one third on each of the next three anniversary dates of the grant). | ||||||||||||||||||||||||||||||||
For 2013, awards were 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 on each of the first three anniversary dates of the grant). | |||||||||||||||||||||||||||||||||
-2 | Fair value of each award was based on the closing market price of IBC’s common stock on the grant date. | ||||||||||||||||||||||||||||||||
A summary of outstanding restricted common stock and related information follows: | |||||||||||||||||||||||||||||||||
Price Per Share | Wtd-Avg. | ||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||
$2.90 | $4.50 | $7.21 | $7.65 | Total | Per Share | ||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 158,317 | 279,500 | 135,500 | — | 573,317 | $ | 4.7 | ||||||||||||||||||||||||||
Shares granted | — | — | — | 92,000 | 92,000 | $ | 7.65 | ||||||||||||||||||||||||||
Shares forfeited | (500 | ) | (2,800 | ) | — | — | (3,300 | ) | $ | 4.26 | |||||||||||||||||||||||
Shares vested and no longer restricted | (101,035 | ) | (47,664 | ) | (75,417 | ) | — | (224,116 | ) | $ | 4.69 | ||||||||||||||||||||||
Outstanding at September 30, 2014 (1) (2) | 56,782 | 229,036 | 60,083 | 92,000 | 437,901 | $ | 5.33 | ||||||||||||||||||||||||||
-1 | All outstanding shares of restricted common stock at September 30, 2014 were unvested and subject to forfeiture. | ||||||||||||||||||||||||||||||||
Shares issued at $2.90 vest: 56,782 on January 19, 2015. | |||||||||||||||||||||||||||||||||
Shares issued at $4.50 vest: 137,264 on January 24, 2015; 91,772 on January 24, 2016. | |||||||||||||||||||||||||||||||||
Shares issued at $7.21 vest: 14,584 on January 19, 2015; 30,333 on January 24, 2015; 15,166 on January 24, 2016. | |||||||||||||||||||||||||||||||||
Shares issued at $7.65 vest: 30,664 on January 23, 2015; 30,664 on January 23, 2016; 30,672 on January 23, 2017. | |||||||||||||||||||||||||||||||||
-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 award 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 the shares when declared 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 award agreements. | ||||||||||||||||||||||||||||||||
Stock Appreciations Rights | |||||||||||||||||||||||||||||||||
On January 23, 2014, Cash-Settled Stock Appreciation Rights (or “SARs”) were awarded to five executive officers in the total amount of 78,000 shares. The SARs have an exercise price of $7.65 per share, a contractual term of 5 years from the date of grant, upon which they expire, and they vest in three equal installments on the first, second and third anniversaries of the grant date. The SARs are exercisable for thirty days after the holder terminates service to our Company, unless such termination is due to the holder’s death or disability, in which case the SARs are exercisable for one year after termination. The SARs give the executive the right to receive upon exercise, an amount payable in cash equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of (a) the fair market value of a share of our common stock on the date the SAR is exercised, over (b) the exercise price specified in the SAR award agreement, which in the case of this award is $7.65. The estimated fair value of each SAR on the date of grant was $2.28, or a total estimated fair value of $178,000 as calculated using the Black-Scholes option pricing model with the following assumptions used as inputs into the model: expected dividend yield of 1.75%; expected stock volatility of 45%; risk-free interest rate of 0.98% and an expected term of 3.5 years. | |||||||||||||||||||||||||||||||||
Stock Compensation Expense and Excess Income Tax Benefit | |||||||||||||||||||||||||||||||||
Stock-based compensation expense related to all equity awards totaled $278,000 and $229,000 for the third quarter of 2014 and 2013, respectively, and $1,052,000 and $731,000 for the nine-months ended September 30, 2014 and 2013, respectively. The expense for the 2014 third quarter and nine-month period included $19,000 and $45,000, respectively, attributable to outstanding cash-settled SARs (all of which were issued in January 2014). At September 30, 2014, pre-tax compensation expense related to all non-vested equity awards not yet recognized totaled $1.8 million and such amount is expected to be recognized in the future over a weighted-average period of approximately 1.7 years. | |||||||||||||||||||||||||||||||||
Our income taxes payable was reduced by the excess income tax benefit arising from the vesting of restricted common stock awards and the exercise of stock option awards during the reporting periods in this report based on certain criteria as described in note 1 to the financial statements. The tax benefit amounted to $11,000 for the third quarter of 2014 and $5,000 for the third quarter of 2013, and $318,000 and $150,000 for the first nine-months of 2014 and 2013, respectively. |
Earnings_Per_Common_Share_and_
Earnings Per Common Share and Common Stock Dividend | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Common Share and Common Stock Dividend | ' | ||||||||||||||||
Note 10 – Earnings Per Common Share and Common Stock Dividend | |||||||||||||||||
Net earnings applicable 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: | |||||||||||||||||
Quarter Ended | Nine-Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic Earnings Per Common Share: | |||||||||||||||||
Net earnings available to common stockholders | $ | 4,180,000 | $ | 2,588,000 | $ | 13,760,000 | $ | 9,230,000 | |||||||||
Weighted-Average number of common shares outstanding | 22,024,722 | 21,915,596 | 22,013,754 | 21,891,886 | |||||||||||||
Basic Earnings Per Common Share | $ | 0.19 | $ | 0.12 | $ | 0.62 | $ | 0.42 | |||||||||
Diluted Earnings Per Common Share: | |||||||||||||||||
Net earnings applicable to common stockholders | $ | 4,180,000 | $ | 2,588,000 | $ | 13,760,000 | $ | 9,230,000 | |||||||||
Weighted-Average number of common shares outstanding: | |||||||||||||||||
Common shares outstanding | 22,024,722 | 21,915,596 | 22,013,754 | 21,891,886 | |||||||||||||
Potential dilutive shares resulting from exercise of warrants/options (1) | 243,523 | 135,866 | 192,981 | 81,064 | |||||||||||||
Total average number of common shares outstanding used for dilution | 22,268,245 | 22,051,462 | 22,206,735 | 21,972,950 | |||||||||||||
Diluted Earnings Per Common Share | $ | 0.19 | $ | 0.12 | $ | 0.62 | $ | 0.42 | |||||||||
-1 | All outstanding options/warrants to purchase shares of our common stock were considered for the diluted earnings per common share computations and only those that were dilutive (as determined by using the treasury stock method prescribed by GAAP) were included in the computations above. For the quarter and nine-month periods of 2014, outstanding options/warrants to purchase 110,040 shares of common stock were not dilutive because the exercise price of each was above the average market price of our common stock during these periods. For both the quarter and nine-month periods of 2013, 234,430 of options/warrants to purchase common stock were not dilutive because the exercise price of each was above the average market price of our common stock during these periods. | ||||||||||||||||
On April 24, 2014, IBC’s board of directors approved the initiation of a quarterly cash dividend to common stockholders. The initial quarterly dividend declared of $0.05 per common share was paid on May 26, 2014 to stockholders of record at the close of business on May 15, 2014. Although IBC intends to pay a quarterly cash dividend, future dividends are discretionary and subject to the approval of IBC’s board of directors. | |||||||||||||||||
On July 14, 2014, IBC’s board of directors approved a quarterly dividend of $0.05 per common share payable August 26, 2014 to stockholders of record at the close of business on August 15, 2014. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Note 11 – 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, other than litigation discussed below related to our proposed merger with Ozarks, discussed in note 1. | |
Litigation Related to the Merger | |
On August 7, 2014, a putative class action complaint, captioned GreenTech Research LLC v. Callen, et al. (the “Greentech Action”), was filed in the Supreme Court of the State of New York for New York County, by an entity purporting to be a stockholder IBC (also referred to as Intervest). On August 19, 2014, a putative class action complaint, captioned Sonnenberg v. Intervest Bancshares Corp., et al., was filed in the Supreme Court of the State of New York for New York County, by an entity purporting to be a stockholder of Intervest. Each of the complaints alleges that the directors of Intervest breached their fiduciary duties to Intervest’s stockholders in connection with the merger by approving a transaction pursuant to an allegedly inadequate process that undervalues Intervest and includes preclusive deal protection provisions; and that Intervest and Ozarks allegedly aided and abetted the Intervest directors in breaching their duties to Intervest’s stockholders. The complaints seek court certification of the respective plaintiffs as class representatives and that such proceedings may proceed as stockholder class actions, and various remedies, including enjoining the merger from being consummated in accordance with its agreed-upon terms, rescission or an award of rescissory damages in the event that the merger is consummated, an accounting by the defendants to the plaintiff class for all damages caused by the defendants, recovery of plaintiffs’ costs and attorneys’ and experts’ fees relating to the lawsuit, and such further relief as the court deems just and proper. The individual plaintiffs and the defendants have stipulated to the court that the two actions, as well as any further actions brought in the same court, should be consolidated for further proceedings in the same court in order to minimize expense and promote a more efficient proceeding. On October 14, 2014, the plaintiff in the Greentech Action filed an amended complaint alleging, among other things, inadequacy of the disclosures contained in the proxy statement/prospectus included in the Registration Statement on Form S-4 filed by Ozarks on September 29, 2014. The defendants named in these lawsuits, including Intervest, deny the allegations in the complaints and intend to vigorously defend against these lawsuits. No liability or reserve has been recognized in our consolidated balance sheet at September 30, 2014 with respect to the above matters. |
Regulatory_Matters_and_Regulat
Regulatory Matters and Regulatory Capital | 9 Months Ended |
Sep. 30, 2014 | |
Banking and Thrift [Abstract] | ' |
Regulatory Matters and Regulatory Capital | ' |
Note 12 – Regulatory Matters and Regulatory Capital | |
On March 7, 2014, IBC received notification from the Federal Reserve Bank of New York (the “FRB”) that the written agreement between IBC and the FRB that had been in effect since January 14, 2011 was terminated. As a result, IBC is no longer subject to any regulatory agreement or related restrictions that were described in our 2013 10-K. At September 30, 2014, IBC’s consolidated Tier 1 capital and total capital ratios were 20.84% and 22.10%, respectively, and its leverage capital ratio was 16.92%. At September 30, 2014, INB’s leverage capital ratio, Tier 1 capital and total capital ratios were 16.44%, 20.22% and 21.48%, respectively. At September 30, 2014, we believe that IBC and INB met all regulatory 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 those requirements at September 30, 2014. |
OffBalance_Sheet_Financial_Ins
Off-Balance Sheet Financial Instruments | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||
Off-Balance Sheet Financial Instruments | ' | ||||||||
Note 13 – 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 September 30, 2014 or December 31, 2013. | |||||||||
The contractual amounts of off-balance sheet financial instruments are as follows: | |||||||||
($ in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||
Commitments to extend credit | $ | 23,134 | $ | 19,386 | |||||
Unused lines of credit | 787 | 877 | |||||||
$ | 23,921 | $ | 20,263 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
Note 14 – 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. In accordance with GAAP, we group our assets and liabilities measured at fair value into three levels (Level 1, 2 and 3), based on the markets in which they are traded and the reliability of the assumptions and inputs that are used to determine their fair value. Level 1 has the highest level of reliability because fair value is based on actively traded markets. See note 20 to the financial statements included in our 2013 10-K for a further discussion of the three valuation levels. At September 30, 2014 and December 31, 2013, we had no liabilities recorded at fair value. At December 31, 2013, we had approximately $1.0 million of assets (comprised of securities available for sale) recorded at fair value (Level 1) on a recurring basis. | |||||||||||||||||||||||||
Available-for-sale securities at September 30, 2014 measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||
($ in thousands) | Estimated Fair Value | Level 1 | Level 2 | ||||||||||||||||||||||
U.S. government agencies | $ | 224,132 | $ | — | $ | 224,132 | |||||||||||||||||||
Residential mortgage-backed | 79,690 | — | 79,690 | ||||||||||||||||||||||
State and municipal | 529 | — | 529 | ||||||||||||||||||||||
Mutual fund investment | 996 | 996 | — | ||||||||||||||||||||||
$ | 305,347 | $ | 996 | $ | 304,351 | ||||||||||||||||||||
The following tables provide information regarding our assets measured at fair value on a nonrecurring basis. | |||||||||||||||||||||||||
Outstanding Carrying Value | |||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | Level 3 | Level 3 | |||||||||||||||||||||||
Impaired loans (1): | |||||||||||||||||||||||||
Commercial real estate | $ | 50,281 | $ | 52,407 | |||||||||||||||||||||
Multifamily | 3,104 | 3,128 | |||||||||||||||||||||||
Land | 1,520 | 1,625 | |||||||||||||||||||||||
Total impaired loans | 54,905 | 57,160 | |||||||||||||||||||||||
Foreclosed real estate | 2,650 | 10,669 | |||||||||||||||||||||||
-1 | Outstanding carrying value for impaired loans excludes a specific valuation allowance. See note 4 to the financial statements in this report. | ||||||||||||||||||||||||
Accumulated Losses on | Total Losses (Gains) (1) | ||||||||||||||||||||||||
Outstanding | Quarter Ended | Nine-Months Ended | |||||||||||||||||||||||
Balance as of: | September 30, | September 30, | |||||||||||||||||||||||
($ in thousands) | Sep 30, | Dec 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Impaired loans: Commercial real estate | $ | 7,416 | $ | 11,522 | $ | (452 | ) | $ | — | $ | (918 | ) | $ | 823 | |||||||||||
Multifamily | 591 | 594 | — | (7 | ) | (17 | ) | (964 | ) | ||||||||||||||||
Land | 156 | 500 | (5 | ) | (2 | ) | (344 | ) | (23 | ) | |||||||||||||||
Total impaired loans | 8,163 | 12,616 | (457 | ) | (9 | ) | (1,279 | ) | (164 | ) | |||||||||||||||
Impaired securities | — | — | — | 273 | — | 964 | |||||||||||||||||||
Foreclosed real estate | 390 | 2,017 | — | 149 | (203 | ) | 135 | ||||||||||||||||||
$ | 8,553 | $ | 14,633 | $ | (457 | ) | $ | 413 | $ | (1,482 | ) | $ | 935 | ||||||||||||
-1 | 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 chargeoffs and recoveries) 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 losses on securities represent the total of other than temporary impairment charges, which are recorded as component of noninterest income. | ||||||||||||||||||||||||
The following table details changes in assets measured at fair value on a nonrecurring basis for the periods indicated. | |||||||||||||||||||||||||
($ in thousands) | Impaired Loans | Foreclosed Real Estate | |||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 57,821 | $ | 2,650 | |||||||||||||||||||||
Principal repayments/sales | (2,916 | ) | — | ||||||||||||||||||||||
Balance at end of period | $ | 54,905 | $ | 2,650 | |||||||||||||||||||||
Nine-Months Ended September 30, 2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 57,160 | $ | 10,669 | |||||||||||||||||||||
Net new impaired loans | 3,466 | — | |||||||||||||||||||||||
Principal repayments/sales | (5,721 | ) | (8,222 | ) | |||||||||||||||||||||
Gain from sales | — | 203 | |||||||||||||||||||||||
Balance at end of period | $ | 54,905 | $ | 2,650 | |||||||||||||||||||||
The following table details changes in assets measured at fair value on a nonrecurring basis for the periods indicated. | |||||||||||||||||||||||||
($ in thousands) | Impaired | Impaired | Foreclosed | ||||||||||||||||||||||
Securities | Loans | Real Estate | |||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 2,923 | $ | 50,533 | $ | 14,869 | |||||||||||||||||||
Net new impaired loans | — | 514 | — | ||||||||||||||||||||||
Other than temporary impairment write downs | (273 | ) | — | — | |||||||||||||||||||||
Principal repayments/sales | (46 | ) | (149 | ) | (2,701 | ) | |||||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (250 | ) | |||||||||||||||||||||
Gains from sales | — | — | 101 | ||||||||||||||||||||||
Balance at end of period | $ | 2,604 | $ | 50,898 | $ | 12,019 | |||||||||||||||||||
Nine-Months Ended September 30, 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 3,721 | $ | 65,973 | $ | 15,923 | |||||||||||||||||||
Net new impaired loans | — | 8,761 | — | ||||||||||||||||||||||
Impaired loans transferred to foreclosed real estate | — | (3,040 | ) | 3,040 | |||||||||||||||||||||
Other than temporary impairment write downs | (964 | ) | — | — | |||||||||||||||||||||
Principal repayments/sales | (153 | ) | (18,858 | ) | (6,809 | ) | |||||||||||||||||||
Chargeoffs of impaired loans | — | (1,938 | ) | — | |||||||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (1,029 | ) | |||||||||||||||||||||
Recoveries of prior writedowns | — | — | 74 | ||||||||||||||||||||||
Gains from sales | — | — | 820 | ||||||||||||||||||||||
Balance at end of period | $ | 2,604 | $ | 50,898 | $ | 12,019 | |||||||||||||||||||
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. 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 discussion regarding the assumptions used to compute the estimated fair values disclosed below can be found in note 20 to the financial statements included our 2013 10-K. | |||||||||||||||||||||||||
The carrying and estimated fair values of our financial instruments are as follows: | |||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | 11,483 | $ | 11,483 | $ | 24,700 | $ | 24,700 | |||||||||||||||||
Time deposits with banks (1) | 4,620 | 4,620 | 5,370 | 5,370 | |||||||||||||||||||||
Securities available for sale, net (2) | 305,347 | 305,347 | 965 | 965 | |||||||||||||||||||||
Securities held to maturity, net (2) | — | — | 383,937 | 378,507 | |||||||||||||||||||||
FRB and FHLB stock (3) | 7,715 | 7,715 | 8,244 | 8,244 | |||||||||||||||||||||
Loans receivable, net (3) | 1,148,635 | 1,161,476 | 1,099,689 | 1,100,858 | |||||||||||||||||||||
Accrued interest receivable (3) | 4,665 | 4,665 | 4,861 | 4,861 | |||||||||||||||||||||
Loan fees receivable (3) | 2,224 | 1,765 | 2,298 | 1,808 | |||||||||||||||||||||
Total Financial Assets | $ | 1,484,689 | $ | 1,497,071 | $ | 1,530,064 | $ | 1,525,313 | |||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits (3) | $ | 1,214,324 | $ | 1,229,119 | $ | 1,282,232 | $ | 1,294,690 | |||||||||||||||||
Borrowed funds plus accrued interest payable (3) | 56,758 | 56,516 | 57,570 | 57,260 | |||||||||||||||||||||
Accrued interest payable on deposits (3) | 850 | 850 | 1,508 | 1,508 | |||||||||||||||||||||
Commitments to lend (3) | 146 | 146 | 408 | 408 | |||||||||||||||||||||
Total Financial Liabilities | $ | 1,272,078 | $ | 1,286,631 | $ | 1,341,718 | $ | 1,353,866 | |||||||||||||||||
Net Financial Assets | $ | 212,611 | $ | 210,440 | $ | 188,346 | $ | 171,447 | |||||||||||||||||
-1 | We consider these fair value measurements to be Level 1. | ||||||||||||||||||||||||
-2 | We consider these fair value measurements to be Level 2, except for $1.0 million at each date (which is considered Level 1). | ||||||||||||||||||||||||
-3 | We consider these fair value measurements to be Level 3. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 15 – Subsequent Events | |
On October 15, 2014, IBC’s board of directors declared a quarterly cash dividend of $0.05 per common share payable November 24, 2014 to stockholders of record at the close of business on November 14, 2014. During October 2014, sales of available for sale securities were made totaling $77 million, which increased INB’s cash on hand to approximately $90 million at October 31, 2014 for use in funding planned deposit outflow and new loans. A net loss of approximately $0.2 million was recorded on these sales. |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
General | ' |
General | |
Intervest Bancshares Corporation (“IBC”) is the parent company of Intervest National Bank (“INB”). References in this report to “we,” “us” and “our” refer to these entities on a consolidated basis, unless otherwise specified. For a description of our business, see note 1 to the financial statements in our 2013 Annual Report on Form 10-K (“2013 10-K”). Our accounting and reporting policies conform to U.S. generally accepted accounting principles (GAAP) and general practices within the banking industry and are described in note 1 to the financial statements in our 2013 10-K, as updated by the information in this Form 10-Q. | |
Proposed Merger | ' |
Proposed Merger | |
On July 31, 2014, IBC and INB entered into a definitive agreement and plan of merger (the “Merger Agreement”) with Bank of the Ozarks, Inc. (“Ozarks”) and its wholly-owned bank subsidiary, Bank of the Ozarks, relating to a proposed merger transaction. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, (i) IBC will merge with and into Ozarks, with Ozarks continuing as the surviving corporation (the “Merger”), and (ii) INB will merge with and into Bank of the Ozarks, with Bank of the Ozarks continuing as the surviving bank (the “Bank Merger” and, collectively with the “Merger,” the “Mergers”). | |
Subject to the terms and conditions of the Merger Agreement, upon completion of the Merger, each share of IBC’s common stock, issued and outstanding immediately prior to the effective time of the Merger will be converted into the right to receive shares of Ozarks common stock (plus cash in lieu of any fractional share) based on the purchase price of $228.5 million (less the amount paid by IBC to cash out outstanding stock options and stock appreciation rights and to redeem all outstanding stock warrants prior to closing), subject to certain additional purchase price adjustments set forth in the Merger Agreement. The number of Ozarks shares to be issued will be determined based on Ozarks’ 10-day average closing stock price as of the fifth business day prior to the closing date, subject to a minimum and maximum price of $23.95 and $39.91, respectively. | |
It is a condition of the Merger that all IBC stock options and stock appreciation rights, whether or not vested, will be cashed out by IBC prior to closing and shares of restricted stock will become fully vested. The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Merger Agreement, which was filed as Exhibit 2.1 to IBC’s Current Report on Form 8-K, filed on July 31, 2014. | |
The Merger Agreement has been approved by the boards of directors of each of IBC and Ozarks. Subject to the required approval of IBC’s stockholders, requisite regulatory approvals, the effectiveness of the registration statement filed by Ozarks with respect to the stock to be issued in this transaction, and other customary closing conditions, the Merger is expected to be completed by the end of the first quarter of 2015. See note 11 for a discussion of certain litigation in connection with this Merger. | |
Principles of Consolidation and Basis of Presentation | ' |
Principles of Consolidation and Basis of Presentation | |
The condensed consolidated financial statements (“financial statements”) in this report have not been audited except for information derived from our audited 2013 consolidated financial statements and notes thereto and should be read in conjunction with our 2013 10-K. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this report pursuant to the rules and regulations of the Securities and Exchange Commission. | |
Use of Estimates | ' |
Use of Estimates | |
In preparing our financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities as of the date of the 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 and valuation allowance for real estate losses. These estimates involve a higher degree of complexity and subjectivity and may require assumptions about highly uncertain matters. Current market conditions increase the risk and complexity of the judgments in these estimates. In our opinion, all material adjustments necessary for a fair presentation of our financial condition and results of operations for the interim periods presented in this report have been made. These adjustments are of a normal recurring nature. | |
All significant intercompany balances and transactions have been eliminated in consolidation. Our results of operations for the interim periods are not necessarily indicative of results that may be expected for the entire year or any other interim period. | |
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 (which are in the form of restricted stock, stock options and cash-settled stock appreciation rights or “SARs”) that vest over time based on the grant-date fair value of the awards. The fair value of restricted stock grants is based on the closing market value of our common stock as reported on the Nasdaq Stock Market on the grant date. The fair value of options and SARs is estimated using the Black-Scholes option-pricing model based on various inputs and assumptions that are described in note 9. Compensation cost, or the grant-date fair value of the awards, related to equity awards is recognized on a straight-line basis over the requisite service period, which is normally the vesting period of the grants. | |
For SARs only, fair value is re-measured at the end of each reporting period and amortized as compensation cost over the remaining requisite service period less amounts previously recognized. The SARs represent liability-classified awards that are remeasured to reflect their fair value at each reporting period. After the requisite service period is completed, the SAR’s fair value continues to be remeasured each reporting period until settlement and any increase/decrease in the fair value is immediately recognized as an increase/decrease to our reported stock compensation expense. Upon cash-settlement of a SAR, stock compensation expense is trued-up to equal the SAR’s intrinsic cash value on the date of settlement. | |
Stock-based compensation associated with equity awards is recorded as stock compensation expense in the statement of earnings and a corresponding increase to stockholders’ equity as additional paid-in capital for amounts related to restricted stock and stock options, and corresponding increase to accrued stock compensation payable for amounts related to the SARs, which is reported as part of our “other liabilities” in our balance sheet. | |
For any 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) is recorded as decrease to our income taxes payable and an increase in stockholders’ equity as paid-in capital. | |
Recent Accounting Standards Update | ' |
Recent Accounting Standards Update | |
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. We adopted this ASU on January 1, 2014 and it had no 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, requires 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 adopted this ASU on January 1, 2014 and it had no impact on our financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”, which is intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. These amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (b) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures are required. The amendments are effective for us beginning January 1, 2015. | |
In June 2014, FASB issued ASU 2014-11, “Transfers and Servicing – Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU 2014-11 requires, among other things, two accounting changes. First, the amendments in this update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. ASU 2014-11 is effective for the first interim or annual period beginning after December 15, 2014. The adoption of this guidance is not expected to have any impact on our financial statements. | |
In June 2014, FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 requires, among other things, that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have any impact on our financial statements. |
Securities_Held_to_Maturity_an1
Securities Held to Maturity and Available for Sale (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Carrying Value (Estimated Fair Value) and Amortized Cost of Securities Available for Sale | ' | ||||||||||||||||||||||||||||||||
The carrying value (estimated fair value) and amortized cost of securities available for sale are as follows as of the dates indicated: | |||||||||||||||||||||||||||||||||
($ 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 September 30, 2014 | |||||||||||||||||||||||||||||||||
U.S. government agencies (1) | 125 | $ | 226,361 | $ | 15 | $ | 2,244 | $ | 224,132 | 1 | % | 2.9 Yrs | 3.5 Yrs | ||||||||||||||||||||
Residential mortgage-backed (2) | 70 | 79,512 | 524 | 346 | 79,690 | 1.9 | % | 4.5 Yrs | 13.1 Yrs | ||||||||||||||||||||||||
State and municipal | 1 | 530 | — | 1 | 529 | 1.25 | % | 2.5 Yrs | 2.5 Yrs | ||||||||||||||||||||||||
196 | 306,403 | 539 | 2,591 | 304,351 | 1.23 | % | 3.3 Yrs | 6.0 Yrs | |||||||||||||||||||||||||
Mutual fund investment (3) | 1 | 1,038 | — | 42 | 996 | ||||||||||||||||||||||||||||
197 | $ | 307,441 | $ | 539 | $ | 2,633 | $ | 305,347 | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Mutual fund investment (3) | 1 | $ | 1,021 | — | $ | 56 | $ | 965 | |||||||||||||||||||||||||
-1 | Consist 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 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 September 30, 2014, the portfolio consisted of $11.2 million of Government National Mortgage Association (GNMA) residential pass-through certificates and $68.5 million of residential participation certificates issued by FNMA or FHLMC, compared to $13.6 million and $63.9 million, respectively, at December 31, 2013. 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. Included in this line item are investments in FNMA Delegated Underwriting and Servicing (DUS) mortgage-backed securities (of approximately $16 million at September 30, 2014 and $7.0 million at December 31, 2013) that are backed by eligible multifamily pools that typically contain one loan or single purpose entity. | ||||||||||||||||||||||||||||||||
-3 | The investment represented approximately 93,342 shares at September 30, 2014 and 91,683 shares at December 31, 2013, of an intermediate bond fund that holds securities that are deemed to be qualified under the Community Reinvestment Act. | ||||||||||||||||||||||||||||||||
Carrying Value (Amortized Cost) and Estimated Fair Value of Securities Held to Maturity | ' | ||||||||||||||||||||||||||||||||
The carrying value (amortized cost) and estimated fair value of securities held to maturity are as follows: | |||||||||||||||||||||||||||||||||
($ 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 | % | 3.3 Yrs | 6.0 Yrs | |||||||||||||||||||||
-1 | Consist 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 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 September 30, 2014, the portfolio consisted of $11.2 million of Government National Mortgage Association (GNMA) residential pass-through certificates and $68.5 million of residential participation certificates issued by FNMA or FHLMC, compared to $13.6 million and $63.9 million, respectively, at December 31, 2013. 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. Included in this line item are investments in FNMA Delegated Underwriting and Servicing (DUS) mortgage-backed securities (of approximately $16 million at September 30, 2014 and $7.0 million at December 31, 2013) that are backed by eligible multifamily pools that typically contain one loan or single purpose entity. | ||||||||||||||||||||||||||||||||
-3 | The investment represented approximately 93,342 shares at September 30, 2014 and 91,683 shares at December 31, 2013, of an intermediate bond fund that holds securities that are deemed to be qualified under the Community Reinvestment Act. | ||||||||||||||||||||||||||||||||
Estimated Fair Values of Debt Securities | ' | ||||||||||||||||||||||||||||||||
The estimated fair values of debt securities with gross unrealized losses segregated between securities that have been in a continuous unrealized loss position for less than twelve months at the respective dates and those that have been in a continuous unrealized loss position for twelve months or longer are summarized as follows: | |||||||||||||||||||||||||||||||||
($ in thousands) | Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||||||||||||||
Number of | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||
Securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||||||||||
U.S. government agencies | 115 | $ | 49,161 | $ | 139 | $ | 158,382 | $ | 2,105 | $ | 207,543 | $ | 2,244 | ||||||||||||||||||||
Residential mortgage-backed | 33 | 15,210 | 78 | 20,333 | 268 | 35,543 | 346 | ||||||||||||||||||||||||||
State and municipal | 1 | 529 | 1 | — | — | 529 | 1 | ||||||||||||||||||||||||||
149 | $ | 64,900 | $ | 218 | $ | 178,715 | $ | 2,373 | $ | 243,615 | $ | 2,591 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Summary of Investments in Debt Securities | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of our investments in debt securities at September 30, 2014, 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 | $ | — | $ | — | — | % | |||||||||||||||||||||||||||
Due after one year through five years | 215,795 | 213,891 | 0.99 | ||||||||||||||||||||||||||||||
Due after five years through ten years | 42,390 | 42,053 | 1.68 | ||||||||||||||||||||||||||||||
Due after ten years | 48,218 | 48,407 | 1.94 | ||||||||||||||||||||||||||||||
$ | 306,403 | $ | 304,351 | 1.23 | % | ||||||||||||||||||||||||||||
Credit Losses Recognized on Securities | ' | ||||||||||||||||||||||||||||||||
The table below provides a cumulative roll forward of credit losses recognized on securities held to maturity for the periods indicated. | |||||||||||||||||||||||||||||||||
Quarter Ended | Nine-Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 4,924 | $ | — | $ | 4,233 | |||||||||||||||||||||||||
Additional credit losses on debt securities for which OTTI was previously recognized | — | 273 | — | 964 | |||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 5,197 | $ | — | $ | 5,197 | |||||||||||||||||||||||||
Loans_Receivable_Tables
Loans Receivable (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
Major Classifications of Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||||||||||
Major classifications of loans receivable are summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | # of Loans | Amount | # of Loans | Amount | |||||||||||||||||||||||||||||||||||||||||
Loans Secured By Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 426 | $ | 908,697 | 394 | $ | 838,766 | |||||||||||||||||||||||||||||||||||||||
Multifamily loans | 137 | 200,251 | 138 | 210,270 | |||||||||||||||||||||||||||||||||||||||||
One to four family loans | 17 | 59,472 | 20 | 72,064 | |||||||||||||||||||||||||||||||||||||||||
Land loans | 6 | 9,875 | 5 | 9,178 | |||||||||||||||||||||||||||||||||||||||||
586 | 1,178,295 | 557 | 1,130,278 | ||||||||||||||||||||||||||||||||||||||||||
All Other Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Business loans | 18 | 1,004 | 19 | 1,061 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | 7 | 138 | 12 | 211 | |||||||||||||||||||||||||||||||||||||||||
25 | 1,142 | 31 | 1,272 | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, gross | 611 | 1,179,437 | 588 | 1,131,550 | |||||||||||||||||||||||||||||||||||||||||
Deferred loan fees | (4,168 | ) | (4,028 | ) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net of deferred fees | 1,175,269 | 1,127,522 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (26,634 | ) | (27,833 | ) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 1,148,635 | $ | 1,099,689 | |||||||||||||||||||||||||||||||||||||||||
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 September 30, 2014 | NY | FL | VA | GA | CT | OH | SD | Total | Allowance (2) | Principal (3) | |||||||||||||||||||||||||||||||||||
Type | |||||||||||||||||||||||||||||||||||||||||||||
Retail | $ | 8,106 | $ | 9,005 | $ | 7,677 | $ | — | $ | 2,665 | $ | — | $ | — | $ | 27,453 | $ | 2,456 | $ | 31,150 | 6 | ||||||||||||||||||||||||
Office Building | — | 14,220 | — | 8,608 | — | — | — | 22,828 | 1,913 | 22,915 | 3 | ||||||||||||||||||||||||||||||||||
Multifamily | — | 3,104 | — | — | — | — | — | 3,104 | 590 | 3,104 | 2 | ||||||||||||||||||||||||||||||||||
Land | — | — | — | — | — | — | 1,520 | 1,520 | 156 | 1,520 | 1 | ||||||||||||||||||||||||||||||||||
Totals | $ | 8,106 | $ | 26,329 | $ | 7,677 | $ | 8,608 | $ | 2,665 | $ | — | $ | 1,520 | $ | 54,905 | $ | 5,115 | $ | 58,689 | 12 | ||||||||||||||||||||||||
($ 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 | ||||||||||||||||||||||||
-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 is not assured. | ||||||||||||||||||||||||||||||||||||||||||||
Other Information Related to Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||
Other information related to our impaired loans is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Nine-Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Average recorded investment in nonaccrual loans | $ | 21,551 | $ | 39,159 | $ | 30,784 | $ | 41,039 | |||||||||||||||||||||||||||||||||||||
Total cash basis interest income recognized on nonaccrual loans | 304 | 521 | 1,281 | 1,729 | |||||||||||||||||||||||||||||||||||||||||
Average recorded investment in accruing TDR loans | 26,451 | 11,423 | 18,864 | 14,482 | |||||||||||||||||||||||||||||||||||||||||
Total interest income recognized on accruing TDR loans under modified terms | 226 | 152 | 626 | 581 | |||||||||||||||||||||||||||||||||||||||||
Age Analysis of Loan Portfolio by Segment | ' | ||||||||||||||||||||||||||||||||||||||||||||
Age analysis of our loan portfolio by segment at September 30, 2014 is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total | Current | Past Due | Past Due | Past Due | Total | |||||||||||||||||||||||||||||||||||||||
Portfolio | 31-59 | 60-89 | 90 or | Past Due | |||||||||||||||||||||||||||||||||||||||||
Days | Days | more | |||||||||||||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 888,420 | $ | 886,078 | $ | — | $ | 378 | $ | 1,963 | $ | 2,341 | |||||||||||||||||||||||||||||||||
Multifamily | 197,990 | 192,635 | — | 3,353 | 2,002 | 5,355 | |||||||||||||||||||||||||||||||||||||||
One to four family | 59,472 | 59,472 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Land | 9,875 | 9,875 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
All other | 1,142 | 1,142 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total accruing loans | 1,156,899 | 1,149,202 | — | 3,731 | 3,965 | 7,696 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans (1): | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 20,277 | 13,292 | — | 4,320 | 2,665 | 6,985 | |||||||||||||||||||||||||||||||||||||||
Multifamily | 2,261 | 2,261 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | 22,538 | 15,553 | — | 4,320 | 2,665 | 6,985 | |||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,179,437 | $ | 1,164,755 | $ | — | $ | 8,051 | $ | 6,630 | $ | 14,681 | |||||||||||||||||||||||||||||||||
-1 | The amount of nonaccrual loans in the current column included $19.9 million of TDRs for which payments were being made in accordance with their restructured terms, but the loans were maintained on nonaccrual status in accordance with regulatory guidance. The remaining portion was comprised of one performing and paying loan classified nonaccrual due to concerns regarding the borrower’s ability to continue making payments. Interest income from loan payments received on loans in nonaccrual status is recognized on a cash basis, provided the remaining principal balance is deemed collectible. | ||||||||||||||||||||||||||||||||||||||||||||
Age analysis of our loan portfolio by segment at December 31, 2013 is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total | Current | Past Due | Past Due | Past Due | Total | |||||||||||||||||||||||||||||||||||||||
Portfolio | 31-59 | 60-89 | 90 or | Past | |||||||||||||||||||||||||||||||||||||||||
Days | Days | more | Due | ||||||||||||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,131,550 | $ | 1,124,822 | $ | 2,641 | $ | — | $ | 4,087 | $ | 6,728 | |||||||||||||||||||||||||||||||||
-1 | The amount of nonaccrual loans in the current column included $33.2 million of TDRs for which payments were being made in accordance with their restructured terms, but the loans were maintained on nonaccrual status in accordance with regulatory guidance. The remaining portion was comprised of certain paying loans classified nonaccrual due to concerns regarding the borrowers’ ability to continue making payments. Interest income from loan payments received on loans in nonaccrual status is recognized on a cash basis, provided the remaining principal balance is deemed collectible. | ||||||||||||||||||||||||||||||||||||||||||||
Information Regarding Credit Quality of Loan Portfolio | ' | ||||||||||||||||||||||||||||||||||||||||||||
Information regarding the credit quality of the loan portfolio based on our internally assigned grades follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Pass | Special Mention | Substandard (1) | Total | |||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 853,979 | $ | 2,236 | $ | 52,482 | $ | 908,697 | |||||||||||||||||||||||||||||||||||||
Multifamily | 194,334 | 2,357 | 3,560 | 200,251 | |||||||||||||||||||||||||||||||||||||||||
One to four family | 59,472 | — | — | 59,472 | |||||||||||||||||||||||||||||||||||||||||
Land | 9,875 | — | — | 9,875 | |||||||||||||||||||||||||||||||||||||||||
All other | 1,142 | — | — | 1,142 | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,118,802 | $ | 4,593 | $ | 56,042 | $ | 1,179,437 | |||||||||||||||||||||||||||||||||||||
Allocation of allowance for loan losses | $ | 21,530 | $ | 141 | $ | 4,963 | $ | 26,634 | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
-1 | Substandard loans consisted of $22.5 million of nonaccrual loans, $22.7 million of accruing TDRs and $10.8 million of other performing loans at September 30, 2014, compared to $35.9 million, $13.1 million and $18.6 million in the same categories, respectively, at December 31, 2013. At September 30, 2014 and December 31, 2013, we also had accruing TDRs of $2.0 million and $0.4 million, respectively, which were rated pass. | ||||||||||||||||||||||||||||||||||||||||||||
Geographic Distribution of Loan Portfolio | ' | ||||||||||||||||||||||||||||||||||||||||||||
The geographic distribution of the loan portfolio by state follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||
New York | $ | 648,271 | 55 | % | $ | 670,052 | 59.3 | % | |||||||||||||||||||||||||||||||||||||
Florida | 346,757 | 29.4 | 321,812 | 28.4 | |||||||||||||||||||||||||||||||||||||||||
North Carolina | 28,390 | 2.4 | 22,611 | 2 | |||||||||||||||||||||||||||||||||||||||||
Georgia | 24,249 | 2.1 | 18,799 | 1.7 | |||||||||||||||||||||||||||||||||||||||||
New Jersey | 13,832 | 1.2 | 15,650 | 1.4 | |||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 13,154 | 1.1 | 16,898 | 1.5 | |||||||||||||||||||||||||||||||||||||||||
Virginia | 13,088 | 1.1 | 11,491 | 1 | |||||||||||||||||||||||||||||||||||||||||
South Carolina | 11,426 | 1 | 9,223 | 0.8 | |||||||||||||||||||||||||||||||||||||||||
Kentucky | 8,403 | 0.7 | 11,930 | 1.1 | |||||||||||||||||||||||||||||||||||||||||
Ohio | 7,024 | 0.6 | 4,703 | 0.4 | |||||||||||||||||||||||||||||||||||||||||
Tennessee | 6,691 | 0.6 | 5,843 | 0.5 | |||||||||||||||||||||||||||||||||||||||||
Connecticut | 6,357 | 0.5 | 8,429 | 0.7 | |||||||||||||||||||||||||||||||||||||||||
Massachusetts | 6,016 | 0.5 | — | — | |||||||||||||||||||||||||||||||||||||||||
Texas | 5,691 | 0.5 | — | — | |||||||||||||||||||||||||||||||||||||||||
Michigan | 5,473 | 0.5 | 5,599 | 0.5 | |||||||||||||||||||||||||||||||||||||||||
Utah | 5,138 | 0.5 | — | — | |||||||||||||||||||||||||||||||||||||||||
Arizona | 5,108 | 0.4 | — | — | |||||||||||||||||||||||||||||||||||||||||
West Virginia | 4,454 | 0.4 | — | — | |||||||||||||||||||||||||||||||||||||||||
Indiana | 4,191 | 0.3 | 2,820 | 0.2 | |||||||||||||||||||||||||||||||||||||||||
Illinois | 3,608 | 0.3 | — | — | |||||||||||||||||||||||||||||||||||||||||
Wisconsin | 3,349 | 0.2 | 1,790 | 0.1 | |||||||||||||||||||||||||||||||||||||||||
California | 2,742 | 0.2 | — | — | |||||||||||||||||||||||||||||||||||||||||
All other states | 6,025 | 0.5 | 3,900 | 0.4 | |||||||||||||||||||||||||||||||||||||||||
$ | 1,179,437 | 100 | % | $ | 1,131,550 | 100 | % | ||||||||||||||||||||||||||||||||||||||
Distribution of TDRs by Accruing Versus Nonaccruing, by Segment and by Geographic | ' | ||||||||||||||||||||||||||||||||||||||||||||
The distribution of TDRs by accruing versus nonaccruing, by loan type and by geographic distribution follows: | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Performing – nonaccrual status | $ | 19,873 | $ | 33,184 | |||||||||||||||||||||||||||||||||||||||||
Performing – accrual status | 24,690 | 13,429 | |||||||||||||||||||||||||||||||||||||||||||
$ | 44,563 | $ | 46,613 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 39,939 | $ | 41,860 | |||||||||||||||||||||||||||||||||||||||||
Multifamily | 3,104 | 3,128 | |||||||||||||||||||||||||||||||||||||||||||
Land | 1,520 | 1,625 | |||||||||||||||||||||||||||||||||||||||||||
$ | 44,563 | $ | 46,613 | ||||||||||||||||||||||||||||||||||||||||||
New York | $ | 8,106 | $ | 8,223 | |||||||||||||||||||||||||||||||||||||||||
Florida | 26,329 | 27,070 | |||||||||||||||||||||||||||||||||||||||||||
Georgia | 8,608 | 8,695 | |||||||||||||||||||||||||||||||||||||||||||
Ohio | — | 1,000 | |||||||||||||||||||||||||||||||||||||||||||
South Dakota | 1,520 | 1,625 | |||||||||||||||||||||||||||||||||||||||||||
$ | 44,563 | $ | 46,613 | ||||||||||||||||||||||||||||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Allowance for Loan Losses by Loan Type | ' | ||||||||||||||||||||||||
Activity in the allowance for loan losses by loan type for the periods indicated is as follows: | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 18,381 | $ | 4,964 | $ | 2,358 | $ | 887 | $ | 8 | $ | 26,598 | |||||||||||||
Loan chargeoffs | — | — | — | — | — | — | |||||||||||||||||||
Loan recoveries | 36 | — | — | — | — | 36 | |||||||||||||||||||
Provision (credit) for loan losses | 17 | (139 | ) | (28 | ) | 150 | — | — | |||||||||||||||||
Balance at end of period | $ | 18,434 | $ | 4,825 | $ | 2,330 | $ | 1,037 | $ | 8 | $ | 26,634 | |||||||||||||
Nine-Months Ended September 30, 2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 18,403 | $ | 5,097 | $ | 3,017 | $ | 1,308 | $ | 8 | $ | 27,833 | |||||||||||||
Loan chargeoffs | — | — | — | — | — | — | |||||||||||||||||||
Loan recoveries | 287 | 14 | — | — | — | 301 | |||||||||||||||||||
Credit for loan losses | (256 | ) | (286 | ) | (687 | ) | (271 | ) | — | (1,500 | ) | ||||||||||||||
Balance at end of period | $ | 18,434 | $ | 4,825 | $ | 2,330 | $ | 1,037 | $ | 8 | $ | 26,634 | |||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All Other | Total | |||||||||||||||||||
Real Estate | Family | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 17,596 | $ | 5,098 | $ | 2,795 | $ | 956 | $ | 10 | $ | 26,455 | |||||||||||||
Loan chargeoffs | — | — | — | — | — | — | |||||||||||||||||||
Loan recoveries | 67 | 5 | — | — | — | 72 | |||||||||||||||||||
Provision (credit) for loan losses | (175 | ) | 212 | 229 | (15 | ) | (1 | ) | 250 | ||||||||||||||||
Balance at end of period | $ | 17,488 | $ | 5,315 | $ | 3,024 | $ | 941 | $ | 9 | $ | 26,777 | |||||||||||||
Nine-Months Ended September 30, 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 19,051 | $ | 6,881 | $ | 1,120 | $ | 1,043 | $ | 8 | $ | 28,103 | |||||||||||||
Loan chargeoffs | (1,932 | ) | (6 | ) | — | — | — | (1,938 | ) | ||||||||||||||||
Loan recoveries (1) | 947 | 682 | — | 483 | — | 2,112 | |||||||||||||||||||
Provision (credit) for loan losses | (578 | ) | (2,242 | ) | 1,904 | (585 | ) | 1 | (1,500 | ) | |||||||||||||||
Balance at end of period | $ | 17,488 | $ | 5,315 | $ | 3,024 | $ | 941 | $ | 9 | $ | 26,777 | |||||||||||||
-1 | 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 quarter of 2013, respectively, which was recorded as $1.2 million of recoveries of prior loan charge offs and $1.6 million of recoveries of prior real estate expenses associated with two loans and underlying collateral property. | ||||||||||||||||||||||||
Loans Receivable by Segment and Impairment Evaluation and Allowance for Loan Losses | ' | ||||||||||||||||||||||||
The following table sets forth the balances of our loans receivable by segment and impairment evaluation and the allowance for loan losses associated with such loans at September 30, 2014. | |||||||||||||||||||||||||
($ in thousands) | Commercial | Multifamily | One to Four | Land | All | Total | |||||||||||||||||||
Real Estate | Family | Other | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 50,281 | $ | 3,104 | $ | — | $ | 1,520 | $ | — | $ | 54,905 | |||||||||||||
Collectively evaluated for impairment | 858,416 | 197,147 | 59,472 | 8,355 | 1,142 | 1,124,532 | |||||||||||||||||||
Total loans | $ | 908,697 | $ | 200,251 | $ | 59,472 | $ | 9,875 | $ | 1,142 | $ | 1,179,437 | |||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,369 | $ | 590 | $ | — | $ | 156 | $ | — | $ | 5,115 | |||||||||||||
Collectively evaluated for impairment | 14,066 | 4,234 | 2,330 | 881 | 8 | 21,519 | |||||||||||||||||||
Total allowance for loan losses | $ | 18,435 | $ | 4,824 | $ | 2,330 | $ | 1,037 | $ | 8 | $ | 26,634 | |||||||||||||
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 | Total | |||||||||||||||||||
Real Estate | Family | Other | |||||||||||||||||||||||
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 | $ | 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 | |||||||||||||
Foreclosed_Real_Estate_and_Val1
Foreclosed Real Estate and Valuation Allowance for Real Estate Losses (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||
Summary of Real Estate Acquired through Foreclosure by Property Type | ' | ||||||||||||||||
Real estate acquired through foreclosure by property type is summarized as follows: | |||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||
($ in thousands) | # of Properties | Amount (1) | # of Properties | Amount (1) | |||||||||||||
Commercial real estate | 1 | $ | 2,650 | 2 | $ | 3,984 | |||||||||||
Multifamily | — | — | 1 | 6,685 | |||||||||||||
1 | $ | 2,650 | 3 | $ | 10,669 | ||||||||||||
-1 | Reported net of any associated valuation allowance. | ||||||||||||||||
Summary of Activity in the Valuation Allowance for Real Estate Losses | ' | ||||||||||||||||
Activity in the valuation allowance for real estate losses is summarized as follows: | |||||||||||||||||
Quarter Ended | Nine-Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
($ in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Valuation allowance at beginning of period | $ | 390 | $ | 6,044 | $ | 2,017 | $ | 5,339 | |||||||||
Provision for real estate losses | — | 250 | — | 955 | |||||||||||||
Real estate chargeoffs | — | (4,171 | ) | (1,627 | ) | (4,171 | ) | ||||||||||
Valuation allowance at end of period | $ | 390 | $ | 2,123 | $ | 390 | $ | 2,123 | |||||||||
Deposits_Tables
Deposits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||
Scheduled Maturities of Certificates of Deposits | ' | ||||||||||||||||
Scheduled maturities of certificates of deposit accounts (CDs) were as follows: | |||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||
($ in thousands) | Amount | Wtd-Avg | Amount | Wtd-Avg | |||||||||||||
Stated Rate | Stated Rate | ||||||||||||||||
Within one year | $ | 269,268 | 1.57 | % | $ | 307,122 | 1.97 | % | |||||||||
Over one to two years | 158,266 | 1.85 | 167,323 | 1.92 | |||||||||||||
Over two to three years | 213,925 | 1.96 | 170,956 | 1.92 | |||||||||||||
Over three to four years | 73,696 | 1.76 | 106,700 | 2.5 | |||||||||||||
Over four years | 125,893 | 2.11 | 129,678 | 2.06 | |||||||||||||
$ | 841,048 | 1.82 | % | $ | 881,779 | 2.03 | % | ||||||||||
Subordinated_Debentures_Capita1
Subordinated Debentures - Capital Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Summary of Capital Securities Outstanding | ' | ||||||||||||||||||||||||
Capital Securities (commonly referred to as trust preferred securities) outstanding are summarized as follows: | |||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | Principal | Accrued | Interest | Principal | Accrued | Interest | |||||||||||||||||||
Interest | Rate | Interest | Rate | ||||||||||||||||||||||
Payable | Payable | ||||||||||||||||||||||||
Capital Securities II – debentures due September 17, 2033 | $ | 15,464 | $ | 17 | 3.18 | % | $ | 15,464 | $ | 275 | 3.19 | % | |||||||||||||
Capital Securities III – debentures due March 17, 2034 | 15,464 | 17 | 3.02 | % | 15,464 | 261 | 3.03 | % | |||||||||||||||||
Capital Securities IV – debentures due September 20, 2034 | 15,464 | 14 | 2.63 | % | 15,464 | 223 | 2.65 | % | |||||||||||||||||
Capital Securities V – debentures due December 15, 2036 | 10,310 | 8 | 1.88 | % | 10,310 | 109 | 1.89 | % | |||||||||||||||||
$ | 56,702 | $ | 56 | $ | 56,702 | $ | 868 | ||||||||||||||||||
Common_Stock_Warrant_and_Equit1
Common Stock Warrant and Equity Incentive Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Outstanding Common Stock Options and Warrant | ' | ||||||||||||||||||||||||||||||||
A summary of outstanding common stock options and warrant and related information follows: | |||||||||||||||||||||||||||||||||
Exercise Price Per Warrant/Option | Wtd-Avg. | ||||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | $5.42 (1) | $17.10 | $7.50 | $4.02 | $3.00 | $2.55 | Total | Price | |||||||||||||||||||||||||
Outstanding at December 31, 2013 | 691,882 | 110,640 | 113,990 | 57,400 | 32,400 | 35,133 | 1,041,445 | $ | 6.64 | ||||||||||||||||||||||||
Repurchased and cancelled | (691,882 | ) | — | — | — | — | — | (691,882 | ) | $ | 5.42 | ||||||||||||||||||||||
Forfeited/expired (2) | — | (600 | ) | (300 | ) | (300 | ) | (300 | ) | (900 | ) | (2,400 | ) | $ | 7.05 | ||||||||||||||||||
Options exercised | — | — | (600 | ) | (2,400 | ) | (7,500 | ) | (6,167 | ) | (16,667 | ) | $ | 3.14 | |||||||||||||||||||
Outstanding at September 30, 2014 | — | 110,040 | 113,090 | 54,700 | 24,600 | 28,066 | 330,496 | $ | 9.37 | ||||||||||||||||||||||||
Expiration date | — | 12/13/17 | 12/11/18 | 12/10/19 | 12/9/20 | 12/8/21 | |||||||||||||||||||||||||||
Vested and exercisable (3) | — | 100 | % | 100 | % | 100 | % | 100 | % | 67 | % | 97 | % | ||||||||||||||||||||
Wtd-avg contractual remaining term (in years) | — | 3.2 | 4.2 | 5.2 | 6.2 | 7.2 | 4.4 | ||||||||||||||||||||||||||
Intrinsic value at September 30, 2014 (4) | — | $ | — | $ | 233 | $ | 303 | $ | 161 | $ | 197 | $ | 894 | ||||||||||||||||||||
-1 | The U.S. Department of the Treasury, in connection with IBC’s prior participation in the Capital Purchase Program of TARP, had owned a warrant to purchase 691,882 shares of IBC’s common stock at an exercise price of $5.42 per share. On September 3, 2014, IBC repurchased the warrant for a purchase price of $2.9 million and cancelled the warrant. The purchase price was recorded as a reduction in IBC’s stockholders’ equity. | ||||||||||||||||||||||||||||||||
-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 September 30, 2014 of $9.56. | ||||||||||||||||||||||||||||||||
Summary of Selected Information Regarding Restricted Common Stock Awards made Under Plan | ' | ||||||||||||||||||||||||||||||||
A summary of selected information regarding awards of restricted common stock during the periods covered by this report follows: | |||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Grant date of award | 1/23/14 | 1/24/13 | |||||||||||||||||||||||||||||||
Total restricted shares of stock awarded (1) | 92,000 | 330,700 | |||||||||||||||||||||||||||||||
Grant date per share fair value (2) | $ | 7.65 | $ | 4.5 | |||||||||||||||||||||||||||||
Total estimated fair value of award | $ | 703,800 | $ | 1,488,150 | |||||||||||||||||||||||||||||
Awards scheduled to vest as follows: | |||||||||||||||||||||||||||||||||
Jan-14 | — | 49,566 | |||||||||||||||||||||||||||||||
Jan-15 | 30,664 | 170,888 | |||||||||||||||||||||||||||||||
Jan-16 | 30,664 | 110,246 | |||||||||||||||||||||||||||||||
Jan-17 | 30,672 | — | |||||||||||||||||||||||||||||||
92,000 | 330,700 | ||||||||||||||||||||||||||||||||
-1 | For 2014, awards were as follows: a total of 12,000 shares to five executive officers and a total of 80,000 shares to eight non-employee directors (vesting in three equal installments, with one third on each of the next three anniversary dates of the grant). | ||||||||||||||||||||||||||||||||
Summary of Activity in IBCs Restricted Class A Common Stock | ' | ||||||||||||||||||||||||||||||||
A summary of outstanding restricted common stock and related information follows: | |||||||||||||||||||||||||||||||||
Price Per Share | Wtd-Avg. | ||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||
$2.90 | $4.50 | $7.21 | $7.65 | Total | Per Share | ||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 158,317 | 279,500 | 135,500 | — | 573,317 | $ | 4.7 | ||||||||||||||||||||||||||
Shares granted | — | — | — | 92,000 | 92,000 | $ | 7.65 | ||||||||||||||||||||||||||
Shares forfeited | (500 | ) | (2,800 | ) | — | — | (3,300 | ) | $ | 4.26 | |||||||||||||||||||||||
Shares vested and no longer restricted | (101,035 | ) | (47,664 | ) | (75,417 | ) | — | (224,116 | ) | $ | 4.69 | ||||||||||||||||||||||
Outstanding at September 30, 2014 (1) (2) | 56,782 | 229,036 | 60,083 | 92,000 | 437,901 | $ | 5.33 | ||||||||||||||||||||||||||
-1 | All outstanding shares of restricted common stock at September 30, 2014 were unvested and subject to forfeiture. | ||||||||||||||||||||||||||||||||
Shares issued at $2.90 vest: 56,782 on January 19, 2015. | |||||||||||||||||||||||||||||||||
Shares issued at $4.50 vest: 137,264 on January 24, 2015; 91,772 on January 24, 2016. | |||||||||||||||||||||||||||||||||
Shares issued at $7.21 vest: 14,584 on January 19, 2015; 30,333 on January 24, 2015; 15,166 on January 24, 2016. | |||||||||||||||||||||||||||||||||
Shares issued at $7.65 vest: 30,664 on January 23, 2015; 30,664 on January 23, 2016; 30,672 on January 23, 2017. | |||||||||||||||||||||||||||||||||
-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 award 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 the shares when declared 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 award agreements. |
Earnings_Per_Common_Share_and_1
Earnings Per Common Share and Common Stock Dividend (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Summary of Basic and Diluted Earnings Per Common Share | ' | ||||||||||||||||
Net earnings applicable 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: | |||||||||||||||||
Quarter Ended | Nine-Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic Earnings Per Common Share: | |||||||||||||||||
Net earnings available to common stockholders | $ | 4,180,000 | $ | 2,588,000 | $ | 13,760,000 | $ | 9,230,000 | |||||||||
Weighted-Average number of common shares outstanding | 22,024,722 | 21,915,596 | 22,013,754 | 21,891,886 | |||||||||||||
Basic Earnings Per Common Share | $ | 0.19 | $ | 0.12 | $ | 0.62 | $ | 0.42 | |||||||||
Diluted Earnings Per Common Share: | |||||||||||||||||
Net earnings applicable to common stockholders | $ | 4,180,000 | $ | 2,588,000 | $ | 13,760,000 | $ | 9,230,000 | |||||||||
Weighted-Average number of common shares outstanding: | |||||||||||||||||
Common shares outstanding | 22,024,722 | 21,915,596 | 22,013,754 | 21,891,886 | |||||||||||||
Potential dilutive shares resulting from exercise of warrants/options (1) | 243,523 | 135,866 | 192,981 | 81,064 | |||||||||||||
Total average number of common shares outstanding used for dilution | 22,268,245 | 22,051,462 | 22,206,735 | 21,972,950 | |||||||||||||
Diluted Earnings Per Common Share | $ | 0.19 | $ | 0.12 | $ | 0.62 | $ | 0.42 | |||||||||
-1 | All outstanding options/warrants to purchase shares of our common stock were considered for the diluted earnings per common share computations and only those that were dilutive (as determined by using the treasury stock method prescribed by GAAP) were included in the computations above. For the quarter and nine-month periods of 2014, outstanding options/warrants to purchase 110,040 shares of common stock were not dilutive because the exercise price of each was above the average market price of our common stock during these periods. For both the quarter and nine-month periods of 2013, 234,430 of options/warrants to purchase common stock were not dilutive because the exercise price of each was above the average market price of our common stock during these periods. |
OffBalance_Sheet_Financial_Ins1
Off-Balance Sheet Financial Instruments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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: | |||||||||
($ in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||
Commitments to extend credit | $ | 23,134 | $ | 19,386 | |||||
Unused lines of credit | 787 | 877 | |||||||
$ | 23,921 | $ | 20,263 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Available-for-sale Securities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||||||
Available-for-sale securities at September 30, 2014 measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||
($ in thousands) | Estimated Fair Value | Level 1 | Level 2 | ||||||||||||||||||||||
U.S. government agencies | $ | 224,132 | $ | — | $ | 224,132 | |||||||||||||||||||
Residential mortgage-backed | 79,690 | — | 79,690 | ||||||||||||||||||||||
State and municipal | 529 | — | 529 | ||||||||||||||||||||||
Mutual fund investment | 996 | 996 | — | ||||||||||||||||||||||
$ | 305,347 | $ | 996 | $ | 304,351 | ||||||||||||||||||||
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 September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | Level 3 | Level 3 | |||||||||||||||||||||||
Impaired loans (1): | |||||||||||||||||||||||||
Commercial real estate | $ | 50,281 | $ | 52,407 | |||||||||||||||||||||
Multifamily | 3,104 | 3,128 | |||||||||||||||||||||||
Land | 1,520 | 1,625 | |||||||||||||||||||||||
Total impaired loans | 54,905 | 57,160 | |||||||||||||||||||||||
Foreclosed real estate | 2,650 | 10,669 | |||||||||||||||||||||||
-1 | Outstanding carrying value for impaired loans excludes a specific valuation allowance. See note 4 to the financial statements in this report. | ||||||||||||||||||||||||
Accumulated Losses on | Total Losses (Gains) (1) | ||||||||||||||||||||||||
Outstanding | Quarter Ended | Nine-Months Ended | |||||||||||||||||||||||
Balance as of: | September 30, | September 30, | |||||||||||||||||||||||
($ in thousands) | Sep 30, | Dec 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Impaired loans: Commercial real estate | $ | 7,416 | $ | 11,522 | $ | (452 | ) | $ | — | $ | (918 | ) | $ | 823 | |||||||||||
Multifamily | 591 | 594 | — | (7 | ) | (17 | ) | (964 | ) | ||||||||||||||||
Land | 156 | 500 | (5 | ) | (2 | ) | (344 | ) | (23 | ) | |||||||||||||||
Total impaired loans | 8,163 | 12,616 | (457 | ) | (9 | ) | (1,279 | ) | (164 | ) | |||||||||||||||
Impaired securities | — | — | — | 273 | — | 964 | |||||||||||||||||||
Foreclosed real estate | 390 | 2,017 | — | 149 | (203 | ) | 135 | ||||||||||||||||||
$ | 8,553 | $ | 14,633 | $ | (457 | ) | $ | 413 | $ | (1,482 | ) | $ | 935 | ||||||||||||
-1 | 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 chargeoffs and recoveries) 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 losses on securities represent the total of other than temporary impairment charges, which are recorded as component of noninterest income. | ||||||||||||||||||||||||
Change in Assets Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||||||||||
The following table details changes in assets measured at fair value on a nonrecurring basis for the periods indicated. | |||||||||||||||||||||||||
($ in thousands) | Impaired Loans | Foreclosed Real Estate | |||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 57,821 | $ | 2,650 | |||||||||||||||||||||
Principal repayments/sales | (2,916 | ) | — | ||||||||||||||||||||||
Balance at end of period | $ | 54,905 | $ | 2,650 | |||||||||||||||||||||
Nine-Months Ended September 30, 2014 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 57,160 | $ | 10,669 | |||||||||||||||||||||
Net new impaired loans | 3,466 | — | |||||||||||||||||||||||
Principal repayments/sales | (5,721 | ) | (8,222 | ) | |||||||||||||||||||||
Gain from sales | — | 203 | |||||||||||||||||||||||
Balance at end of period | $ | 54,905 | $ | 2,650 | |||||||||||||||||||||
The following table details changes in assets measured at fair value on a nonrecurring basis for the periods indicated. | |||||||||||||||||||||||||
($ in thousands) | Impaired | Impaired | Foreclosed | ||||||||||||||||||||||
Securities | Loans | Real Estate | |||||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 2,923 | $ | 50,533 | $ | 14,869 | |||||||||||||||||||
Net new impaired loans | — | 514 | — | ||||||||||||||||||||||
Other than temporary impairment write downs | (273 | ) | — | — | |||||||||||||||||||||
Principal repayments/sales | (46 | ) | (149 | ) | (2,701 | ) | |||||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (250 | ) | |||||||||||||||||||||
Gains from sales | — | — | 101 | ||||||||||||||||||||||
Balance at end of period | $ | 2,604 | $ | 50,898 | $ | 12,019 | |||||||||||||||||||
Nine-Months Ended September 30, 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 3,721 | $ | 65,973 | $ | 15,923 | |||||||||||||||||||
Net new impaired loans | — | 8,761 | — | ||||||||||||||||||||||
Impaired loans transferred to foreclosed real estate | — | (3,040 | ) | 3,040 | |||||||||||||||||||||
Other than temporary impairment write downs | (964 | ) | — | — | |||||||||||||||||||||
Principal repayments/sales | (153 | ) | (18,858 | ) | (6,809 | ) | |||||||||||||||||||
Chargeoffs of impaired loans | — | (1,938 | ) | — | |||||||||||||||||||||
Writedowns of carrying value subsequent to foreclosure | — | — | (1,029 | ) | |||||||||||||||||||||
Recoveries of prior writedowns | — | — | 74 | ||||||||||||||||||||||
Gains from sales | — | — | 820 | ||||||||||||||||||||||
Balance at end of period | $ | 2,604 | $ | 50,898 | $ | 12,019 | |||||||||||||||||||
Carrying and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||||||
The carrying and estimated fair values of our financial instruments are as follows: | |||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | 11,483 | $ | 11,483 | $ | 24,700 | $ | 24,700 | |||||||||||||||||
Time deposits with banks (1) | 4,620 | 4,620 | 5,370 | 5,370 | |||||||||||||||||||||
Securities available for sale, net (2) | 305,347 | 305,347 | 965 | 965 | |||||||||||||||||||||
Securities held to maturity, net (2) | — | — | 383,937 | 378,507 | |||||||||||||||||||||
FRB and FHLB stock (3) | 7,715 | 7,715 | 8,244 | 8,244 | |||||||||||||||||||||
Loans receivable, net (3) | 1,148,635 | 1,161,476 | 1,099,689 | 1,100,858 | |||||||||||||||||||||
Accrued interest receivable (3) | 4,665 | 4,665 | 4,861 | 4,861 | |||||||||||||||||||||
Loan fees receivable (3) | 2,224 | 1,765 | 2,298 | 1,808 | |||||||||||||||||||||
Total Financial Assets | $ | 1,484,689 | $ | 1,497,071 | $ | 1,530,064 | $ | 1,525,313 | |||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Deposits (3) | $ | 1,214,324 | $ | 1,229,119 | $ | 1,282,232 | $ | 1,294,690 | |||||||||||||||||
Borrowed funds plus accrued interest payable (3) | 56,758 | 56,516 | 57,570 | 57,260 | |||||||||||||||||||||
Accrued interest payable on deposits (3) | 850 | 850 | 1,508 | 1,508 | |||||||||||||||||||||
Commitments to lend (3) | 146 | 146 | 408 | 408 | |||||||||||||||||||||
Total Financial Liabilities | $ | 1,272,078 | $ | 1,286,631 | $ | 1,341,718 | $ | 1,353,866 | |||||||||||||||||
Net Financial Assets | $ | 212,611 | $ | 210,440 | $ | 188,346 | $ | 171,447 | |||||||||||||||||
-1 | We consider these fair value measurements to be Level 1. | ||||||||||||||||||||||||
-2 | We consider these fair value measurements to be Level 2, except for $1.0 million at each date (which is considered Level 1). | ||||||||||||||||||||||||
-3 | We consider these fair value measurements to be Level 3. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (Bank of the Ozarks, Inc.[Member], USD $) | 1 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jul. 31, 2014 |
Loans At Acquisition Date [Line Items] | ' |
Business combination, agreed purchase price | $228.50 |
Number of days to calculate average closing stock price | '10 days |
Minimum [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Business combination, share price | $23.95 |
Maximum [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Business combination, share price | $39.91 |
Securities_Held_to_Maturity_an2
Securities Held to Maturity and Available for Sale - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Securities | Security | |
Security | ||
Amortized Cost and Fair Value Debt Securities [Abstract] | ' | ' |
Securities, carrying value | $351,600,000 | ' |
Securities, fair value | 349,400,000 | ' |
Number of held to maturity securities | 0 | 219 |
Proceeds from sale of securities available for sale | 37,384,000 | ' |
Net realized gain sale of securities available for sale | $196,000 | ' |
Securities_Held_to_Maturity_an3
Securities Held to Maturity and Available for Sale - Carrying Value (Estimated Fair Value) and Amortized Cost of Securities Available for Sale (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Security | Debt Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Security | U.S. government agencies [Member] | Residential mortgage-backed [Member] | State and municipal [Member] | Mutual funds investment [Member] | Mutual funds investment [Member] | |||
Security | Security | Security | Security | Security | ||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Securities, Available for sale | 197 | ' | 196 | 125 | 70 | 1 | 1 | 1 |
Amortized Cost, Available for sale | $307,441 | ' | $306,403 | $226,361 | $79,512 | $530 | $1,038 | $1,021 |
Gross Unrealized Gains, Available for sale | 539 | ' | 539 | 15 | 524 | ' | ' | ' |
Gross Unrealized Losses, Available for sale | 2,633 | ' | 2,591 | 2,244 | 346 | 1 | 42 | 56 |
Estimated Fair Value, Available for sale | $305,347 | $965 | $304,351 | $224,132 | $79,690 | $529 | $996 | $965 |
Wtd-Avg Yield, Available for sale | 1.23% | ' | 1.23% | 1.00% | 1.90% | 1.25% | ' | ' |
Wtd-Avg Expected Life, Available for sale | ' | ' | '3 years 3 months 18 days | '2 years 10 months 24 days | '4 years 6 months | '2 years 6 months | ' | ' |
Wtd-Avg Remaining Maturity, Available for sale | ' | ' | '6 years | '3 years 6 months | '13 years 1 month 6 days | '2 years 6 months | ' | ' |
Securities_Held_to_Maturity_an4
Securities Held to Maturity and Available for Sale - Carrying Value (Amortized Cost) and Estimated Fair Value of Securities Held to Maturity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2014 |
Security | Securities | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities, Held to maturity | 219 | 0 |
Amortized Cost, Held to maturity | $383,937 | ' |
Gross Unrealized Gains, Held to maturity | 540 | ' |
Gross Unrealized Losses, Held to maturity | 5,970 | ' |
Estimated Fair Value, Held to maturity | 378,507 | ' |
Wtd-Avg Yield, Held to maturity | 1.11% | ' |
Wtd-Avg Expected Life, Held to maturity | '3 years 3 months 18 days | ' |
Wtd-Avg Remaining Maturity, Held to maturity | '6 years | ' |
U.S. government agencies [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities, Held to maturity | 161 | ' |
Amortized Cost, Held to maturity | 305,906 | ' |
Gross Unrealized Gains, Held to maturity | 410 | ' |
Gross Unrealized Losses, Held to maturity | 4,947 | ' |
Estimated Fair Value, Held to maturity | 301,369 | ' |
Wtd-Avg Yield, Held to maturity | 0.94% | ' |
Wtd-Avg Expected Life, Held to maturity | '3 years | ' |
Wtd-Avg Remaining Maturity, Held to maturity | '3 years 9 months 18 days | ' |
Residential mortgage-backed [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities, Held to maturity | 57 | ' |
Amortized Cost, Held to maturity | 77,500 | ' |
Gross Unrealized Gains, Held to maturity | 130 | ' |
Gross Unrealized Losses, Held to maturity | 1,017 | ' |
Estimated Fair Value, Held to maturity | 76,613 | ' |
Wtd-Avg Yield, Held to maturity | 1.79% | ' |
Wtd-Avg Expected Life, Held to maturity | '4 years 3 months 18 days | ' |
Wtd-Avg Remaining Maturity, Held to maturity | '14 years 8 months 12 days | ' |
State and municipal [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of Securities, Held to maturity | 1 | ' |
Amortized Cost, Held to maturity | 531 | ' |
Gross Unrealized Losses, Held to maturity | 6 | ' |
Estimated Fair Value, Held to maturity | $525 | ' |
Wtd-Avg Yield, Held to maturity | 1.25% | ' |
Wtd-Avg Expected Life, Held to maturity | '3 years 2 months 12 days | ' |
Wtd-Avg Remaining Maturity, Held to maturity | '3 years 3 months 18 days | ' |
Securities_Held_to_Maturity_an5
Securities Held to Maturity and Available for Sale - Carrying Value (Estimated Fair Value) and Amortized Cost of Securities Available for Sale (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | $305,347 | $965 |
Shares owned in an intermediate bond fund | 93,342 | 91,683 |
Government National Mortgage Association [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 11,200 | 13,600 |
Federal National Mortgage Association [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 68,500 | 63,900 |
Federal National Mortgage Association Delegated Underwriting and Servicing [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | $16,000 | $7,000 |
Securities_Held_to_Maturity_an6
Securities Held to Maturity and Available for Sale - Carrying Value (Amortized Cost) and Estimated Fair Value of Securities Held to Maturity (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | ' | $383,937 |
Government National Mortgage Association [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 11,200 | 13,600 |
Federal National Mortgage Association [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 68,500 | 63,900 |
Federal National Mortgage Association Delegated Underwriting and Servicing [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | $16,000 | $7,000 |
Securities_Held_to_Maturity_an7
Securities Held to Maturity and Available for Sale - Estimated Fair Values of Debt Securities (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Security | Security | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 149 | 172 |
Less Than Twelve Months, Estimated Fair Value | $64,900 | $283,317 |
Less Than Twelve Months, Gross Unrealized Losses | 218 | 5,784 |
Twelve Months or Longer, Estimated Fair Value | 178,715 | 10,628 |
Twelve Months or Longer, Gross Unrealized Losses | 2,373 | 186 |
Total Estimated Fair Value | 243,615 | 293,945 |
Total Gross Unrealized Losses | 2,591 | 5,970 |
U.S. government agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 115 | 130 |
Less Than Twelve Months, Estimated Fair Value | 49,161 | 233,930 |
Less Than Twelve Months, Gross Unrealized Losses | 139 | 4,791 |
Twelve Months or Longer, Estimated Fair Value | 158,382 | 7,344 |
Twelve Months or Longer, Gross Unrealized Losses | 2,105 | 156 |
Total Estimated Fair Value | 207,543 | 241,274 |
Total Gross Unrealized Losses | 2,244 | 4,947 |
Residential mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 33 | 41 |
Less Than Twelve Months, Estimated Fair Value | 15,210 | 48,862 |
Less Than Twelve Months, Gross Unrealized Losses | 78 | 987 |
Twelve Months or Longer, Estimated Fair Value | 20,333 | 3,284 |
Twelve Months or Longer, Gross Unrealized Losses | 268 | 30 |
Total Estimated Fair Value | 35,543 | 52,146 |
Total Gross Unrealized Losses | 346 | 1,017 |
State and municipal [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 1 | 1 |
Less Than Twelve Months, Estimated Fair Value | 529 | 525 |
Less Than Twelve Months, Gross Unrealized Losses | 1 | 6 |
Total Estimated Fair Value | 529 | 525 |
Total Gross Unrealized Losses | $1 | $6 |
Securities_Held_to_Maturity_an8
Securities Held to Maturity and Available for Sale - Summary of Investments in Debt Securities (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | ' |
Due in one year or less, Amortized Cost | $0 |
Due in one year or less, Estimated Fair Value | 0 |
Due in one year or less, Wtd-Avg Yield | 0.00% |
Due after one year through five years, Amortized Cost | 215,795 |
Due after one year through five years, Estimated Fair Value | 213,891 |
Due after one year through five years, Wtd-Avg Yield | 0.99% |
Due after five years through ten years, Amortized Cost | 42,390 |
Due after five years through ten years, Estimated Fair Value | 42,053 |
Due after five years through ten years, Wtd-Avg Yield | 1.68% |
Due after ten years, Amortized Cost | 48,218 |
Due after ten years, Estimated Fair Value | 48,407 |
Due after ten years, Wtd-Avg Yield | 1.94% |
Securities held to maturity, Total Amortized Cost | 306,403 |
Estimated Fair Value | $304,351 |
Securities held to maturity, Wtd-Avg Yield | 1.23% |
Securities_Held_to_Maturity_an9
Securities Held to Maturity and Available for Sale - Credit Losses Recognized on Securities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $0 | $4,924 | $0 | $4,233 |
Additional credit losses on debt securities for which OTTI was previously recognized | 0 | 273 | 0 | 964 |
Balance at end of period | $0 | $5,197 | $0 | $5,197 |
Loans_Receivable_Major_Classif
Loans Receivable - Major Classification of Loans Receivable (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | SecurityLoan | SecurityLoan | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 611 | ' | 588 | ' | ' | ' |
Loans receivable, gross, Amount | $1,179,437 | ' | $1,131,550 | ' | ' | ' |
Deferred loan fees | -4,168 | ' | -4,028 | ' | ' | ' |
Loans receivable, net of deferred fees | 1,175,269 | ' | 1,127,522 | ' | ' | ' |
Allowance for loan losses | -26,634 | -26,598 | -27,833 | -26,777 | -26,455 | -28,103 |
Loans receivable, net | 1,148,635 | ' | 1,099,689 | ' | ' | ' |
Loans Secured by Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 586 | ' | 557 | ' | ' | ' |
Loans receivable, gross, Amount | 1,178,295 | ' | 1,130,278 | ' | ' | ' |
All Other Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 25 | ' | 31 | ' | ' | ' |
Loans receivable, gross, Amount | 1,142 | ' | 1,272 | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | -18,434 | -18,381 | -18,403 | -17,488 | -17,596 | -19,051 |
Commercial Real Estate [Member] | Loans Secured by Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 426 | ' | 394 | ' | ' | ' |
Loans receivable, gross, Amount | 908,697 | ' | 838,766 | ' | ' | ' |
Multifamily Loans [Member] | Loans Secured by Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 137 | ' | 138 | ' | ' | ' |
Loans receivable, gross, Amount | 200,251 | ' | 210,270 | ' | ' | ' |
One to Four Family [Member] | Loans Secured by Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 17 | ' | 20 | ' | ' | ' |
Loans receivable, gross, Amount | 59,472 | ' | 72,064 | ' | ' | ' |
Land Loans [Member] | Loans Secured by Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 6 | ' | 5 | ' | ' | ' |
Loans receivable, gross, Amount | 9,875 | ' | 9,178 | ' | ' | ' |
Business Loans [Member] | All Other Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 18 | ' | 19 | ' | ' | ' |
Loans receivable, gross, Amount | 1,004 | ' | 1,061 | ' | ' | ' |
Consumer Loans [Member] | All Other Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans receivable, gross, # of Loans | 7 | ' | 12 | ' | ' | ' |
Loans receivable, gross, Amount | $138 | ' | $211 | ' | ' | ' |
Loans_Receivable_Additional_In
Loans Receivable - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
SecurityLoan | SecurityLoan | |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
90 days past due and still accruing interest loan | $6,630,000 | $4,087,000 |
Troubled debt restructured loans | 44,563,000 | 46,613,000 |
Performing and accruing loans classified as impaired | 7,700,000 | 7,700,000 |
Performing loans | 1 | 1 |
Accruing Loans [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of loans, 90 days past due and still accruing | 2 | 3 |
90 days past due and still accruing interest loan | 4,000,000 | 4,100,000 |
Troubled debt restructured loans | 22,700,000 | 13,100,000 |
Troubled debt restructured loans | 24,700,000 | 13,400,000 |
Nonaccrual Loans [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total loans | 22,500,000 | 35,900,000 |
Troubled debt restructured loans | 22,500,000 | 35,900,000 |
Performing loans | 1 | ' |
Non-accrual Status [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Troubled debt restructured loans | $19,900,000 | $33,200,000 |
Loans_Receivable_Summary_of_Im
Loans Receivable - Summary of Impaired Loans (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | SecurityLoan | SecurityLoan |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | $54,905 | $57,160 |
Specific Valuation Allowance | 5,115 | 6,093 |
Total Unpaid Principal | 58,689 | 64,601 |
# of Loans | 12 | 13 |
New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 8,106 | 8,223 |
Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 26,329 | 27,070 |
Virginia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 7,677 | 7,828 |
Georgia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 8,608 | 8,695 |
Connecticut [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 2,665 | 2,719 |
Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 1,000 |
South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 1,520 | 1,625 |
Retail [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 27,453 | 28,775 |
Specific Valuation Allowance | 2,456 | 3,052 |
Total Unpaid Principal | 31,150 | 36,216 |
# of Loans | 6 | 7 |
Retail [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 8,106 | 8,223 |
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 | 7,677 | 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 | 2,665 | 2,719 |
Retail [Member] | Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | 1,000 |
Retail [Member] | South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Office Building [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 22,828 | 23,632 |
Specific Valuation Allowance | 1,913 | 1,947 |
Total Unpaid Principal | 22,915 | 23,632 |
# 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 | 14,220 | 14,937 |
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 | 8,608 | 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 | ' | ' |
Multifamily Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 3,104 | 3,128 |
Specific Valuation Allowance | 590 | 594 |
Total Unpaid Principal | 3,104 | 3,128 |
# of Loans | 2 | 2 |
Multifamily Loans [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily Loans [Member] | Florida [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 3,104 | 3,128 |
Multifamily Loans [Member] | Virginia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily Loans [Member] | Georgia [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily Loans [Member] | Connecticut [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily Loans [Member] | Ohio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Multifamily Loans [Member] | South Dakota [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Land [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | 1,520 | 1,625 |
Specific Valuation Allowance | 156 | 500 |
Total Unpaid Principal | 1,520 | 1,625 |
# of Loans | 1 | 1 |
Land [Member] | New York [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Recorded Investment | ' | ' |
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 | $1,520 | $1,625 |
Loans_Receivable_Other_Informa
Loans Receivable - Other Information Related to Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Nonaccrual Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Average recorded investment in accruing TDR loans | $21,551 | $39,159 | $30,784 | $41,039 |
Total cash basis interest income recognized on nonaccrual loans | 304 | 521 | 1,281 | 1,729 |
TDR Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Average recorded investment in accruing TDR loans | 26,451 | 11,423 | 18,864 | 14,482 |
Total interest income recognized on accruing TDR loans under modified terms | $226 | $152 | $626 | $581 |
Loans_Receivable_Age_Analysis_
Loans Receivable - Age Analysis of Loan Portfolio by Segment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | $1,179,437 | $1,131,550 |
Current | 1,164,755 | 1,124,822 |
Past Due 31-59 Days | ' | 2,641 |
Past Due 60-89 Days | 8,051 | ' |
Past Due 90 or more Days | 6,630 | 4,087 |
Total Past Due | 14,681 | 6,728 |
Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 1,156,899 | 1,095,647 |
Current | 1,149,202 | 1,088,919 |
Past Due 31-59 Days | ' | 2,641 |
Past Due 60-89 Days | 3,731 | ' |
Past Due 90 or more Days | 3,965 | 4,087 |
Total Past Due | 7,696 | 6,728 |
Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 22,538 | ' |
Current | 15,553 | ' |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | 4,320 | ' |
Past Due 90 or more Days | 2,665 | ' |
Total Past Due | 6,985 | ' |
Commercial Real Estate [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 908,697 | 838,766 |
Commercial Real Estate [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 888,420 | 802,863 |
Current | 886,078 | 796,980 |
Past Due 31-59 Days | ' | 1,796 |
Past Due 60-89 Days | 378 | ' |
Past Due 90 or more Days | 1,963 | 4,087 |
Total Past Due | 2,341 | 5,883 |
Commercial Real Estate [Member] | Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 20,277 | 35,903 |
Current | 13,292 | 35,903 |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | 4,320 | ' |
Past Due 90 or more Days | 2,665 | ' |
Total Past Due | 6,985 | ' |
Multifamily Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 200,251 | 210,270 |
Multifamily Loans [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 197,990 | 210,270 |
Current | 192,635 | 209,426 |
Past Due 31-59 Days | ' | 844 |
Past Due 60-89 Days | 3,353 | ' |
Past Due 90 or more Days | 2,002 | ' |
Total Past Due | 5,355 | 844 |
Multifamily Loans [Member] | Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 2,261 | ' |
Current | 2,261 | ' |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | ' | ' |
One to Four Family [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 59,472 | 72,064 |
One to Four Family [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 59,472 | 72,064 |
Current | 59,472 | 72,064 |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | ' | ' |
Land [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 9,875 | 9,178 |
Land [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 9,875 | 9,178 |
Current | 9,875 | 9,178 |
Past Due 31-59 Days | ' | ' |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | ' | ' |
All Other [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 1,142 | 1,272 |
All Other [Member] | Accruing Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total Portfolio | 1,142 | 1,272 |
Current | 1,142 | 1,271 |
Past Due 31-59 Days | ' | 1 |
Past Due 60-89 Days | ' | ' |
Past Due 90 or more Days | ' | ' |
Total Past Due | ' | $1 |
Loans_Receivable_Age_Analysis_1
Loans Receivable - Age Analysis of Loan Portfolio by Segment (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Current | $1,164,755 | $1,124,822 |
Performing loans | 1 | 1 |
Nonaccrual Loans [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Current | $19,900 | $33,200 |
Performing loans | 1 | ' |
Loans_Receivable_Information_R
Loans Receivable - Information Regarding Credit Quality of Loan Portfolio (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | $1,179,437 | ' | $1,131,550 | ' | ' | ' |
Allocation of allowance for loan losses | 26,634 | 26,598 | 27,833 | 26,777 | 26,455 | 28,103 |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 908,697 | ' | 838,766 | ' | ' | ' |
Multifamily Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 200,251 | ' | 210,270 | ' | ' | ' |
Allocation of allowance for loan losses | 4,825 | 4,964 | 5,097 | 5,315 | 5,098 | 6,881 |
One to Four Family [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 59,472 | ' | 72,064 | ' | ' | ' |
Allocation of allowance for loan losses | 2,330 | 2,358 | 3,017 | 3,024 | 2,795 | 1,120 |
Land [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 9,875 | ' | 9,178 | ' | ' | ' |
Allocation of allowance for loan losses | 1,037 | 887 | 1,308 | 941 | 956 | 1,043 |
All Other [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,142 | ' | 1,272 | ' | ' | ' |
Allocation of allowance for loan losses | 8 | 8 | 8 | 9 | 10 | 8 |
Pass [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,118,802 | ' | 1,058,087 | ' | ' | ' |
Allocation of allowance for loan losses | 21,530 | ' | 20,720 | ' | ' | ' |
Pass [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 853,979 | ' | 772,900 | ' | ' | ' |
Pass [Member] | Multifamily Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 194,334 | ' | 204,298 | ' | ' | ' |
Pass [Member] | One to Four Family [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 59,472 | ' | 72,064 | ' | ' | ' |
Pass [Member] | Land [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 9,875 | ' | 7,553 | ' | ' | ' |
Pass [Member] | All Other [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,142 | ' | 1,272 | ' | ' | ' |
Special Mention [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 4,593 | ' | 5,891 | ' | ' | ' |
Allocation of allowance for loan losses | 141 | ' | 169 | ' | ' | ' |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 2,236 | ' | 3,522 | ' | ' | ' |
Special Mention [Member] | Multifamily Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 2,357 | ' | 2,369 | ' | ' | ' |
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 | 56,042 | ' | 67,572 | ' | ' | ' |
Allocation of allowance for loan losses | 4,963 | ' | 6,944 | ' | ' | ' |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 52,482 | ' | 62,344 | ' | ' | ' |
Substandard [Member] | Multifamily Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 3,560 | ' | 3,603 | ' | ' | ' |
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 | ' | ' | ' |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | $44,563 | $46,613 |
Nonaccrual Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 22,500 | 35,900 |
Accruing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 22,700 | 13,100 |
All Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 10,800 | 18,600 |
Pass [Member] | Accruing Loans One [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Financing Receivable by TDRs | $2,000 | $400 |
Loans_Receivable_Geographic_Di
Loans Receivable - Geographic Distribution of Loan Portfolio (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | $1,179,437 | $1,131,550 |
Total Loan Receivable, % of Total | 100.00% | 100.00% |
New York [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 648,271 | 670,052 |
Total Loan Receivable, % of Total | 55.00% | 59.30% |
Florida [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 346,757 | 321,812 |
Total Loan Receivable, % of Total | 29.40% | 28.40% |
North Carolina [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 28,390 | 22,611 |
Total Loan Receivable, % of Total | 2.40% | 2.00% |
Georgia [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 24,249 | 18,799 |
Total Loan Receivable, % of Total | 2.10% | 1.70% |
New Jersey [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 13,832 | 15,650 |
Total Loan Receivable, % of Total | 1.20% | 1.40% |
Pennsylvania [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 13,154 | 16,898 |
Total Loan Receivable, % of Total | 1.10% | 1.50% |
Virginia [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 13,088 | 11,491 |
Total Loan Receivable, % of Total | 1.10% | 1.00% |
South Carolina [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 11,426 | 9,223 |
Total Loan Receivable, % of Total | 1.00% | 0.80% |
Kentucky [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 8,403 | 11,930 |
Total Loan Receivable, % of Total | 0.70% | 1.10% |
Ohio [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 7,024 | 4,703 |
Total Loan Receivable, % of Total | 0.60% | 0.40% |
Tennessee [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 6,691 | 5,843 |
Total Loan Receivable, % of Total | 0.60% | 0.50% |
Connecticut [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 6,357 | 8,429 |
Total Loan Receivable, % of Total | 0.50% | 0.70% |
Massachusetts [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 6,016 | ' |
Total Loan Receivable, % of Total | 0.50% | ' |
Texas [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 5,691 | ' |
Total Loan Receivable, % of Total | 0.50% | ' |
Michigan [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 5,473 | 5,599 |
Total Loan Receivable, % of Total | 0.50% | 0.50% |
Utah [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 5,138 | ' |
Total Loan Receivable, % of Total | 0.50% | ' |
Arizona [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 5,108 | ' |
Total Loan Receivable, % of Total | 0.40% | ' |
West Virginia [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 4,454 | ' |
Total Loan Receivable, % of Total | 0.40% | ' |
Indiana [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 4,191 | 2,820 |
Total Loan Receivable, % of Total | 0.30% | 0.20% |
Illinois [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 3,608 | ' |
Total Loan Receivable, % of Total | 0.30% | ' |
Wisconsin [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 3,349 | 1,790 |
Total Loan Receivable, % of Total | 0.20% | 0.10% |
California [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | 2,742 | ' |
Total Loan Receivable, % of Total | 0.20% | ' |
All Other States [Member] | ' | ' |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ' | ' |
Total loans | $6,025 | $3,900 |
Total Loan Receivable, % of Total | 0.50% | 0.40% |
Loans_Receivable_Distribution_
Loans Receivable - Distribution of TDRs by Accruing Versus Nonaccruing, by Segment and by Geographic (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | $44,563 | $46,613 |
Total Financing Receivable by TDRs | 44,563 | 46,613 |
Total Financing Receivable by TDRs | 44,563 | 46,613 |
New York [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 8,106 | 8,223 |
Total Financing Receivable by TDRs | 8,106 | 8,223 |
Total Financing Receivable by TDRs | 8,106 | 8,223 |
Florida [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 26,329 | 27,070 |
Total Financing Receivable by TDRs | 26,329 | 27,070 |
Total Financing Receivable by TDRs | 26,329 | 27,070 |
Georgia [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 8,608 | 8,695 |
Total Financing Receivable by TDRs | 8,608 | 8,695 |
Total Financing Receivable by TDRs | 8,608 | 8,695 |
Ohio [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | ' | 1,000 |
Total Financing Receivable by TDRs | ' | 1,000 |
Total Financing Receivable by TDRs | ' | 1,000 |
South Dakota [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 1,520 | 1,625 |
Total Financing Receivable by TDRs | 1,520 | 1,625 |
Total Financing Receivable by TDRs | 1,520 | 1,625 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 39,939 | 41,860 |
Total Financing Receivable by TDRs | 39,939 | 41,860 |
Total Financing Receivable by TDRs | 39,939 | 41,860 |
Multifamily Loans [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 3,104 | 3,128 |
Total Financing Receivable by TDRs | 3,104 | 3,128 |
Total Financing Receivable by TDRs | 3,104 | 3,128 |
Land [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 1,520 | 1,625 |
Total Financing Receivable by TDRs | 1,520 | 1,625 |
Total Financing Receivable by TDRs | 1,520 | 1,625 |
Non-accrual Status [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 19,900 | 33,200 |
Total Financing Receivable by TDRs | 19,900 | 33,200 |
Total Financing Receivable by TDRs | 19,900 | 33,200 |
Performing [Member] | Non-accrual Status [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 19,873 | 33,184 |
Total Financing Receivable by TDRs | 19,873 | 33,184 |
Total Financing Receivable by TDRs | 19,873 | 33,184 |
Performing [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Total Financing Receivable by TDRs | 24,690 | 13,429 |
Total Financing Receivable by TDRs | 24,690 | 13,429 |
Total Financing Receivable by TDRs | $24,690 | $13,429 |
Allowance_for_Loan_Losses_Allo
Allowance for Loan Losses - Allowance for Loan Losses by Loan Type (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $26,598 | $26,455 | $27,833 | $28,103 |
Loan chargeoffs | ' | ' | ' | -1,938 |
Loan recoveries | 36 | 72 | 301 | 2,112 |
Provision (credit) for loan losses | ' | 250 | -1,500 | -1,500 |
Balance at end of period | 26,634 | 26,777 | 26,634 | 26,777 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 18,381 | 17,596 | 18,403 | 19,051 |
Loan chargeoffs | ' | ' | ' | -1,932 |
Loan recoveries | 36 | 67 | 287 | 947 |
Provision (credit) for loan losses | 17 | -175 | -256 | -578 |
Balance at end of period | 18,434 | 17,488 | 18,434 | 17,488 |
Multifamily Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 4,964 | 5,098 | 5,097 | 6,881 |
Loan chargeoffs | ' | ' | ' | -6 |
Loan recoveries | ' | 5 | 14 | 682 |
Provision (credit) for loan losses | -139 | 212 | -286 | -2,242 |
Balance at end of period | 4,825 | 5,315 | 4,825 | 5,315 |
One to Four Family [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 2,358 | 2,795 | 3,017 | 1,120 |
Loan chargeoffs | ' | ' | ' | ' |
Loan recoveries | ' | ' | ' | ' |
Provision (credit) for loan losses | -28 | 229 | -687 | 1,904 |
Balance at end of period | 2,330 | 3,024 | 2,330 | 3,024 |
Land [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 887 | 956 | 1,308 | 1,043 |
Loan chargeoffs | ' | ' | ' | ' |
Loan recoveries | ' | ' | ' | 483 |
Provision (credit) for loan losses | 150 | -15 | -271 | -585 |
Balance at end of period | 1,037 | 941 | 1,037 | 941 |
All Other [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 8 | 10 | 8 | 8 |
Loan chargeoffs | ' | ' | ' | ' |
Loan recoveries | ' | ' | ' | ' |
Provision (credit) for loan losses | ' | -1 | ' | 1 |
Balance at end of period | $8 | $9 | $8 | $9 |
Allowance_for_Loan_Losses_Allo1
Allowance for Loan Losses - Allowance for Loan Losses by Loan Type (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2013 |
SecurityLoan | ||
Receivables [Abstract] | ' | ' |
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 | ' | 2 |
Allowance_for_Loan_Losses_Loan
Allowance for Loan Losses - Loans Receivable by Segment and Impairment Evaluation and Allowance for Loan Losses (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Loans: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $54,905 | ' | $57,160 | ' | ' | ' |
Collectively evaluated for impairment | 1,124,532 | ' | 1,074,390 | ' | ' | ' |
Total loans | 1,179,437 | ' | 1,131,550 | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 5,115 | ' | 6,093 | ' | ' | ' |
Collectively evaluated for impairment | 21,519 | ' | 21,740 | ' | ' | ' |
Total allowance for loan losses | 26,634 | 26,598 | 27,833 | 26,777 | 26,455 | 28,103 |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 50,281 | ' | 52,407 | ' | ' | ' |
Collectively evaluated for impairment | 858,416 | ' | 786,359 | ' | ' | ' |
Total loans | 908,697 | ' | 838,766 | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 4,369 | ' | 4,999 | ' | ' | ' |
Collectively evaluated for impairment | 14,066 | ' | 13,404 | ' | ' | ' |
Total allowance for loan losses | 18,435 | ' | 18,403 | ' | ' | ' |
Multifamily Loans [Member] | ' | ' | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,104 | ' | 3,128 | ' | ' | ' |
Collectively evaluated for impairment | 197,147 | ' | 207,142 | ' | ' | ' |
Total loans | 200,251 | ' | 210,270 | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 590 | ' | 594 | ' | ' | ' |
Collectively evaluated for impairment | 4,234 | ' | 4,503 | ' | ' | ' |
Total allowance for loan losses | 4,824 | ' | 5,097 | ' | ' | ' |
One to Four Family [Member] | ' | ' | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 59,472 | ' | 72,064 | ' | ' | ' |
Total loans | 59,472 | ' | 72,064 | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 2,330 | ' | 3,017 | ' | ' | ' |
Total allowance for loan losses | 2,330 | ' | 3,017 | ' | ' | ' |
Land [Member] | ' | ' | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,520 | ' | 1,625 | ' | ' | ' |
Collectively evaluated for impairment | 8,355 | ' | 7,553 | ' | ' | ' |
Total loans | 9,875 | ' | 9,178 | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 156 | ' | 500 | ' | ' | ' |
Collectively evaluated for impairment | 881 | ' | 808 | ' | ' | ' |
Total allowance for loan losses | 1,037 | ' | 1,308 | ' | ' | ' |
All Other [Member] | ' | ' | ' | ' | ' | ' |
Loans: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 1,142 | ' | 1,272 | ' | ' | ' |
Total loans | 1,142 | ' | 1,272 | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 8 | ' | 8 | ' | ' | ' |
Total allowance for loan losses | $8 | ' | $8 | ' | ' | ' |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Property | Property |
Real Estate Properties [Line Items] | ' | ' |
# of Properties | 1 | 3 |
Amount | $2,650 | $10,669 |
Commercial Real Estate [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
# of Properties | 1 | 2 |
Amount | 2,650 | 3,984 |
Multifamily Loans [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
# of Properties | ' | 1 |
Amount | ' | $6,685 |
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 $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Real Estate [Abstract] | ' | ' | ' | ' |
Valuation allowance at beginning of period | $390 | $6,044 | $2,017 | $5,339 |
Provision for real estate losses | ' | 250 | ' | 955 |
Real estate chargeoffs | ' | -4,171 | -1,627 | -4,171 |
Valuation allowance at end of period | $390 | $2,123 | $390 | $2,123 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Certificates of Deposits (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Time Deposits, Fiscal Year Maturity [Abstract] | ' | ' |
Within one year, Amount | $269,268 | $307,122 |
Over one to two years, Amount | 158,266 | 167,323 |
Over two to three years, Amount | 213,925 | 170,956 |
Over three to four years, Amount | 73,696 | 106,700 |
Over four years, Amount | 125,893 | 129,678 |
Total certificates of deposit, Amount | $841,048 | $881,779 |
Within one year, Wtd-Avg Stated Rate | 1.57% | 1.97% |
Over one to two years, Wtd-Avg Stated Rate | 1.85% | 1.92% |
Over two to three years, Wtd-Avg Stated Rate | 1.96% | 1.92% |
Over three to four years, Wtd-Avg Stated Rate | 1.76% | 2.50% |
Over four years, Wtd-Avg Stated Rate | 2.11% | 2.06% |
Total certificates of deposit, Wtd-Avg Stated Rate | 1.82% | 2.03% |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
CDs of $100,000 or more | $465,000,000 | $473,000,000 |
Brokered certificate deposits amount | 68,000,000 | 91,000,000 |
Due within one year | 269,268,000 | 307,122,000 |
Due over one to two years | 158,266,000 | 167,323,000 |
Due over two to three years | 213,925,000 | 170,956,000 |
Due over three to four years | 73,696,000 | 106,700,000 |
Due thereafter | 125,893,000 | 129,678,000 |
CDs of $100,000 or More [Member] | ' | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
Due within one year | 113,000,000 | ' |
Due over one to two years | 85,000,000 | ' |
Due over two to three years | 140,000,000 | ' |
Due over three to four years | 47,000,000 | ' |
Due thereafter | 80,000,000 | ' |
Brokered CDs [Member] | ' | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
Due within one year | 5,000,000 | ' |
Due over one to two years | 8,000,000 | ' |
Due over two to three years | 29,000,000 | ' |
Due over three to four years | 14,000,000 | ' |
Due thereafter | $12,000,000 | ' |
Brokered certificates deposits weighted average rate | 2.43% | ' |
Lines_of_Credit_Additional_Inf
Lines of Credit - Additional Information (Detail) (Federal Home Loan Bank of New York and Federal Reserve Bank of New York [Member], USD $) | Sep. 30, 2014 |
Federal Home Loan Bank of New York and Federal Reserve Bank of New York [Member] | ' |
Federal Home Loan Bank Advances Type Of Fhlb Advances [Line Items] | ' |
Unsecured credit lines | $41,000,000 |
Additional total borrowings from FHLB and FRB | 323,000,000 |
Borrowings | $0 |
Subordinated_Debentures_Capita2
Subordinated Debentures - Capital Securities - Summary of Capital Securities Outstanding (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Principal | $56,702 | $56,702 |
Accrued Interest Payable | 56 | 868 |
Capital Securities II [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 15,464 | 15,464 |
Accrued Interest Payable | 17 | 275 |
Interest Rate | 3.18% | 3.19% |
Capital Securities III [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 15,464 | 15,464 |
Accrued Interest Payable | 17 | 261 |
Interest Rate | 3.02% | 3.03% |
Capital Securities IV [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 15,464 | 15,464 |
Accrued Interest Payable | 14 | 223 |
Interest Rate | 2.63% | 2.65% |
Capital Securities V [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 10,310 | 10,310 |
Accrued Interest Payable | 8 | 109 |
Interest Rate | 1.88% | 1.89% |
Capital Securities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 56,702 | 56,702 |
Accrued Interest Payable | $56 | $868 |
Common_Stock_Warrant_and_Equit2
Common Stock Warrant and Equity Incentive Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Executive Officers [Member] | Cash-Settled Stock Appreciation Rights (SARs) [Member] | Cash-Settled Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Right [Member] | Stock Appreciation Right [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | |||||
Installment | Installment | Executive Officers [Member] | |||||||||||
Executives | Executives | ||||||||||||
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 | ' | 2,250,000 | ' |
Common stock were available for award | ' | ' | ' | ' | ' | ' | ' | ' | ' | 624,703 | ' | 624,703 | ' |
Issuance of common stock option | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 |
Shares Awarded | ' | ' | ' | ' | ' | ' | ' | ' | 78,000 | ' | ' | ' | ' |
Number of participants | ' | ' | ' | ' | 5 | ' | ' | ' | 5 | ' | ' | ' | ' |
Number of installments | ' | ' | ' | ' | 2 | ' | ' | 3 | ' | ' | ' | ' | ' |
Contractual term | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Exercise price of option | ' | ' | ' | ' | ' | ' | ' | $7.65 | ' | ' | ' | ' | ' |
Estimated fair value per option | ' | ' | ' | ' | ' | ' | ' | $2.28 | ' | ' | ' | ' | ' |
Estimated fair value of SARs | ' | ' | ' | ' | ' | ' | ' | $178,000 | ' | ' | ' | ' | ' |
Expected dividend yield | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' |
Expected stock volatility | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | 0.98% | ' | ' | ' | ' | ' |
Expected term in years | ' | ' | ' | ' | ' | ' | ' | '3 years 6 months | ' | ' | ' | ' | ' |
Stock-based compensation expense | 278,000 | 229,000 | 1,052,000 | 731,000 | ' | 19,000 | 45,000 | ' | ' | ' | ' | ' | ' |
Pre-tax, stock-based compensation cost related to all nonvested awards of options and restricted stock not yet recognized | 1,800,000 | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options and restricted stock not yet recognized and will be recognized over a weighted-average period | ' | ' | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tax benefit | $11,000 | $5,000 | $318,000 | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_Warrant_and_Equit3
Common Stock Warrant and Equity Incentive Plans - Summary of Outstanding Common Stock Options and Warrant (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Outstanding | 1,041,445 |
Repurchased and cancelled | -691,882 |
Forfeited/expired | -2,400 |
Options exercised | -16,667 |
Ending Outstanding | 330,496 |
Vested and exercisable | 97.00% |
Wtd-avg contractual remaining term (in years) | '4 years 4 months 24 days |
Intrinsic value at September 30, 2014 | $894 |
Wtd-Avg Exercise Price, Beginning Outstanding | $6.64 |
Wtd-Avg Exercise Price, Repurchased and cancelled | $5.42 |
Wtd-Avg Exercise Price, Forfeited/expired | $7.05 |
Wtd-Avg Exercise Price, Options exercised | $3.14 |
Wtd-Avg Exercise Price, Ending Outstanding | $9.37 |
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 |
Repurchased and cancelled | -691,882 |
Forfeited/expired | 0 |
Options exercised | 0 |
Ending Outstanding | 0 |
Vested and exercisable | 0.00% |
Intrinsic value at September 30, 2014 | 0 |
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 | 110,640 |
Repurchased and cancelled | 0 |
Forfeited/expired | -600 |
Options exercised | 0 |
Ending Outstanding | 110,040 |
Expiration date | 13-Dec-17 |
Vested and exercisable | 100.00% |
Wtd-avg contractual remaining term (in years) | '3 years 2 months 12 days |
Intrinsic value at September 30, 2014 | 0 |
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 | 113,990 |
Repurchased and cancelled | 0 |
Forfeited/expired | -300 |
Options exercised | -600 |
Ending Outstanding | 113,090 |
Expiration date | 11-Dec-18 |
Vested and exercisable | 100.00% |
Wtd-avg contractual remaining term (in years) | '4 years 2 months 12 days |
Intrinsic value at September 30, 2014 | 233 |
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 | 57,400 |
Repurchased and cancelled | 0 |
Forfeited/expired | -300 |
Options exercised | -2,400 |
Ending Outstanding | 54,700 |
Expiration date | 10-Dec-19 |
Vested and exercisable | 100.00% |
Wtd-avg contractual remaining term (in years) | '5 years 2 months 12 days |
Intrinsic value at September 30, 2014 | 303 |
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 | 32,400 |
Repurchased and cancelled | 0 |
Forfeited/expired | -300 |
Options exercised | -7,500 |
Ending Outstanding | 24,600 |
Expiration date | 9-Dec-20 |
Vested and exercisable | 100.00% |
Wtd-avg contractual remaining term (in years) | '6 years 2 months 12 days |
Intrinsic value at September 30, 2014 | 161 |
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 | 35,133 |
Repurchased and cancelled | 0 |
Forfeited/expired | -900 |
Options exercised | -6,167 |
Ending Outstanding | 28,066 |
Expiration date | 8-Dec-21 |
Vested and exercisable | 67.00% |
Wtd-avg contractual remaining term (in years) | '7 years 2 months 12 days |
Intrinsic value at September 30, 2014 | $197 |
Common_Stock_Warrant_and_Equit4
Common Stock Warrant and Equity Incentive Plans - Summary of Outstanding Common Stock Options and Warrant (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of warrants purchased | 330,496 | 1,041,445 |
Payment for repurchase of warrants | $2,892 | ' |
Vested and exercisable | 97.00% | ' |
Calculated intrinsic value | $9.56 | ' |
Exercise Price Per Warrant/Option $5.42 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of warrants purchased | 0 | 691,882 |
Exercise Price Per Warrant/Option | $5.42 | ' |
Payment for repurchase of warrants | $2,900 | ' |
Vested and exercisable | 0.00% | ' |
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_and_Equit5
Common Stock Warrant and Equity Incentive Plans - Summary of Selected Information Regarding Restricted Common Stock Awards made Under Plan (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Grant date of award, Stock Grant | 23-Jan-14 | 24-Jan-13 |
Total restricted shares of stock awarded | 92,000 | 330,700 |
Grant date per share fair value | $7.65 | $4.50 |
Total estimated fair value of award | $703,800 | $1,488,150 |
Awards scheduled to vest as follows: | ' | ' |
Awards scheduled to vest, Stock Grant | 92,000 | 330,700 |
January 2014 [Member] | ' | ' |
Awards scheduled to vest as follows: | ' | ' |
Awards scheduled to vest, Stock Grant | ' | 49,566 |
January 2015 [Member] | ' | ' |
Awards scheduled to vest as follows: | ' | ' |
Awards scheduled to vest, Stock Grant | 30,664 | 170,888 |
January 2016 [Member] | ' | ' |
Awards scheduled to vest as follows: | ' | ' |
Awards scheduled to vest, Stock Grant | 30,664 | 110,246 |
January 2017 [Member] | ' | ' |
Awards scheduled to vest as follows: | ' | ' |
Awards scheduled to vest, Stock Grant | 30,672 | ' |
Common_Stock_Warrant_and_Equit6
Common Stock Warrant and Equity Incentive Plans - Summary of Selected Information Regarding Restricted Common Stock Awards made Under Plan (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Installment | Installment | |
Executive Officers [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of participants | ' | 5 |
Number of installments | ' | 2 |
Restricted stock awards vesting in second anniversary of the grant | ' | 66.67% |
Restricted stock awards vesting in third anniversary of the grant | ' | 33.33% |
Non-employee Directors [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of participants | ' | 8 |
Restricted stock awards vesting in first anniversary of the grant | ' | 33.33% |
Restricted stock awards vesting in second anniversary of the grant | ' | 33.33% |
Restricted stock awards vesting in third anniversary of the grant | ' | 33.33% |
Other Officers and Employees [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of installments | 3 | 3 |
Restricted stock awards vesting in first anniversary of the grant | 33.33% | 33.33% |
Restricted stock awards vesting in second anniversary of the grant | 33.33% | 33.33% |
Restricted stock awards vesting in third anniversary of the grant | 33.33% | 33.33% |
Restricted Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Awarded | 92,000 | ' |
Restricted Common Stock [Member] | Executive Officers [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Awarded | 12,000 | 182,000 |
Number of participants | 5 | ' |
Restricted Common Stock [Member] | Non-employee Directors [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Awarded | 80,000 | 80,000 |
Number of participants | 8 | ' |
Restricted Common Stock [Member] | Other Officers and Employees [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Awarded | ' | 68,700 |
Common_Stock_Warrant_and_Equit7
Common Stock Warrant and Equity Incentive Plans - Summary of Activity in IBCs Restricted Class A Common Stock (Detail) (Restricted Common Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Beginning Outstanding | 573,317 |
Shares granted | 92,000 |
Shares forfeited | -3,300 |
Shares vested and no longer restricted | -224,116 |
Ending Outstanding | 437,901 |
Wtd-Avg price outstanding, Beginning Balance | $4.70 |
Wtd-Avg price , Shares granted | $7.65 |
Wtd-Avg price, Shares forfeited | $4.26 |
Wtd-Avg price , Shares vested and no longer restricted | $4.69 |
Wtd-Avg price outstanding, Ending Balance | $5.33 |
Price Per Share $2.90 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Price Per Share | $2.90 |
Beginning Outstanding | 158,317 |
Shares granted | ' |
Shares forfeited | -500 |
Shares vested and no longer restricted | -101,035 |
Ending Outstanding | 56,782 |
Price Per Share $4.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Price Per Share | $4.50 |
Beginning Outstanding | 279,500 |
Shares granted | ' |
Shares forfeited | -2,800 |
Shares vested and no longer restricted | -47,664 |
Ending Outstanding | 229,036 |
Price Per Share $7.21 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Price Per Share | $7.21 |
Beginning Outstanding | 135,500 |
Shares granted | ' |
Shares forfeited | ' |
Shares vested and no longer restricted | -75,417 |
Ending Outstanding | 60,083 |
Price Per Share $7.65 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Price Per Share | $7.65 |
Beginning Outstanding | ' |
Shares granted | 92,000 |
Shares forfeited | ' |
Shares vested and no longer restricted | ' |
Ending Outstanding | 92,000 |
Common_Stock_Warrant_and_Equit8
Common Stock Warrant and Equity Incentive Plans - Summary of Activity in IBCs Restricted Class A Common Stock (Parenthetical) (Detail) (Restricted Common Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Price Per Share $2.90 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Per Warrant/Option | $2.90 |
Price Per Share $4.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Per Warrant/Option | $4.50 |
Price Per Share $7.21 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Per Warrant/Option | $7.21 |
Price Per Share $7.65 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Per Warrant/Option | $7.65 |
January 19, 2015 [Member] | Price Per Share $2.90 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 1 | 56,782 |
January 19, 2015 [Member] | Price Per Share $7.21 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 1 | 14,584 |
January 24, 2015 [Member] | Price Per Share $4.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 1 | 137,264 |
January 24, 2015 [Member] | Price Per Share $7.21 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 2 | 30,333 |
January 24, 2016 [Member] | Price Per Share $4.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 2 | 91,772 |
January 24, 2016 [Member] | Price Per Share $7.21 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 3 | 15,166 |
January 23, 2015 [Member] | Price Per Share $7.65 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 1 | 30,664 |
January 23, 2016 [Member] | Price Per Share $7.65 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 2 | 30,664 |
January 23, 2017 [Member] | Price Per Share $7.65 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Restricted common stock will vest on date 3 | 30,672 |
Earnings_Per_Common_Share_and_2
Earnings Per Common Share and Common Stock Dividend - Summary of Basic and Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic Earnings Per Common Share: | ' | ' | ' | ' |
Net earnings available to common stockholders | $4,180 | $2,588 | $13,760 | $9,230 |
Weighted-Average number of common shares outstanding | 22,024,722 | 21,915,596 | 22,013,754 | 21,891,886 |
Basic earnings per common share | $0.19 | $0.12 | $0.62 | $0.42 |
Diluted Earnings Per Common Share: | ' | ' | ' | ' |
Net earnings applicable to common stockholders | $4,180 | $2,588 | $13,760 | $9,230 |
Weighted-Average number of common shares outstanding: | ' | ' | ' | ' |
Common shares outstanding | 22,024,722 | 21,915,596 | 22,013,754 | 21,891,886 |
Potential dilutive shares resulting from exercise of warrants /options | 243,523 | 135,866 | 192,981 | 81,064 |
Total average number of common shares outstanding used for dilution | 22,268,245 | 22,051,462 | 22,206,735 | 21,972,950 |
Diluted earnings per common share | $0.19 | $0.12 | $0.62 | $0.42 |
Earnings_Per_Common_Share_and_3
Earnings Per Common Share and Common Stock Dividend - Summary of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Outstanding options/warrants to purchase, shares | 110,040 | 234,430 | 110,040 | 234,430 |
Earnings_Per_Common_Share_and_4
Earnings Per Common Share and Common Stock Dividend - Additional Information (Detail) (USD $) | 0 Months Ended | |
Jul. 14, 2014 | Apr. 24, 2014 | |
Earnings Per Share [Abstract] | ' | ' |
Dividend declared per share | $0.05 | $0.05 |
Dividend payment date | 26-Aug-14 | 26-May-14 |
Dividend record date | 15-Aug-14 | 15-May-14 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Liability or reserve recognized from litigation related to merger | $0 |
Regulatory_Matters_and_Regulat1
Regulatory Matters and Regulatory Capital - Additional Information (Detail) | Sep. 30, 2014 |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ' |
Tier 1 capital ratio | 20.84% |
Tier 1 Total capital ratios | 22.10% |
Leverage capital ratio | 16.92% |
INB [Member] | ' |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ' |
Tier 1 capital ratio | 16.44% |
Tier 1 Total capital ratios | 20.22% |
Leverage capital ratio | 21.48% |
OffBalance_Sheet_Financial_Ins2
Off-Balance Sheet Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet financial instruments, contractual amount | $23,921 | $20,263 |
Commitments to Extend Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet financial instruments, contractual amount | 23,134 | 19,386 |
Unused Lines of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance sheet financial instruments, contractual amount | $787 | $877 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, net | $305,347,000 | $965,000 |
Fair Value Measurement, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, net | 996,000 | ' |
Fair Value Measurement, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, net | ' | 1,000,000 |
Liabilities that were recorded at fair value | $0 | $0 |
Fair_Value_Measurements_Availa
Fair Value Measurements - Available-for-sale Securities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | $305,347 | $965 |
Debt Securities [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 304,351 | ' |
Debt Securities [Member] | U.S. government agencies [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 224,132 | ' |
Debt Securities [Member] | Residential mortgage-backed [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 79,690 | ' |
Debt Securities [Member] | State and municipal [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 529 | ' |
Equity Securities [Member] | Mutual funds investment [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 996 | 965 |
Fair Value Measurement, Level 1 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 996 | ' |
Fair Value Measurement, Level 1 [Member] | Debt Securities [Member] | U.S. government agencies [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurement, Level 1 [Member] | Debt Securities [Member] | Residential mortgage-backed [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurement, Level 1 [Member] | Debt Securities [Member] | State and municipal [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurement, Level 1 [Member] | Equity Securities [Member] | Mutual funds investment [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 996 | ' |
Fair Value Measurement, Level 2 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 304,351 | ' |
Fair Value Measurement, Level 2 [Member] | Debt Securities [Member] | U.S. government agencies [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 224,132 | ' |
Fair Value Measurement, Level 2 [Member] | Debt Securities [Member] | Residential mortgage-backed [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 79,690 | ' |
Fair Value Measurement, Level 2 [Member] | Debt Securities [Member] | State and municipal [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 529 | ' |
Fair Value Measurement, Level 2 [Member] | Equity Securities [Member] | Mutual funds investment [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Accumulated Losses on Outstanding Balance | $8,553 | ' | $8,553 | ' | $14,633 |
Total Losses (Gains) | -457 | 413 | -1,482 | 935 | ' |
Foreclosed Real Estate [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 390 | ' | 390 | ' | 2,017 |
Total Losses (Gains) | ' | 149 | -203 | 135 | ' |
Impaired Securities [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Total Losses (Gains) | ' | 273 | ' | 964 | ' |
Impaired Loans [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 8,163 | ' | 8,163 | ' | 12,616 |
Total Losses (Gains) | -457 | -9 | -1,279 | -164 | ' |
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 | 7,416 | ' | 7,416 | ' | 11,522 |
Total Losses (Gains) | -452 | ' | -918 | 823 | ' |
Impaired Loans [Member] | Multifamily Loans [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 591 | ' | 591 | ' | 594 |
Total Losses (Gains) | ' | -7 | -17 | -964 | ' |
Impaired Loans [Member] | Land [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Accumulated Losses on Outstanding Balance | 156 | ' | 156 | ' | 500 |
Total Losses (Gains) | -5 | -2 | -344 | -23 | ' |
Fair Value Measurement, Level 3 [Member] | Foreclosed Real Estate [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Outstanding Carrying Value | 2,650 | ' | 2,650 | ' | 10,669 |
Fair Value Measurement, Level 3 [Member] | Impaired Loans [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Outstanding Carrying Value | 54,905 | ' | 54,905 | ' | 57,160 |
Fair Value Measurement, Level 3 [Member] | Impaired Loans [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Outstanding Carrying Value | 50,281 | ' | 50,281 | ' | 52,407 |
Fair Value Measurement, Level 3 [Member] | Impaired Loans [Member] | Multifamily Loans [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Outstanding Carrying Value | 3,104 | ' | 3,104 | ' | 3,128 |
Fair Value Measurement, Level 3 [Member] | Impaired Loans [Member] | Land [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Outstanding Carrying Value | $1,520 | ' | $1,520 | ' | $1,625 |
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 $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Impaired Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | ' | $2,923 | ' | $3,721 |
Other than temporary impairment write downs | ' | -273 | ' | -964 |
Principal repayments/sales | ' | -46 | ' | -153 |
Balance at end of period | ' | 2,604 | ' | 2,604 |
Impaired Loans [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 57,821 | 50,533 | 57,160 | 65,973 |
Net new impaired loans | ' | 514 | 3,466 | 8,761 |
Impaired loans transferred to foreclosed real estate | ' | ' | ' | -3,040 |
Principal repayments/sales | -2,916 | -149 | -5,721 | -18,858 |
Chargeoffs of impaired loans | ' | ' | ' | -1,938 |
Gain from sales | ' | ' | ' | ' |
Balance at end of period | 54,905 | 50,898 | 54,905 | 50,898 |
Foreclosed Real Estate [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 2,650 | 14,869 | 10,669 | 15,923 |
Net new impaired loans | ' | ' | ' | ' |
Impaired loans transferred to foreclosed real estate | ' | ' | ' | 3,040 |
Principal repayments/sales | ' | -2,701 | -8,222 | -6,809 |
Writedowns of carrying value subsequent to foreclosure | ' | -250 | ' | -1,029 |
Recoveries of prior writedowns | ' | ' | ' | 74 |
Gain from sales | ' | 101 | 203 | 820 |
Balance at end of period | $2,650 | $12,019 | $2,650 | $12,019 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Financial Assets: | ' | ' |
Securities held to maturity, net | ' | $378,507,000 |
Time deposits with banks | 4,620,000 | 5,370,000 |
Securities available for sale, net | 305,347,000 | 965,000 |
Securities held to maturity, net | ' | 383,937,000 |
Fair Value Measurement, Level 1 [Member] | ' | ' |
Financial Assets: | ' | ' |
Securities held to maturity, net | 1,000,000 | ' |
Securities available for sale, net | 996,000 | ' |
Fair Value Measurement, Level 2 [Member] | ' | ' |
Financial Assets: | ' | ' |
Securities available for sale, net | 304,351,000 | ' |
Fair Value [Member] | ' | ' |
Financial Assets: | ' | ' |
Total Financial Assets | 1,497,071,000 | 1,525,313,000 |
Financial Liabilities: | ' | ' |
Total Financial Liabilities | 1,286,631,000 | 1,353,866,000 |
Net Financial Assets | 210,440,000 | 171,447,000 |
Fair Value [Member] | Fair Value Measurement, Level 1 [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 11,483,000 | 24,700,000 |
Time deposits with banks | 4,620,000 | 5,370,000 |
Securities available for sale, net | 305,347,000 | 965,000 |
Fair Value [Member] | Fair Value Measurement, Level 2 [Member] | ' | ' |
Financial Assets: | ' | ' |
Securities held to maturity, net | ' | 378,507,000 |
Fair Value [Member] | Fair Value Measurement, Level 3 [Member] | ' | ' |
Financial Assets: | ' | ' |
FRB and FHLB stock | 7,715,000 | 8,244,000 |
Loans receivable, net | 1,161,476,000 | 1,100,858,000 |
Accrued interest receivable | 4,665,000 | 4,861,000 |
Loan fees receivable | 1,765,000 | 1,808,000 |
Financial Liabilities: | ' | ' |
Deposits | 1,229,119,000 | 1,294,690,000 |
Borrowed funds plus accrued interest payable | 56,516,000 | 57,260,000 |
Accrued interest payable on deposits | 850,000 | 1,508,000 |
Commitments to lend | 146,000 | 408,000 |
Carrying Value [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 11,483,000 | 24,700,000 |
Time deposits with banks | 4,620,000 | 5,370,000 |
Securities available for sale, net | 305,347,000 | 965,000 |
Securities held to maturity, net | ' | 383,937,000 |
FRB and FHLB stock | 7,715,000 | 8,244,000 |
Loans receivable, net | 1,148,635,000 | 1,099,689,000 |
Accrued interest receivable | 4,665,000 | 4,861,000 |
Loan fees receivable | 2,224,000 | 2,298,000 |
Total Financial Assets | 1,484,689,000 | 1,530,064,000 |
Financial Liabilities: | ' | ' |
Deposits | 1,214,324,000 | 1,282,232,000 |
Borrowed funds plus accrued interest payable | 56,758,000 | 57,570,000 |
Accrued interest payable on deposits | 850,000 | 1,508,000 |
Commitments to lend | 146,000 | 408,000 |
Total Financial Liabilities | 1,272,078,000 | 1,341,718,000 |
Net Financial Assets | $212,611,000 | $188,346,000 |
Fair_Value_Measurements_Carryi1
Fair Value Measurements - Carrying and Estimated Fair Values of Financial Instruments (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Fair Value Measurement, Level 1 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities held to maturity, net | $378,507 | $1,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
Jul. 14, 2014 | Apr. 24, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Oct. 15, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Cash dividend | $0.05 | $0.05 | ' | ' | ' | $0.05 |
Cash dividend payment date | 26-Aug-14 | 26-May-14 | ' | ' | ' | 24-Nov-14 |
Cash dividend record date | 15-Aug-14 | 15-May-14 | ' | ' | ' | 14-Nov-14 |
Available for sale of securities | ' | ' | ' | $37,384,000 | $77,000,000 | ' |
Increased cash through sale of securities | ' | ' | ' | ' | 90,000,000 | ' |
Net loss of sale of securities | ' | ' | $196,000 | $196,000 | $200,000 | ' |