Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | TRUSTCO BANK CORP N Y | |
Entity Central Index Key | 0000357301 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 96,910,157 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-10592 | |
Entity Tax Identification Number | 14-1630287 | |
Entity Incorporation, State or Country Code | NY | |
Entity Address, Address Line One | 5 SARNOWSKI DRIVE | |
Entity Address, City or Town | GLENVILLE | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 12302 | |
City Area Code | 518 | |
Local Phone Number | 377-3311 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | TRST | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 41,432 | $ 38,956 | $ 82,685 | $ 77,047 |
Interest and dividends on securities available for sale: | ||||
U. S. government sponsored enterprises | 821 | 787 | 1,604 | 1,537 |
State and political subdivisions | 3 | 6 | 4 | 13 |
Mortgage-backed securities and collateralized mortgage obligations | 2,152 | 1,670 | 3,707 | 3,475 |
Corporate bonds | 272 | 150 | 480 | 283 |
Small Business Administration-guaranteed participation securities | 289 | 333 | 586 | 685 |
Other securities | 5 | 4 | 10 | 9 |
Total interest and dividends on securities available for sale | 3,542 | 2,950 | 6,391 | 6,002 |
Interest on held to maturity securities: | ||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 209 | 244 | 426 | 504 |
Total interest on held to maturity securities | 209 | 244 | 426 | 504 |
Federal Reserve Bank and Federal Home Loan Bank stock | 199 | 198 | 284 | 275 |
Interest on federal funds sold and other short-term investments | 3,282 | 2,467 | 6,291 | 4,484 |
Total interest income | 48,664 | 44,815 | 96,077 | 88,312 |
Interest on deposits: | ||||
Interest-bearing checking | 94 | 112 | 215 | 218 |
Savings accounts | 367 | 420 | 744 | 839 |
Money market deposit accounts | 1,119 | 452 | 1,945 | 891 |
Time deposits | 7,512 | 3,439 | 13,488 | 6,299 |
Interest on short-term borrowings | 381 | 283 | 762 | 641 |
Total interest expense | 9,473 | 4,706 | 17,154 | 8,888 |
Net interest income | 39,191 | 40,109 | 78,923 | 79,424 |
(Credit) Provision for loan losses | (341) | 300 | (41) | 600 |
Net interest income after provision for loan losses | 39,532 | 39,809 | 78,964 | 78,824 |
Noninterest income: | ||||
Trustco financial services income | 1,683 | 1,596 | 3,416 | 3,411 |
Fees for services to customers | 2,611 | 2,677 | 5,131 | 5,322 |
Other | 620 | 222 | 1,004 | 441 |
Total noninterest income | 4,914 | 4,495 | 9,551 | 9,174 |
Noninterest expenses: | ||||
Salaries and employee benefits | 11,711 | 10,741 | 23,162 | 21,163 |
Net occupancy expense | 4,006 | 4,101 | 8,173 | 8,416 |
Equipment expense | 1,709 | 1,793 | 3,611 | 3,544 |
Professional services | 1,568 | 1,814 | 3,218 | 3,244 |
Outsourced services | 1,875 | 1,825 | 3,800 | 3,750 |
Advertising expense | 778 | 670 | 1,563 | 1,300 |
FDIC and other insurance | 598 | 514 | 1,246 | 1,537 |
Other real estate expense, net | 210 | 294 | 186 | 666 |
Other | 2,447 | 2,343 | 4,810 | 4,630 |
Total noninterest expenses | 24,902 | 24,095 | 49,769 | 48,250 |
Income before taxes | 19,544 | 20,209 | 38,746 | 39,748 |
Income taxes | 4,877 | 4,804 | 9,521 | 9,535 |
Net income | $ 14,667 | $ 15,405 | $ 29,225 | $ 30,213 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.152 | $ 0.160 | $ 0.302 | $ 0.313 |
Diluted (in dollars per share) | $ 0.151 | $ 0.160 | $ 0.302 | $ 0.313 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||||
Net income | $ 14,667 | $ 15,405 | $ 29,225 | $ 30,213 |
Net unrealized holding gain (loss) on securities available for sale | 7,177 | (1,669) | 11,767 | (8,830) |
Tax effect | (1,864) | 425 | (3,058) | 2,284 |
Net unrealized gain (loss) on securities available for sale, net of tax | 5,313 | (1,244) | 8,709 | (6,546) |
Amortization of net actuarial gain | (20) | (106) | (68) | (178) |
Amortization of prior service (credit) cost | (82) | 22 | (167) | 45 |
Tax effect | 26 | 22 | 61 | 35 |
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax | (76) | (62) | (174) | (98) |
Other comprehensive income (loss), net of tax | 5,237 | (1,306) | 8,535 | (6,644) |
Comprehensive income | $ 19,904 | $ 14,099 | $ 37,760 | $ 23,569 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Cash and due from banks | $ 42,471 | $ 49,260 |
Federal funds sold and other short term investments | 517,684 | 454,449 |
Total cash and cash equivalents | 560,155 | 503,709 |
Securities available for sale | 633,540 | 501,463 |
Held to maturity securities (fair value 2019 $21,623; 2018 $22,924) | 20,667 | 22,501 |
Federal Reserve Bank and Federal Home Loan Bank stock | 9,183 | 8,953 |
Loans, net of deferred net costs | 3,906,409 | 3,874,096 |
Less: Allowance for loan losses | 44,365 | 44,766 |
Net loans | 3,862,044 | 3,829,330 |
Bank premises and equipment, net | 34,058 | 34,694 |
Operating lease right-of-use assets | 51,097 | 0 |
Other assets | 56,926 | 58,263 |
Total assets | 5,227,670 | 4,958,913 |
Deposits: | ||
Demand | 432,780 | 405,069 |
Interest-bearing checking | 888,433 | 904,678 |
Savings accounts | 1,132,308 | 1,182,683 |
Money market deposit accounts | 562,318 | 507,311 |
Time deposits | 1,446,428 | 1,274,506 |
Total deposits | 4,462,267 | 4,274,247 |
Short-term borrowings | 166,746 | 161,893 |
Operating lease liabilities | 56,237 | 0 |
Accrued expenses and other liabilities | 26,790 | 32,902 |
Total liabilities | 4,712,040 | 4,469,042 |
SHAREHOLDERS' EQUITY: | ||
Capital stock par value $1; 150,000,000 shares authorized; 100,180,132 and 100,175,032 shares issued at June 30, 2019 and December 31, 2018, respectively | 100,180 | 100,175 |
Surplus | 176,396 | 176,710 |
Undivided profits | 272,433 | 256,397 |
Accumulated other comprehensive loss, net of tax | (1,774) | (10,309) |
Treasury stock at cost - 3,357,831 and 3,516,440 shares at June 30, 2019 and December 31, 2018, respectively | (31,605) | (33,102) |
Total shareholders' equity | 515,630 | 489,871 |
Total liabilities and shareholders' equity | $ 5,227,670 | $ 4,958,913 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Held to maturity securities, fair value | $ 21,623 | $ 22,924 |
SHAREHOLDERS' EQUITY: | ||
Capital stock, par value (in dollars per share) | $ 1 | $ 1 |
Capital stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Capital stock, shares issued (in shares) | 100,180,132 | 100,175,032 |
Treasury stock, at cost (in shares) | 3,357,831 | 3,516,440 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Capital Stock [Member] | Surplus [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2017 | $ 99,998 | $ 175,651 | $ 219,436 | $ (1,806) | $ (34,971) | $ 458,308 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 14,808 | 0 | 0 | 14,808 |
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 0 | 1,346 | (1,346) | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (5,338) | 0 | (5,338) |
Cash dividend declared | 0 | 0 | (6,323) | 0 | 0 | (6,323) |
Stock options exercised | 4 | 16 | 0 | 0 | 0 | 20 |
Sale of treasury stock | 0 | (21) | 0 | 0 | 615 | 594 |
Stock based compensation expense | 0 | 28 | 0 | 0 | 0 | 28 |
Balance at Mar. 31, 2018 | 100,002 | 175,674 | 229,267 | (8,490) | (34,356) | 462,097 |
Balance at Dec. 31, 2017 | 99,998 | 175,651 | 219,436 | (1,806) | (34,971) | 458,308 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 30,213 | |||||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | (1,346) | |||||
Other comprehensive income (loss), net of tax | (6,644) | |||||
Balance at Jun. 30, 2018 | 100,093 | 176,243 | 238,342 | (9,796) | (34,067) | 470,815 |
Balance at Mar. 31, 2018 | 100,002 | 175,674 | 229,267 | (8,490) | (34,356) | 462,097 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 15,405 | 0 | 0 | 15,405 |
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 0 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (1,306) | 0 | (1,306) |
Cash dividend declared | 0 | 0 | (6,330) | 0 | 0 | (6,330) |
Stock options exercised | 91 | 592 | 0 | 0 | 0 | 683 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (379) | (379) |
Sale of treasury stock | 0 | (72) | 0 | 0 | 668 | 596 |
Stock based compensation expense | 0 | 49 | 0 | 0 | 0 | 49 |
Balance at Jun. 30, 2018 | 100,093 | 176,243 | 238,342 | (9,796) | (34,067) | 470,815 |
Balance at Dec. 31, 2018 | 100,175 | 176,710 | 256,397 | (10,309) | (33,102) | 489,871 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 14,558 | 0 | 0 | 14,558 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 3,298 | 0 | 3,298 |
Cash dividend declared | 0 | 0 | (6,591) | 0 | 0 | (6,591) |
Stock options exercised | 5 | 30 | 0 | 0 | 0 | 35 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (35) | (35) |
Sale of treasury stock | 0 | (218) | 0 | 0 | 812 | 594 |
Stock based compensation expense | 0 | (12) | 0 | 0 | 0 | (12) |
Balance at Mar. 31, 2019 | 100,180 | 176,510 | 264,364 | (7,011) | (32,325) | 501,718 |
Balance at Dec. 31, 2018 | 100,175 | 176,710 | 256,397 | (10,309) | (33,102) | 489,871 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 29,225 | |||||
Other comprehensive income (loss), net of tax | 8,535 | |||||
Balance at Jun. 30, 2019 | 100,180 | 176,396 | 272,433 | (1,774) | (31,605) | 515,630 |
Balance at Mar. 31, 2019 | 100,180 | 176,510 | 264,364 | (7,011) | (32,325) | 501,718 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 14,667 | 0 | 0 | 14,667 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 5,237 | 0 | 5,237 |
Cash dividend declared | 0 | 0 | (6,598) | 0 | 0 | (6,598) |
Sale of treasury stock | 0 | (120) | 0 | 0 | 720 | 600 |
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 |
Balance at Jun. 30, 2019 | $ 100,180 | $ 176,396 | $ 272,433 | $ (1,774) | $ (31,605) | $ 515,630 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) [Abstract] | ||||
Cash dividend declared (in dollars per share) | $ 0.068125 | $ 0.068125 | $ 0.0656 | $ 0.0656 |
Stock option exercises (in shares) | 5,100 | 91,200 | 4,000 | |
Purchase of treasury stock (in shares) | 4,131 | 45,509 | ||
Sale of treasury stock (in shares) | 76,443 | 86,297 | 70,792 | 65,289 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 29,225 | $ 30,213 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,982 | 1,946 |
Amortization of right-of-use asset | 2,941 | 0 |
Net gain on sale of other real estate owned | (465) | (220) |
Writedown of other real estate owned | 276 | 230 |
(Recoveries) provision for loan losses | (41) | 600 |
Deferred tax expense | 660 | 70 |
Net amortization of securities | 1,313 | 1,725 |
Stock based compensation expense | (6) | 77 |
Net gain on sale of bank premises and equipment | (2) | 0 |
Decrease in taxes receivable | 1,038 | 1,311 |
(Increase) Decrease in interest receivable | (996) | 112 |
Increase in interest payable | 528 | 158 |
Increase in other assets | (1,647) | (1,439) |
Decrease in operating lease liabilities | (2,983) | 0 |
Decrease in accrued expenses and other liabilities | (1,469) | (1,784) |
Total adjustments | 1,129 | 2,786 |
Net cash provided by operating activities | 30,354 | 32,999 |
Cash flows from investing activities: | ||
Proceeds from sales and calls of securities available for sale | 44,450 | 49,481 |
Proceeds from calls and maturities of held to maturity securities | 1,754 | 2,821 |
Purchases of securities available for sale | (176,045) | (60,088) |
Proceeds from maturities of securities available for sale | 10,052 | 45,000 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (230) | (174) |
Net increase in loans | (35,385) | (106,869) |
Proceeds from dispositions of other real estate owned | 1,951 | 2,521 |
Proceeds from dispositions of bank premises and equipment | 2 | 0 |
Purchases of bank premises and equipment | (1,346) | (2,310) |
Net cash used in investing activities | (154,797) | (69,618) |
Cash flows from financing activities: | ||
Net increase in deposits | 188,020 | 81,944 |
Net increase (decrease) in short-term borrowings | 4,853 | (60,286) |
Proceeds from exercise of stock options | 35 | 703 |
Stock based award tax withholding payments | 0 | (37) |
Proceeds from sale of treasury stock | 1,194 | 1,190 |
Purchases of treasury stock | (35) | (379) |
Dividends paid | (13,178) | (12,640) |
Net cash provided by financing activities | 180,889 | 10,495 |
Net increase in cash and cash equivalents | 56,446 | (26,124) |
Cash and cash equivalents at beginning of period | 503,709 | 612,740 |
Cash and cash equivalents at end of period | 560,155 | 586,616 |
Cash paid during the year for: | ||
Interest paid | 16,626 | 4,549 |
Income taxes paid | 8,332 | 6,524 |
Other non cash items | ||
Transfer of loans to other real estate owned | 2,712 | 1,854 |
Increase in dividends payable | 11 | 13 |
Change in unrealized gain (loss) on securities available for sale-gross of deferred taxes | 11,767 | (8,830) |
Change in deferred tax effect on unrealized (gain) loss on securities available for sale | (3,058) | 2,284 |
Amortization of net actuarial gain and prior service cost on pension and postretirement plans | (235) | (133) |
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | $ 61 | $ 35 |
Financial Statement Presentatio
Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Financial Statement Presentation [Abstract] | |
Financial Statement Presentation | (1) Financial Statement Presentation The unaudited Consolidated Interim Financial Statements of TrustCo Bank Corp NY (the “Company” or “TrustCo”) include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions. Prior period amounts are reclassified when necessary to conform to the current period presentation. The net income reported for the three and six months ended June 30, 2019 is not necessarily indicative of the results that may be expected for the year ending December 31, 2019, or any interim periods. These financial statements consider events that occurred through the date of filing. In the opinion of the management of the Company, the accompanying unaudited Consolidated Interim Financial Statements contain all recurring adjustments necessary to present fairly the financial position as of June 30, 2019, the results of operations and cash flows for the three and six months ended June 30, 2019 and 2018. The accompanying Consolidated Interim Financial Statements should be read in conjunction with the Company’s year-end Consolidated Financial Statements, including notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (2) Earnings Per Share The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share A reconciliation of the component parts of earnings per share for the three and six months ended June 30, 2019 and 2018 is as follows: (in thousands, except per share data) For the three months ended June 30, For the six months ended June 30, 2019 2018 2019 2018 Net income $ 14,667 15,405 $ 29,225 30,213 Weighted average common shares 96,822 96,449 96,784 96,401 Stock Options 69 131 73 134 Weighted average common shares including potential dilutive shares 96,891 96,580 96,857 96,535 Basic EPS $ 0.152 0.160 $ 0.302 0.313 Diluted EPS $ 0.151 0.160 $ 0.302 0.313 For the three and six months ended June 30, 2019 and 2018, there were no antidilutive stock options excluded from diluted earnings per share. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Benefit Plans [Abstract] | |
Benefit Plans | (3) Benefit Plans The table below outlines the components of the Company’s net periodic benefit recognized during the three and six months ended June 30, 2019 and 2018 for its pension and other postretirement benefit plans: Three months ended June 30, Pension Benefits Other Postretirement Benefits (dollars in thousands) 2019 2018 2019 2018 Service cost $ 13 6 14 26 Interest cost 307 273 60 55 Expected return on plan assets (654 ) (819 ) (247 ) (191 ) Amortization of net (gain) loss 30 (17 ) (50 ) (89 ) Amortization of prior service cost - - (82 ) 22 Net periodic benefit $ (304 ) (557 ) (305 ) (177 ) Six months ended June 30, Pension Benefits Other Postretirement Benefits (dollars in thousands) 2019 2018 2019 2018 Service cost $ 21 17 32 52 Interest cost 622 599 120 109 Expected return on plan assets (1,406 ) (1,506 ) (495 ) (381 ) Amortization of net loss (gain) 30 - (98 ) (178 ) Amortization of prior service cost - - (167 ) 45 Net periodic benefit $ (733 ) (890 ) (608 ) (353 ) The Company does not expect to make contributions to its pension and postretirement benefit plans in 2019. As of June 30, 2019, no contributions have been made, however, this decision is reviewed each quarter and is subject to change based upon market conditions. Since 2003, the Company has not subsidized retiree medical insurance premiums. However, it continues to provide postretirement medical benefits to a limited number of current and retired executives in accordance with the terms of their employment contracts. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investment Securities [Abstract] | |
Investment Securities | (4) Investment Securities (a) Securities available for sale The amortized cost and fair value of the securities available for sale are as follows: June 30, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 184,866 76 494 184,448 State and political subdivisions 166 4 - 170 Mortgage backed securities and collateralized mortgage obligations - residential 356,376 1,631 3,328 354,679 Corporate bonds 40,254 321 108 40,467 Small Business Administration - guaranteed participation securities 53,494 - 403 53,091 Other 685 - - 685 Total Securities Available for Sale $ 635,841 2,032 4,333 633,540 December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 154,868 - 2,708 152,160 State and political subdivisions 168 5 - 173 Mortgage backed securities and collateralized mortgage obligations - residential 271,386 53 9,407 262,032 Corporate bonds 30,048 - 110 29,938 Small Business Administration - guaranteed participation securities 58,376 - 1,901 56,475 Other 685 - - 685 Total securities available for sale $ 515,531 58 14,126 501,463 The schedule of maturities of debt securities available for sale is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties. (dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 5,080 5,093 Due in one year through five years 170,836 170,638 Due after five years through ten years 50,055 50,039 Mortgage backed securities and collateralized mortgage obligations 356,376 354,679 Small Business Administration - guaranteed participation securities 53,494 53,091 $ 635,841 633,540 Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: June 30, 2019 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss U.S. government sponsored enterprises $ 19,939 61 94,461 433 114,400 494 Mortgage backed securities and collateralized mortgage obligations - residential 4,025 24 243,286 3,304 247,311 3,328 Corporate bonds 14,892 108 - - 14,892 108 Small Business Administration - guaranteed participation securities - - 53,091 403 53,091 403 Total $ 38,856 193 390,838 4,140 $ 429,694 4,333 December 31, 2018 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss U.S. government sponsored enterprises $ 29,870 106 112,291 2,602 142,161 2,708 Mortgage backed securities and collateralized mortgage obligations - residential 1,102 11 259,729 9,396 260,831 9,407 Corporate bonds 14,943 98 9,995 12 24,938 110 Small Business Administration - guaranteed participation securities - - 56,475 1,901 56,475 1,901 Total $ 45,915 215 438,490 13,911 484,405 14,126 The proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses from sales and calls during the three and six months ended June 30, 2019 and 2018 are as follows: Three months ended June 30, (dollars in thousands) 2019 2018 Proceeds from sales $ - - Proceeds from calls/paydowns 28,409 24,453 Proceeds from maturities 52 20,000 Six months ended June 30, (dollars in thousands) 2019 2018 Proceeds from sales $ - - Proceeds from calls/paydowns 44,450 49,481 Proceeds from maturities 10,052 45,000 There were no gross realized gains or losses from calls of available for sale securities during the three and six months ended June 30, 2019 and 2018. There were no sales or transfers of securities available for sale during the three and six months ended June 30, 2019 and 2018. (b) Held to maturity securities The amortized cost and fair value of the held to maturity securities are as follows: June 30, 2019 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 20,667 961 5 21,623 Total held to maturity $ 20,667 961 5 21,623 December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 22,501 577 154 22,924 Total held to maturity $ 22,501 577 154 22,924 The following table distributes the debt securities included in the held to maturity portfolio as of June 30, 2019, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are presented separately: (dollars in thousands) Amortized Cost Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 20,667 21,623 $ 20,667 21,623 Gross unrecognized losses on securities held to maturity and the related fair values aggregated by the length of time that individual securities have been in an unrecognized loss position, were as follows: June 30, 2019 (dollars in thousands) Less than 12 months 12 months or more Total Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Mortgage backed securities and collateralized mortgage obligations - residential $ - - 2,421 5 2,421 5 Total $ - - 2,421 5 2,421 5 December 31, 2018 (dollars in thousands) Less than 12 months 12 months or more Total Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Mortgage backed securities and collateralized mortgage obligations - residential $ 10,958 154 - - 10,958 154 Total $ 10,958 154 - - 10,958 154 There were no sales or transfers of held to maturity securities during the three and six months ended June 30, 2019 and 2018. (c) Other-Than-Temporary Impairment Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio by type and applying the appropriate OTTI model. In determining OTTI for debt securities, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether any other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether management intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If management intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If management does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, the OTTI on debt securities shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. As of June 30, 2019, the Company’s security portfolio included certain securities which were in an unrealized loss position, and are discussed below. U.S. government sponsored enterprises: Mortgage backed securities and collateralized mortgage obligations – residential: Corporate Bonds: Small Business Administration (SBA) - guaranteed participation securities: |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | (5) Loans and Allowance for Loan Losses The following table presents the recorded investment in loans by loan class: June 30, 2019 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 153,550 14,404 167,954 Other 22,280 273 22,553 Real estate mortgage - 1 to 4 family: First mortgages 2,461,857 876,259 3,338,116 Home equity loans 71,758 18,955 90,713 Home equity lines of credit 233,360 44,199 277,559 Installment 7,588 1,926 9,514 Total loans, net $ 2,950,393 $ 956,016 3,906,409 Less: Allowance for loan losses 44,365 Net loans $ 3,862,044 December 31, 2018 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 156,278 15,275 171,553 Other 24,330 263 24,593 Real estate mortgage - 1 to 4 family: First mortgages 2,442,711 845,166 3,287,877 Home equity loans 71,523 17,308 88,831 Home equity lines of credit 243,765 45,775 289,540 Installment 9,462 2,240 11,702 Total loans, net $ 2,948,069 926,027 3,874,096 Less: Allowance for loan losses 44,766 Net loans $ 3,829,330 * Includes New York, New Jersey, Vermont and Massachusetts. At June 30, 2019 and December 31, 2018, the Company had approximately $27.7 million and $26.7 million of real estate construction loans, respectively. Of the $27.7 million in real estate construction loans at June 30, 2019, approximately $13.3 million are secured by second mortgages to residential borrowers while approximately $14.4 million were to commercial borrowers for residential construction projects. Of the $26.7 million in real estate construction loans at December 31, 2018, approximately $14.2 million are secured by second mortgages to residential borrowers while approximately $12.5 million were to commercial borrowers for residential construction projects. The vast majority of construction loans are in the Company’s New York market. TrustCo lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors’ ability to repay depends significantly on the economic conditions prevailing in the respective geographic territory. The following tables present the recorded investment in non-accrual loans by loan class: June 30, 2019 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 902 - 902 Other 3 - 3 Real estate mortgage - 1 to 4 family: First mortgages 15,818 1,433 17,251 Home equity loans 342 - 342 Home equity lines of credit 3,473 131 3,604 Installment 1 - 1 Total non-accrual loans 20,539 1,564 22,103 Restructured real estate mortgages - 1 to 4 family 31 - 31 Total nonperforming loans $ 20,570 1,564 22,134 December 31, 2018 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 639 - 639 Other 6 - 6 Real estate mortgage - 1 to 4 family: First mortgages 18,202 1,812 20,014 Home equity loans 247 - 247 Home equity lines of credit 3,924 103 4,027 Installment 4 15 19 Total non-accrual loans 23,022 1,930 24,952 Restructured real estate mortgages - 1 to 4 family 34 - 34 Total nonperforming loans $ 23,056 1,930 24,986 * Includes New York, New Jersey, Vermont and Massachusetts. The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu). As of June 30, 2019 and December 31, 2018, other estate owned included $2.1 million and $1.1 million of residential foreclosed properties, respectively. In addition, non-accrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $9.6 million and $12.4 million as of June 30, 2019 and December 31, 2018, respectively. The following tables present the aging of the recorded investment in past due loans by loan class and by region as of June 30, 2019 and December 31, 2018: June 30, 2019 New York and other states*: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ 478 - - 478 153,072 153,550 Other - - - - 22,280 22,280 Real estate mortgage - 1 to 4 family: First mortgages 2,746 932 11,363 15,041 2,446,816 2,461,857 Home equity loans 59 - 289 348 71,410 71,758 Home equity lines of credit 464 28 1,700 2,192 231,168 233,360 Installment 57 9 1 67 7,521 7,588 Total $ 3,804 969 13,353 18,126 2,932,267 2,950,393 Florida: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ - - - - 14,404 14,404 Other - - - - 273 273 Real estate mortgage - 1 to 4 family: First mortgages 555 822 623 2,000 874,259 876,259 Home equity loans - 50 - 50 18,905 18,955 Home equity lines of credit 141 - 80 221 43,978 44,199 Installment - 16 - 16 1,910 1,926 Total $ 696 888 703 2,287 953,729 956,016 Total: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ 478 - - 478 167,476 167,954 Other - - - - 22,553 22,553 Real estate mortgage - 1 to 4 family: First mortgages 3,301 1,754 11,986 17,041 3,321,075 3,338,116 Home equity loans 59 50 289 398 90,315 90,713 Home equity lines of credit 605 28 1,780 2,413 275,146 277,559 Installment 57 25 1 83 9,431 9,514 Total $ 4,500 1,857 14,056 20,413 3,885,996 3,906,409 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 2018 New York and other states*: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ 198 - 370 568 155,710 156,278 Other - - - - 24,330 24,330 Real estate mortgage - 1 to 4 family: First mortgages 3,276 898 13,267 17,441 2,425,270 2,442,711 Home equity loans 158 94 212 464 71,059 71,523 Home equity lines of credit 963 348 1,691 3,002 240,763 243,765 Installment 44 29 2 75 9,387 9,462 Total $ 4,639 1,369 15,542 21,550 2,926,519 2,948,069 Florida: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ - - - - 15,275 15,275 Other - - - - 263 263 Real estate mortgage - 1 to 4 family: First mortgages 417 407 721 1,545 843,621 845,166 Home equity loans 50 - - 50 17,258 17,308 Home equity lines of credit 40 - 50 90 45,685 45,775 Installment 12 7 15 34 2,206 2,240 Total $ 519 414 786 1,719 924,308 926,027 Total: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ 198 - 370 568 170,985 171,553 Other - - - - 24,593 24,593 Real estate mortgage - 1 to 4 family: First mortgages 3,693 1,305 13,988 18,986 3,268,891 3,287,877 Home equity loans 208 94 212 514 88,317 88,831 Home equity lines of credit 1,003 348 1,741 3,092 286,448 289,540 Installment 56 36 17 109 11,593 11,702 Total $ 5,158 1,783 16,328 23,269 3,850,827 3,874,096 * Includes New York, New Jersey, Vermont and Massachusetts. At June 30, 2019 and December 31, 2018, there were no loans that were 90 days past due and still accruing interest. As a result, non-accrual loans include all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status. There are no commitments to extend further credit on non-accrual or restructured loans. Activity in the allowance for loan losses by portfolio segment is summarized as follows: For the three months ended June 30, 2019 (dollars in thousands) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 3,734 39,985 952 44,671 Loans charged off: New York and other states* - 205 49 254 Florida - - - - Total loan chargeoffs - 205 49 254 Recoveries of loans previously charged off: New York and other states* 1 259 4 264 Florida - 25 - 25 Total recoveries 1 284 4 289 Net loans (recoveries) charged off (1 ) (79 ) 45 (35 ) (Credit) provision for loan losses 178 (101 ) (418 ) (341 ) Balance at end of period $ 3,913 39,963 489 44,365 For the three months ended June 30, 2018 (dollars in thousands) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,255 39,359 765 44,379 Loans charged off: New York and other states* - 239 41 280 Florida - - 3 3 Total loan chargeoffs - 239 44 283 Recoveries of loans previously charged off: New York and other states* 1 89 14 104 Florida - - 3 3 Total recoveries 1 89 17 107 Net loans (recoveries) charged off (1 ) 150 27 176 Provision for loan losses (61 ) 262 99 300 Balance at end of period $ 4,195 39,471 837 44,503 * Includes New York, New Jersey, Vermont and Massachusetts. Six months ended June 30, 2019 Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,048 39,772 946 44,766 Loans charged off: New York and other states* 7 597 78 682 Florida - 29 31 60 Total loan chargeoffs 7 626 109 742 Recoveries of loans previously charged off: New York and other states* 4 333 10 347 Florida - 35 - 35 Total recoveries 4 368 10 382 Net loans charged off 3 258 99 360 (Credit) provision for loan losses (132 ) 449 (358 ) (41 ) Balance at end of period $ 3,913 39,963 489 44,365 Six months ended June 30, 2018 Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,324 39,077 769 44,170 Loans charged off: New York and other states* - 370 112 482 Florida - - 6 6 Total loan chargeoffs - 370 118 488 Recoveries of loans previously charged off: New York and other states* 7 192 19 218 Florida - - 3 3 Total recoveries 7 192 22 221 Net loans (recoveries) charged off (7 ) 178 96 267 Provision (recoveries) for loan losses (136 ) 572 164 600 Balance at end of period $ 4,195 39,471 837 44,503 * Includes New York, New Jersey, Vermont and Massachusetts. The Company has identified non-accrual commercial and commercial real estate loans, as well as all loans restructured under a troubled debt restructuring (“TDR”), as impaired loans. A loan is considered impaired when it is probable that the borrower will be unable to repay the loan according to the original contractual terms of the loan agreement or the loan is restructured as a TDR. The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2019 and December 31, 2018: June 30, 2019 (dollars in thousands) Commercial Loans 1-to-4 Family Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 3,913 39,963 489 44,365 Total ending allowance balance $ 3,913 39,963 489 44,365 Loans: Individually evaluated for impairment $ 1,696 19,084 - 20,780 Collectively evaluated for impairment 188,811 3,687,304 9,514 3,885,629 Total ending loans balance $ 190,507 3,706,388 9,514 3,906,409 December 31, 2018 (dollars in thousands) Commercial Loans 1-to-4 Family Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 4,048 39,772 946 44,766 Total ending allowance balance $ 4,048 39,772 946 44,766 Loans: Individually evaluated for impairment $ 1,424 20,864 - 22,288 Collectively evaluated for impairment 194,722 3,645,384 11,702 3,851,808 Total ending loans balance $ 196,146 3,666,248 11,702 3,874,096 A loan for which the terms have been modified, and for which the borrower is experiencing financial difficulties, is considered a TDR and is classified as impaired. TDR’s at June 30, 2019 and December 31, 2018 are measured at the present value of estimated future cash flows using the loan’s effective rate at inception or the fair value of the underlying collateral if the loan is considered collateral dependent. The following tables present impaired loans by loan class as of June 30, 2019 and December 31, 2018: June 30, 2019 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,552 1,722 - 1,419 Other 35 35 - 106 Real estate mortgage - 1 to 4 family: First mortgages 14,100 14,393 - 14,784 Home equity loans 243 263 - 250 Home equity lines of credit 2,395 2,535 - 2,507 Total $ 18,325 18,948 - 19,066 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 109 109 - 112 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 2,014 2,014 - 2,178 Home equity loans 81 81 - 83 Home equity lines of credit 251 251 - 253 Total $ 2,455 2,455 - 2,626 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,661 1,831 - 1,531 Other 35 35 - 106 Real estate mortgage - 1 to 4 family: First mortgages 16,114 16,407 - 16,962 Home equity loans 324 344 - 333 Home equity lines of credit 2,646 2,786 - 2,760 Total $ 20,780 21,403 - 21,692 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 2018 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,274 1,444 - 1,503 Other 38 88 - 123 Real estate mortgage - 1 to 4 family: First mortgages 15,210 15,661 - 15,577 Home equity loans 252 272 - 262 Home equity lines of credit 2,772 2,996 - 2,772 Total $ 19,546 20,461 - 20,237 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 112 112 - 57 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 2,293 2,399 - 2,455 Home equity loans 84 84 - 86 Home equity lines of credit 253 253 - 326 Total $ 2,742 2,848 - 2,924 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,386 1,556 - 1,560 Other 38 88 - 123 Real estate mortgage - 1 to 4 family: First mortgages 17,503 18,060 - 18,032 Home equity loans 336 356 - 348 Home equity lines of credit 3,025 3,249 - 3,098 Total $ 22,288 23,309 - 23,161 * Includes New York, New Jersey, Vermont and Massachusetts. The Company has not committed to lend additional amounts to customers with outstanding loans that are classified as impaired. Interest income recognized on impaired loans was not material during the three and six months ended June 30, 2019 and 2018. As of June 30, 2019 and December 31, 2018 impaired loans included approximately $11.2 million and $11.1 million of loans in accruing status that were identified as TDR’s in accordance with regulatory guidance related to Chapter 7 bankruptcy loans, respectively. Management evaluates impairment on impaired loans on a quarterly basis. If, during this evaluation, impairment of the loan is identified, a charge off is taken at that time. As a result, as of June 30, 2019 and December 31, 2018, based upon management’s evaluation and due to the sufficiency of chargeoffs taken, none of the allowance for loan losses has been allocated to a specific impaired loan(s). The following table presents, by class, loans that were modified as TDR’s: Three months ended 6/30/2019 Three months ended 6/30/2018 New York and other states*: Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial: Commercial real estate 1 $ 128 128 - $ - - Real estate mortgage - 1 to 4 family: First mortgages 5 718 718 2 125 125 Home equity loans - - - - - - Home equity lines of credit 3 278 278 - - - Total 9 $ 1,124 1,124 2 $ 125 125 Florida: (dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages - - - - - - Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - - $ - - * Includes New York, New Jersey, Vermont and Massachusetts. Six months ended 6/30/2019 Six months ended 6/30/2018 New York and other states*: Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial: Commercial real estate 1 $ 128 128 - $ - - Real estate mortgage - 1 to 4 family: First mortgages 9 1,368 1,368 4 598 598 Home equity loans - - - - - - Home equity lines of credit 3 278 278 2 208 208 Total 13 $ 1,774 1,774 6 $ 806 806 Florida: (dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages - - - - - - Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - - $ - - * Includes New York, New Jersey, Vermont and Massachusetts. The addition of these TDR’s did not have a significant impact on the allowance for loan losses. In situations where the Company considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s underwriting policy. Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies, as previously noted, even though there is no modification of terms, the borrowers’ debt to the Company was discharged and they did not reaffirm the debt. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court. During the three months ended June 30, 2019 and 2018 there were no TDR’s that defaulted which had been modified during the last twelve months. The following table presents, by class, TDR’s that defaulted during the six months ended June 30, 2019 and 2018 which had been modified within the last twelve months: Six months ended 6/30/2019 Six months ended 6/30/2018 New York and other states*: Number of Contracts Recorded Investment Number of Contracts Recorded Investment (dollars in thousands) Commercial: Commercial real estate - $ - - $ - Real estate mortgage - 1 to 4 family: First mortgages - - - - Home equity loans - - - - Home equity lines of credit - - 1 3 Total - $ - 1 $ 3 Florida: (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial: Commercial real estate - $ - - $ - Real estate mortgage - 1 to 4 family: First mortgages - - 1 72 Home equity lines of credit - - - - Total - $ - 1 $ 72 * Includes New York, New Jersey, Vermont and Massachusetts. The TDR’s that subsequently defaulted described above did not have a material impact on the allowance for loan losses. The Company categorizes non-homogenous loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial and commercial real estate loans, individually by grading the loans based on credit risk. The loan grades assigned to all loan types are tested by the Company’s internal loan review department in accordance with the Company’s internal loan review policy. The Company uses the following definitions for classified loans: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “pass” rated loans. As of June 30, 2019 and December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: June 30, 2019 New York and other states*: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 148,331 5,219 153,550 Other 21,258 1,022 22,280 $ 169,589 6,241 175,830 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 14,404 - 14,404 Other 273 - 273 $ 14,677 - 14,677 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 162,735 5,219 167,954 Other 21,531 1,022 22,553 $ 184,266 6,241 190,507 * Includes New York, New Jersey and Massachusetts. December 31, 2018 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 152,045 4,233 156,278 Other 23,331 999 24,330 $ 175,376 5,232 180,608 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 15,163 112 15,275 Other 263 - 263 $ 15,426 112 15,538 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 167,208 4,345 171,553 Other 23,594 999 24,593 $ 190,802 5,344 196,146 * Includes New York, New Jersey and Massachusetts. Included in classified loans in the above tables are impaired loans of $1.3 million and 1.4 million at June 30, 2019 and December 31, 2018, respectively. For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Company’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for loan losses. The payment status of these homogeneous pools as of June 30, 2019 and December 31, 2018 is included in the aging of the recorded investment of the past due loans table. In addition, the total nonperforming portion of these homogeneous loan pools as of June 30, 2019 and December 31, 2018 is presented in the non-accrual loans table. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | (6) Fair Value of Financial Instruments FASB Topic 820, Fair Value Measurements (“ASC 820”) Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities: Securities Available for Sale Other Real Estate Owned Impaired Loans Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at June 30, 2019 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 184,448 $ - $ 184,448 $ - State and political subdivisions 170 - 170 - Mortgage backed securities and collateralized mortgage obligations - residential 354,679 - 354,679 - Corporate bonds 40,467 - 40,467 - Small Business Administration- guaranteed participation securities 53,091 - 53,091 - Other securities 685 - 685 - Total securities available for sale $ 633,540 $ - $ 633,540 $ - Fair Value Measurements at December 31, 2018 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 152,160 $ - $ 152,160 $ - State and political subdivisions 173 - 173 - Mortgage backed securities and collateralized mortgage obligations - residential 262,032 - 262,032 - Corporate bonds 29,938 - 29,938 - Small Business Administration- guaranteed participation securities 56,475 - 56,475 - Other securities 685 - 685 - Total securities available for sale $ 501,463 $ - $ 501,463 $ - There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2019 and 2018. Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2019 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 2,625 $ - $ - $ 2,625 Sales comparison Adjustments for differences between comparable sales 1% - 13% (4 %) Impaired loans: Real estate mortgage -1 to 4 family 216 - - 216 Sales comparison Adjustments for differences between comparable sales 7% - 17% (12 %) Fair Value Measurements at December 31, 2018 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 1,675 $ - $ - $ 1,675 Sales comparison approach Adjustments for differences between comparable sales 1% - 14% (7 %) Impaired loans: Real estate mortgage -1 to 4 family 459 - - 459 Sales comparison approach Adjustments for differences between comparable sales 5% - 14% (10 %) Other real estate owned, that is carried at fair value less costs to sell was approximately $2.6 million at June 30, 2019 and consisted of $560 thousand of commercial real estate and approximately $2.1 million of residential real estate properties. Valuation charges of $106 thousand and $276 thousand are included in earnings for the three and six months ended June 30, 2019, respectively. Of the total impaired loans of $20.8 million at June 30, 2019, $216 thousand are collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at June 30, 2019. There were gross charge offs related to commercial impaired loans for the three and six months ended June 30, 2019. for the six months ended June 30, 2019, there were gross charge offs related to residential impaired loans for the three months ended June 30, 2019. Other real estate owned, that is carried at fair value less costs to sell, was approximately $1.7 million at December 31, 2018 and consisted of $560 thousand of commercial real estate and $1.1 million of residential real estate properties. A valuation charge of $769 thousand is included in earnings for the year ended December 31, 2018. Of the total impaired loans of $22.3 million at December 31, 2018, $459 thousand are collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2018. Gross charge offs related to residential impaired loans included in the table above amounted to $67 thousand at December 31, 2018. In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of financial instruments, at June 30, 2019 and December 31, 2018 are as follows: (dollars in thousands) Fair Value Measurements at Carrying June 30, 2019 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 560,155 560,155 - - 560,155 Securities available for sale 633,540 - 633,540 - 633,540 Held to maturity securities 20,667 - 21,623 - 21,623 Federal Reserve Bank and Federal Home Loan Bank stock 9,183 N/A N/A N/A N/A Net loans 3,862,044 - - 3,887,326 3,887,326 Accrued interest receivable 12,337 370 2,586 9,381 12,337 Financial liabilities: Demand deposits 432,780 432,780 - - 432,780 Interest bearing deposits 4,029,487 2,583,059 1,445,848 - 4,028,907 Short-term borrowings 166,746 - 166,746 - 166,746 Accrued interest payable 1,552 191 1,361 - 1,552 (dollars in thousands) Fair Value Measurements at Carrying December 31, 2018 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 503,709 503,709 - - 503,709 Securities available for sale 501,463 - 501,463 - 501,463 Held to maturity securities 22,501 - 22,924 - 22,924 Federal Reserve Bank and Federal Home Loan Bank stock 8,953 N/A N/A N/A N/A Net loans 3,829,330 - - 3,753,966 3,753,966 Accrued interest receivable 11,341 353 2,371 8,617 11,341 Financial liabilities: Demand deposits 405,069 405,069 - - 405,069 Interest bearing deposits 3,869,178 2,594,672 1,264,772 - 3,859,444 Short-term borrowings 161,893 - 161,893 - 161,893 Accrued interest payable 1,024 104 920 - 1,024 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (7) Accumulated Other Comprehensive Income (Loss) The following is a summary of the accumulated other comprehensive (loss) income balances, net of tax: Three months ended 6/30/2019 (dollars in thousands) Balance at 4/1/2019 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 6/30/2019 Balance at 6/30/2019 Net unrealized holding loss on securities available for sale, net of tax $ (7,020 ) 5,313 - 5,313 (1,707 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 - - - 423 Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax (414 ) (76 ) - (76 ) (490 ) Accumulated other comprehensive loss, net of tax $ (7,011 ) 5,237 - 5,237 (1,774 ) Three months ended 6/30/2018 (dollars in thousands) Balance at 4/1/2018 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 6/30/2018 Balance at 6/30/2018 Net unrealized holding (gain) loss on securities available for sale, net of tax $ (10,332 ) (1,244 ) - (1,244 ) (11,576 ) Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax 3,188 - (62 ) (62 ) 3,126 Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect (1,346 ) - - - (1,346 ) Accumulated other comprehensive income (loss), net of tax $ (8,490 ) (1,244 ) (62 ) (1,306 ) (9,796 ) Six months ended 6/30/2019 (dollars in thousands) Balance at 1/1/2019 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 6/30/2019 Balance at 6/30/2019 Net unrealized holding loss on securities available for sale, net of tax $ (10,416 ) 8,709 - 8,709 (1,707 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 - - - 423 Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax 316 (174 ) - (174 ) (490 ) Accumulated other comprehensive loss, net of tax $ (10,309 ) 8,535 - 8,535 (1,774 ) Six months ended 6/30/2018 (dollars in thousands) Balance at 1/1/2018 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 6/30/2018 Balance at 6/30/2018 Net unrealized holding (gain) loss on securities available for sale, net of tax $ (5,030 ) (6,546 ) - (6,546 ) (11,576 ) Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax 3,224 - (98 ) (98 ) 3,126 Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect - - (1,346 ) - (1,346 ) Accumulated other comprehensive income (loss), net of tax $ (1,806 ) (6,546 ) (1,444 ) (6,644 ) (9,796 ) The following represents the reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018: (dollars in thousands) Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Affected Line Item in Financial Statements Amortization of pension and postretirement benefit items: Amortization of net actuarial gain (loss) $ 20 106 $ 68 178 Salaries and employee benefits Amortization of prior service cost 82 (22 ) 167 (45 ) Salaries and employee benefits Income tax benefit (26 ) (22 ) (61 ) (35 ) Income taxes Net of tax 76 62 174 98 Total reclassifications, net of tax $ 76 62 $ 174 98 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | (8) Revenue from Contracts with Customers All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Company’s sources of Non-Interest Income for the three months and six months ended June 30, 2019 and 2018. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Non-interest income Service Charges on Deposits Overdraft fees $ 849 $ 823 $ 1,699 $ 1,650 Other 109 96 219 210 Interchange Income 1,284 1,170 2,815 2,476 Wealth management fees 1,683 1,596 3,416 3,411 Other (a) 989 810 1,402 1,427 Total non-interest income $ 4,914 $ 4,495 $ 9,551 $ 9,174 (a) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted in accordance with ASC 606 as follows: Service charges on Deposit Accounts: Interchange Income: Wealth Management fees: Gains/Losses on Sales of Other real Estate Owned “OREO”: |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2019 | |
Operating Leases [Abstract] | |
Operating Leases | (9) Operating Leases The Company adopted Topic 842 “Leases” effective January 1, 2019 and has applied the guidance to all operating leases within the scope of Topic 842 at that date. The company elected to adopt practical expedients, which among other things, does not require reassessment of lease classification. The Company has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company’s balance sheets. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company used its incremental collateralized borrowing rates commensurate with the underlying lease terms to determine present value of operating lease liabilities. Additionally, the Company does allocate the consideration between lease and non-lease components. The Company’s lease terms may include options to extend when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. As of January 1, 2019 the Company did not have any leases with terms of twelve months or less. As of June 30, 2019 the Company does not have leases that have not yet commenced. At June 30, 2019 lease expiration dates ranged from five months to 25.3 years and have a weighted average remaining lease term of 9.6 years. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. As mentioned above the leases generally also include variable lease components which include real estate taxes, insurance, and common area maintenance (“CAM”) charges in the annual rental payments. Other information related to leases was as follows: (dollars in thousands) Three months ended June 30, 2019 2018 Operating lease cost $ 1,930 $ 1,928 Variable lease cost 509 468 Total Lease costs $ 2,439 $ 2,396 (dollars in thousands) Six months ended June 30, 2019 2018 Operating lease cost $ 3,821 $ 3,840 Variable lease cost 975 1,054 Total Lease costs $ 4,796 $ 4,894 (dollars in thousands) Six months ended June 30, 2019 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,906 Right-of-use assets obtained in exchange for lease obligations: 54,038 Weighted average remaining lease term 9.6 years Weighted average discount rate 3.30 % Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows: (dollars in thousands) Year ending December 31, 2019 (a) $ 3,933 2020 7,820 2021 7,818 2022 7,300 2023 6,978 Thereafter 32,600 Total lease payments $ 66,449 Less: Interest 10,212 Present value of lease liabilities $ 56,237 (a) Future minimum lease payments under non-cancellable leases as of June 30, 2018 were as follows: (dollars in thousands) Year ending December 31, 2018 (b) $ 3,881 2019 7,799 2020 7,622 2021 7,555 2022 7,048 Thereafter 39,395 Total lease payments $ 73,300 (b) Excluding six months ended June 30, 2018. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | (10) Regulatory Capital Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy regulations and, additionally for banks, the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and became fully phased in on January 1, 2019. The capital rules include a capital conservation buffer that is designed to absorb losses during periods of economic stress and to require increased capital levels before capital distributions and certain other payments can be made. Failure to meet the full amount of the buffer will result in restrictions on the Company’s ability to make capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. The buffer was fully implemented at 2.5% as of January 1, 2019. Management believes, as of June 30, 2019, the Company and Bank meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If a bank is not classified as well capitalized, regulatory approval is required to accept brokered deposits. If a bank is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The federal banking agencies are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution or its holding company. Such actions could have a direct material effect on an institution’s or its holding company’s financial statements. As of June 30, 2019 and December 31, 2018, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank and the Company reported the following capital ratios as of June 30, 2019 and December 31, 2018: (Bank Only) As of June 30, 2019 Well Capitalized (1) Adequately Capitalized (1)(2) (dollars in thousands) Amount Ratio Tier 1 leverage capital $ 501,685 9.685 % 5.000 % 4.000 % Common equity tier 1 capital 501,685 18.236 6.500 7.000 Tier 1 risk-based capital 501,685 18.236 8.000 8.500 Total risk-based capital 536,199 19.491 10.000 10.500 As of December 31, 2018 Well Adequately (dollars in thousands) Amount Ratio Capitalized (1) Capitalized (1)(3) Tier 1 (core) capital $ 484,581 9.767 % 5.000 % 4.000 % Common equity tier 1 capital 484,581 18.233 6.500 6.380 Tier 1 risk-based capital 484,581 18.233 8.000 7.880 Total risk-based capital 517,948 19.489 10.000 9.880 (Consolidated) Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) As of June 30, 2019 (dollars in thousands) Amount Ratio Tier 1 leverage capital $ 516,850 9.974 % 4.000 % Common equity tier 1 capital 516,850 18.777 7.000 Tier 1 risk-based capital 516,850 18.777 8.500 Total risk-based capital 551,383 20.031 10.500 As of December 31, 2018 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 499,626 10.129 % 4.000 % Common equity Tier 1 capital 499,626 18.790 6.380 Tier 1 risk-based capital 499,626 18.790 7.880 Total risk-based capital 533,009 20.046 9.880 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized (2) The June 30, 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent (3) The December 31, 2018 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a transition capital conservation buffer of 1.88 percent |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | (11) New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016 02, Leases (Topic 842) (“ASU 2016 02”). ASU 2016 02 is intended to improve financial reporting of leasing transactions by requiring organizations that lease assets to recognize assets and liabilities for the rights and obligations created by leases that extend more than twelve months on the balance sheet. This accounting update also requires additional disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016 02 is effective for financial statements issued for annual and interim periods beginning after December 15, 2018 for public business entities. Early adoption is permitted. The Company elected to adopt ASU 2016 02 as of January 1, 2019. The Company has elected the package of practical expedients permitted in ASC Topic 842. Accordingly, the Company accounted for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASC Topic 842, (b) whether classification of the operating leases would be different in accordance with ASC Topic 842, or (c) whether the unamortized initial direct costs before transition adjustments (as of December 31, 2018) would have met the definition of initial direct costs in ASC Topic 842 at lease commencement. The company has also elected the practical expedient to use hindsight in determining the lease term. As a result of the adoption of the new lease accounting guidance, the Company recognized on January 1, 2019 (a) a lease liability of approximately $58.2 million, which represents the present value of the remaining lease payments of approximately $69.4 million, discounted using the Company’s incremental borrowing rate, and (b) a ROU asset of approximately $53.0 million which represents the lease liability of $58.2 million adjusted for accrued rent of approximately $5.2 million. This standard did not have a material impact on the Company’s key performance metrics and had no impact on the Company’s operating results. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. In June 2016, the FASB released ASU 2016-13, “Financial Instruments – Credit Losses” which amended existing guidance to replace current generally accepted accounting principles used to measure a reporting entity’s credit losses. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. These amendments are effective for public business entities for annual periods and interim periods within those annual periods beginning after December 15, 2019. The ASU represents a significant departure from current GAAP and the Company is evaluating the impact of the ASU on its consolidated financial statements, which includes developing a roadmap for implementation of the new standard. The Company’s committee meets regularly to evaluate the provisions of the ASU, to address the additional data requirements necessary, to determine the approach for implementation and to identify new internal controls over enhanced processes that will be put into place for estimating the allowance under ASU 2016-13. To date, the Company has completed a detailed implementation plan with a software solution to serve as its CECL platform. The Company is developing models for default and loss estimates, documenting processes, controls and accounting policy elections for the execution of “trial” or “parallel” runs of its ASU 2016-13 compliant methodology throughout 2019. In February 2018, the FASB issued ASU 2018-02, “Income statement – Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” which will allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. These amendments are effective for all entities for fiscal years beginning after December 15, 2018. For Interim periods within those fiscal years, early adoption of the amendment is permitted including public business entities for reporting periods for which financial statements have not yet been issued. The Company did adopt the ASU in the first quarter of 2018 and reclassified the stranded tax effect in accumulated other comprehensive income to retained earnings in the period ended March 31, 2018. In April 2019, Accounting Standards Update No. 2019-04 “Codification improvements to topic 326 Financial Instruments-Credit Losses, Topic 815 Derivatives and Hedging, and Topic 825, “Financial Instruments” (“ASU 2019-04”) was issued to provide additional clarification on the scope and disclosure requirements of Topic 326, ASU 2019-04 includes provisions related to accounting policy elections that can be made by the entity related to accrued interest receivable and expected prepayments on financial assets, the inclusion of recoveries in estimating the allowance for credit losses and consideration of contract extension and renewals when determining the contractual term. This ASU also provides clarification on the tabular vintage disclosures related to line-of-credit arrangements that convert term loans. The Company currently writes off the uncollectible accrued interest receivable balance upon nonaccrual status by reversing interest income. The company currently includes recoveries in estimating the allowance for credit losses and is evaluating all other components of the update and their impacts to the Company effective December 15, 2019. In May 2019, Accounting Standards update No. 2019-05, “Financial Instruments – Credit Losses ( Topic 326);Targeted transition relief” (“ASU 2019-05”) was issued to allow an entity to make an irrevocable fair value option election on instruments within the scope of Topic 326 that are measured at amortized cost, except for Held-to-maturity debt securities. This election can be applied on all instrument-by instrument basis upon adoption of Topic 326. The Company is currently reviewing the impacts of the update to the Company effective December 15, 2019. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | A reconciliation of the component parts of earnings per share for the three and six months ended June 30, 2019 and 2018 is as follows: (in thousands, except per share data) For the three months ended June 30, For the six months ended June 30, 2019 2018 2019 2018 Net income $ 14,667 15,405 $ 29,225 30,213 Weighted average common shares 96,822 96,449 96,784 96,401 Stock Options 69 131 73 134 Weighted average common shares including potential dilutive shares 96,891 96,580 96,857 96,535 Basic EPS $ 0.152 0.160 $ 0.302 0.313 Diluted EPS $ 0.151 0.160 $ 0.302 0.313 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Benefit Plans [Abstract] | |
Net Periodic Benefit | The table below outlines the components of the Company’s net periodic benefit recognized during the three and six months ended June 30, 2019 and 2018 for its pension and other postretirement benefit plans: Three months ended June 30, Pension Benefits Other Postretirement Benefits (dollars in thousands) 2019 2018 2019 2018 Service cost $ 13 6 14 26 Interest cost 307 273 60 55 Expected return on plan assets (654 ) (819 ) (247 ) (191 ) Amortization of net (gain) loss 30 (17 ) (50 ) (89 ) Amortization of prior service cost - - (82 ) 22 Net periodic benefit $ (304 ) (557 ) (305 ) (177 ) Six months ended June 30, Pension Benefits Other Postretirement Benefits (dollars in thousands) 2019 2018 2019 2018 Service cost $ 21 17 32 52 Interest cost 622 599 120 109 Expected return on plan assets (1,406 ) (1,506 ) (495 ) (381 ) Amortization of net loss (gain) 30 - (98 ) (178 ) Amortization of prior service cost - - (167 ) 45 Net periodic benefit $ (733 ) (890 ) (608 ) (353 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investment Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available For Sale | The amortized cost and fair value of the securities available for sale are as follows: June 30, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 184,866 76 494 184,448 State and political subdivisions 166 4 - 170 Mortgage backed securities and collateralized mortgage obligations - residential 356,376 1,631 3,328 354,679 Corporate bonds 40,254 321 108 40,467 Small Business Administration - guaranteed participation securities 53,494 - 403 53,091 Other 685 - - 685 Total Securities Available for Sale $ 635,841 2,032 4,333 633,540 December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 154,868 - 2,708 152,160 State and political subdivisions 168 5 - 173 Mortgage backed securities and collateralized mortgage obligations - residential 271,386 53 9,407 262,032 Corporate bonds 30,048 - 110 29,938 Small Business Administration - guaranteed participation securities 58,376 - 1,901 56,475 Other 685 - - 685 Total securities available for sale $ 515,531 58 14,126 501,463 |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Amortized Cost and Fair Value of Held to Maturity Securities | The amortized cost and fair value of the held to maturity securities are as follows: June 30, 2019 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 20,667 961 5 21,623 Total held to maturity $ 20,667 961 5 21,623 December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 22,501 577 154 22,924 Total held to maturity $ 22,501 577 154 22,924 |
Proceeds from Sales and Calls of Securities Available For Sale, Gross Realized Gains and Gross Realized Losses | The proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses from sales and calls during the three and six months ended June 30, 2019 and 2018 are as follows: Three months ended June 30, (dollars in thousands) 2019 2018 Proceeds from sales $ - - Proceeds from calls/paydowns 28,409 24,453 Proceeds from maturities 52 20,000 Six months ended June 30, (dollars in thousands) 2019 2018 Proceeds from sales $ - - Proceeds from calls/paydowns 44,450 49,481 Proceeds from maturities 10,052 45,000 |
Securities Available for Sale [Member] | |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Debt Securities Based on Securities Contractual Maturity | The schedule of maturities of debt securities available for sale is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties. Index (dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 5,080 5,093 Due in one year through five years 170,836 170,638 Due after five years through ten years 50,055 50,039 Mortgage backed securities and collateralized mortgage obligations 356,376 354,679 Small Business Administration - guaranteed participation securities 53,494 53,091 $ 635,841 633,540 |
Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position | Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: June 30, 2019 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss U.S. government sponsored enterprises $ 19,939 61 94,461 433 114,400 494 Mortgage backed securities and collateralized mortgage obligations - residential 4,025 24 243,286 3,304 247,311 3,328 Corporate bonds 14,892 108 - - 14,892 108 Small Business Administration - guaranteed participation securities - - 53,091 403 53,091 403 Total $ 38,856 193 390,838 4,140 $ 429,694 4,333 December 31, 2018 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss U.S. government sponsored enterprises $ 29,870 106 112,291 2,602 142,161 2,708 Mortgage backed securities and collateralized mortgage obligations - residential 1,102 11 259,729 9,396 260,831 9,407 Corporate bonds 14,943 98 9,995 12 24,938 110 Small Business Administration - guaranteed participation securities - - 56,475 1,901 56,475 1,901 Total $ 45,915 215 438,490 13,911 484,405 14,126 |
Held to Maturity Securities [Member] | |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Debt Securities Based on Securities Contractual Maturity | The following table distributes the debt securities included in the held to maturity portfolio as of June 30, 2019, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are presented separately: (dollars in thousands) Amortized Cost Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 20,667 21,623 $ 20,667 21,623 |
Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position | Gross unrecognized losses on securities held to maturity and the related fair values aggregated by the length of time that individual securities have been in an unrecognized loss position, were as follows: June 30, 2019 (dollars in thousands) Less than 12 months 12 months or more Total Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Mortgage backed securities and collateralized mortgage obligations - residential $ - - 2,421 5 2,421 5 Total $ - - 2,421 5 2,421 5 December 31, 2018 (dollars in thousands) Less than 12 months 12 months or more Total Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Mortgage backed securities and collateralized mortgage obligations - residential $ 10,958 154 - - 10,958 154 Total $ 10,958 154 - - 10,958 154 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Loans and Allowance for Loan Losses [Abstract] | |
Recorded Investment in Loans by Loan Class | The following table presents the recorded investment in loans by loan class: June 30, 2019 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 153,550 14,404 167,954 Other 22,280 273 22,553 Real estate mortgage - 1 to 4 family: First mortgages 2,461,857 876,259 3,338,116 Home equity loans 71,758 18,955 90,713 Home equity lines of credit 233,360 44,199 277,559 Installment 7,588 1,926 9,514 Total loans, net $ 2,950,393 $ 956,016 3,906,409 Less: Allowance for loan losses 44,365 Net loans $ 3,862,044 December 31, 2018 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 156,278 15,275 171,553 Other 24,330 263 24,593 Real estate mortgage - 1 to 4 family: First mortgages 2,442,711 845,166 3,287,877 Home equity loans 71,523 17,308 88,831 Home equity lines of credit 243,765 45,775 289,540 Installment 9,462 2,240 11,702 Total loans, net $ 2,948,069 926,027 3,874,096 Less: Allowance for loan losses 44,766 Net loans $ 3,829,330 * Includes New York, New Jersey, Vermont and Massachusetts. |
Recorded Investment in Non-Accrual Loans by Loan Class | The following tables present the recorded investment in non-accrual loans by loan class: June 30, 2019 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 902 - 902 Other 3 - 3 Real estate mortgage - 1 to 4 family: First mortgages 15,818 1,433 17,251 Home equity loans 342 - 342 Home equity lines of credit 3,473 131 3,604 Installment 1 - 1 Total non-accrual loans 20,539 1,564 22,103 Restructured real estate mortgages - 1 to 4 family 31 - 31 Total nonperforming loans $ 20,570 1,564 22,134 December 31, 2018 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 639 - 639 Other 6 - 6 Real estate mortgage - 1 to 4 family: First mortgages 18,202 1,812 20,014 Home equity loans 247 - 247 Home equity lines of credit 3,924 103 4,027 Installment 4 15 19 Total non-accrual loans 23,022 1,930 24,952 Restructured real estate mortgages - 1 to 4 family 34 - 34 Total nonperforming loans $ 23,056 1,930 24,986 * Includes New York, New Jersey, Vermont and Massachusetts. |
Aging of Recorded Investment in Past Due Loans by Loan Class and by Region | The following tables present the aging of the recorded investment in past due loans by loan class and by region as of June 30, 2019 and December 31, 2018: June 30, 2019 New York and other states*: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ 478 - - 478 153,072 153,550 Other - - - - 22,280 22,280 Real estate mortgage - 1 to 4 family: First mortgages 2,746 932 11,363 15,041 2,446,816 2,461,857 Home equity loans 59 - 289 348 71,410 71,758 Home equity lines of credit 464 28 1,700 2,192 231,168 233,360 Installment 57 9 1 67 7,521 7,588 Total $ 3,804 969 13,353 18,126 2,932,267 2,950,393 Florida: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ - - - - 14,404 14,404 Other - - - - 273 273 Real estate mortgage - 1 to 4 family: First mortgages 555 822 623 2,000 874,259 876,259 Home equity loans - 50 - 50 18,905 18,955 Home equity lines of credit 141 - 80 221 43,978 44,199 Installment - 16 - 16 1,910 1,926 Total $ 696 888 703 2,287 953,729 956,016 Total: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ 478 - - 478 167,476 167,954 Other - - - - 22,553 22,553 Real estate mortgage - 1 to 4 family: First mortgages 3,301 1,754 11,986 17,041 3,321,075 3,338,116 Home equity loans 59 50 289 398 90,315 90,713 Home equity lines of credit 605 28 1,780 2,413 275,146 277,559 Installment 57 25 1 83 9,431 9,514 Total $ 4,500 1,857 14,056 20,413 3,885,996 3,906,409 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 2018 New York and other states*: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ 198 - 370 568 155,710 156,278 Other - - - - 24,330 24,330 Real estate mortgage - 1 to 4 family: First mortgages 3,276 898 13,267 17,441 2,425,270 2,442,711 Home equity loans 158 94 212 464 71,059 71,523 Home equity lines of credit 963 348 1,691 3,002 240,763 243,765 Installment 44 29 2 75 9,387 9,462 Total $ 4,639 1,369 15,542 21,550 2,926,519 2,948,069 Florida: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ - - - - 15,275 15,275 Other - - - - 263 263 Real estate mortgage - 1 to 4 family: First mortgages 417 407 721 1,545 843,621 845,166 Home equity loans 50 - - 50 17,258 17,308 Home equity lines of credit 40 - 50 90 45,685 45,775 Installment 12 7 15 34 2,206 2,240 Total $ 519 414 786 1,719 924,308 926,027 Total: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 + Days Past Due Total 30+ days Past Due Current Total Loans Commercial: Commercial real estate $ 198 - 370 568 170,985 171,553 Other - - - - 24,593 24,593 Real estate mortgage - 1 to 4 family: First mortgages 3,693 1,305 13,988 18,986 3,268,891 3,287,877 Home equity loans 208 94 212 514 88,317 88,831 Home equity lines of credit 1,003 348 1,741 3,092 286,448 289,540 Installment 56 36 17 109 11,593 11,702 Total $ 5,158 1,783 16,328 23,269 3,850,827 3,874,096 * Includes New York, New Jersey, Vermont and Massachusetts. |
Activity in Allowance For Loan Losses by Portfolio Segment | Activity in the allowance for loan losses by portfolio segment is summarized as follows: For the three months ended June 30, 2019 (dollars in thousands) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 3,734 39,985 952 44,671 Loans charged off: New York and other states* - 205 49 254 Florida - - - - Total loan chargeoffs - 205 49 254 Recoveries of loans previously charged off: New York and other states* 1 259 4 264 Florida - 25 - 25 Total recoveries 1 284 4 289 Net loans (recoveries) charged off (1 ) (79 ) 45 (35 ) (Credit) provision for loan losses 178 (101 ) (418 ) (341 ) Balance at end of period $ 3,913 39,963 489 44,365 For the three months ended June 30, 2018 (dollars in thousands) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,255 39,359 765 44,379 Loans charged off: New York and other states* - 239 41 280 Florida - - 3 3 Total loan chargeoffs - 239 44 283 Recoveries of loans previously charged off: New York and other states* 1 89 14 104 Florida - - 3 3 Total recoveries 1 89 17 107 Net loans (recoveries) charged off (1 ) 150 27 176 Provision for loan losses (61 ) 262 99 300 Balance at end of period $ 4,195 39,471 837 44,503 Six months ended June 30, 2019 Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,048 39,772 946 44,766 Loans charged off: New York and other states* 7 597 78 682 Florida - 29 31 60 Total loan chargeoffs 7 626 109 742 Recoveries of loans previously charged off: New York and other states* 4 333 10 347 Florida - 35 - 35 Total recoveries 4 368 10 382 Net loans charged off 3 258 99 360 (Credit) provision for loan losses (132 ) 449 (358 ) (41 ) Balance at end of period $ 3,913 39,963 489 44,365 Six months ended June 30, 2018 Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,324 39,077 769 44,170 Loans charged off: New York and other states* - 370 112 482 Florida - - 6 6 Total loan chargeoffs - 370 118 488 Recoveries of loans previously charged off: New York and other states* 7 192 19 218 Florida - - 3 3 Total recoveries 7 192 22 221 Net loans (recoveries) charged off (7 ) 178 96 267 Provision (recoveries) for loan losses (136 ) 572 164 600 Balance at end of period $ 4,195 39,471 837 44,503 * Includes New York, New Jersey, Vermont and Massachusetts. |
Allowance For Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2019 and December 31, 2018: June 30, 2019 (dollars in thousands) Commercial Loans 1-to-4 Family Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 3,913 39,963 489 44,365 Total ending allowance balance $ 3,913 39,963 489 44,365 Loans: Individually evaluated for impairment $ 1,696 19,084 - 20,780 Collectively evaluated for impairment 188,811 3,687,304 9,514 3,885,629 Total ending loans balance $ 190,507 3,706,388 9,514 3,906,409 December 31, 2018 (dollars in thousands) Commercial Loans 1-to-4 Family Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 4,048 39,772 946 44,766 Total ending allowance balance $ 4,048 39,772 946 44,766 Loans: Individually evaluated for impairment $ 1,424 20,864 - 22,288 Collectively evaluated for impairment 194,722 3,645,384 11,702 3,851,808 Total ending loans balance $ 196,146 3,666,248 11,702 3,874,096 |
Impaired Loans by Loan Class | The following tables present impaired loans by loan class as of June 30, 2019 and December 31, 2018: June 30, 2019 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,552 1,722 - 1,419 Other 35 35 - 106 Real estate mortgage - 1 to 4 family: First mortgages 14,100 14,393 - 14,784 Home equity loans 243 263 - 250 Home equity lines of credit 2,395 2,535 - 2,507 Total $ 18,325 18,948 - 19,066 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 109 109 - 112 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 2,014 2,014 - 2,178 Home equity loans 81 81 - 83 Home equity lines of credit 251 251 - 253 Total $ 2,455 2,455 - 2,626 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,661 1,831 - 1,531 Other 35 35 - 106 Real estate mortgage - 1 to 4 family: First mortgages 16,114 16,407 - 16,962 Home equity loans 324 344 - 333 Home equity lines of credit 2,646 2,786 - 2,760 Total $ 20,780 21,403 - 21,692 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 2018 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,274 1,444 - 1,503 Other 38 88 - 123 Real estate mortgage - 1 to 4 family: First mortgages 15,210 15,661 - 15,577 Home equity loans 252 272 - 262 Home equity lines of credit 2,772 2,996 - 2,772 Total $ 19,546 20,461 - 20,237 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 112 112 - 57 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 2,293 2,399 - 2,455 Home equity loans 84 84 - 86 Home equity lines of credit 253 253 - 326 Total $ 2,742 2,848 - 2,924 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,386 1,556 - 1,560 Other 38 88 - 123 Real estate mortgage - 1 to 4 family: First mortgages 17,503 18,060 - 18,032 Home equity loans 336 356 - 348 Home equity lines of credit 3,025 3,249 - 3,098 Total $ 22,288 23,309 - 23,161 * Includes New York, New Jersey, Vermont and Massachusetts. |
Modified Loans by Class that were Determined to be TDR's | The following table presents, by class, loans that were modified as TDR’s: Three months ended 6/30/2019 Three months ended 6/30/2018 New York and other states*: Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial: Commercial real estate 1 $ 128 128 - $ - - Real estate mortgage - 1 to 4 family: First mortgages 5 718 718 2 125 125 Home equity loans - - - - - - Home equity lines of credit 3 278 278 - - - Total 9 $ 1,124 1,124 2 $ 125 125 Florida: (dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages - - - - - - Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - - $ - - * Includes New York, New Jersey, Vermont and Massachusetts. Six months ended 6/30/2019 Six months ended 6/30/2018 New York and other states*: Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial: Commercial real estate 1 $ 128 128 - $ - - Real estate mortgage - 1 to 4 family: First mortgages 9 1,368 1,368 4 598 598 Home equity loans - - - - - - Home equity lines of credit 3 278 278 2 208 208 Total 13 $ 1,774 1,774 6 $ 806 806 Florida: (dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages - - - - - - Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - - $ - - * Includes New York, New Jersey, Vermont and Massachusetts. |
Loans by Class Modified as TDR's for which there was a Payment Default | During the three months ended June 30, 2019 and 2018 there were no TDR’s that defaulted which had been modified during the last twelve months. The following table presents, by class, TDR’s that defaulted during the six months ended June 30, 2019 and 2018 which had been modified within the last twelve months: Six months ended 6/30/2019 Six months ended 6/30/2018 New York and other states*: Number of Contracts Recorded Investment Number of Contracts Recorded Investment (dollars in thousands) Commercial: Commercial real estate - $ - - $ - Real estate mortgage - 1 to 4 family: First mortgages - - - - Home equity loans - - - - Home equity lines of credit - - 1 3 Total - $ - 1 $ 3 Florida: (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial: Commercial real estate - $ - - $ - Real estate mortgage - 1 to 4 family: First mortgages - - 1 72 Home equity lines of credit - - - - Total - $ - 1 $ 72 * Includes New York, New Jersey, Vermont and Massachusetts. |
Risk Category Loans by Class of Loans | As of June 30, 2019 and December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: June 30, 2019 New York and other states*: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 148,331 5,219 153,550 Other 21,258 1,022 22,280 $ 169,589 6,241 175,830 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 14,404 - 14,404 Other 273 - 273 $ 14,677 - 14,677 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 162,735 5,219 167,954 Other 21,531 1,022 22,553 $ 184,266 6,241 190,507 * Includes New York, New Jersey and Massachusetts. December 31, 2018 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 152,045 4,233 156,278 Other 23,331 999 24,330 $ 175,376 5,232 180,608 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 15,163 112 15,275 Other 263 - 263 $ 15,426 112 15,538 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 167,208 4,345 171,553 Other 23,594 999 24,593 $ 190,802 5,344 196,146 * Includes New York, New Jersey and Massachusetts. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at June 30, 2019 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 184,448 $ - $ 184,448 $ - State and political subdivisions 170 - 170 - Mortgage backed securities and collateralized mortgage obligations - residential 354,679 - 354,679 - Corporate bonds 40,467 - 40,467 - Small Business Administration- guaranteed participation securities 53,091 - 53,091 - Other securities 685 - 685 - Total securities available for sale $ 633,540 $ - $ 633,540 $ - Fair Value Measurements at December 31, 2018 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 152,160 $ - $ 152,160 $ - State and political subdivisions 173 - 173 - Mortgage backed securities and collateralized mortgage obligations - residential 262,032 - 262,032 - Corporate bonds 29,938 - 29,938 - Small Business Administration- guaranteed participation securities 56,475 - 56,475 - Other securities 685 - 685 - Total securities available for sale $ 501,463 $ - $ 501,463 $ - |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2019 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 2,625 $ - $ - $ 2,625 Sales comparison Adjustments for differences between comparable sales 1% - 13% (4 %) Impaired loans: Real estate mortgage -1 to 4 family 216 - - 216 Sales comparison Adjustments for differences between comparable sales 7% - 17% (12 %) Fair Value Measurements at December 31, 2018 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 1,675 $ - $ - $ 1,675 Sales comparison approach Adjustments for differences between comparable sales 1% - 14% (7 %) Impaired loans: Real estate mortgage -1 to 4 family 459 - - 459 Sales comparison approach Adjustments for differences between comparable sales 5% - 14% (10 %) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of financial instruments, at June 30, 2019 and December 31, 2018 are as follows: (dollars in thousands) Fair Value Measurements at Carrying June 30, 2019 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 560,155 560,155 - - 560,155 Securities available for sale 633,540 - 633,540 - 633,540 Held to maturity securities 20,667 - 21,623 - 21,623 Federal Reserve Bank and Federal Home Loan Bank stock 9,183 N/A N/A N/A N/A Net loans 3,862,044 - - 3,887,326 3,887,326 Accrued interest receivable 12,337 370 2,586 9,381 12,337 Financial liabilities: Demand deposits 432,780 432,780 - - 432,780 Interest bearing deposits 4,029,487 2,583,059 1,445,848 - 4,028,907 Short-term borrowings 166,746 - 166,746 - 166,746 Accrued interest payable 1,552 191 1,361 - 1,552 (dollars in thousands) Fair Value Measurements at Carrying December 31, 2018 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 503,709 503,709 - - 503,709 Securities available for sale 501,463 - 501,463 - 501,463 Held to maturity securities 22,501 - 22,924 - 22,924 Federal Reserve Bank and Federal Home Loan Bank stock 8,953 N/A N/A N/A N/A Net loans 3,829,330 - - 3,753,966 3,753,966 Accrued interest receivable 11,341 353 2,371 8,617 11,341 Financial liabilities: Demand deposits 405,069 405,069 - - 405,069 Interest bearing deposits 3,869,178 2,594,672 1,264,772 - 3,859,444 Short-term borrowings 161,893 - 161,893 - 161,893 Accrued interest payable 1,024 104 920 - 1,024 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive (Loss) Income Balances, Net of Tax | The following is a summary of the accumulated other comprehensive (loss) income balances, net of tax: Three months ended 6/30/2019 (dollars in thousands) Balance at 4/1/2019 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 6/30/2019 Balance at 6/30/2019 Net unrealized holding loss on securities available for sale, net of tax $ (7,020 ) 5,313 - 5,313 (1,707 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 - - - 423 Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax (414 ) (76 ) - (76 ) (490 ) Accumulated other comprehensive loss, net of tax $ (7,011 ) 5,237 - 5,237 (1,774 ) Three months ended 6/30/2018 (dollars in thousands) Balance at 4/1/2018 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 6/30/2018 Balance at 6/30/2018 Net unrealized holding (gain) loss on securities available for sale, net of tax $ (10,332 ) (1,244 ) - (1,244 ) (11,576 ) Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax 3,188 - (62 ) (62 ) 3,126 Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect (1,346 ) - - - (1,346 ) Accumulated other comprehensive income (loss), net of tax $ (8,490 ) (1,244 ) (62 ) (1,306 ) (9,796 ) Six months ended 6/30/2019 (dollars in thousands) Balance at 1/1/2019 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 6/30/2019 Balance at 6/30/2019 Net unrealized holding loss on securities available for sale, net of tax $ (10,416 ) 8,709 - 8,709 (1,707 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 - - - 423 Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax 316 (174 ) - (174 ) (490 ) Accumulated other comprehensive loss, net of tax $ (10,309 ) 8,535 - 8,535 (1,774 ) Six months ended 6/30/2018 (dollars in thousands) Balance at 1/1/2018 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 6/30/2018 Balance at 6/30/2018 Net unrealized holding (gain) loss on securities available for sale, net of tax $ (5,030 ) (6,546 ) - (6,546 ) (11,576 ) Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax 3,224 - (98 ) (98 ) 3,126 Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect - - (1,346 ) - (1,346 ) Accumulated other comprehensive income (loss), net of tax $ (1,806 ) (6,546 ) (1,444 ) (6,644 ) (9,796 ) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following represents the reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018: (dollars in thousands) Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Affected Line Item in Financial Statements Amortization of pension and postretirement benefit items: Amortization of net actuarial gain (loss) $ 20 106 $ 68 178 Salaries and employee benefits Amortization of prior service cost 82 (22 ) 167 (45 ) Salaries and employee benefits Income tax benefit (26 ) (22 ) (61 ) (35 ) Income taxes Net of tax 76 62 174 98 Total reclassifications, net of tax $ 76 62 $ 174 98 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contracts with Customers [Abstract] | |
Source of Non-Interest Income | The following table presents the Company’s sources of Non-Interest Income for the three months and six months ended June 30, 2019 and 2018. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Non-interest income Service Charges on Deposits Overdraft fees $ 849 $ 823 $ 1,699 $ 1,650 Other 109 96 219 210 Interchange Income 1,284 1,170 2,815 2,476 Wealth management fees 1,683 1,596 3,416 3,411 Other (a) 989 810 1,402 1,427 Total non-interest income $ 4,914 $ 4,495 $ 9,551 $ 9,174 (a) Not within the scope of ASC 606. |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Operating Leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: (dollars in thousands) Three months ended June 30, 2019 2018 Operating lease cost $ 1,930 $ 1,928 Variable lease cost 509 468 Total Lease costs $ 2,439 $ 2,396 (dollars in thousands) Six months ended June 30, 2019 2018 Operating lease cost $ 3,821 $ 3,840 Variable lease cost 975 1,054 Total Lease costs $ 4,796 $ 4,894 |
Supplemental Cash Flows Information | (dollars in thousands) Six months ended June 30, 2019 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,906 Right-of-use assets obtained in exchange for lease obligations: 54,038 Weighted average remaining lease term 9.6 years Weighted average discount rate 3.30 % |
Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows: (dollars in thousands) Year ending December 31, 2019 (a) $ 3,933 2020 7,820 2021 7,818 2022 7,300 2023 6,978 Thereafter 32,600 Total lease payments $ 66,449 Less: Interest 10,212 Present value of lease liabilities $ 56,237 (a) |
Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of June 30, 2018 were as follows: (dollars in thousands) Year ending December 31, 2018 (b) $ 3,881 2019 7,799 2020 7,622 2021 7,555 2022 7,048 Thereafter 39,395 Total lease payments $ 73,300 (b) Excluding six months ended June 30, 2018. |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Actual Capital Amounts and Ratios | The Bank and the Company reported the following capital ratios as of June 30, 2019 and December 31, 2018: (Bank Only) As of June 30, 2019 Well Capitalized (1) Adequately Capitalized (1)(2) (dollars in thousands) Amount Ratio Tier 1 leverage capital $ 501,685 9.685 % 5.000 % 4.000 % Common equity tier 1 capital 501,685 18.236 6.500 7.000 Tier 1 risk-based capital 501,685 18.236 8.000 8.500 Total risk-based capital 536,199 19.491 10.000 10.500 As of December 31, 2018 Well Adequately (dollars in thousands) Amount Ratio Capitalized (1) Capitalized (1)(3) Tier 1 (core) capital $ 484,581 9.767 % 5.000 % 4.000 % Common equity tier 1 capital 484,581 18.233 6.500 6.380 Tier 1 risk-based capital 484,581 18.233 8.000 7.880 Total risk-based capital 517,948 19.489 10.000 9.880 (Consolidated) Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) As of June 30, 2019 (dollars in thousands) Amount Ratio Tier 1 leverage capital $ 516,850 9.974 % 4.000 % Common equity tier 1 capital 516,850 18.777 7.000 Tier 1 risk-based capital 516,850 18.777 8.500 Total risk-based capital 551,383 20.031 10.500 As of December 31, 2018 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 499,626 10.129 % 4.000 % Common equity Tier 1 capital 499,626 18.790 6.380 Tier 1 risk-based capital 499,626 18.790 7.880 Total risk-based capital 533,009 20.046 9.880 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized (2) The June 30, 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent (3) The December 31, 2018 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a transition capital conservation buffer of 1.88 percent |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reconciliation of the component parts of earnings per share [Abstract] | ||||||
Net income | $ 14,667 | $ 14,558 | $ 15,405 | $ 14,808 | $ 29,225 | $ 30,213 |
Weighted average common shares (in shares) | 96,822 | 96,449 | 96,784 | 96,401 | ||
Stock Options (in shares) | 69 | 131 | 73 | 134 | ||
Weighted average common shares including potential dilutive shares (in shares) | 96,891 | 96,580 | 96,857 | 96,535 | ||
Basic EPS (in dollars per share) | $ 0.152 | $ 0.160 | $ 0.302 | $ 0.313 | ||
Diluted EPS (in dollars per share) | $ 0.151 | $ 0.160 | $ 0.302 | $ 0.313 | ||
Stock Options [Member] | ||||||
Antidilutive Securities [Abstract] | ||||||
Antidilutive stock options excluded from diluted earnings per share (in shares) | 0 | 0 | 0 | 0 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Components of net periodic benefit cost [Abstract] | ||||
Contribution made to pension and postretirement plans | $ 0 | |||
Pension Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | $ 13 | $ 6 | 21 | $ 17 |
Interest cost | 307 | 273 | 622 | 599 |
Expected return on plan assets | (654) | (819) | (1,406) | (1,506) |
Amortization of net loss (gain) | 30 | (17) | 30 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Net periodic benefit | (304) | (557) | (733) | (890) |
Other Postretirement Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 14 | 26 | 32 | 52 |
Interest cost | 60 | 55 | 120 | 109 |
Expected return on plan assets | (247) | (191) | (495) | (381) |
Amortization of net loss (gain) | (50) | (89) | (98) | (178) |
Amortization of prior service cost | (82) | 22 | (167) | 45 |
Net periodic benefit | $ (305) | $ (177) | $ (608) | $ (353) |
Investment Securities, Availabl
Investment Securities, Available-for-sale Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | $ 635,841 | $ 515,531 |
Gross Unrealized Gains | 2,032 | 58 |
Gross Unrealized Losses | 4,333 | 14,126 |
Fair Value | 633,540 | 501,463 |
U. S. Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 184,866 | 154,868 |
Gross Unrealized Gains | 76 | 0 |
Gross Unrealized Losses | 494 | 2,708 |
Fair Value | 184,448 | 152,160 |
State and Political Subdivisions [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 166 | 168 |
Gross Unrealized Gains | 4 | 5 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 170 | 173 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 356,376 | 271,386 |
Gross Unrealized Gains | 1,631 | 53 |
Gross Unrealized Losses | 3,328 | 9,407 |
Fair Value | 354,679 | 262,032 |
Corporate Bonds [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 40,254 | 30,048 |
Gross Unrealized Gains | 321 | 0 |
Gross Unrealized Losses | 108 | 110 |
Fair Value | 40,467 | 29,938 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 53,494 | 58,376 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 403 | 1,901 |
Fair Value | 53,091 | 56,475 |
Other [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 685 | 685 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 685 | $ 685 |
Investment Securities, Availa_2
Investment Securities, Available-for-sale Securities, Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost [Abstract] | ||
Due in one year or less | $ 5,080 | |
Due in one year through five years | 170,836 | |
Due after five years through ten years | 50,055 | |
Amortized Cost | 635,841 | $ 515,531 |
Fair Value [Abstract] | ||
Due in one year or less | 5,093 | |
Due in one year through five years | 170,638 | |
Due after five years through ten years | 50,039 | |
Fair Value | 633,540 | 501,463 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 356,376 | |
Amortized Cost | 356,376 | 271,386 |
Fair Value [Abstract] | ||
Securities, fair value | 354,679 | |
Fair Value | 354,679 | 262,032 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 53,494 | |
Amortized Cost | 53,494 | 58,376 |
Fair Value [Abstract] | ||
Securities, fair value | 53,091 | |
Fair Value | $ 53,091 | $ 56,475 |
Investment Securities, Availa_3
Investment Securities, Available-for-sale Securities, Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | $ 38,856 | $ 45,915 |
12 months or more - Fair Value | 390,838 | 438,490 |
Total - Fair Value | 429,694 | 484,405 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 193 | 215 |
12 months or more - Gross Unrealized Loss | 4,140 | 13,911 |
Total - Gross Unrealized Loss | 4,333 | 14,126 |
U. S. Government Sponsored Enterprises [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 19,939 | 29,870 |
12 months or more - Fair Value | 94,461 | 112,291 |
Total - Fair Value | 114,400 | 142,161 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 61 | 106 |
12 months or more - Gross Unrealized Loss | 433 | 2,602 |
Total - Gross Unrealized Loss | 494 | 2,708 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 4,025 | 1,102 |
12 months or more - Fair Value | 243,286 | 259,729 |
Total - Fair Value | 247,311 | 260,831 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 24 | 11 |
12 months or more - Gross Unrealized Loss | 3,304 | 9,396 |
Total - Gross Unrealized Loss | 3,328 | 9,407 |
Corporate Bonds [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 14,892 | 14,943 |
12 months or more - Fair Value | 0 | 9,995 |
Total - Fair Value | 14,892 | 24,938 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 108 | 98 |
12 months or more - Gross Unrealized Loss | 0 | 12 |
Total - Gross Unrealized Loss | 108 | 110 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 0 | 0 |
12 months or more - Fair Value | 53,091 | 56,475 |
Total - Fair Value | 53,091 | 56,475 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 0 | 0 |
12 months or more - Gross Unrealized Loss | 403 | 1,901 |
Total - Gross Unrealized Loss | $ 403 | $ 1,901 |
Investment Securities, Availa_4
Investment Securities, Available-for-sale Securities, Transaction Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses [Abstract] | ||||
Proceeds from sales | $ 0 | $ 0 | $ 0 | $ 0 |
Proceeds from calls/paydowns | 28,409 | 24,453 | 44,450 | 49,481 |
Proceeds from maturities | 52 | 20,000 | 10,052 | 45,000 |
Gross realized gains | 0 | 0 | 0 | 0 |
Gross realized losses | 0 | 0 | 0 | 0 |
Sales and transfers of available for sale securities | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities, Held-to-
Investment Securities, Held-to-maturity Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | $ 20,667 | $ 22,501 |
Gross Unrecognized Gains | 961 | 577 |
Gross Unrecognized Losses | 5 | 154 |
Fair Value | 21,623 | 22,924 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | 20,667 | 22,501 |
Gross Unrecognized Gains | 961 | 577 |
Gross Unrecognized Losses | 5 | 154 |
Fair Value | $ 21,623 | $ 22,924 |
Investment Securities, Held-t_2
Investment Securities, Held-to-maturity Securities, Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost [Abstract] | ||
Amortized Cost | $ 20,667 | $ 22,501 |
Fair Value [Abstract] | ||
Fair Value | 21,623 | 22,924 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 20,667 | |
Amortized Cost | 20,667 | 22,501 |
Fair Value [Abstract] | ||
Securities, fair value | 21,623 | |
Fair Value | $ 21,623 | $ 22,924 |
Investment Securities, Held-t_3
Investment Securities, Held-to-maturity Securities, Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value [Abstract] | ||
Less than 12 months - Fair value | $ 0 | $ 10,958 |
12 months or more - Fair Value | 2,421 | 0 |
Total - Fair Value | 2,421 | 10,958 |
Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross unrealized Loss | 0 | 154 |
12 months or more - Gross Unrealized Loss | 5 | 0 |
Total - Gross Unrealized Loss | 5 | 154 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Fair Value [Abstract] | ||
Less than 12 months - Fair value | 0 | 10,958 |
12 months or more - Fair Value | 2,421 | 0 |
Total - Fair Value | 2,421 | 10,958 |
Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross unrealized Loss | 0 | 154 |
12 months or more - Gross Unrealized Loss | 5 | 0 |
Total - Gross Unrealized Loss | $ 5 | $ 154 |
Investment Securities, Held to
Investment Securities, Held to Maturity Securities, Transaction Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investment Securities [Abstract] | ||||
Sales and transfers of held to maturity securities | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | $ 3,906,409 | $ 3,874,096 | |||||
Less: Allowance for loan losses | 44,365 | $ 44,671 | 44,766 | $ 44,503 | $ 44,379 | $ 44,170 | |
Net loans | 3,862,044 | 3,829,330 | |||||
New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 2,950,393 | 2,948,069 | ||||
Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 956,016 | 926,027 | |||||
Real Estate Construction Loans [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 27,700 | 26,700 | |||||
Residential Borrowers [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 13,300 | 14,200 | |||||
Commercial Borrowers Residential Purpose [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 14,400 | 12,500 | |||||
Commercial [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 190,507 | 196,146 | |||||
Less: Allowance for loan losses | 3,913 | 3,734 | 4,048 | 4,195 | 4,255 | 4,324 | |
Commercial [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 175,830 | 180,608 | ||||
Commercial [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 14,677 | 15,538 | |||||
Commercial [Member] | Commercial Real Estate [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 167,954 | 171,553 | |||||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 153,550 | 156,278 | ||||
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 14,404 | 15,275 | |||||
Commercial [Member] | Other [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 22,553 | 24,593 | |||||
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 22,280 | 24,330 | ||||
Commercial [Member] | Other [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 273 | 263 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 3,706,388 | 3,666,248 | |||||
Less: Allowance for loan losses | 39,963 | 39,985 | 39,772 | 39,471 | 39,359 | 39,077 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 3,338,116 | 3,287,877 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 2,461,857 | 2,442,711 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 876,259 | 845,166 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 90,713 | 88,831 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 71,758 | 71,523 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 18,955 | 17,308 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 277,559 | 289,540 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 233,360 | 243,765 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 44,199 | 45,775 | |||||
Installment [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 9,514 | 11,702 | |||||
Less: Allowance for loan losses | 489 | $ 952 | 946 | $ 837 | $ 765 | $ 769 | |
Installment [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 7,588 | 9,462 | ||||
Installment [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | $ 1,926 | $ 2,240 | |||||
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses, Non-accrual Loans, By Loan Class (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | $ 22,103 | $ 24,952 | |
Restructured real estate mortgages - 1 to 4 family | 31 | 34 | |
Total nonperforming loans | 22,134 | 24,986 | |
Other estate owned | 2,100 | 1,100 | |
New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 20,539 | 23,022 |
Restructured real estate mortgages - 1 to 4 family | [1] | 31 | 34 |
Total nonperforming loans | [1] | 20,570 | 23,056 |
Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1,564 | 1,930 | |
Restructured real estate mortgages - 1 to 4 family | 0 | 0 | |
Total nonperforming loans | 1,564 | 1,930 | |
Residential Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Non accrual residential mortgage loans in the process of foreclosure | 9,600 | 12,400 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 902 | 639 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 902 | 639 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 0 | 0 | |
Commercial [Member] | Other [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 3 | 6 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 3 | 6 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 17,251 | 20,014 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 15,818 | 18,202 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1,433 | 1,812 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 342 | 247 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 342 | 247 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 3,604 | 4,027 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 3,473 | 3,924 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 131 | 103 | |
Installment [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1 | 19 | |
Installment [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 1 | 4 |
Installment [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | $ 0 | $ 15 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses, Past Due (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | ||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | $ 20,413 | $ 23,269 | |
Current | 3,885,996 | 3,850,827 | |
Total loans | 3,906,409 | 3,874,096 | |
Loans that are 90 days past due and still accruing interest | $ 0 | $ 0 | |
Number of days past due | 90 days | 90 days | |
New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | $ 18,126 | $ 21,550 |
Current | [1] | 2,932,267 | 2,926,519 |
Total loans | [1] | 2,950,393 | 2,948,069 |
Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,287 | 1,719 | |
Current | 953,729 | 924,308 | |
Total loans | 956,016 | 926,027 | |
30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 4,500 | 5,158 | |
30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 3,804 | 4,639 |
30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 696 | 519 | |
60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,857 | 1,783 | |
60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 969 | 1,369 |
60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 888 | 414 | |
90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 14,056 | 16,328 | |
90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 13,353 | 15,542 |
90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 703 | 786 | |
Commercial [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 190,507 | 196,146 | |
Commercial [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | [1] | 175,830 | 180,608 |
Commercial [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 14,677 | 15,538 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 478 | 568 | |
Current | 167,476 | 170,985 | |
Total loans | 167,954 | 171,553 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 478 | 568 |
Current | [1] | 153,072 | 155,710 |
Total loans | [1] | 153,550 | 156,278 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 14,404 | 15,275 | |
Total loans | 14,404 | 15,275 | |
Commercial [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 478 | 198 | |
Commercial [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 478 | 198 |
Commercial [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 0 |
Commercial [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 370 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 370 |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 22,553 | 24,593 | |
Total loans | 22,553 | 24,593 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 0 |
Current | [1] | 22,280 | 24,330 |
Total loans | [1] | 22,280 | 24,330 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 273 | 263 | |
Total loans | 273 | 263 | |
Commercial [Member] | Other [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 0 |
Commercial [Member] | Other [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 0 |
Commercial [Member] | Other [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 0 |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 3,706,388 | 3,666,248 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 17,041 | 18,986 | |
Current | 3,321,075 | 3,268,891 | |
Total loans | 3,338,116 | 3,287,877 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 15,041 | 17,441 |
Current | [1] | 2,446,816 | 2,425,270 |
Total loans | [1] | 2,461,857 | 2,442,711 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,000 | 1,545 | |
Current | 874,259 | 843,621 | |
Total loans | 876,259 | 845,166 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 3,301 | 3,693 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 2,746 | 3,276 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 555 | 417 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,754 | 1,305 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 932 | 898 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 822 | 407 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 11,986 | 13,988 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 11,363 | 13,267 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 623 | 721 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 398 | 514 | |
Current | 90,315 | 88,317 | |
Total loans | 90,713 | 88,831 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 348 | 464 |
Current | [1] | 71,410 | 71,059 |
Total loans | [1] | 71,758 | 71,523 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 50 | 50 | |
Current | 18,905 | 17,258 | |
Total loans | 18,955 | 17,308 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 59 | 208 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 59 | 158 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 50 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 50 | 94 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 94 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 50 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 289 | 212 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 289 | 212 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,413 | 3,092 | |
Current | 275,146 | 286,448 | |
Total loans | 277,559 | 289,540 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 2,192 | 3,002 |
Current | [1] | 231,168 | 240,763 |
Total loans | [1] | 233,360 | 243,765 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 221 | 90 | |
Current | 43,978 | 45,685 | |
Total loans | 44,199 | 45,775 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 605 | 1,003 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 464 | 963 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 141 | 40 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 28 | 348 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 28 | 348 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,780 | 1,741 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 1,700 | 1,691 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 80 | 50 | |
Installment [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 83 | 109 | |
Current | 9,431 | 11,593 | |
Total loans | 9,514 | 11,702 | |
Installment [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 67 | 75 |
Current | [1] | 7,521 | 9,387 |
Total loans | [1] | 7,588 | 9,462 |
Installment [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 16 | 34 | |
Current | 1,910 | 2,206 | |
Total loans | 1,926 | 2,240 | |
Installment [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 57 | 56 | |
Installment [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 57 | 44 |
Installment [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 12 | |
Installment [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 25 | 36 | |
Installment [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 9 | 29 |
Installment [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 16 | 7 | |
Installment [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1 | 17 | |
Installment [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 1 | 2 |
Installment [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | $ 0 | $ 15 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | $ 44,671 | $ 44,379 | $ 44,766 | $ 44,170 | |
Loans charged off [Abstract] | |||||
Total loan charge offs | 254 | 283 | 742 | 488 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 289 | 107 | 382 | 221 | |
Net loans (recoveries) charged off | (35) | 176 | 360 | 267 | |
(Recoveries) provision for loan losses | (341) | 300 | (41) | 600 | |
Balance at end of period | 44,365 | 44,503 | 44,365 | 44,503 | |
New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 254 | 280 | 682 | 482 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 264 | 104 | 347 | 218 |
Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 3 | 60 | 6 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 25 | 3 | 35 | 3 | |
Commercial [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 3,734 | 4,255 | 4,048 | 4,324 | |
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | 7 | 0 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 1 | 1 | 4 | 7 | |
Net loans (recoveries) charged off | (1) | (1) | 3 | (7) | |
(Recoveries) provision for loan losses | 178 | (61) | (132) | (136) | |
Balance at end of period | 3,913 | 4,195 | 3,913 | 4,195 | |
Commercial [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 0 | 0 | 7 | 0 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 1 | 1 | 4 | 7 |
Commercial [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | 0 | 0 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 0 | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 39,985 | 39,359 | 39,772 | 39,077 | |
Loans charged off [Abstract] | |||||
Total loan charge offs | 205 | 239 | 626 | 370 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 284 | 89 | 368 | 192 | |
Net loans (recoveries) charged off | (79) | 150 | 258 | 178 | |
(Recoveries) provision for loan losses | (101) | 262 | 449 | 572 | |
Balance at end of period | 39,963 | 39,471 | 39,963 | 39,471 | |
Real Estate Mortgage - 1 to 4 Family [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 205 | 239 | 597 | 370 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 259 | 89 | 333 | 192 |
Real Estate Mortgage - 1 to 4 Family [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | 29 | 0 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 25 | 0 | 35 | 0 | |
Installment [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 952 | 765 | 946 | 769 | |
Loans charged off [Abstract] | |||||
Total loan charge offs | 49 | 44 | 109 | 118 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 4 | 17 | 10 | 22 | |
Net loans (recoveries) charged off | 45 | 27 | 99 | 96 | |
(Recoveries) provision for loan losses | (418) | 99 | (358) | 164 | |
Balance at end of period | 489 | 837 | 489 | 837 | |
Installment [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 49 | 41 | 78 | 112 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 4 | 14 | 10 | 19 |
Installment [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 3 | 31 | 6 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | $ 0 | $ 3 | $ 0 | $ 3 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses, Based on Impairment Review Method (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | $ 0 | $ 0 | ||||
Collectively evaluated for impairment | 44,365 | 44,766 | ||||
Total ending allowance balance | 44,365 | $ 44,671 | 44,766 | $ 44,503 | $ 44,379 | $ 44,170 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 20,780 | 22,288 | ||||
Collectively evaluated for impairment | 3,885,629 | 3,851,808 | ||||
Total loans | 3,906,409 | 3,874,096 | ||||
Commercial [Member] | ||||||
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 3,913 | 4,048 | ||||
Total ending allowance balance | 3,913 | 3,734 | 4,048 | 4,195 | 4,255 | 4,324 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 1,696 | 1,424 | ||||
Collectively evaluated for impairment | 188,811 | 194,722 | ||||
Total loans | 190,507 | 196,146 | ||||
1 to 4 Family Residential Real Estate [Member] | ||||||
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 39,963 | 39,772 | ||||
Total ending allowance balance | 39,963 | 39,985 | 39,772 | 39,471 | 39,359 | 39,077 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 19,084 | 20,864 | ||||
Collectively evaluated for impairment | 3,687,304 | 3,645,384 | ||||
Total loans | 3,706,388 | 3,666,248 | ||||
Installment [Member] | ||||||
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 489 | 946 | ||||
Total ending allowance balance | 489 | $ 952 | 946 | $ 837 | $ 765 | $ 769 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 9,514 | 11,702 | ||||
Total loans | $ 9,514 | $ 11,702 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses, Impaired Receivables (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | ||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | $ 20,780 | $ 22,288 | |
Unpaid Principal Balance | 21,403 | 23,309 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 21,692 | 23,161 | |
New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 18,325 | 19,546 |
Unpaid Principal Balance | [1] | 18,948 | 20,461 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 19,066 | 20,237 |
Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,455 | 2,742 | |
Unpaid Principal Balance | 2,455 | 2,848 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,626 | 2,924 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 1,661 | 1,386 | |
Unpaid Principal Balance | 1,831 | 1,556 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 1,531 | 1,560 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 1,552 | 1,274 |
Unpaid Principal Balance | [1] | 1,722 | 1,444 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 1,419 | 1,503 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 109 | 112 | |
Unpaid Principal Balance | 109 | 112 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 112 | 57 | |
Commercial [Member] | Other [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 35 | 38 | |
Unpaid Principal Balance | 35 | 88 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 106 | 123 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 35 | 38 |
Unpaid Principal Balance | [1] | 35 | 88 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 106 | 123 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 16,114 | 17,503 | |
Unpaid Principal Balance | 16,407 | 18,060 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 16,962 | 18,032 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 14,100 | 15,210 |
Unpaid Principal Balance | [1] | 14,393 | 15,661 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 14,784 | 15,577 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,014 | 2,293 | |
Unpaid Principal Balance | 2,014 | 2,399 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,178 | 2,455 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 324 | 336 | |
Unpaid Principal Balance | 344 | 356 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 333 | 348 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 243 | 252 |
Unpaid Principal Balance | [1] | 263 | 272 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 250 | 262 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 81 | 84 | |
Unpaid Principal Balance | 81 | 84 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 83 | 86 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,646 | 3,025 | |
Unpaid Principal Balance | 2,786 | 3,249 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,760 | 3,098 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 2,395 | 2,772 |
Unpaid Principal Balance | [1] | 2,535 | 2,996 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 2,507 | 2,772 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 251 | 253 | |
Unpaid Principal Balance | 251 | 253 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | $ 253 | $ 326 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | Dec. 31, 2018USD ($) | ||
Financing Receivable Modifications Information [Abstract] | ||||||
TDR's classifications from previously performing loans | $ 11,200 | $ 11,200 | $ 11,100 | |||
New York and Other States [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | [1] | 9 | 2 | 13 | 6 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 1,124 | $ 125 | $ 1,774 | $ 806 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 1,124 | $ 125 | $ 1,774 | $ 806 | |
Florida [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | [1] | 1 | 0 | 1 | 0 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 128 | $ 0 | $ 128 | $ 0 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 128 | $ 0 | $ 128 | $ 0 | |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | [1] | 5 | 2 | 9 | 4 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 718 | $ 125 | $ 1,368 | $ 598 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 718 | $ 125 | $ 1,368 | $ 598 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | [1] | 0 | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | [1] | 3 | 0 | 3 | 2 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 278 | $ 0 | $ 278 | $ 208 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 278 | $ 0 | $ 278 | $ 208 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses, Modified Loans Payment Status (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | ||
Loans and Allowance for Loan Losses [Abstract] | ||||
Deferral period of chapter 13 bankruptcies | 60 months | |||
Number of days past due when loans are considered to be in payment default | 90 days | |||
Contractual past due period for loans to be in payment default | 30 days | |||
Loans modified for which there was payment default [Abstract] | ||||
Recorded Investment | $ 0 | $ 0 | ||
New York and Other States [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | [1] | 0 | 1 | |
Recorded Investment | [1] | $ 0 | $ 3 | |
Florida [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | 0 | 1 | ||
Recorded Investment | $ 0 | $ 72 | ||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | [1] | 0 | 0 | |
Recorded Investment | [1] | $ 0 | $ 0 | |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | 0 | 0 | ||
Recorded Investment | $ 0 | $ 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | [1] | 0 | 0 | |
Recorded Investment | [1] | $ 0 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | 0 | 1 | ||
Recorded Investment | $ 0 | $ 72 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | [1] | 0 | 0 | |
Recorded Investment | [1] | $ 0 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | [1] | 0 | 1 | |
Recorded Investment | [1] | $ 0 | $ 3 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | 0 | 0 | ||
Recorded Investment | $ 0 | $ 0 | ||
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses, Risk Category of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable [Abstract] | |||
Total loans, net | $ 3,906,409 | $ 3,874,096 | |
Impaired loans included in classified loans | 1,300 | 1,400 | |
New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 2,950,393 | 2,948,069 |
Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 956,016 | 926,027 | |
Commercial [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 190,507 | 196,146 | |
Commercial [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 175,830 | 180,608 |
Commercial [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 14,677 | 15,538 | |
Commercial [Member] | Pass [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 184,266 | 190,802 | |
Commercial [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 169,589 | 175,376 |
Commercial [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 14,677 | 15,426 | |
Commercial [Member] | Classified [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 6,241 | 5,344 | |
Commercial [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 6,241 | 5,232 |
Commercial [Member] | Classified [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 0 | 112 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 167,954 | 171,553 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 153,550 | 156,278 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 14,404 | 15,275 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 162,735 | 167,208 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 148,331 | 152,045 |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 14,404 | 15,163 | |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 5,219 | 4,345 | |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 5,219 | 4,233 |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 0 | 112 | |
Commercial [Member] | Other [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 22,553 | 24,593 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 22,280 | 24,330 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 273 | 263 | |
Commercial [Member] | Other [Member] | Pass [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 21,531 | 23,594 | |
Commercial [Member] | Other [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 21,258 | 23,331 |
Commercial [Member] | Other [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 273 | 263 | |
Commercial [Member] | Other [Member] | Classified [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 1,022 | 999 | |
Commercial [Member] | Other [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 1,022 | 999 |
Commercial [Member] | Other [Member] | Classified [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | $ 0 | $ 0 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments, Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale [Abstract] | ||
Fair Value | $ 633,540 | $ 501,463 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 633,540 | 501,463 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 0 | 0 |
Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 633,540 | 501,463 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other securities | 0 | 0 |
Fair Value | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 184,448 | 152,160 |
State and political subdivisions | 170 | 173 |
Mortgage backed securities and collateralized mortgage obligations - residential | 354,679 | 262,032 |
Corporate bonds | 40,467 | 29,938 |
Small Business Administration - guaranteed participation securities | 53,091 | 56,475 |
Other securities | 685 | 685 |
Fair Value | 633,540 | 501,463 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other securities | 0 | 0 |
Fair Value | 0 | 0 |
Recurring [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 184,448 | 152,160 |
State and political subdivisions | 170 | 173 |
Mortgage backed securities and collateralized mortgage obligations - residential | 354,679 | 262,032 |
Corporate bonds | 40,467 | 29,938 |
Small Business Administration - guaranteed participation securities | 53,091 | 56,475 |
Other securities | 685 | 685 |
Fair Value | $ 633,540 | $ 501,463 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments, Assets and Liabilities Measured at Fair Value Non-recurring Basis (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | |
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Other real estate owned, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember | |
Other real estate owned, Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember | |
Impaired loans [Abstract] | ||||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 | $ 0 | |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 | $ 0 | |
Other real estate owned, commercial real estate | 560 | 560 | $ 560 | |
Other real estate owned, residential real estate properties | 2,100 | 2,100 | 1,100 | |
Valuation charge on other real estate owned | 106 | 276 | 769 | |
Impaired loans | 20,780 | 20,780 | 22,288 | |
Collateral dependent impaired loans | 216 | 216 | 459 | |
Gross charge offs, commercial impaired loans | 0 | 0 | ||
Gross charge offs, residential impaired loans | 0 | 5 | 67 | |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Other real estate owned | 0 | 0 | 0 | |
Impaired loans [Abstract] | ||||
Real estate mortgage - 1 to 4 family | 0 | 0 | 0 | |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Other real estate owned | 0 | 0 | 0 | |
Impaired loans [Abstract] | ||||
Real estate mortgage - 1 to 4 family | 0 | 0 | 0 | |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Other real estate owned | 2,625 | 2,625 | 1,675 | |
Impaired loans [Abstract] | ||||
Real estate mortgage - 1 to 4 family | $ 216 | $ 216 | $ 459 | |
Nonrecurring [Member] | Minimum [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Other real estate owned, unobservable inputs | 0.01 | 0.01 | 0.01 | |
Nonrecurring [Member] | Maximum [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Other real estate owned, unobservable inputs | 0.13 | 0.13 | 0.14 | |
Nonrecurring [Member] | Weighted Average [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Other real estate owned, unobservable inputs | 0.04 | 0.04 | 0.07 | |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Minimum [Member] | Sales Comparison Approach [Member] | us-gaap_MeasurementInputComparabilityAdjustmentMember | ||||
Impaired loans [Abstract] | ||||
Impaired loans, unobservable inputs | 0.07 | 0.07 | 0.05 | |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Maximum [Member] | Sales Comparison Approach [Member] | us-gaap_MeasurementInputComparabilityAdjustmentMember | ||||
Impaired loans [Abstract] | ||||
Impaired loans, unobservable inputs | 0.17 | 0.17 | 0.14 | |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | us-gaap_MeasurementInputComparabilityAdjustmentMember | ||||
Impaired loans [Abstract] | ||||
Impaired loans, unobservable inputs | 0.12 | 0.12 | 0.10 | |
Nonrecurring [Member] | Carrying Value [Member] | ||||
Assets measured at fair value on a non-recurring basis [Abstract] | ||||
Other real estate owned | $ 2,625 | $ 2,625 | $ 1,675 | |
Impaired loans [Abstract] | ||||
Real estate mortgage - 1 to 4 family | $ 216 | $ 216 | $ 459 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments, Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets [Abstract] | ||
Cash and cash equivalents | $ 560,155 | $ 503,709 |
Securities available for sale | 633,540 | 501,463 |
Held to maturity securities | 21,623 | 22,924 |
Net loans | 3,887,326 | 3,753,966 |
Accrued interest receivable | 12,337 | 11,341 |
Financial liabilities [Abstract] | ||
Demand deposits | 432,780 | 405,069 |
Interest bearing deposits | 4,028,907 | 3,859,444 |
Short-term borrowings | 166,746 | 161,893 |
Accrued interest payable | 1,552 | 1,024 |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 560,155 | 503,709 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 0 | 0 |
Accrued interest receivable | 370 | 353 |
Financial liabilities [Abstract] | ||
Demand deposits | 432,780 | 405,069 |
Interest bearing deposits | 2,583,059 | 2,594,672 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 191 | 104 |
Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 633,540 | 501,463 |
Held to maturity securities | 21,623 | 22,924 |
Net loans | 0 | 0 |
Accrued interest receivable | 2,586 | 2,371 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 1,445,848 | 1,264,772 |
Short-term borrowings | 166,746 | 161,893 |
Accrued interest payable | 1,361 | 920 |
Level 3 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 3,887,326 | 3,753,966 |
Accrued interest receivable | 9,381 | 8,617 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 560,155 | 503,709 |
Securities available for sale | 633,540 | 501,463 |
Held to maturity securities | 20,667 | 22,501 |
Federal Reserve Bank and Federal Home Loan Bank stock | 9,183 | 8,953 |
Net loans | 3,862,044 | 3,829,330 |
Accrued interest receivable | 12,337 | 11,341 |
Financial liabilities [Abstract] | ||
Demand deposits | 432,780 | 405,069 |
Interest bearing deposits | 4,029,487 | 3,869,178 |
Short-term borrowings | 166,746 | 161,893 |
Accrued interest payable | $ 1,552 | $ 1,024 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Balance | $ 501,718 | $ 489,871 | $ 462,097 | $ 458,308 | $ 489,871 | $ 458,308 | |
Other comprehensive income (loss) - before reclassifications | 5,237 | (1,244) | 8,535 | (6,546) | |||
Amount reclassified from accumulated other comprehensive income | 0 | (62) | 0 | (1,444) | |||
Other comprehensive income (loss), net of tax | 5,237 | 3,298 | (1,306) | (5,338) | 8,535 | (6,644) | |
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | (1,346) | (1,346) | (1,346) | $ 0 | |||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 0 | |||||
Tax Cuts and Jobs Act of 2017, Other comprehensive income (loss), Tax Effect | 0 | 0 | |||||
Balance | 515,630 | 501,718 | 470,815 | 462,097 | 515,630 | 470,815 | |
Accumulated Other Comprehensive Loss [Member] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Balance | (7,011) | (10,309) | (8,490) | (1,806) | (10,309) | (1,806) | |
Other comprehensive income (loss), net of tax | 5,237 | 3,298 | (1,306) | (5,338) | |||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | (1,346) | (1,346) | ||||
Balance | (1,774) | (7,011) | (9,796) | (8,490) | (1,774) | (9,796) | |
Net Unrealized Holding Gain (Loss) on Securities Available for Sale, Net of Tax [Member] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Balance | (7,020) | (10,416) | (10,332) | (5,030) | (10,416) | (5,030) | |
Other comprehensive income (loss) - before reclassifications | 5,313 | (1,244) | 8,709 | (6,546) | |||
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | |||
Other comprehensive income (loss), net of tax | 5,313 | (1,244) | 8,709 | (6,546) | |||
Balance | (1,707) | (7,020) | (11,576) | (10,332) | (1,707) | (11,576) | |
Net Change in Overfunded Position in Pension and Postretirement Plans Arising During the Year, Net of Tax [Member] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Balance | 423 | 423 | 423 | ||||
Other comprehensive income (loss) - before reclassifications | 0 | 0 | |||||
Amount reclassified from accumulated other comprehensive income | 0 | 0 | |||||
Other comprehensive income (loss), net of tax | 0 | 0 | |||||
Balance | 423 | 423 | 423 | ||||
Net Change in Net Actuarial (Gain) Loss and Prior Service Credit/Cost on Pension and Postretirement Benefit Plans, Net of Tax [Member] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Balance | (414) | 316 | 3,188 | 3,224 | 316 | 3,224 | |
Other comprehensive income (loss) - before reclassifications | (76) | 0 | (174) | 0 | |||
Amount reclassified from accumulated other comprehensive income | 0 | (62) | 0 | (98) | |||
Other comprehensive income (loss), net of tax | (76) | (62) | (174) | (98) | |||
Balance | $ (490) | $ (414) | $ 3,126 | $ 3,188 | $ (490) | $ 3,126 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss), Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||
Salaries and employee benefits | $ 11,711 | $ 10,741 | $ 23,162 | $ 21,163 | ||
Income tax benefit | 4,877 | 4,804 | 9,521 | 9,535 | ||
Net income | 14,667 | $ 14,558 | 15,405 | $ 14,808 | 29,225 | 30,213 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||
Net income | 76 | 62 | 174 | 98 | ||
Amortization of Pension and Postretirement Benefit Items [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||
Income tax benefit | (26) | (22) | (61) | (35) | ||
Net income | 76 | 62 | 174 | 98 | ||
Amortization of Net Actuarial Gain (Loss) [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||
Salaries and employee benefits | 20 | 106 | 68 | 178 | ||
Amortization of Prior Service Cost [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||
Salaries and employee benefits | $ 82 | $ (22) | $ 167 | $ (45) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Sources of non-interest income [Abstract] | |||||
Other | [1] | $ 989 | $ 810 | $ 1,402 | $ 1,427 |
Total non-interest income | 4,914 | 4,495 | 9,551 | 9,174 | |
Overdraft Fees [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 849 | 823 | 1,699 | 1,650 | |
Other [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 109 | 96 | 219 | 210 | |
Interchange Income [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 1,284 | 1,170 | 2,815 | 2,476 | |
Wealth Management Fees [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | $ 1,683 | $ 1,596 | $ 3,416 | $ 3,411 | |
[1] | Not within the scope of ASC 606. |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Other information related to leases [Abstract] | ||||||
Operating lease cost | $ 1,930 | $ 1,928 | $ 3,821 | $ 3,840 | ||
Variable lease cost | 509 | 468 | 975 | 1,054 | ||
Total Lease costs | $ 2,439 | 2,396 | 4,796 | 4,894 | ||
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||||||
Operating cash flows from operating leases | 3,906 | |||||
Right-of-use assets obtained in exchange for lease obligations: | $ 54,038 | |||||
Weighted average remaining lease term | 9 years 7 months 6 days | 9 years 7 months 6 days | ||||
Weighted average discount rate | 3.30% | 3.30% | ||||
Future minimum lease payments under non-cancellable leases [Abstract] | ||||||
2019 | [1] | $ 3,933 | $ 3,933 | |||
2020 | 7,820 | 7,820 | ||||
2021 | 7,818 | 7,818 | ||||
2022 | 7,300 | 7,300 | ||||
2023 | 6,978 | 6,978 | ||||
Thereafter | 32,600 | 32,600 | ||||
Total lease payments | 66,449 | 66,449 | ||||
Less: Interest | 10,212 | 10,212 | ||||
Present value of lease liabilities | $ 56,237 | $ 56,237 | $ 0 | |||
Minimum annual lease payments under terms of leases [Abstract] | ||||||
2018 | [2] | 3,881 | 3,881 | |||
2019 | 7,799 | 7,799 | ||||
2020 | 7,622 | 7,622 | ||||
2021 | 7,555 | 7,555 | ||||
2022 | 7,048 | 7,048 | ||||
Thereafter | 39,395 | 39,395 | ||||
Total lease payments | $ 73,300 | $ 73,300 | ||||
Minimum [Member] | ||||||
Leases, operating [Abstract] | ||||||
Operating lease expiration term | 5 months | 5 months | ||||
Maximum [Member] | ||||||
Leases, operating [Abstract] | ||||||
Operating lease expiration term | 25 years 3 months 18 days | 25 years 3 months 18 days | ||||
[1] | Excluding the six months ended June 30, 2019. | |||||
[2] | Excluding six months ended June 30, 2018. |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Jun. 30, 2019USD ($)Classification | Dec. 31, 2018USD ($) | |||
Trustco Bank [Member] | |||||
Compliance With Regulatory Capital Requirements Under Banking Regulations Information [Abstract] | |||||
Number of classifications for prompt corrective action regulations provide | Classification | 5 | ||||
Tier One Risk Based Capital [Abstract] | |||||
Tier 1 leverage capital | $ 501,685 | $ 484,581 | |||
Common equity Tier 1 capital | 501,685 | 484,581 | |||
Tier 1 risk-based capital | 501,685 | 484,581 | |||
Total risk-based capital | $ 536,199 | $ 517,948 | |||
Risk Based Ratios [Abstract] | |||||
Tier 1 leverage ratio, ratio | 9.685% | 9.767% | |||
Common equity Tier 1 capital, ratio | 18.236% | 18.233% | |||
Tier 1 risk-based capital, ratio | 18.236% | 18.233% | |||
Total risk-based capital, ratio | 19.491% | 19.489% | |||
Leverage Ratios [Abstract] | |||||
Tier 1 leverage ratio, well capitalized | [1] | 5.00% | 5.00% | ||
Tier 1 leverage ratio, adequately capitalized | [1] | 4.00% | [2] | 4.00% | [3] |
Common equity Tier 1 capital, well capitalized | [1] | 6.50% | 6.50% | ||
Common equity Tier 1 capital, adequately capitalized | [1] | 7.00% | [2] | 6.38% | [3] |
Tier 1 risk-based capital, well capitalized | [1] | 8.00% | 8.00% | ||
Tier 1 risk-based capital, adequately capitalized | [1] | 8.50% | [2] | 7.88% | [3] |
Total risk-based capital, well capitalized | [1] | 10.00% | 10.00% | ||
Total risk-based capital, adequately capitalized | [1] | 10.50% | [2] | 9.88% | [3] |
Capital Conservation Buffer [Abstract] | |||||
Common equity Tier 1 capital conservation buffer | 2.50% | 1.88% | |||
Tier 1 risk based capital ratio, capital conservation buffer | 2.50% | 1.88% | |||
Total risk based capital ratio, capital conservation buffer | 2.50% | 1.88% | |||
TrustCo Bank Corp NY [Member] | |||||
Tier One Risk Based Capital [Abstract] | |||||
Tier 1 leverage capital | $ 516,850 | $ 499,626 | |||
Common equity Tier 1 capital | 516,850 | 499,626 | |||
Tier 1 risk-based capital | 516,850 | 499,626 | |||
Total risk-based capital | $ 551,383 | $ 533,009 | |||
Risk Based Ratios [Abstract] | |||||
Tier 1 leverage ratio, ratio | 9.974% | 10.129% | |||
Common equity Tier 1 capital, ratio | 18.777% | 18.79% | |||
Tier 1 risk-based capital, ratio | 18.777% | 18.79% | |||
Total risk-based capital, ratio | 20.031% | 20.046% | |||
Leverage Ratios [Abstract] | |||||
Tier 1 leverage ratio, adequately capitalized | [1],[2] | 4.00% | 4.00% | ||
Common equity Tier 1 capital, adequately capitalized | [1],[2] | 7.00% | 6.38% | ||
Tier 1 risk-based capital, adequately capitalized | [1],[2] | 8.50% | 7.88% | ||
Total risk-based capital, adequately capitalized | [1],[2] | 10.50% | 9.88% | ||
Capital Conservation Buffer [Abstract] | |||||
Common equity Tier 1 capital conservation buffer | 2.50% | 1.88% | |||
Tier 1 risk based capital ratio, capital conservation buffer | 2.50% | 1.88% | |||
Total risk based capital ratio, capital conservation buffer | 2.50% | 1.88% | |||
[1] | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized | ||||
[2] | The June 30, 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent | ||||
[3] | The December 31, 2018 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a transition capital conservation buffer of 1.88 percent |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Changes in Accounting Principles [Abstract] | ||
Lease liability | $ 66,449 | |
Present value of the remaining lease payments | 56,237 | $ 0 |
ROU asset | $ 51,097 | 0 |
ASU 2016-02 [Member] | ||
Changes in Accounting Principles [Abstract] | ||
Lease liability | 58,200 | |
Present value of the remaining lease payments | 69,400 | |
ROU asset | 53,000 | |
Accrued rent | $ 5,200 |