Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | TRUSTCO BANK CORP NY | |
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 | 96,432,657 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-10592 | |
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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Interest and dividend income: | |||||
Interest and fees on loans | $ 41,330 | $ 41,923 | $ 125,058 | $ 124,608 | |
Interest and dividends on securities available for sale: | |||||
U. S. government sponsored enterprises | 14 | 996 | 541 | 2,600 | |
State and political subdivisions | 1 | 2 | 4 | 6 | |
Mortgage-backed securities and collateralized mortgage obligations - residential | 1,319 | 2,178 | 4,959 | 5,885 | |
Corporate bonds | 646 | 321 | 1,372 | 801 | |
Small Business Administration-guaranteed participation securities | 216 | 282 | 690 | 868 | |
Other securities | 5 | 6 | 16 | 16 | |
Total interest and dividends on securities available for sale | 2,201 | 3,785 | 7,582 | 10,176 | |
Interest on held to maturity securities: | |||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 138 | 187 | 475 | 613 | |
Total interest on held to maturity securities | 138 | 187 | 475 | 613 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 77 | 81 | 351 | 365 | |
Interest on federal funds sold and other short-term investments | 242 | 2,552 | 1,702 | 8,843 | |
Total interest income | 43,988 | 48,528 | 135,168 | 144,605 | |
Interest on deposits: | |||||
Interest-bearing checking | 55 | 52 | 97 | 267 | |
Savings accounts | 161 | 323 | 560 | 1,067 | |
Money market deposit accounts | 637 | 1,177 | 2,595 | 3,122 | |
Time deposits | 4,749 | 7,974 | 16,739 | 21,462 | |
Interest on short-term borrowings | 221 | 359 | 778 | 1,121 | |
Total interest expense | 5,823 | 9,885 | 20,769 | 27,039 | |
Net interest income | 38,165 | 38,643 | 114,399 | 117,566 | |
Provision (credit) for loan losses | 1,000 | 0 | 5,000 | (41) | |
Net interest income after provision for loan losses | 37,165 | 38,643 | 109,399 | 117,607 | |
Noninterest income: | |||||
Trustco financial services income | 1,784 | 1,517 | 4,752 | 4,933 | |
Fees for services to customers | 2,292 | 2,602 | 6,414 | 7,733 | |
Net gain on securities transactions | [1] | 0 | 0 | 1,155 | 0 |
Other | 265 | 806 | 780 | 1,810 | |
Total noninterest income | 4,341 | 4,925 | 13,101 | 14,476 | |
Noninterest expenses: | |||||
Salaries and employee benefits | 10,899 | 11,725 | 33,920 | 34,887 | |
Net occupancy expense | 4,277 | 4,094 | 12,968 | 12,267 | |
Equipment expense | 1,607 | 1,689 | 5,015 | 5,300 | |
Professional services | 1,311 | 1,507 | 3,974 | 4,725 | |
Outsourced services | 1,875 | 1,875 | 5,825 | 5,675 | |
Advertising expense | 305 | 494 | 1,394 | 2,057 | |
FDIC and other insurance | 660 | 282 | 1,563 | 1,528 | |
Other real estate (income) expense, net | (115) | 33 | 47 | 219 | |
Other | 1,855 | 2,371 | 6,168 | 7,181 | |
Total noninterest expenses | 22,674 | 24,070 | 70,874 | 73,839 | |
Income before taxes | 18,832 | 19,498 | 51,626 | 58,244 | |
Income taxes | 4,761 | 4,790 | 12,988 | 14,311 | |
Net income | $ 14,071 | $ 14,708 | $ 38,638 | $ 43,933 | |
Net income per share: | |||||
Basic (in dollars per share) | $ 0.146 | $ 0.152 | $ 0.400 | $ 0.454 | |
Diluted (in dollars per share) | $ 0.146 | $ 0.152 | $ 0.400 | $ 0.453 | |
[1] | Not within the scope of ASC 606. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||||
Net income | $ 14,071 | $ 14,708 | $ 38,638 | $ 43,933 |
Net unrealized holding (loss) gain on securities available for sale | (267) | 2,418 | 11,392 | 14,185 |
Reclassification adjustments for net gain recognized in income | 0 | 0 | (1,155) | 0 |
Tax effect | 69 | (628) | (2,660) | (3,686) |
Net unrealized (loss) gain on securities available for sale, net of tax | (198) | 1,790 | 7,577 | 10,499 |
Amortization of net actuarial gain | (222) | (35) | (531) | (103) |
Amortization of prior service credit | (49) | (83) | (147) | (250) |
Tax effect | 70 | 31 | 177 | 92 |
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax | (201) | (87) | (501) | (261) |
Other comprehensive (loss) income, net of tax | (399) | 1,703 | 7,076 | 10,238 |
Comprehensive income | $ 13,672 | $ 16,411 | $ 45,714 | $ 54,171 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Cash and due from banks | $ 47,703 | $ 48,198 |
Federal funds sold and other short term investments | 908,616 | 408,648 |
Total cash and cash equivalents | 956,319 | 456,846 |
Securities available for sale | 454,743 | 573,823 |
Held to maturity securities (fair value 2020 $16,343; 2019 $19,680) | 15,094 | 18,618 |
Federal Reserve Bank and Federal Home Loan Bank stock | 5,506 | 9,183 |
Loans, net of deferred net costs | 4,214,555 | 4,062,196 |
Less: Allowance for loan losses | 49,123 | 44,317 |
Net loans | 4,165,432 | 4,017,879 |
Bank premises and equipment, net | 34,417 | 34,622 |
Operating lease right-of-use assets | 47,174 | 51,475 |
Other assets | 57,244 | 58,876 |
Total assets | 5,735,929 | 5,221,322 |
Deposits: | ||
Demand | 635,345 | 463,858 |
Interest-bearing checking | 1,024,290 | 875,672 |
Savings accounts | 1,235,259 | 1,113,146 |
Money market deposit accounts | 699,132 | 599,163 |
Time deposits | 1,305,024 | 1,398,177 |
Total deposits | 4,899,050 | 4,450,016 |
Short-term borrowings | 193,455 | 148,666 |
Operating lease liabilities | 52,125 | 56,553 |
Accrued expenses and other liabilities | 30,771 | 27,830 |
Total liabilities | 5,175,401 | 4,683,065 |
SHAREHOLDERS' EQUITY: | ||
Capital stock par value $1; 150,000,000 shares authorized; 100,204,832 and 100,204,832 shares issued at September 30, 2020 and December 31, 2019, respectively | 100,205 | 100,205 |
Surplus | 176,441 | 176,427 |
Undivided profits | 306,741 | 288,067 |
Accumulated other comprehensive income, net of tax | 11,537 | 4,461 |
Treasury stock at cost - 3,772,175 and 3,283,175 shares at September 30, 2020 and December 31, 2019, respectively | (34,396) | (30,903) |
Total shareholders' equity | 560,528 | 538,257 |
Total liabilities and shareholders' equity | $ 5,735,929 | $ 5,221,322 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Held to maturity securities, fair value | $ 16,343 | $ 19,680 |
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) | 100,204,832 | 100,204,832 |
Treasury stock, at cost (in shares) | 3,772,175 | 3,283,175 |
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, 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, net of tax | 0 | 0 | 0 | 3,298 | 0 | 3,298 |
Stock options exercised | 5 | 30 | 0 | 0 | 0 | 35 |
Cash dividend declared | 0 | 0 | (6,591) | 0 | 0 | (6,591) |
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 | 43,933 | |||||
Other comprehensive income, net of tax | 10,238 | |||||
Balance at Sep. 30, 2019 | 100,200 | 176,395 | 280,542 | (71) | (30,903) | 526,163 |
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, 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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 14,708 | 0 | 0 | 14,708 |
Other comprehensive income, net of tax | 0 | 0 | 0 | 1,703 | 0 | 1,703 |
Stock options exercised | 20 | 98 | 0 | 0 | 0 | 118 |
Cash dividend declared | 0 | 0 | (6,599) | 0 | 0 | (6,599) |
Sale of treasury stock | 0 | (105) | 0 | 0 | 702 | 597 |
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 |
Balance at Sep. 30, 2019 | 100,200 | 176,395 | 280,542 | (71) | (30,903) | 526,163 |
Balance at Dec. 31, 2019 | 100,205 | 176,427 | 288,067 | 4,461 | (30,903) | 538,257 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 13,313 | 0 | 0 | 13,313 |
Other comprehensive income, net of tax | 0 | 0 | 0 | 6,931 | 0 | 6,931 |
Cash dividend declared | 0 | 0 | (6,827) | 0 | 0 | (6,827) |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (3,493) | (3,493) |
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 |
Balance at Mar. 31, 2020 | 100,205 | 176,431 | 294,553 | 11,392 | (34,396) | 548,185 |
Balance at Dec. 31, 2019 | 100,205 | 176,427 | 288,067 | 4,461 | (30,903) | 538,257 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,638 | |||||
Other comprehensive income, net of tax | 7,076 | |||||
Balance at Sep. 30, 2020 | 100,205 | 176,441 | 306,741 | 11,537 | (34,396) | 560,528 |
Balance at Mar. 31, 2020 | 100,205 | 176,431 | 294,553 | 11,392 | (34,396) | 548,185 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 11,254 | 0 | 0 | 11,254 |
Other comprehensive income, net of tax | 0 | 0 | 0 | 544 | 0 | 544 |
Cash dividend declared | 0 | 0 | (6,568) | 0 | 0 | (6,568) |
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 |
Balance at Jun. 30, 2020 | 100,205 | 176,437 | 299,239 | 11,936 | (34,396) | 553,421 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 14,071 | 0 | 0 | 14,071 |
Other comprehensive income, net of tax | 0 | 0 | 0 | (399) | 0 | (399) |
Cash dividend declared | 0 | 0 | (6,569) | 0 | 0 | (6,569) |
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 |
Balance at Sep. 30, 2020 | $ 100,205 | $ 176,441 | $ 306,741 | $ 11,537 | $ (34,396) | $ 560,528 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) [Abstract] | ||||||
Cash dividend declared (in dollars per share) | $ 0.068125 | $ 0.068125 | $ 0.068125 | $ 0.068125 | $ 0.068125 | $ 0.068125 |
Stock option exercises (in shares) | 19,850 | 5,100 | ||||
Purchase of treasury stock (in shares) | 489,000 | 4,131 | ||||
Sale of treasury stock (in shares) | 74,656 | 76,443 | 86,297 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Cash flows from operating activities: | |||
Net income | $ 38,638 | $ 43,933 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 3,003 | 2,958 | |
Amortization of right-of-use asset | 4,588 | 4,420 | |
Net gain on sale of other real estate owned | (332) | (686) | |
Writedown of other real estate owned | 120 | 294 | |
Provision (credit) for loan losses | 5,000 | (41) | |
Deferred tax (benefit) expense | (1,199) | 844 | |
Net amortization of securities | 2,703 | 2,128 | |
Stock based compensation expense | 14 | 0 | |
Net gain on sale of bank premises and equipment | 0 | (3) | |
Net gain on sales of securities | [1] | (1,155) | 0 |
Decrease in taxes receivable | 570 | 1,903 | |
Increase in interest receivable | (180) | (397) | |
(Decrease) increase in interest payable | (682) | 510 | |
Increase in other assets | (1,201) | (2,669) | |
Decrease in operating lease liabilities | (4,715) | (4,489) | |
Increase in accrued expenses and other liabilities | 2,734 | 1,066 | |
Total adjustments | 9,268 | 5,838 | |
Net cash provided by operating activities | 47,906 | 49,771 | |
Cash flows from investing activities: | |||
Proceeds from sales and calls of securities available for sale | 226,886 | 101,306 | |
Proceeds from calls and maturities of held to maturity securities | 3,398 | 2,665 | |
Purchases of securities available for sale | (103,991) | (260,466) | |
Proceeds from maturities of securities available for sale | 5,000 | 10,052 | |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (380) | (230) | |
Proceeds from redemption of Federal Reserve Bank stock | 4,057 | 0 | |
Net increase in loans | (152,987) | (115,120) | |
Proceeds from dispositions of other real estate owned | 1,802 | 3,159 | |
Proceeds from dispositions of bank premises and equipment | 0 | 3 | |
Purchases of bank premises and equipment | (2,798) | (2,432) | |
Net cash used in investing activities | (19,013) | (261,063) | |
Cash flows from financing activities: | |||
Net increase in deposits | 449,034 | 186,920 | |
Net increase (decrease) in short-term borrowings | 44,789 | (10,798) | |
Proceeds from exercise of stock options | 0 | 153 | |
Proceeds from sale of treasury stock | 0 | 1,791 | |
Purchases of treasury stock | (3,493) | (35) | |
Dividends paid | (19,750) | (19,771) | |
Net cash provided by financing activities | 470,580 | 158,260 | |
Net increase (decrease) in cash and cash equivalents | 499,473 | (53,032) | |
Cash and cash equivalents at beginning of period | 456,846 | 503,709 | |
Cash and cash equivalents at end of period | 956,319 | 450,677 | |
Cash paid during the year for: | |||
Interest paid | 21,451 | 26,529 | |
Income taxes paid | 12,274 | 12,263 | |
Other non cash items: | |||
Transfer of loans to other real estate owned | 434 | 3,501 | |
Increase in dividends payable | 214 | 17 | |
Change in unrealized gain on securities available for sale-gross of deferred taxes | 10,237 | 14,185 | |
Change in deferred tax effect on unrealized gain on securities available for sale | (2,660) | (3,686) | |
Amortization of net actuarial gain and prior service credit on pension and postretirement plans | (678) | (353) | |
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | $ 177 | $ 92 | |
[1] | Not within the scope of ASC 606. |
Financial Statement Presentatio
Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2020 | |
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 Company’s principal subsidiary, Trustco Bank (also referred to as the “Bank”) and other 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 nine months ended September 30, 2020 is not necessarily indicative of the results that may be expected for the year ending December 31, 2020, 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 September 30, 2020 the results of operations for the three and nine months ended September 30, 2020 and 2019 and the cash flows for the nine months ended September 30, 2020 and 2019 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, 2019 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 | 9 Months Ended |
Sep. 30, 2020 | |
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 nine months ended September 30, 2020 and 2019 is as follows: (in thousands, except per share data) For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 Net income $ 14,071 14,708 $ 38,638 43,933 Weighted average common shares 96,433 96,907 96,531 96,825 Stock Options 4 70 14 72 Weighted average common shares including potential dilutive shares 96,437 96,977 96,545 96,897 Basic EPS $ 0.146 0.152 $ 0.400 0.454 Diluted EPS $ 0.146 0.152 $ 0.400 0.453 For the three and nine months ended September 30, 2020 and 2019 the weighted average antidilutive stock options excluded from dilutive earnings were approximately and - -, respectively. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
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 nine months ended September 30, 2020 and 2019 for its pension and other postretirement benefit plans: Three months ended September 30, Pension Benefits Other Postretirement Benefits (dollars in thousands) 2020 2019 2020 2019 Service cost $ 9 10 15 17 Interest cost 269 311 40 60 Expected return on plan assets (755 ) (702 ) (296 ) (248 ) Amortization of net loss (gain) (5 ) 14 (217 ) (49 ) Amortization of prior service credit - - (49 ) (83 ) Net periodic benefit $ (482 ) (367 ) (507 ) (303 ) Nine months ended September 30, Pension Benefits Other Postretirement Benefits (dollars in thousands) 2020 2019 2020 2019 Service cost $ 28 31 55 49 Interest cost 807 933 152 180 Expected return on plan assets (2,265 ) (2,108 ) (887 ) (743 ) Amortization of net loss (gain) - 44 (531 ) (147 ) Amortization of prior service credit - - (147 ) (250 ) Net periodic benefit $ (1,430 ) (1,100 ) (1,358 ) (911 ) The Company does not expect to make contributions to its pension and postretirement benefit plans in 2020. As of September 30, 2020, 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 | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 30,000 3 7 29,996 State and political subdivisions 110 1 - 111 Mortgage backed securities and collateralized mortgage obligations - residential 301,490 8,369 91 309,768 Corporate bonds 69,231 1,048 166 70,113 Small Business Administration - guaranteed participation securities 42,599 1,471 - 44,070 Other 685 - - 685 Total Securities Available for Sale $ 444,115 10,892 264 454,743 December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 104,895 36 419 104,512 State and political subdivisions 160 2 - 162 Mortgage backed securities and collateralized mortgage obligations - residential 388,537 2,406 1,426 389,517 Corporate bonds 30,164 367 95 30,436 Small Business Administration - guaranteed participation securities 48,991 - 480 48,511 Other 685 - - 685 Total securities available for sale $ 573,432 2,811 2,420 573,823 The following table distributes the debt securities included in the available for sale portfolio as of September 30, 2020 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 Due in one year or less $ 18,563 18,747 Due in one year through five years 81,445 82,140 Due after five years through ten years 18 18 Mortgage backed securities and collateralized mortgage obligations - residential 301,490 309,768 Small Business Administration - guaranteed participation securities 42,599 44,070 $ 444,115 454,743 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: September 30, 2020 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 $ 9,993 7 - - 9,993 7 Mortgage backed securities and collateralized mortgage obligations - residential 20,096 91 - - 20,096 91 Corporate bonds 15,723 103 4,937 63 20,660 166 Total $ 45,812 201 4,937 63 50,749 264 December 31, 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 $ 19,820 180 74,656 239 94,476 419 Mortgage backed securities and collateralized mortgage obligations - residential 67,322 446 169,169 980 236,491 1,426 Corporate bonds 4,905 95 - - 4,905 95 Small Business Administration - guaranteed participation securities 48,510 480 - - 48,510 480 Total $ 140,557 1,201 243,825 1,219 384,382 2,420 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 nine months ended September 30, 2020 and 2019 are as follows: Three months ended September 30, (dollars in thousands) 2020 2019 Proceeds from sales $ - $ - Proceeds from calls/paydowns 43,052 56,856 Proceeds from maturities - - Gross realized losses - - Nine months ended September 30, (dollars in thousands) 2020 2019 Proceeds from sales $ 29,219 $ - Proceeds from calls/paydowns 197,667 101,306 Proceeds from maturities 5,000 10,052 Gross realized gains 1,155 - The current interest rate environment has significantly contributed to more bonds being called. There were no transfers of securities available for sale during the three and nine months ended September 30, 2020 and 2019. (b) Held to maturity securities The amortized cost and fair value of the held to maturity securities are as follows: September 30, 2020 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 15,094 1,249 - 16,343 Total held to maturity $ 15,094 1,249 - 16,343 December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 18,618 1,062 - 19,680 Total held to maturity $ 18,618 1,062 - 19,680 The following table distributes the debt securities included in the (dollars in thousands) Amortized Cost Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 15,094 16,343 $ 15,094 16,343 All held to maturity securities are held at cost on the financial statements. There were gross unrecognized losses on held to maturity securities as of September 30, 2020 and . There were no sales or transfers of held to maturity securities during the three and nine months ended September 30, 2020 and 2019. (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 September 30, 2020, the Company’s security portfolio included certain securities which were in an unrealized loss position, and are discussed below. U.S. government sponsored enterprises: In the case of unrealized losses on U.S. government sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2020. Mortgage backed securities and collateralized mortgage obligations – residential: At September 30, 2020, all mortgage backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other‑than‑temporarily impaired at September 30, 2020. Corporate Bonds: At September 30, 2020, corporate bonds held by the Company are investment grade quality. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2020. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 152,994 18,579 171,573 Other 59,886 204 60,090 Real estate mortgage - 1 to 4 family: First mortgages 2,580,577 1,065,903 3,646,480 Home equity loans 62,595 15,671 78,266 Home equity lines of credit 200,605 47,715 248,320 Installment 7,997 1,829 9,826 Total loans, net $ 3,064,654 $ 1,149,901 4,214,555 Less: Allowance for loan losses 49,123 Net loans $ 4,165,432 December 31, 2019 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 162,186 17,752 179,938 Other 19,326 235 19,561 Real estate mortgage - 1 to 4 family: First mortgages 2,541,440 953,995 3,495,435 Home equity loans 69,791 18,548 88,339 Home equity lines of credit 221,487 46,435 267,922 Installment 8,706 2,295 11,001 Total loans, net $ 3,022,936 1,039,260 4,062,196 Less: Allowance for loan losses 44,317 Net loans $ 4,017,879 * Includes New York, New Jersey, Vermont and Massachusetts. At September 30, 2020 and December 31, 2019, the Company had approximately $26.8 million and $28.5 million of real estate construction loans, respectively. Of the $26.8 million in real estate construction loans at September 30, 2020, approximately $11.0 million are secured by first mortgages to residential borrowers while approximately $15.8 million were to commercial borrowers for residential construction projects. Of the $28.5 million in real estate construction loans at December 31, 2019, approximately $10.7 million are secured by first mortgages to residential borrowers while approximately $17.8 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: September 30, 2020 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 378 - 378 Other 113 - 113 Real estate mortgage - 1 to 4 family: First mortgages 17,193 1,075 18,268 Home equity loans 90 47 137 Home equity lines of credit 2,694 132 2,826 Installment 49 - 49 Total non-accrual loans 20,517 1,254 21,771 Restructured real estate mortgages - 1 to 4 family 25 - 25 Total nonperforming loans $ 20,542 1,254 21,796 December 31, 2019 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 733 - 733 Other 83 - 83 Real estate mortgage - 1 to 4 family: First mortgages 15,385 1,468 16,853 Home equity loans 218 48 266 Home equity lines of credit 2,804 98 2,902 Installment 3 - 3 Total non-accrual loans 19,226 1,614 20,840 Restructured real estate mortgages - 1 to 4 family 29 - 29 Total nonperforming loans $ 19,255 1,614 20,869 * 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 September 30, 2020 and December 31, 2019, other real estate owned included $423 thousand and $1.6 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 $11.5 million and $8.7 million as of September 30, 2020 and December 31, 2019 respectively. The following tables present the aging of the recorded investment in past due loans by loan class and by region as of September 30, 2020 and December 31, 2019: September 30, 2020 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 $ - - 279 279 152,715 152,994 Other - - 113 113 59,773 59,886 Real estate mortgage - 1 to 4 family: First mortgages 3,842 738 12,183 16,763 2,563,814 2,580,577 Home equity loans 147 4 49 200 62,395 62,595 Home equity lines of credit 722 33 1,236 1,991 198,614 200,605 Installment 46 15 49 110 7,887 7,997 Total $ 4,757 790 13,909 19,456 3,045,198 3,064,654 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 $ - - - - 18,579 18,579 Other - - - - 204 204 Real estate mortgage - 1 to 4 family: First mortgages 636 - 718 1,354 1,064,549 1,065,903 Home equity loans - 47 - 47 15,624 15,671 Home equity lines of credit - - - - 47,715 47,715 Installment 16 8 - 24 1,805 1,829 Total $ 652 55 718 1,425 1,148,476 1,149,901 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 $ - - 279 279 171,294 171,573 Other - - 113 113 59,977 60,090 Real estate mortgage - 1 to 4 family: First mortgages 4,478 738 12,901 18,117 3,628,363 3,646,480 Home equity loans 147 51 49 247 78,019 78,266 Home equity lines of credit 722 33 1,236 1,991 246,329 248,320 Installment 62 23 49 134 9,692 9,826 Total $ 5,409 845 14,627 20,881 4,193,674 4,214,555 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 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 $ 141 - 617 758 161,428 162,186 Other 80 - 33 113 19,213 19,326 Real estate mortgage - 1 to 4 family: First mortgages 3,444 292 11,328 15,064 2,526,376 2,541,440 Home equity loans 183 7 133 323 69,468 69,791 Home equity lines of credit 232 149 1,141 1,522 219,965 221,487 Installment 37 8 3 48 8,658 8,706 Total $ 4,117 456 13,255 17,828 3,005,108 3,022,936 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 $ - - - - 17,752 17,752 Other - - - - 235 235 Real estate mortgage - 1 to 4 family: First mortgages 542 - 617 1,159 952,836 953,995 Home equity loans 63 - - 63 18,485 18,548 Home equity lines of credit 80 - 50 130 46,305 46,435 Installment - - - - 2,295 2,295 Total $ 685 - 667 1,352 1,037,908 1,039,260 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 $ 141 - 617 758 179,180 179,938 Other 80 - 33 113 19,448 19,561 Real estate mortgage - 1 to 4 family: First mortgages 3,986 292 11,945 16,223 3,479,212 3,495,435 Home equity loans 246 7 133 386 87,953 88,339 Home equity lines of credit 312 149 1,191 1,652 266,270 267,922 Installment 37 8 3 48 10,953 11,001 Total $ 4,802 456 13,922 19,180 4,043,016 4,062,196 * Includes New York, New Jersey, Vermont and Massachusetts. At September 30, 2020 and December 31, 2019, 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 September 30, 2020 ( dollars in s) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,366 43,274 504 48,144 Loans charged off: New York and other states* - 64 21 85 Florida - - - - Total loan chargeoffs - 64 21 85 Recoveries of loans previously charged off: New York and other states* 1 60 3 64 Florida - - - - Total recoveries 1 60 3 64 Net loans (recoveries) charged off (1 ) 4 18 21 (Credit) provision for loan losses (100 ) 1,053 47 1,000 Balance at end of period $ 4,267 44,323 533 49,123 For the three months ended September 30, 2019 ( dollars in s) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 3,913 39,963 489 44,365 Loans charged off: New York and other states* 13 147 16 176 Florida - - 16 16 Total loan chargeoffs 13 147 32 192 Recoveries of loans previously charged off: New York and other states* 41 108 7 156 Florida - - - - Total recoveries 41 108 7 156 Net loans (recoveries) (28 ) 39 25 36 (Credit) provision for loan losses (70 ) (18 ) 88 - Balance at end of period $ 3,871 39,906 552 44,329 * Includes New York, New Jersey, Vermont and Massachusetts. Nine months ended September 30, 2020 Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 3,999 39,748 570 44,317 Loans charged off: New York and other states* 3 277 77 357 Florida - - 19 19 Total loan chargeoffs 3 277 96 376 Recoveries of loans previously charged off: New York and other states* 9 160 11 180 Florida - 2 - 2 Total recoveries 9 162 11 182 Net loans charged off (recoveries) (6 ) 115 85 194 Provision for loan losses 262 4,690 48 5,000 Balance at end of period $ 4,267 44,323 533 49,123 Nine months ended September 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* 20 744 94 858 Florida - 29 47 76 Total loan chargeoffs 20 773 141 934 Recoveries of loans previously charged off: New York and other states* 45 441 17 503 Florida - 35 - 35 Total recoveries 45 476 17 538 Net loans charged off (25 ) 297 124 396 (Credit) provision for loan losses (202 ) 431 (270 ) (41 ) Balance at end of period $ 3,871 $ 39,906 552 44,329 * 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 September 30, 2020 and December 31, 2019: September 30, 2020 (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 4,267 44,323 533 49,123 Total ending allowance balance $ 4,267 44,323 533 49,123 Loans: Individually evaluated for impairment $ 1,084 20,648 - 21,732 Collectively evaluated for impairment 230,579 3,952,418 9,826 4,192,823 Total ending loans balance $ 231,663 3,973,066 9,826 4,214,555 December 31, 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 3,999 39,748 570 44,317 Total ending allowance balance $ 3,999 39,748 570 44,317 Loans: Individually evaluated for impairment $ 1,437 19,539 - 20,976 Collectively evaluated for impairment 198,062 3,832,157 11,001 4,041,220 Total ending loans balance $ 199,499 3,851,696 11,001 4,062,196 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 September 30, 2020 and December 31, 2019 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 September 30, 2020 and December 31, 2019: September 30, 2020 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 839 1,062 - 1,121 Other 145 145 - 112 Real estate mortgage - 1 to 4 family: First mortgages 14,895 15,282 - 14,062 Home equity loans 223 243 - 235 Home equity lines of credit 2,268 2,408 - 2,249 Total $ 18,370 19,140 - 17,779 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 100 - 105 Other - - - Real estate mortgage - 1 to 4 family: First mortgages 3,018 3,018 - 2,567 Home equity loans - - - 13 Home equity lines of credit 244 244 - 245 Total $ 3,362 3,262 - 2,930 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 939 1,062 - 1,226 Other 145 145 - 112 Real estate mortgage - 1 to 4 family: First mortgages 17,913 18,300 - 16,629 Home equity loans 223 243 - 248 Home equity lines of credit 2,512 2,652 - 2,494 Total $ 21,732 22,402 - 20,709 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 2019 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,217 1,359 - 1,385 Other 115 115 - 38 Real estate mortgage - 1 to 4 family: First mortgages 14,414 14,714 - 14,358 Home equity loans 235 255 - 241 Home equity lines of credit 2,160 2,300 - 2,274 Total $ 18,141 18,743 - 18,296 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 105 105 - 82 Other - - - 26 Real estate mortgage - 1 to 4 family: First mortgages 2,486 2,486 - 2,259 Home equity loans - - - 51 Home equity lines of credit 244 244 - 249 Total $ 2,835 2,835 - 2,667 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,322 1,464 - 1,467 Other 115 115 - 64 Real estate mortgage - 1 to 4 family: First mortgages 16,900 17,200 - 16,617 Home equity loans 235 255 - 292 Home equity lines of credit 2,404 2,544 - 2,523 Total $ 20,976 21,578 - 20,963 * 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 nine months ended September 30, 2020 and 2019. As of September 30, 2020 and December 31, 2019 impaired loans included approximately $11.8 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 chargeoff is taken at that time. As a result, as of September 30, 2020 and December 31, 2019, 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 tables present, by class, loans that were modified as TDR’s: Three months ended 9/30/2020 Three months ended 9/30/2019 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 $ 126 126 - $ - - Real estate mortgage - 1 to 4 family: First mortgages 6 1,533 1,533 4 537 537 Home equity loans - - - - - - Home equity lines of credit 1 50 50 - - - Total 8 $ 1,709 1,709 4 $ 537 537 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 - - - 5 509 509 Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - 5 $ 509 509 * Includes New York, New Jersey, Vermont and Massachusetts. Nine months ended 9/30/2020 Nine months ended 9/30/2019 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 $ 126 126 1 $ 127 127 Real estate mortgage - 1 to 4 family: First mortgages 9 1,982 1,982 12 1,768 1,768 Home equity loans - - - - - - Home equity lines of credit 3 169 169 2 235 235 Total 13 $ 2,277 2,277 15 $ 2,130 2,130 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 4 589 589 5 509 509 Home equity loans - - - - - - Home equity lines of credit - - - - - - Total 4 $ 589 589 5 $ 509 509 * 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. The following tables present, by class, TDR’s that defaulted during the months ended and which had been modified within the last months: Three months ended Three months ended 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 3 264 - - Home equity lines of credit 1 19 - - Total 4 $ 283 - $ - 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 - - - - Home equity loans - - - - Home equity lines of credit - - - - Total - $ - - $ - * Includes New York, New Jersey, Vermont and Massachusetts. Nine months ended 9/30/2020 Nine months ended 9/30/2019 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 4 459 - - Home equity loans - - - - Home equity lines of credit 1 19 - - Total 5 $ 478 - $ - (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 - - - - Home equity lines of credit - - - - Total - $ - - $ - * 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. Loan modifications and payment deferrals as a result of COVID-19 that meet the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. The Company’s policy is to continue to accrue interest during the deferral period. Loans not meeting the CARES ACT or regulatory guidance are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. totaled approximately $ million, which included $ million of commercial loans and $ million of residential loans. 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 September 30, 2020 and December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: September 30, 2020 New York and other states*: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 149,866 3,128 152,994 Other 59,404 482 59,886 $ 209,270 3,610 212,880 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 18,005 574 18,579 Other 204 - 204 $ 18,209 574 18,783 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 167,871 3,702 171,573 Other 59,608 482 60,090 $ 227,479 4,184 231,663 * Includes New York, New Jersey and Massachusetts. December 31, 2019 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 157,280 4,906 162,186 Other 18,384 942 19,326 $ 175,664 5,848 181,512 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 17,752 - 17,752 Other 235 - 235 $ 17,987 - 17,987 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 175,032 4,906 179,938 Other 18,619 942 19,561 $ 193,651 5,848 199,499 * Includes New York, New Jersey and Massachusetts. Included in classified loans in the above tables are impaired loans of $849 thousand and $816 thousand at September 30, 2020 and December 31, 2019, 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 department 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 September 30, 2020 and December 31, 2019 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 September 30, 2020 and December 31, 2019 is presented in the non-accrual loans table. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
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 Indications of value for both collateral-dependent impaired loans and other real estate owned are obtained from third party providers or the Company’s internal Appraisal Department. All indications of value are reviewed for reasonableness by a member of the Appraisal Department for the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value via comparison with independent data sources such as recent market data or industry-wide statistics. Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at September 30, 2020 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) U.S. government sponsored enterprises $ 29,996 $ - $ 29,996 $ - State and political subdivisions 111 - 111 - Mortgage backed securities and collateralized mortgage obligations - residential 309,768 - 309,768 - Corporate bonds 70,113 - 70,113 - Small Business Administration- guaranteed participation securities 44,070 - 44,070 - Other securities 685 - 685 - Total securities available for sale $ 454,743 $ - $ 454,743 $ - Fair Value Measurements at December 31, 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 $ 104,512 $ - $ 104,512 $ - State and political subdivisions 162 - 162 - Mortgage backed securities and collateralized mortgage obligations - residential 389,517 - 389,517 - Corporate bonds 30,436 - 30,436 - Small Business Administration- guaranteed participation securities 48,511 - 48,511 - Other securities 685 - 685 - Total securities available for sale $ 573,823 $ - $ 573,823 $ - There were transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2020 and 2019. Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at September 30, 2020 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 $ 423 $ - $ - $ 423 Sales comparison approach Adjustments for differences between comparable sales 1% - 9% (3 %) Impaired loans: Real estate mortgage -1 to 4 family 509 - - 509 Sales comparison approach Adjustments for differences between comparable sales 1% - 11% (11 %) Fair Value Measurements at December 31, 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 $ 1,579 $ - $ - $ 1,579 Sales comparison approach Adjustments for differences between comparable sales 1% - 21% (2 %) Impaired loans: Real estate mortgage -1 to 4 family 120 - - 120 Sales comparison approach Adjustments for differences between comparable sales 1% - 17% (9 %) Other real estate owned, that is carried at fair value less costs to sell, was approximately $ thousand at September 30, 2020 and consisted of only residential real estate properties. Valuation charges of $ thousand and $ thousand are included in earnings for the three months and nine months ended September 30, 2020, respectively Of the total impaired loans of $ million at September 30, 2020, are collateral dependent and carried at fair value measured on a non‑recurring basis Other real estate owned, that is carried at fair value less costs to sell, was approximately $1.6 million at December 31, 2019 and consisted of $358 thousand of commercial real estate and $1.2 million of residential real estate properties. A valuation charge of $366 thousand is included in earnings for the year ended December 31, 2019. Of the total impaired loans of $21.0 million at December 31, 2019, $120 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, 2019. Gross charge offs related to residential impaired loans included in the table above amounted to $22 thousand. In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), t : (dollars in thousands) Fair Value Measurements at Carrying September 30, 2020 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 956,319 956,319 - - 956,319 Securities available for sale 454,743 - 454,743 - 454,743 Held to maturity securities 15,094 - 16,343 - 16,343 Federal Home Loan Bank stock 5,506 N/A N/A N/A N/A Net loans 4,165,432 - - 4,258,258 4,258,258 Accrued interest receivable 11,095 16 1,471 9,608 11,095 Financial liabilities: Demand deposits 635,345 635,345 - - 635,345 Interest bearing deposits 4,263,705 2,958,681 1,308,158 - 4,266,839 Short-term borrowings 193,455 - 193,455 - 193,455 Accrued interest payable 777 85 692 - 777 (dollars in thousands) Fair Value Measurements at Carrying December 31, 2019 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 456,846 456,846 - - 456,846 Securities available for sale 573,823 - 573,823 - 573,823 Held to maturity securities 18,618 - 19,680 - 19,680 Federal Reserve Bank and Federal Home Loan Bank stock 9,183 N/A N/A N/A N/A Net loans 4,017,879 - - 4,078,210 4,078,210 Accrued interest receivable 10,915 216 2,221 8,478 10,915 Financial liabilities: Demand deposits 463,858 463,858 - - 463,858 Interest bearing deposits 3,986,158 2,587,981 1,397,271 - 3,985,252 Short-term borrowings 148,666 - 148,666 - 148,666 Accrued interest payable 1,459 174 1,285 - 1,459 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
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 9/30/2020 (dollars in thousands) Balance at 7/1/2020 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 9/30/2020 Balance at 9/30/2020 Net unrealized holding loss on securities available for sale, net of tax $ 8,061 (198 ) - (198 ) 7,863 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 4,840 - - - 4,840 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (965 ) - (201 ) (201 ) (1,166 ) Accumulated other comprehensive loss, net of tax $ 11,936 (198 ) (201 ) (399 ) 11,537 Three months ended 9/30/2019 (dollars in thousands) Balance at 7/1/2019 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 9/30/2019 Balance at 9/30/2019 Net unrealized holding gain on securities available for sale, net of tax $ (1,707 ) 1,790 - 1,790 83 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 - - - 423 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (490 ) - (87 ) (87 ) (577 ) Accumulated other comprehensive income (loss), net of tax $ (1,774 ) 1,790 (87 ) 1,703 (71 ) Nine months ended 9/30/2020 (dollars in thousands) Balance at 1/1/2020 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 9/30/2020 Balance at 9/30/2020 Net unrealized holding gain on securities available for sale, net of tax $ 286 8,432 (855 ) 7,577 7,863 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 4,840 - - - 4,840 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (665 ) - (501 ) (501 ) (1,166 ) Accumulated other comprehensive loss, net of tax $ 4,461 8,432 (1,356 ) 7,076 11,537 Nine months ended 9/30/2019 (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 9/30/2019 Balance at 9/30/2019 Net unrealized holding gain on securities available for sale, net of tax $ (10,416 ) 10,499 - 10,499 83 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 - - - 423 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (316 ) - (261 ) (261 ) (577 ) Accumulated other comprehensive income (loss), net of tax $ (10,309 ) 10,499 (261 ) 10,238 (71 ) The following represents the reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019: (dollars in thousands) Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Affected Line Item in Financial Statements Net unrealized holding gain on securities available for sale Realized gain on securities transactions $ - - $ 1,155 - Net gain on securities transactions Income tax effect - - (300 ) - Income taxes Net of tax - - 855 - Amortization of pension and postretirement benefit items: Amortization of net actuarial gain (loss) $ 222 35 $ 531 103 Salaries and employee benefits Amortization of prior service credit (cost) 49 83 147 250 Salaries and employee benefits Income tax benefit (70 ) (31 ) (177 ) (92 ) Income taxes Net of tax 201 87 501 261 Total reclassifications, net of tax $ 201 87 $ 1,356 261 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2020 | |
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 nine months ended September 30, 2020 and 2019. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Non-interest income Service Charges on Deposits Overdraft fees $ 595 $ 931 $ 1,920 $ 2,630 Other 348 124 1,159 343 Interchange Income 1,195 970 3,072 3,785 Net gain on securities transactions (a) - - 1,155 - Wealth management fees 1,784 1,517 4,752 4,933 Other (a) 419 1,383 1,043 2,785 Total non-interest income $ 4,341 $ 4,925 $ 13,101 $ 14,476 (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 | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 the Company did not have any leases with terms of twelve months or less. As of September 30, 2020 the Company does not have leases that have not yet commenced. At September 30, 2020 lease expiration dates ranged from three months to 24.0 years and have a weighted average remaining lease term of 8.9 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 September 30, 2020 2019 Operating lease cost $ 1,966 $ 2,007 Variable lease cost 369 497 Total Lease costs $ 2,335 $ 2,504 (dollars in thousands) Nine months ended September 30, 2020 2019 Operating lease cost $ 5,893 $ 5,828 Variable lease cost 1,524 1,472 Total Lease costs $ 7,417 $ 7,300 (dollars in thousands) Nine months ended September 30, 2020 2019 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,022 $ 5,824 Right-of-use assets obtained in exchange for lease obligations: $ 287 $ 54,038 Weighted average remaining lease term 8.9 years 9.4 years Weighted average discount rate 3.25 % 3.30 % Future minimum lease payments under non-cancellable leases as of September 30, 2020 were as follows: (dollars in thousands) Year ending December 31, 2020 (a) $ 2,020 2021 8,062 2022 7,561 2023 7,256 2024 7,128 Thereafter 28,551 Total lease payments $ 60,578 Less: Interest 8,453 Present value of lease liabilities $ 52,125 (a) Excluding the nine months ended September 30, 2020. During the quarter ended September 30, 2020, the Board of Directors elected a new director that owns six commercial properties in which the Company leases branches from. Total lease payments, which is included in the table above, owed at September 30, 2020 was $4.7 million, which includes $699 thousand of interest. Future minimum lease payments under non-cancellable leases as of September 30, 2019 were as follows: (dollars in thousands) Year ending December 31, 2019 (a) $ 1,967 2020 7,820 2021 7,818 2022 7,300 2023 6,978 Thereafter 32,600 Total lease payments $ 64,483 Less: Interest 9,752 Present value of lease liabilities $ 54,731 (a) Excluding the nine months ended September 30, 2019. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2020 | |
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, 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. As of September 30, 2020, 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. 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 September 30, 2020 and December 31, 2019, 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 and : (Bank Only) Minimum for Capital Adequacy plus Capital Conservation As of September 30, 2020 Well (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 533,874 9.329 % 5.000 % 4.000 % Common equity tier 1 capital 533,874 18.491 6.500 7.000 Tier 1 risk-based capital 533,874 18.491 8.000 8.500 Total risk-based capital 570,127 19.747 10.000 10.500 As of December 31, 2019 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 516,775 9.940 % 5.000 % 4.000 % Common equity tier 1 capital 516,775 18.412 6.500 7.000 Tier 1 risk-based capital 516,775 18.412 8.000 8.500 Total risk-based capital 551,975 19.666 10.000 10.500 (Consolidated) As of September 30, 2020 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 548,437 9.582 % 4.000 % Common equity tier 1 capital 548,437 18.994 7.000 Tier 1 risk-based capital 548,437 18.994 8.500 Total risk-based capital 584,692 20.250 10.500 As of December 31, 2019 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 533,243 10.254 % 4.000 % Common equity Tier 1 capital 533,243 18.988 7.000 Tier 1 risk-based capital 533,243 18.988 8.500 Total risk-based capital 568,463 20.242 10.500 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized (2) The and |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | (11) New Accounting Pronouncements In September 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. As previously disclosed, the Company formed a cross-functional team to work through its implementation of the plan. The Company has selected the Discounted Cash Flow modeling method and is running parallel processes and is working to finalize assessment and documentation of processes, data and model validation testing, qualitative factors and forecast periods. The company has selected a third party software solution to assist in the application of the new standard. The Company has elected to delay its adoption of ASU 2016-13, as provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act) until the date on which the National Emergency concerning COVID-19 is terminated or December 31, 2020, whichever occurs first. Upon adoption of ASU 2016-13, the Company will recognize a one-time cumulative effect adjustment through retained earnings to increase its allowance for credit loss and to increase its unfunded loan commitment liability as of January 1, 2020. |
Risks and Uncertainties
Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | (12) Risks and Uncertainties Beginning in March 2020, the Company experienced negative impacts to its business in the form of requests for loan deferrals of principal and interest due to the business disruption caused by COVID-19. In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. At this time, it is difficult to quantify the impact COVID-19 will have on future periods. The Company has evaluated the impact of the effects of COVID-19 and determined that there were no material or systematic adverse impacts on the Company’s September 30, 2020 balance sheet and results of operations except for an increase in provision for loan losses and related allowance for loan losses. On March 3, 2020, the Federal Reserve reduced the target federal funds rate by 50 basis points, followed by an additional reduction of 100 basis points on March 16, 2020. These reductions in interest rates and other effects of the COVID-19 pandemic may adversely affect the Company’s financial condition and results of operations. As a result of the spread of COVID-19, economic uncertainties have arisen which are likely to continue to negatively impact net interest income, provision for loan losses, and noninterest income. Other financial impact could occur though such potential impact is unknown at this time. As of September 30, 2020, the Company and Bank capital ratios were in excess of all regulatory requirements. While management believes that we have sufficient capital to withstand an extended economic recession brought about by the COVID-19 pandemic, our reported and regulatory capital ratios, as well as the ability of the Company and the Bank to pay dividends or make other distributions, could be adversely impacted by further credit losses. Loan modifications and payment deferrals as a result of COVID-19 that meet the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. The Company’s policy is to continue to accrue interest during the deferral period. Loans not meeting the CARES ACT or regulatory guidance are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. Loan Modifications and payment deferrals made pursuant to COVID 19 as of September 30, 2020 totaled approximately $7 million, which included $2 million of commercial loans and $5 million of residential loans. As of June 30, 2020 these amounts totaled approximately $190 million, which included $45 million of commercial loans and $145 million of residential loans. The reduction in loan deferrals represents loans that are now paying in accordance with their terms. As of September 30, 2020, there was no material impact to delinquencies and non-accruals regarding the loans that came out of deferment. At this time, we do not believe there exists any impairment to our goodwill, long-lived assets, right of use assets, held to maturity investment securities, or available-for-sale investment securities due to the COVID-19 pandemic. It is uncertain whether prolonged effects of the COVID-19 pandemic will result in future impairment charges related to any of the aforementioned assets. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of 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 nine months ended September 30, 2020 and 2019 is as follows: (in thousands, except per share data) For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 Net income $ 14,071 14,708 $ 38,638 43,933 Weighted average common shares 96,433 96,907 96,531 96,825 Stock Options 4 70 14 72 Weighted average common shares including potential dilutive shares 96,437 96,977 96,545 96,897 Basic EPS $ 0.146 0.152 $ 0.400 0.454 Diluted EPS $ 0.146 0.152 $ 0.400 0.453 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Benefit Plans [Abstract] | |
Net Periodic Benefit | The table below outlines the components of the Company's net periodic benefit recognized during the three and nine months ended September 30, 2020 and 2019 for its pension and other postretirement benefit plans: Three months ended September 30, Pension Benefits Other Postretirement Benefits (dollars in thousands) 2020 2019 2020 2019 Service cost $ 9 10 15 17 Interest cost 269 311 40 60 Expected return on plan assets (755 ) (702 ) (296 ) (248 ) Amortization of net loss (gain) (5 ) 14 (217 ) (49 ) Amortization of prior service credit - - (49 ) (83 ) Net periodic benefit $ (482 ) (367 ) (507 ) (303 ) Nine months ended September 30, Pension Benefits Other Postretirement Benefits (dollars in thousands) 2020 2019 2020 2019 Service cost $ 28 31 55 49 Interest cost 807 933 152 180 Expected return on plan assets (2,265 ) (2,108 ) (887 ) (743 ) Amortization of net loss (gain) - 44 (531 ) (147 ) Amortization of prior service credit - - (147 ) (250 ) Net periodic benefit $ (1,430 ) (1,100 ) (1,358 ) (911 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 30,000 3 7 29,996 State and political subdivisions 110 1 - 111 Mortgage backed securities and collateralized mortgage obligations - residential 301,490 8,369 91 309,768 Corporate bonds 69,231 1,048 166 70,113 Small Business Administration - guaranteed participation securities 42,599 1,471 - 44,070 Other 685 - - 685 Total Securities Available for Sale $ 444,115 10,892 264 454,743 December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 104,895 36 419 104,512 State and political subdivisions 160 2 - 162 Mortgage backed securities and collateralized mortgage obligations - residential 388,537 2,406 1,426 389,517 Corporate bonds 30,164 367 95 30,436 Small Business Administration - guaranteed participation securities 48,991 - 480 48,511 Other 685 - - 685 Total securities available for sale $ 573,432 2,811 2,420 573,823 |
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: September 30, 2020 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 15,094 1,249 - 16,343 Total held to maturity $ 15,094 1,249 - 16,343 December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 18,618 1,062 - 19,680 Total held to maturity $ 18,618 1,062 - 19,680 |
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 nine months ended September 30, 2020 and 2019 are as follows: Three months ended September 30, (dollars in thousands) 2020 2019 Proceeds from sales $ - $ - Proceeds from calls/paydowns 43,052 56,856 Proceeds from maturities - - Gross realized losses - - Nine months ended September 30, (dollars in thousands) 2020 2019 Proceeds from sales $ 29,219 $ - Proceeds from calls/paydowns 197,667 101,306 Proceeds from maturities 5,000 10,052 Gross realized gains 1,155 - |
Securities Available for Sale [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 available for sale portfolio as of September 30, 2020 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 Due in one year or less $ 18,563 18,747 Due in one year through five years 81,445 82,140 Due after five years through ten years 18 18 Mortgage backed securities and collateralized mortgage obligations - residential 301,490 309,768 Small Business Administration - guaranteed participation securities 42,599 44,070 $ 444,115 454,743 |
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: September 30, 2020 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 $ 9,993 7 - - 9,993 7 Mortgage backed securities and collateralized mortgage obligations - residential 20,096 91 - - 20,096 91 Corporate bonds 15,723 103 4,937 63 20,660 166 Total $ 45,812 201 4,937 63 50,749 264 December 31, 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 $ 19,820 180 74,656 239 94,476 419 Mortgage backed securities and collateralized mortgage obligations - residential 67,322 446 169,169 980 236,491 1,426 Corporate bonds 4,905 95 - - 4,905 95 Small Business Administration - guaranteed participation securities 48,510 480 - - 48,510 480 Total $ 140,557 1,201 243,825 1,219 384,382 2,420 |
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 (dollars in thousands) Amortized Cost Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 15,094 16,343 $ 15,094 16,343 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 152,994 18,579 171,573 Other 59,886 204 60,090 Real estate mortgage - 1 to 4 family: First mortgages 2,580,577 1,065,903 3,646,480 Home equity loans 62,595 15,671 78,266 Home equity lines of credit 200,605 47,715 248,320 Installment 7,997 1,829 9,826 Total loans, net $ 3,064,654 $ 1,149,901 4,214,555 Less: Allowance for loan losses 49,123 Net loans $ 4,165,432 December 31, 2019 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 162,186 17,752 179,938 Other 19,326 235 19,561 Real estate mortgage - 1 to 4 family: First mortgages 2,541,440 953,995 3,495,435 Home equity loans 69,791 18,548 88,339 Home equity lines of credit 221,487 46,435 267,922 Installment 8,706 2,295 11,001 Total loans, net $ 3,022,936 1,039,260 4,062,196 Less: Allowance for loan losses 44,317 Net loans $ 4,017,879 * 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: September 30, 2020 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 378 - 378 Other 113 - 113 Real estate mortgage - 1 to 4 family: First mortgages 17,193 1,075 18,268 Home equity loans 90 47 137 Home equity lines of credit 2,694 132 2,826 Installment 49 - 49 Total non-accrual loans 20,517 1,254 21,771 Restructured real estate mortgages - 1 to 4 family 25 - 25 Total nonperforming loans $ 20,542 1,254 21,796 December 31, 2019 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 733 - 733 Other 83 - 83 Real estate mortgage - 1 to 4 family: First mortgages 15,385 1,468 16,853 Home equity loans 218 48 266 Home equity lines of credit 2,804 98 2,902 Installment 3 - 3 Total non-accrual loans 19,226 1,614 20,840 Restructured real estate mortgages - 1 to 4 family 29 - 29 Total nonperforming loans $ 19,255 1,614 20,869 * 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 September 30, 2020 and December 31, 2019: September 30, 2020 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 $ - - 279 279 152,715 152,994 Other - - 113 113 59,773 59,886 Real estate mortgage - 1 to 4 family: First mortgages 3,842 738 12,183 16,763 2,563,814 2,580,577 Home equity loans 147 4 49 200 62,395 62,595 Home equity lines of credit 722 33 1,236 1,991 198,614 200,605 Installment 46 15 49 110 7,887 7,997 Total $ 4,757 790 13,909 19,456 3,045,198 3,064,654 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 $ - - - - 18,579 18,579 Other - - - - 204 204 Real estate mortgage - 1 to 4 family: First mortgages 636 - 718 1,354 1,064,549 1,065,903 Home equity loans - 47 - 47 15,624 15,671 Home equity lines of credit - - - - 47,715 47,715 Installment 16 8 - 24 1,805 1,829 Total $ 652 55 718 1,425 1,148,476 1,149,901 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 $ - - 279 279 171,294 171,573 Other - - 113 113 59,977 60,090 Real estate mortgage - 1 to 4 family: First mortgages 4,478 738 12,901 18,117 3,628,363 3,646,480 Home equity loans 147 51 49 247 78,019 78,266 Home equity lines of credit 722 33 1,236 1,991 246,329 248,320 Installment 62 23 49 134 9,692 9,826 Total $ 5,409 845 14,627 20,881 4,193,674 4,214,555 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 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 $ 141 - 617 758 161,428 162,186 Other 80 - 33 113 19,213 19,326 Real estate mortgage - 1 to 4 family: First mortgages 3,444 292 11,328 15,064 2,526,376 2,541,440 Home equity loans 183 7 133 323 69,468 69,791 Home equity lines of credit 232 149 1,141 1,522 219,965 221,487 Installment 37 8 3 48 8,658 8,706 Total $ 4,117 456 13,255 17,828 3,005,108 3,022,936 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 $ - - - - 17,752 17,752 Other - - - - 235 235 Real estate mortgage - 1 to 4 family: First mortgages 542 - 617 1,159 952,836 953,995 Home equity loans 63 - - 63 18,485 18,548 Home equity lines of credit 80 - 50 130 46,305 46,435 Installment - - - - 2,295 2,295 Total $ 685 - 667 1,352 1,037,908 1,039,260 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 $ 141 - 617 758 179,180 179,938 Other 80 - 33 113 19,448 19,561 Real estate mortgage - 1 to 4 family: First mortgages 3,986 292 11,945 16,223 3,479,212 3,495,435 Home equity loans 246 7 133 386 87,953 88,339 Home equity lines of credit 312 149 1,191 1,652 266,270 267,922 Installment 37 8 3 48 10,953 11,001 Total $ 4,802 456 13,922 19,180 4,043,016 4,062,196 * 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 September 30, 2020 ( dollars in s) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,366 43,274 504 48,144 Loans charged off: New York and other states* - 64 21 85 Florida - - - - Total loan chargeoffs - 64 21 85 Recoveries of loans previously charged off: New York and other states* 1 60 3 64 Florida - - - - Total recoveries 1 60 3 64 Net loans (recoveries) charged off (1 ) 4 18 21 (Credit) provision for loan losses (100 ) 1,053 47 1,000 Balance at end of period $ 4,267 44,323 533 49,123 For the three months ended September 30, 2019 ( dollars in s) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 3,913 39,963 489 44,365 Loans charged off: New York and other states* 13 147 16 176 Florida - - 16 16 Total loan chargeoffs 13 147 32 192 Recoveries of loans previously charged off: New York and other states* 41 108 7 156 Florida - - - - Total recoveries 41 108 7 156 Net loans (recoveries) (28 ) 39 25 36 (Credit) provision for loan losses (70 ) (18 ) 88 - Balance at end of period $ 3,871 39,906 552 44,329 * Includes New York, New Jersey, Vermont and Massachusetts. Nine months ended September 30, 2020 Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 3,999 39,748 570 44,317 Loans charged off: New York and other states* 3 277 77 357 Florida - - 19 19 Total loan chargeoffs 3 277 96 376 Recoveries of loans previously charged off: New York and other states* 9 160 11 180 Florida - 2 - 2 Total recoveries 9 162 11 182 Net loans charged off (recoveries) (6 ) 115 85 194 Provision for loan losses 262 4,690 48 5,000 Balance at end of period $ 4,267 44,323 533 49,123 Nine months ended September 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* 20 744 94 858 Florida - 29 47 76 Total loan chargeoffs 20 773 141 934 Recoveries of loans previously charged off: New York and other states* 45 441 17 503 Florida - 35 - 35 Total recoveries 45 476 17 538 Net loans charged off (25 ) 297 124 396 (Credit) provision for loan losses (202 ) 431 (270 ) (41 ) Balance at end of period $ 3,871 $ 39,906 552 44,329 * 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 September 30, 2020 and December 31, 2019: September 30, 2020 (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 4,267 44,323 533 49,123 Total ending allowance balance $ 4,267 44,323 533 49,123 Loans: Individually evaluated for impairment $ 1,084 20,648 - 21,732 Collectively evaluated for impairment 230,579 3,952,418 9,826 4,192,823 Total ending loans balance $ 231,663 3,973,066 9,826 4,214,555 December 31, 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 3,999 39,748 570 44,317 Total ending allowance balance $ 3,999 39,748 570 44,317 Loans: Individually evaluated for impairment $ 1,437 19,539 - 20,976 Collectively evaluated for impairment 198,062 3,832,157 11,001 4,041,220 Total ending loans balance $ 199,499 3,851,696 11,001 4,062,196 |
Impaired Loans by Loan Class | The following tables present impaired loans by loan class as of September 30, 2020 and December 31, 2019: September 30, 2020 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 839 1,062 - 1,121 Other 145 145 - 112 Real estate mortgage - 1 to 4 family: First mortgages 14,895 15,282 - 14,062 Home equity loans 223 243 - 235 Home equity lines of credit 2,268 2,408 - 2,249 Total $ 18,370 19,140 - 17,779 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 100 - 105 Other - - - Real estate mortgage - 1 to 4 family: First mortgages 3,018 3,018 - 2,567 Home equity loans - - - 13 Home equity lines of credit 244 244 - 245 Total $ 3,362 3,262 - 2,930 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 939 1,062 - 1,226 Other 145 145 - 112 Real estate mortgage - 1 to 4 family: First mortgages 17,913 18,300 - 16,629 Home equity loans 223 243 - 248 Home equity lines of credit 2,512 2,652 - 2,494 Total $ 21,732 22,402 - 20,709 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 2019 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,217 1,359 - 1,385 Other 115 115 - 38 Real estate mortgage - 1 to 4 family: First mortgages 14,414 14,714 - 14,358 Home equity loans 235 255 - 241 Home equity lines of credit 2,160 2,300 - 2,274 Total $ 18,141 18,743 - 18,296 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 105 105 - 82 Other - - - 26 Real estate mortgage - 1 to 4 family: First mortgages 2,486 2,486 - 2,259 Home equity loans - - - 51 Home equity lines of credit 244 244 - 249 Total $ 2,835 2,835 - 2,667 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Commercial: Commercial real estate $ 1,322 1,464 - 1,467 Other 115 115 - 64 Real estate mortgage - 1 to 4 family: First mortgages 16,900 17,200 - 16,617 Home equity loans 235 255 - 292 Home equity lines of credit 2,404 2,544 - 2,523 Total $ 20,976 21,578 - 20,963 * Includes New York, New Jersey, Vermont and Massachusetts. |
Modified Loans by Class that were Determined to be TDR's | The following tables present, by class, loans that were modified as TDR’s: Three months ended 9/30/2020 Three months ended 9/30/2019 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 $ 126 126 - $ - - Real estate mortgage - 1 to 4 family: First mortgages 6 1,533 1,533 4 537 537 Home equity loans - - - - - - Home equity lines of credit 1 50 50 - - - Total 8 $ 1,709 1,709 4 $ 537 537 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 - - - 5 509 509 Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - 5 $ 509 509 * Includes New York, New Jersey, Vermont and Massachusetts. Nine months ended 9/30/2020 Nine months ended 9/30/2019 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 $ 126 126 1 $ 127 127 Real estate mortgage - 1 to 4 family: First mortgages 9 1,982 1,982 12 1,768 1,768 Home equity loans - - - - - - Home equity lines of credit 3 169 169 2 235 235 Total 13 $ 2,277 2,277 15 $ 2,130 2,130 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 4 589 589 5 509 509 Home equity loans - - - - - - Home equity lines of credit - - - - - - Total 4 $ 589 589 5 $ 509 509 * Includes New York, New Jersey, Vermont and Massachusetts. |
Loans by Class Modified as TDR's for which there was a Payment Default | The following tables present, by class, TDR’s that defaulted during the months ended and which had been modified within the last months: Three months ended Three months ended 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 3 264 - - Home equity lines of credit 1 19 - - Total 4 $ 283 - $ - 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 - - - - Home equity loans - - - - Home equity lines of credit - - - - Total - $ - - $ - * Includes New York, New Jersey, Vermont and Massachusetts. Nine months ended 9/30/2020 Nine months ended 9/30/2019 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 4 459 - - Home equity loans - - - - Home equity lines of credit 1 19 - - Total 5 $ 478 - $ - (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 - - - - Home equity lines of credit - - - - Total - $ - - $ - * Includes New York, New Jersey, Vermont and Massachusetts. |
Risk Category Loans by Class of Loans | As of September 30, 2020 and December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: September 30, 2020 New York and other states*: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 149,866 3,128 152,994 Other 59,404 482 59,886 $ 209,270 3,610 212,880 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 18,005 574 18,579 Other 204 - 204 $ 18,209 574 18,783 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 167,871 3,702 171,573 Other 59,608 482 60,090 $ 227,479 4,184 231,663 * Includes New York, New Jersey and Massachusetts. December 31, 2019 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 157,280 4,906 162,186 Other 18,384 942 19,326 $ 175,664 5,848 181,512 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 17,752 - 17,752 Other 235 - 235 $ 17,987 - 17,987 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 175,032 4,906 179,938 Other 18,619 942 19,561 $ 193,651 5,848 199,499 * Includes New York, New Jersey and Massachusetts. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 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) U.S. government sponsored enterprises $ 29,996 $ - $ 29,996 $ - State and political subdivisions 111 - 111 - Mortgage backed securities and collateralized mortgage obligations - residential 309,768 - 309,768 - Corporate bonds 70,113 - 70,113 - Small Business Administration- guaranteed participation securities 44,070 - 44,070 - Other securities 685 - 685 - Total securities available for sale $ 454,743 $ - $ 454,743 $ - Fair Value Measurements at December 31, 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 $ 104,512 $ - $ 104,512 $ - State and political subdivisions 162 - 162 - Mortgage backed securities and collateralized mortgage obligations - residential 389,517 - 389,517 - Corporate bonds 30,436 - 30,436 - Small Business Administration- guaranteed participation securities 48,511 - 48,511 - Other securities 685 - 685 - Total securities available for sale $ 573,823 $ - $ 573,823 $ - |
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 September 30, 2020 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 $ 423 $ - $ - $ 423 Sales comparison approach Adjustments for differences between comparable sales 1% - 9% (3 %) Impaired loans: Real estate mortgage -1 to 4 family 509 - - 509 Sales comparison approach Adjustments for differences between comparable sales 1% - 11% (11 %) Fair Value Measurements at December 31, 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 $ 1,579 $ - $ - $ 1,579 Sales comparison approach Adjustments for differences between comparable sales 1% - 21% (2 %) Impaired loans: Real estate mortgage -1 to 4 family 120 - - 120 Sales comparison approach Adjustments for differences between comparable sales 1% - 17% (9 %) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), t : (dollars in thousands) Fair Value Measurements at Carrying September 30, 2020 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 956,319 956,319 - - 956,319 Securities available for sale 454,743 - 454,743 - 454,743 Held to maturity securities 15,094 - 16,343 - 16,343 Federal Home Loan Bank stock 5,506 N/A N/A N/A N/A Net loans 4,165,432 - - 4,258,258 4,258,258 Accrued interest receivable 11,095 16 1,471 9,608 11,095 Financial liabilities: Demand deposits 635,345 635,345 - - 635,345 Interest bearing deposits 4,263,705 2,958,681 1,308,158 - 4,266,839 Short-term borrowings 193,455 - 193,455 - 193,455 Accrued interest payable 777 85 692 - 777 (dollars in thousands) Fair Value Measurements at Carrying December 31, 2019 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 456,846 456,846 - - 456,846 Securities available for sale 573,823 - 573,823 - 573,823 Held to maturity securities 18,618 - 19,680 - 19,680 Federal Reserve Bank and Federal Home Loan Bank stock 9,183 N/A N/A N/A N/A Net loans 4,017,879 - - 4,078,210 4,078,210 Accrued interest receivable 10,915 216 2,221 8,478 10,915 Financial liabilities: Demand deposits 463,858 463,858 - - 463,858 Interest bearing deposits 3,986,158 2,587,981 1,397,271 - 3,985,252 Short-term borrowings 148,666 - 148,666 - 148,666 Accrued interest payable 1,459 174 1,285 - 1,459 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 9/30/2020 (dollars in thousands) Balance at 7/1/2020 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 9/30/2020 Balance at 9/30/2020 Net unrealized holding loss on securities available for sale, net of tax $ 8,061 (198 ) - (198 ) 7,863 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 4,840 - - - 4,840 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (965 ) - (201 ) (201 ) (1,166 ) Accumulated other comprehensive loss, net of tax $ 11,936 (198 ) (201 ) (399 ) 11,537 Three months ended 9/30/2019 (dollars in thousands) Balance at 7/1/2019 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 9/30/2019 Balance at 9/30/2019 Net unrealized holding gain on securities available for sale, net of tax $ (1,707 ) 1,790 - 1,790 83 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 - - - 423 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (490 ) - (87 ) (87 ) (577 ) Accumulated other comprehensive income (loss), net of tax $ (1,774 ) 1,790 (87 ) 1,703 (71 ) Nine months ended 9/30/2020 (dollars in thousands) Balance at 1/1/2020 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Three months ended 9/30/2020 Balance at 9/30/2020 Net unrealized holding gain on securities available for sale, net of tax $ 286 8,432 (855 ) 7,577 7,863 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 4,840 - - - 4,840 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (665 ) - (501 ) (501 ) (1,166 ) Accumulated other comprehensive loss, net of tax $ 4,461 8,432 (1,356 ) 7,076 11,537 Nine months ended 9/30/2019 (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 9/30/2019 Balance at 9/30/2019 Net unrealized holding gain on securities available for sale, net of tax $ (10,416 ) 10,499 - 10,499 83 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 - - - 423 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (316 ) - (261 ) (261 ) (577 ) Accumulated other comprehensive income (loss), net of tax $ (10,309 ) 10,499 (261 ) 10,238 (71 ) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following represents the reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019: (dollars in thousands) Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Affected Line Item in Financial Statements Net unrealized holding gain on securities available for sale Realized gain on securities transactions $ - - $ 1,155 - Net gain on securities transactions Income tax effect - - (300 ) - Income taxes Net of tax - - 855 - Amortization of pension and postretirement benefit items: Amortization of net actuarial gain (loss) $ 222 35 $ 531 103 Salaries and employee benefits Amortization of prior service credit (cost) 49 83 147 250 Salaries and employee benefits Income tax benefit (70 ) (31 ) (177 ) (92 ) Income taxes Net of tax 201 87 501 261 Total reclassifications, net of tax $ 201 87 $ 1,356 261 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Source of Non-Interest Income | 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 nine months ended September 30, 2020 and 2019. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Non-interest income Service Charges on Deposits Overdraft fees $ 595 $ 931 $ 1,920 $ 2,630 Other 348 124 1,159 343 Interchange Income 1,195 970 3,072 3,785 Net gain on securities transactions (a) - - 1,155 - Wealth management fees 1,784 1,517 4,752 4,933 Other (a) 419 1,383 1,043 2,785 Total non-interest income $ 4,341 $ 4,925 $ 13,101 $ 14,476 (a) Not within the scope of ASC 606. |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Operating Leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: (dollars in thousands) Three months ended September 30, 2020 2019 Operating lease cost $ 1,966 $ 2,007 Variable lease cost 369 497 Total Lease costs $ 2,335 $ 2,504 (dollars in thousands) Nine months ended September 30, 2020 2019 Operating lease cost $ 5,893 $ 5,828 Variable lease cost 1,524 1,472 Total Lease costs $ 7,417 $ 7,300 |
Supplemental Cash Flows Information | (dollars in thousands) Nine months ended September 30, 2020 2019 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,022 $ 5,824 Right-of-use assets obtained in exchange for lease obligations: $ 287 $ 54,038 Weighted average remaining lease term 8.9 years 9.4 years Weighted average discount rate 3.25 % 3.30 % |
Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of September 30, 2020 were as follows: (dollars in thousands) Year ending December 31, 2020 (a) $ 2,020 2021 8,062 2022 7,561 2023 7,256 2024 7,128 Thereafter 28,551 Total lease payments $ 60,578 Less: Interest 8,453 Present value of lease liabilities $ 52,125 (a) Excluding the nine months ended September 30, 2020. During the quarter ended September 30, 2020, the Board of Directors elected a new director that owns six commercial properties in which the Company leases branches from. Total lease payments, which is included in the table above, owed at September 30, 2020 was $4.7 million, which includes $699 thousand of interest. Future minimum lease payments under non-cancellable leases as of September 30, 2019 were as follows: (dollars in thousands) Year ending December 31, 2019 (a) $ 1,967 2020 7,820 2021 7,818 2022 7,300 2023 6,978 Thereafter 32,600 Total lease payments $ 64,483 Less: Interest 9,752 Present value of lease liabilities $ 54,731 (a) Excluding the nine months ended September 30, 2019. |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Actual Capital Amounts and Ratios | The Bank and the Company reported the following capital ratios as of and : (Bank Only) Minimum for Capital Adequacy plus Capital Conservation As of September 30, 2020 Well (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 533,874 9.329 % 5.000 % 4.000 % Common equity tier 1 capital 533,874 18.491 6.500 7.000 Tier 1 risk-based capital 533,874 18.491 8.000 8.500 Total risk-based capital 570,127 19.747 10.000 10.500 As of December 31, 2019 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 516,775 9.940 % 5.000 % 4.000 % Common equity tier 1 capital 516,775 18.412 6.500 7.000 Tier 1 risk-based capital 516,775 18.412 8.000 8.500 Total risk-based capital 551,975 19.666 10.000 10.500 (Consolidated) As of September 30, 2020 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 548,437 9.582 % 4.000 % Common equity tier 1 capital 548,437 18.994 7.000 Tier 1 risk-based capital 548,437 18.994 8.500 Total risk-based capital 584,692 20.250 10.500 As of December 31, 2019 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 533,243 10.254 % 4.000 % Common equity Tier 1 capital 533,243 18.988 7.000 Tier 1 risk-based capital 533,243 18.988 8.500 Total risk-based capital 568,463 20.242 10.500 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized (2) The and |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reconciliation of the component parts of earnings per share [Abstract] | ||||||||
Net income | $ 14,071 | $ 11,254 | $ 13,313 | $ 14,708 | $ 14,667 | $ 14,558 | $ 38,638 | $ 43,933 |
Weighted average common shares (in shares) | 96,433 | 96,907 | 96,531 | 96,825 | ||||
Stock Options (in shares) | 4 | 70 | 14 | 72 | ||||
Weighted average common shares including potential dilutive shares (in shares) | 96,437 | 96,977 | 96,545 | 96,897 | ||||
Basic EPS (in dollars per share) | $ 0.146 | $ 0.152 | $ 0.400 | $ 0.454 | ||||
Diluted EPS (in dollars per share) | $ 0.146 | $ 0.152 | $ 0.400 | $ 0.453 | ||||
Stock Options [Member] | ||||||||
Antidilutive Securities [Abstract] | ||||||||
Number of antidilutive stock options excluded from diluted earnings per share (in shares) | 452 | 0 | 452 | 0 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
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 | $ 9 | $ 10 | 28 | $ 31 |
Interest cost | 269 | 311 | 807 | 933 |
Expected return on plan assets | (755) | (702) | (2,265) | (2,108) |
Amortization of net loss (gain) | (5) | 14 | 0 | 44 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Net periodic benefit | (482) | (367) | (1,430) | (1,100) |
Other Postretirement Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 15 | 17 | 55 | 49 |
Interest cost | 40 | 60 | 152 | 180 |
Expected return on plan assets | (296) | (248) | (887) | (743) |
Amortization of net loss (gain) | (217) | (49) | (531) | (147) |
Amortization of prior service credit | (49) | (83) | (147) | (250) |
Net periodic benefit | $ (507) | $ (303) | $ (1,358) | $ (911) |
Investment Securities, Availabl
Investment Securities, Available-for-sale Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | $ 444,115 | $ 573,432 |
Gross Unrealized Gains | 10,892 | 2,811 |
Gross Unrealized Losses | 264 | 2,420 |
Fair Value | 454,743 | 573,823 |
U. S. Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 30,000 | 104,895 |
Gross Unrealized Gains | 3 | 36 |
Gross Unrealized Losses | 7 | 419 |
Fair Value | 29,996 | 104,512 |
State and Political Subdivisions [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 110 | 160 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 111 | 162 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 301,490 | 388,537 |
Gross Unrealized Gains | 8,369 | 2,406 |
Gross Unrealized Losses | 91 | 1,426 |
Fair Value | 309,768 | 389,517 |
Corporate Bonds [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 69,231 | 30,164 |
Gross Unrealized Gains | 1,048 | 367 |
Gross Unrealized Losses | 166 | 95 |
Fair Value | 70,113 | 30,436 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 42,599 | 48,991 |
Gross Unrealized Gains | 1,471 | 0 |
Gross Unrealized Losses | 0 | 480 |
Fair Value | 44,070 | 48,511 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost [Abstract] | ||
Due in one year or less | $ 18,563 | |
Due in one year through five years | 81,445 | |
Due after five years through ten years | 18 | |
Amortized Cost | 444,115 | $ 573,432 |
Fair Value [Abstract] | ||
Due in one year or less | 18,747 | |
Due in one year through five years | 82,140 | |
Due after five years through ten years | 18 | |
Fair Value | 454,743 | 573,823 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 301,490 | |
Amortized Cost | 301,490 | 388,537 |
Fair Value [Abstract] | ||
Securities, fair value | 309,768 | |
Fair Value | 309,768 | 389,517 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 42,599 | |
Amortized Cost | 42,599 | 48,991 |
Fair Value [Abstract] | ||
Securities, fair value | 44,070 | |
Fair Value | $ 44,070 | $ 48,511 |
Investment Securities, Availa_3
Investment Securities, Available-for-sale Securities, Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | $ 45,812 | $ 140,557 |
12 months or more - Fair Value | 4,937 | 243,825 |
Total - Fair Value | 50,749 | 384,382 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 201 | 1,201 |
12 months or more - Gross Unrealized Loss | 63 | 1,219 |
Total - Gross Unrealized Loss | 264 | 2,420 |
U. S. Government Sponsored Enterprises [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 9,993 | 19,820 |
12 months or more - Fair Value | 0 | 74,656 |
Total - Fair Value | 9,993 | 94,476 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 7 | 180 |
12 months or more - Gross Unrealized Loss | 0 | 239 |
Total - Gross Unrealized Loss | 7 | 419 |
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 | 20,096 | 67,322 |
12 months or more - Fair Value | 0 | 169,169 |
Total - Fair Value | 20,096 | 236,491 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 91 | 446 |
12 months or more - Gross Unrealized Loss | 0 | 980 |
Total - Gross Unrealized Loss | 91 | 1,426 |
Corporate Bonds [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 15,723 | 4,905 |
12 months or more - Fair Value | 4,937 | 0 |
Total - Fair Value | 20,660 | 4,905 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 103 | 95 |
12 months or more - Gross Unrealized Loss | 63 | 0 |
Total - Gross Unrealized Loss | $ 166 | 95 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 48,510 | |
12 months or more - Fair Value | 0 | |
Total - Fair Value | 48,510 | |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 480 | |
12 months or more - Gross Unrealized Loss | 0 | |
Total - Gross Unrealized Loss | $ 480 |
Investment Securities, Availa_4
Investment Securities, Available-for-sale Securities, Transaction Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses [Abstract] | |||||
Proceeds from sales | $ 0 | $ 0 | $ 29,219 | $ 0 | |
Proceeds from calls/paydowns | 43,052 | 56,856 | 197,667 | 101,306 | |
Proceeds from maturities | 0 | 0 | 5,000 | 10,052 | |
Gross realized gains | [1] | 0 | 0 | $ 1,155 | $ 0 |
Gross realized losses | $ 0 | $ 0 | |||
[1] | Not within the scope of ASC 606. |
Investment Securities, Held-to-
Investment Securities, Held-to-maturity Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | $ 15,094 | $ 18,618 |
Gross Unrecognized Gains | 1,249 | 1,062 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | 16,343 | 19,680 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | 15,094 | 18,618 |
Gross Unrecognized Gains | 1,249 | 1,062 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | $ 16,343 | $ 19,680 |
Investment Securities, Held-t_2
Investment Securities, Held-to-maturity Securities, Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost [Abstract] | ||
Amortized Cost | $ 15,094 | $ 18,618 |
Fair Value [Abstract] | ||
Fair Value | 16,343 | 19,680 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 15,094 | |
Amortized Cost | 15,094 | 18,618 |
Fair Value [Abstract] | ||
Securities, fair value | 16,343 | |
Fair Value | $ 16,343 | $ 19,680 |
Investment Securities, Held to
Investment Securities, Held to Maturity Securities, Transaction Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Investment Securities [Abstract] | |||||
Gross unrecognized losses on held to maturity securities | $ 0 | $ 0 | $ 0 | ||
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 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | $ 4,214,555 | $ 4,062,196 | |||||
Less: Allowance for loan losses | 49,123 | $ 48,144 | 44,317 | $ 44,329 | $ 44,365 | $ 44,766 | |
Net loans | 4,165,432 | 4,017,879 | |||||
New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 3,064,654 | 3,022,936 | ||||
Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 1,149,901 | 1,039,260 | |||||
Real Estate Construction Loans [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 26,800 | 28,500 | |||||
Residential Borrowers [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 11,000 | 10,700 | |||||
Commercial Borrowers Residential Purpose [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 15,800 | 17,800 | |||||
Commercial [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 231,663 | 199,499 | |||||
Less: Allowance for loan losses | 4,267 | 4,366 | 3,999 | 3,871 | 3,913 | 4,048 | |
Commercial [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [2] | 212,880 | 181,512 | ||||
Commercial [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 18,783 | 17,987 | |||||
Commercial [Member] | Commercial Real Estate [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 171,573 | 179,938 | |||||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1],[2] | 152,994 | 162,186 | ||||
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 18,579 | 17,752 | |||||
Commercial [Member] | Other [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 60,090 | 19,561 | |||||
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1],[2] | 59,886 | 19,326 | ||||
Commercial [Member] | Other [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 204 | 235 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 3,973,066 | 3,851,696 | |||||
Less: Allowance for loan losses | 44,323 | 43,274 | 39,748 | 39,906 | 39,963 | 39,772 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 3,646,480 | 3,495,435 | |||||
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] | 2,580,577 | 2,541,440 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 1,065,903 | 953,995 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 78,266 | 88,339 | |||||
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] | 62,595 | 69,791 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 15,671 | 18,548 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 248,320 | 267,922 | |||||
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] | 200,605 | 221,487 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 47,715 | 46,435 | |||||
Installment [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 9,826 | 11,001 | |||||
Less: Allowance for loan losses | 533 | $ 504 | 570 | $ 552 | $ 489 | $ 946 | |
Installment [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | [1] | 7,997 | 8,706 | ||||
Installment [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | $ 1,829 | $ 2,295 | |||||
[1] | Includes New York, New Jersey, Vermont and Massachusetts. | ||||||
[2] | Includes New York, New Jersey and Massachusetts. |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses, Non-accrual Loans, By Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | $ 21,771 | $ 20,840 | |
Restructured real estate mortgages - 1 to 4 family | 25 | 29 | |
Total nonperforming loans | 21,796 | 20,869 | |
Other estate owned | 423 | 1,600 | |
New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 20,517 | 19,226 |
Restructured real estate mortgages - 1 to 4 family | [1] | 25 | 29 |
Total nonperforming loans | [1] | 20,542 | 19,255 |
Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1,254 | 1,614 | |
Restructured real estate mortgages - 1 to 4 family | 0 | 0 | |
Total nonperforming loans | 1,254 | 1,614 | |
Residential Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Non accrual residential mortgage loans in the process of foreclosure | 11,500 | 8,700 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 378 | 733 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 378 | 733 |
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 | 113 | 83 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 113 | 83 |
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 | 18,268 | 16,853 | |
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] | 17,193 | 15,385 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1,075 | 1,468 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 137 | 266 | |
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] | 90 | 218 |
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 | 47 | 48 | |
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 | 2,826 | 2,902 | |
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] | 2,694 | 2,804 |
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 | 132 | 98 | |
Installment [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 49 | 3 | |
Installment [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 49 | 3 |
Installment [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | $ 0 | $ 0 | |
[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 | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | ||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | $ 20,881 | $ 19,180 | |
Current | 4,193,674 | 4,043,016 | |
Total loans | $ 4,214,555 | $ 4,062,196 | |
Number of days past due | 90 days | 90 days | |
Loans that are 90 days past due and still accruing interest | $ 0 | $ 0 | |
New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 19,456 | 17,828 |
Current | [1] | 3,045,198 | 3,005,108 |
Total loans | [1] | 3,064,654 | 3,022,936 |
Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,425 | 1,352 | |
Current | 1,148,476 | 1,037,908 | |
Total loans | 1,149,901 | 1,039,260 | |
30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 5,409 | 4,802 | |
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] | 4,757 | 4,117 |
30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 652 | 685 | |
60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 845 | 456 | |
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] | 790 | 456 |
60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 55 | 0 | |
90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 14,627 | 13,922 | |
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] | 13,909 | 13,255 |
90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 718 | 667 | |
Commercial [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 231,663 | 199,499 | |
Commercial [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | [2] | 212,880 | 181,512 |
Commercial [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 18,783 | 17,987 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 279 | 758 | |
Current | 171,294 | 179,180 | |
Total loans | 171,573 | 179,938 | |
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] | 279 | 758 |
Current | [1] | 152,715 | 161,428 |
Total loans | [1],[2] | 152,994 | 162,186 |
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 | 18,579 | 17,752 | |
Total loans | 18,579 | 17,752 | |
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 | 0 | 141 | |
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] | 0 | 141 |
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 | 279 | 617 | |
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] | 279 | 617 |
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 | 113 | 113 | |
Current | 59,977 | 19,448 | |
Total loans | 60,090 | 19,561 | |
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] | 113 | 113 |
Current | [1] | 59,773 | 19,213 |
Total loans | [1],[2] | 59,886 | 19,326 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 204 | 235 | |
Total loans | 204 | 235 | |
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 | 80 | |
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 | 80 |
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 | 113 | 33 | |
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] | 113 | 33 |
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 | 3,973,066 | 3,851,696 | |
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 | 18,117 | 16,223 | |
Current | 3,628,363 | 3,479,212 | |
Total loans | 3,646,480 | 3,495,435 | |
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] | 16,763 | 15,064 |
Current | [1] | 2,563,814 | 2,526,376 |
Total loans | [1] | 2,580,577 | 2,541,440 |
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 | 1,354 | 1,159 | |
Current | 1,064,549 | 952,836 | |
Total loans | 1,065,903 | 953,995 | |
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 | 4,478 | 3,986 | |
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] | 3,842 | 3,444 |
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 | 636 | 542 | |
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 | 738 | 292 | |
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] | 738 | 292 |
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 | 0 | 0 | |
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 | 12,901 | 11,945 | |
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] | 12,183 | 11,328 |
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 | 718 | 617 | |
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 | 247 | 386 | |
Current | 78,019 | 87,953 | |
Total loans | 78,266 | 88,339 | |
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] | 200 | 323 |
Current | [1] | 62,395 | 69,468 |
Total loans | [1] | 62,595 | 69,791 |
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 | 47 | 63 | |
Current | 15,624 | 18,485 | |
Total loans | 15,671 | 18,548 | |
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 | 147 | 246 | |
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] | 147 | 183 |
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 | 63 | |
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 | 51 | 7 | |
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] | 4 | 7 |
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 | 47 | 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 | 49 | 133 | |
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] | 49 | 133 |
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 | 1,991 | 1,652 | |
Current | 246,329 | 266,270 | |
Total loans | 248,320 | 267,922 | |
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] | 1,991 | 1,522 |
Current | [1] | 198,614 | 219,965 |
Total loans | [1] | 200,605 | 221,487 |
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 | 0 | 130 | |
Current | 47,715 | 46,305 | |
Total loans | 47,715 | 46,435 | |
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 | 722 | 312 | |
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] | 722 | 232 |
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 | 0 | 80 | |
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 | 33 | 149 | |
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] | 33 | 149 |
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 | 1,236 | 1,191 | |
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] | 1,236 | 1,141 |
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 | 0 | 50 | |
Installment [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 134 | 48 | |
Current | 9,692 | 10,953 | |
Total loans | 9,826 | 11,001 | |
Installment [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 110 | 48 |
Current | [1] | 7,887 | 8,658 |
Total loans | [1] | 7,997 | 8,706 |
Installment [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 24 | 0 | |
Current | 1,805 | 2,295 | |
Total loans | 1,829 | 2,295 | |
Installment [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 62 | 37 | |
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] | 46 | 37 |
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 | 16 | 0 | |
Installment [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 23 | 8 | |
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] | 15 | 8 |
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 | 8 | 0 | |
Installment [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 49 | 3 | |
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] | 49 | 3 |
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 | $ 0 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. | ||
[2] | Includes New York, New Jersey 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | $ 48,144 | $ 44,365 | $ 44,317 | $ 44,766 | |
Loans charged off [Abstract] | |||||
Total loan charge offs | 85 | 192 | 376 | 934 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 64 | 156 | 182 | 538 | |
Net loans (recoveries) charged off | 21 | 36 | 194 | 396 | |
(Credit) provision for loan losses | 1,000 | 0 | 5,000 | (41) | |
Balance at end of period | 49,123 | 44,329 | 49,123 | 44,329 | |
New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 85 | 176 | 357 | 858 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 64 | 156 | 180 | 503 |
Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 16 | 19 | 76 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 0 | 2 | 35 | |
Commercial [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 4,366 | 3,913 | 3,999 | 4,048 | |
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 13 | 3 | 20 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 1 | 41 | 9 | 45 | |
Net loans (recoveries) charged off | (1) | (28) | (6) | (25) | |
(Credit) provision for loan losses | (100) | (70) | 262 | (202) | |
Balance at end of period | 4,267 | 3,871 | 4,267 | 3,871 | |
Commercial [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 0 | 13 | 3 | 20 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 1 | 41 | 9 | 45 |
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 | 43,274 | 39,963 | 39,748 | 39,772 | |
Loans charged off [Abstract] | |||||
Total loan charge offs | 64 | 147 | 277 | 773 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 60 | 108 | 162 | 476 | |
Net loans (recoveries) charged off | 4 | 39 | 115 | 297 | |
(Credit) provision for loan losses | 1,053 | (18) | 4,690 | 431 | |
Balance at end of period | 44,323 | 39,906 | 44,323 | 39,906 | |
Real Estate Mortgage - 1 to 4 Family [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 64 | 147 | 277 | 744 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 60 | 108 | 160 | 441 |
Real Estate Mortgage - 1 to 4 Family [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | 0 | 29 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 0 | 2 | 35 | |
Installment [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 504 | 489 | 570 | 946 | |
Loans charged off [Abstract] | |||||
Total loan charge offs | 21 | 32 | 96 | 141 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 3 | 7 | 11 | 17 | |
Net loans (recoveries) charged off | 18 | 25 | 85 | 124 | |
(Credit) provision for loan losses | 47 | 88 | 48 | (270) | |
Balance at end of period | 533 | 552 | 533 | 552 | |
Installment [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 21 | 16 | 77 | 94 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 3 | 7 | 11 | 17 |
Installment [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 16 | 19 | 47 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | $ 0 | $ 0 | $ 0 | $ 0 | |
[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 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | $ 0 | $ 0 | ||||
Collectively evaluated for impairment | 49,123 | 44,317 | ||||
Total ending allowance balance | 49,123 | $ 48,144 | 44,317 | $ 44,329 | $ 44,365 | $ 44,766 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 21,732 | 20,976 | ||||
Collectively evaluated for impairment | 4,192,823 | 4,041,220 | ||||
Total loans | 4,214,555 | 4,062,196 | ||||
Commercial [Member] | ||||||
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 4,267 | 3,999 | ||||
Total ending allowance balance | 4,267 | 4,366 | 3,999 | 3,871 | 3,913 | 4,048 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 1,084 | 1,437 | ||||
Collectively evaluated for impairment | 230,579 | 198,062 | ||||
Total loans | 231,663 | 199,499 | ||||
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 | 44,323 | 39,748 | ||||
Total ending allowance balance | 44,323 | 43,274 | 39,748 | 39,906 | 39,963 | 39,772 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 20,648 | 19,539 | ||||
Collectively evaluated for impairment | 3,952,418 | 3,832,157 | ||||
Total loans | 3,973,066 | 3,851,696 | ||||
Installment [Member] | ||||||
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 533 | 570 | ||||
Total ending allowance balance | 533 | $ 504 | 570 | $ 552 | $ 489 | $ 946 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 9,826 | 11,001 | ||||
Total loans | $ 9,826 | $ 11,001 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses, Impaired Receivables (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | ||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | $ 21,732 | $ 20,976 | |
Unpaid Principal Balance | 22,402 | 21,578 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 20,709 | 20,963 | |
New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 18,370 | 18,141 |
Unpaid Principal Balance | [1] | 19,140 | 18,743 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 17,779 | 18,296 |
Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 3,362 | 2,835 | |
Unpaid Principal Balance | 3,262 | 2,835 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,930 | 2,667 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 939 | 1,322 | |
Unpaid Principal Balance | 1,062 | 1,464 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 1,226 | 1,467 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 839 | 1,217 |
Unpaid Principal Balance | [1] | 1,062 | 1,359 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 1,121 | 1,385 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 100 | 105 | |
Unpaid Principal Balance | 105 | ||
Related Allowance | 0 | 0 | |
Average Recorded Investment | 105 | 82 | |
Commercial [Member] | Other [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 145 | 115 | |
Unpaid Principal Balance | 145 | 115 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 112 | 64 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 145 | 115 |
Unpaid Principal Balance | [1] | 145 | 115 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 112 | 38 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | ||
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 26 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 17,913 | 16,900 | |
Unpaid Principal Balance | 18,300 | 17,200 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 16,629 | 16,617 | |
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] | 14,895 | 14,414 |
Unpaid Principal Balance | [1] | 15,282 | 14,714 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 14,062 | 14,358 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 3,018 | 2,486 | |
Unpaid Principal Balance | 3,018 | 2,486 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,567 | 2,259 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 223 | 235 | |
Unpaid Principal Balance | 243 | 255 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 248 | 292 | |
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] | 223 | 235 |
Unpaid Principal Balance | [1] | 243 | 255 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 235 | 241 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [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 | 13 | 51 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,512 | 2,404 | |
Unpaid Principal Balance | 2,652 | 2,544 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,494 | 2,523 | |
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] | 2,268 | 2,160 |
Unpaid Principal Balance | [1] | 2,408 | 2,300 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 2,249 | 2,274 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 244 | 244 | |
Unpaid Principal Balance | 244 | 244 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | $ 245 | $ 249 | |
[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 | 9 Months Ended | ||||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Dec. 31, 2019USD ($) | ||
Financing Receivable Modifications Information [Abstract] | ||||||
TDR's classifications from previously performing loans | $ 11,800 | $ 11,800 | $ 11,100 | |||
New York and Other States [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | [1] | 8 | 4 | 13 | 15 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 1,709 | $ 537 | $ 2,277 | $ 2,130 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 1,709 | $ 537 | $ 2,277 | $ 2,130 | |
Florida [Member] | ||||||
Modified loans by class determined to be TDR's [Abstract] | ||||||
Number of Contracts | Contract | 0 | 5 | 4 | 5 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 509 | $ 589 | $ 509 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 509 | $ 589 | $ 509 | ||
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 | 1 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 126 | $ 0 | $ 126 | $ 127 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 126 | $ 0 | $ 126 | $ 127 | |
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] | 6 | 4 | 9 | 12 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 1,533 | $ 537 | $ 1,982 | $ 1,768 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 1,533 | $ 537 | $ 1,982 | $ 1,768 | |
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 | 5 | 4 | 5 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 509 | $ 589 | $ 509 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 509 | $ 589 | $ 509 | ||
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] | 1 | 0 | 3 | 2 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 50 | $ 0 | $ 169 | $ 235 | |
Post-Modification Outstanding Recorded Investment | [1] | $ 50 | $ 0 | $ 169 | $ 235 | |
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 | 9 Months Ended | ||||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Jun. 30, 2020USD ($) | ||
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 | |||||
Payment Deferral [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Outstanding loans | $ 7,000 | $ 7,000 | $ 190,000 | |||
New York and Other States [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | [1] | 4 | 0 | 5 | 0 | |
Recorded Investment | [1] | $ 283 | $ 0 | $ 478 | $ 0 | |
Florida [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Home Equity Loans [Member] | Florida [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | ||||
Recorded Investment | $ 0 | $ 0 | ||||
Commercial [Member] | Payment Deferral [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Outstanding loans | $ 2,000 | $ 2,000 | 45,000 | |||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | [1] | 0 | 0 | 0 | 0 | |
Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Payment Deferral [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Outstanding loans | $ 5,000 | $ 5,000 | $ 145,000 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | [1] | 3 | 0 | 4 | 0 | |
Recorded Investment | [1] | $ 264 | $ 0 | $ 459 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||||
Financing Receivable Modifications Subsequent 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] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | [1] | 1 | 0 | 1 | 0 | |
Recorded Investment | [1] | $ 19 | $ 0 | $ 19 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||||
Financing Receivable Modifications Subsequent Default [Abstract] | ||||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | ||
Recorded Investment | $ 0 | $ 0 | $ 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 | Sep. 30, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable [Abstract] | |||
Total loans, net | $ 4,214,555 | $ 4,062,196 | |
Impaired loans included in classified loans | 849 | 816 | |
New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1] | 3,064,654 | 3,022,936 |
Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 1,149,901 | 1,039,260 | |
Commercial [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 231,663 | 199,499 | |
Commercial [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [2] | 212,880 | 181,512 |
Commercial [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 18,783 | 17,987 | |
Commercial [Member] | Pass [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 227,479 | 193,651 | |
Commercial [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [2] | 209,270 | 175,664 |
Commercial [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 18,209 | 17,987 | |
Commercial [Member] | Classified [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 4,184 | 5,848 | |
Commercial [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [2] | 3,610 | 5,848 |
Commercial [Member] | Classified [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 574 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 171,573 | 179,938 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1],[2] | 152,994 | 162,186 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 18,579 | 17,752 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 167,871 | 175,032 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [2] | 149,866 | 157,280 |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 18,005 | 17,752 | |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 3,702 | 4,906 | |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [2] | 3,128 | 4,906 |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 574 | 0 | |
Commercial [Member] | Other [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 60,090 | 19,561 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [1],[2] | 59,886 | 19,326 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 204 | 235 | |
Commercial [Member] | Other [Member] | Pass [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 59,608 | 18,619 | |
Commercial [Member] | Other [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [2] | 59,404 | 18,384 |
Commercial [Member] | Other [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 204 | 235 | |
Commercial [Member] | Other [Member] | Classified [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | 482 | 942 | |
Commercial [Member] | Other [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable [Abstract] | |||
Total loans, net | [2] | 482 | 942 |
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. | ||
[2] | Includes New York, New Jersey 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 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Securities available for sale [Abstract] | |||
Fair Value | $ 454,743 | $ 573,823 | |
Fair value assets transfers from Level 1 to Level 2 | 0 | $ 0 | |
Fair value assets transfers from Level 2 to Level 1 | 0 | $ 0 | |
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 | 454,743 | 573,823 | |
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 | 454,743 | 573,823 | |
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 | 29,996 | 104,512 | |
State and political subdivisions | 111 | 162 | |
Mortgage backed securities and collateralized mortgage obligations - residential | 309,768 | 389,517 | |
Corporate bonds | 70,113 | 30,436 | |
Small Business Administration - guaranteed participation securities | 44,070 | 48,511 | |
Other securities | 685 | 685 | |
Fair Value | 454,743 | 573,823 | |
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 | 29,996 | 104,512 | |
State and political subdivisions | 111 | 162 | |
Mortgage backed securities and collateralized mortgage obligations - residential | 309,768 | 389,517 | |
Corporate bonds | 70,113 | 30,436 | |
Small Business Administration - guaranteed participation securities | 44,070 | 48,511 | |
Other securities | 685 | 685 | |
Fair Value | $ 454,743 | $ 573,823 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
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] | |||
Other real estate owned, commercial real estate | $ 358 | ||
Other real estate owned, residential real estate properties | 1,200 | ||
Valuation charge on other real estate owned | $ 62 | $ 120 | 366 |
Impaired loans | 21,732 | 21,732 | 20,976 |
Collateral dependent impaired loans | 0 | 0 | 120 |
Gross charge offs, residential impaired loans | 22 | ||
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 | 423 | 423 | 1,579 |
Impaired loans [Abstract] | |||
Real estate mortgage - 1 to 4 family | $ 509 | $ 509 | $ 120 |
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 | 0.09 | 0.09 | 0.21 |
Nonrecurring [Member] | Weighted Average [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned, unobservable inputs | 0.03 | 0.03 | 0.02 |
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 | 0.01 | 0.01 | 0.01 |
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 | 0.11 | 0.11 | 0.17 |
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 | 0.11 | 0.11 | 0.09 |
Nonrecurring [Member] | Carrying Value [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned | $ 423 | $ 423 | $ 1,579 |
Impaired loans [Abstract] | |||
Real estate mortgage - 1 to 4 family | $ 509 | $ 509 | $ 120 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments, Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial assets [Abstract] | ||
Cash and cash equivalents | $ 956,319 | $ 456,846 |
Securities available for sale | 454,743 | 573,823 |
Held to maturity securities | 16,343 | 19,680 |
Net loans | 4,258,258 | 4,078,210 |
Accrued interest receivable | 11,095 | 10,915 |
Financial liabilities [Abstract] | ||
Demand deposits | 635,345 | 463,858 |
Interest bearing deposits | 4,266,839 | 3,985,252 |
Short-term borrowings | 193,455 | 148,666 |
Accrued interest payable | 777 | 1,459 |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 956,319 | 456,846 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 0 | 0 |
Accrued interest receivable | 16 | 216 |
Financial liabilities [Abstract] | ||
Demand deposits | 635,345 | 463,858 |
Interest bearing deposits | 2,958,681 | 2,587,981 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 85 | 174 |
Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 454,743 | 573,823 |
Held to maturity securities | 16,343 | 19,680 |
Net loans | 0 | 0 |
Accrued interest receivable | 1,471 | 2,221 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 1,308,158 | 1,397,271 |
Short-term borrowings | 193,455 | 148,666 |
Accrued interest payable | 692 | 1,285 |
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 | 4,258,258 | 4,078,210 |
Accrued interest receivable | 9,608 | 8,478 |
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 | 956,319 | 456,846 |
Securities available for sale | 454,743 | 573,823 |
Held to maturity securities | 15,094 | 18,618 |
Federal Reserve Bank and Federal Home Loan Bank stock | 5,506 | 9,183 |
Net loans | 4,165,432 | 4,017,879 |
Accrued interest receivable | 11,095 | 10,915 |
Financial liabilities [Abstract] | ||
Demand deposits | 635,345 | 463,858 |
Interest bearing deposits | 4,263,705 | 3,986,158 |
Short-term borrowings | 193,455 | 148,666 |
Accrued interest payable | $ 777 | $ 1,459 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance | $ 553,421 | $ 548,185 | $ 538,257 | $ 515,630 | $ 501,718 | $ 489,871 | $ 538,257 | $ 489,871 |
Other comprehensive income (loss) - before reclassifications | (198) | 1,790 | 8,432 | 10,499 | ||||
Amount reclassified from accumulated other comprehensive income | (201) | (87) | (1,356) | (261) | ||||
Other comprehensive (loss) income, net of tax | (399) | 544 | 6,931 | 1,703 | 5,237 | 3,298 | 7,076 | 10,238 |
Balance | 560,528 | 553,421 | 548,185 | 526,163 | 515,630 | 501,718 | 560,528 | 526,163 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance | 11,936 | 11,392 | 4,461 | (1,774) | (7,011) | (10,309) | 4,461 | (10,309) |
Other comprehensive (loss) income, net of tax | (399) | 544 | 6,931 | 1,703 | 5,237 | 3,298 | ||
Balance | 11,537 | 11,936 | 11,392 | (71) | (1,774) | (7,011) | 11,537 | (71) |
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 | 8,061 | 286 | (1,707) | (10,416) | 286 | (10,416) | ||
Other comprehensive income (loss) - before reclassifications | (198) | 1,790 | 8,432 | 10,499 | ||||
Amount reclassified from accumulated other comprehensive income | 0 | 0 | (855) | 0 | ||||
Other comprehensive (loss) income, net of tax | (198) | 1,790 | 7,577 | 10,499 | ||||
Balance | 7,863 | 8,061 | 83 | (1,707) | 7,863 | 83 | ||
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 | 4,840 | 4,840 | 423 | 423 | 4,840 | 423 | ||
Other comprehensive income (loss) - before reclassifications | 0 | 0 | 0 | 0 | ||||
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | ||||
Other comprehensive (loss) income, net of tax | 0 | 0 | 0 | 0 | ||||
Balance | 4,840 | 4,840 | 423 | 423 | 4,840 | 423 | ||
Net Change in Net Actuarial Gain and Prior Service Credit on Pension and Postretirement Benefit Plans, Net of Tax [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance | (965) | $ (665) | (490) | $ (316) | (665) | (316) | ||
Other comprehensive income (loss) - before reclassifications | 0 | 0 | 0 | 0 | ||||
Amount reclassified from accumulated other comprehensive income | (201) | (87) | (501) | (261) | ||||
Other comprehensive (loss) income, net of tax | (201) | (87) | (501) | (261) | ||||
Balance | $ (1,166) | $ (965) | $ (577) | $ (490) | $ (1,166) | $ (577) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss), Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | |||||||||
Net gain on securities transactions | [1] | $ 0 | $ 0 | $ 1,155 | $ 0 | ||||
Salaries and employee benefits | 10,899 | 11,725 | 33,920 | 34,887 | |||||
Income tax effect | 4,761 | 4,790 | 12,988 | 14,311 | |||||
Net income | 14,071 | $ 11,254 | $ 13,313 | 14,708 | $ 14,667 | $ 14,558 | 38,638 | 43,933 | |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | |||||||||
Net income | 201 | 87 | 1,356 | 261 | |||||
Unrealized Gains on Securities Available for Sale [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | |||||||||
Net gain on securities transactions | 0 | 0 | 1,155 | 0 | |||||
Income tax effect | 0 | 0 | (300) | 0 | |||||
Net income | 0 | 0 | 855 | 0 | |||||
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 effect | (70) | (31) | (177) | (92) | |||||
Net income | 201 | 87 | 501 | 261 | |||||
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 | 222 | 35 | 531 | 103 | |||||
Amortization of Prior Service Credit (Cost) [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | |||||||||
Salaries and employee benefits | $ 49 | $ 83 | $ 147 | $ 250 | |||||
[1] | Not within the scope of ASC 606. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Sources of non-interest income [Abstract] | |||||
Net gain on securities transactions | [1] | $ 0 | $ 0 | $ 1,155 | $ 0 |
Other | [1] | 419 | 1,383 | 1,043 | 2,785 |
Total non-interest income | 4,341 | 4,925 | 13,101 | 14,476 | |
Overdraft Fees [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 595 | 931 | 1,920 | 2,630 | |
Other [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 348 | 124 | 1,159 | 343 | |
Interchange Income [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 1,195 | 970 | 3,072 | 3,785 | |
Wealth Management Fees [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | $ 1,784 | $ 1,517 | $ 4,752 | $ 4,933 | |
[1] | Not within the scope of ASC 606. |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($)Property | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Property | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | ||
Other information related to leases [Abstract] | ||||||
Operating lease cost | $ 1,966 | $ 2,007 | $ 5,893 | $ 5,828 | ||
Variable lease cost | 369 | 497 | 1,524 | 1,472 | ||
Total Lease costs | $ 2,335 | $ 2,504 | 7,417 | 7,300 | ||
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||||||
Operating cash flows from operating leases | 6,022 | 5,824 | ||||
Right-of-use assets obtained in exchange for lease obligations: | $ 287 | $ 54,038 | ||||
Weighted average remaining lease term | 8 years 10 months 24 days | 9 years 4 months 24 days | 8 years 10 months 24 days | 9 years 4 months 24 days | ||
Weighted average discount rate | 3.25% | 3.30% | 3.25% | 3.30% | ||
Future minimum lease payments under non-cancellable leases [Abstract] | ||||||
2020 | [1] | $ 2,020 | $ 2,020 | |||
2021 | 8,062 | $ 7,820 | 8,062 | $ 7,820 | ||
2022 | 7,561 | 7,818 | 7,561 | 7,818 | ||
2023 | 7,256 | 7,300 | 7,256 | 7,300 | ||
2024 | 7,128 | 6,978 | 7,128 | 6,978 | ||
Thereafter | 28,551 | 28,551 | ||||
Total lease payments | 60,578 | 60,578 | ||||
Less: Interest | 8,453 | 9,752 | 8,453 | 9,752 | ||
Present value of lease liabilities | 52,125 | 54,731 | 52,125 | 54,731 | $ 56,553 | |
Minimum annual lease payments under terms of leases [Abstract] | ||||||
2019 | [2] | 1,967 | 1,967 | |||
2020 | 8,062 | 7,820 | 8,062 | 7,820 | ||
2021 | 7,561 | 7,818 | 7,561 | 7,818 | ||
2022 | 7,256 | 7,300 | 7,256 | 7,300 | ||
2023 | 7,128 | 6,978 | 7,128 | 6,978 | ||
Thereafter | 32,600 | 32,600 | ||||
Total lease payments | 64,483 | 64,483 | ||||
Less: Interest | 8,453 | 9,752 | 8,453 | 9,752 | ||
Present value of lease liabilities | 52,125 | $ 54,731 | 52,125 | $ 54,731 | $ 56,553 | |
Director [Member] | ||||||
Future minimum lease payments under non-cancellable leases [Abstract] | ||||||
Total lease payments | 4,700 | 4,700 | ||||
Less: Interest | $ 699 | $ 699 | ||||
Number of Properties Under Lease Owned by Related Party | Property | 6 | 6 | ||||
Minimum annual lease payments under terms of leases [Abstract] | ||||||
Less: Interest | $ 699 | $ 699 | ||||
Minimum [Member] | ||||||
Leases, operating [Abstract] | ||||||
Operating lease expiration term | 3 months | 3 months | ||||
Maximum [Member] | ||||||
Leases, operating [Abstract] | ||||||
Operating lease expiration term | 24 years | 24 years | ||||
[1] | Excluding the nine months ended September 30, 2020. | |||||
[2] | Excluding the nine months ended September 30, 2019. |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Sep. 30, 2020USD ($)Classification | Dec. 31, 2019USD ($) | |
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 | $ 533,874 | $ 516,775 | |
Common equity Tier 1 capital | 533,874 | 516,775 | |
Tier 1 risk-based capital | 533,874 | 516,775 | |
Total risk-based capital | $ 570,127 | $ 551,975 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 0.09329 | 0.09940 | |
Common equity Tier 1 capital, ratio | 0.18491 | 0.18412 | |
Tier 1 risk-based capital, ratio | 0.18491 | 0.18412 | |
Total risk-based capital, ratio | 0.19747 | 0.19666 | |
Leverage Ratios [Abstract] | |||
Tier 1 leverage ratio, well capitalized | [1] | 0.05000 | 0.05000 |
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04000 | 0.04000 |
Common equity Tier 1 capital, well capitalized | [1] | 0.06500 | 0.06500 |
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07000 | 0.07000 |
Tier 1 risk-based capital, well capitalized | [1] | 0.08000 | 0.08000 |
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.08500 | 0.08500 |
Total risk-based capital, well capitalized | [1] | 0.10000 | 0.10000 |
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.10500 | 0.10500 |
Capital Conservation Buffer [Abstract] | |||
Common equity Tier 1 capital conservation buffer | 0.0250 | 0.0250 | |
Tier 1 risk based capital ratio, capital conservation buffer | 0.0250 | 0.0250 | |
Total risk based capital ratio, capital conservation buffer | 0.0250 | 0.0250 | |
TrustCo Bank Corp NY [Member] | |||
Tier One Risk Based Capital [Abstract] | |||
Tier 1 leverage capital | $ 548,437 | $ 533,243 | |
Common equity Tier 1 capital | 548,437 | 533,243 | |
Tier 1 risk-based capital | 548,437 | 533,243 | |
Total risk-based capital | $ 584,692 | $ 568,463 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 0.09582 | 0.10254 | |
Common equity Tier 1 capital, ratio | 0.18994 | 0.18988 | |
Tier 1 risk-based capital, ratio | 0.18994 | 0.18988 | |
Total risk-based capital, ratio | 0.20250 | 0.20242 | |
Leverage Ratios [Abstract] | |||
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04000 | 0.04000 |
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07000 | 0.07000 |
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.08500 | 0.08500 |
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.10500 | 0.10500 |
Capital Conservation Buffer [Abstract] | |||
Common equity Tier 1 capital conservation buffer | 0.0250 | 0.0250 | |
Tier 1 risk based capital ratio, capital conservation buffer | 0.0250 | 0.0250 | |
Total risk based capital ratio, capital conservation buffer | 0.0250 | 0.0250 | |
[1] | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized | ||
[2] | The September 30, 2020 and December 31, 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent |
Risks and Uncertainties (Detail
Risks and Uncertainties (Details) - USD ($) $ in Millions | Mar. 16, 2020 | Mar. 03, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Risks and Uncertainties [Abstract] | ||||
Reduction in overnight federal funds rate | 1.00% | 0.50% | ||
Payment Deferral [Member] | ||||
Risks and Uncertainties [Abstract] | ||||
Outstanding loans | $ 7 | $ 190 | ||
Payment Deferral [Member] | Commercial [Member] | ||||
Risks and Uncertainties [Abstract] | ||||
Outstanding loans | 2 | 45 | ||
Payment Deferral [Member] | Residential Mortgage [Member] | ||||
Risks and Uncertainties [Abstract] | ||||
Outstanding loans | $ 5 | $ 145 |