Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 001-32964 | |
Entity Registrant Name | THE FIRST OF LONG ISLAND CORPORATION | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 11-2672906 | |
Entity Address, Address Line One | 10 Glen Head Road | |
Entity Address, City or Town | Glen Head | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11545 | |
City Area Code | 516 | |
Local Phone Number | 671-4900 | |
Entity Central Index Key | 0000740663 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 24,671,014 | |
Title of 12(b) Security | Common stock, $.10 par value per share | |
Trading Symbol | FLIC | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and cash equivalents | $ 69,216 | $ 47,358 |
Investment securities: | ||
Held-to-maturity, at amortized cost (fair value of $4,522 and $5,552) | 4,478 | 5,504 |
Available-for-sale, at fair value | 738,828 | 758,015 |
Total securities | 743,306 | 763,519 |
Secured by real estate: | ||
Loans | 3,221,587 | 3,263,399 |
Allowance for loan losses | (29,768) | (30,838) |
Total | 3,191,819 | 3,232,561 |
Restricted stock, at cost | 27,884 | 40,686 |
Bank premises and equipment, net | 40,806 | 41,267 |
Right-of-use asset - operating leases | 15,425 | |
Bank-owned life insurance | 82,012 | 80,925 |
Pension plan assets, net | 15,128 | 15,154 |
Deferred income tax benefit | 3,447 | |
Other assets | 16,545 | 16,143 |
Total assets | 4,202,141 | 4,241,060 |
Deposits: | ||
Checking | 932,443 | 935,574 |
Savings, NOW and money market | 1,716,472 | 1,590,341 |
Time, $100,000 and over | 241,794 | 309,165 |
Time, other | 422,870 | 249,892 |
Total | 3,313,579 | 3,084,972 |
Short-term borrowings | 101,162 | 388,923 |
Long-term debt | 360,472 | 362,027 |
Operating lease liability | 16,266 | |
Accrued expenses and other liabilities | 19,144 | 16,951 |
Deferred income taxes payable | 81 | |
Total liabilities | 3,810,704 | 3,852,873 |
Stockholders' Equity: | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 24,661,409 and 25,422,740 shares | 2,466 | 2,542 |
Surplus | 127,162 | 145,163 |
Retained earnings | 263,067 | 249,922 |
Total | 392,695 | 397,627 |
Accumulated other comprehensive loss, net of tax | (1,258) | (9,440) |
Total | 391,437 | 388,187 |
Total | 4,202,141 | 4,241,060 |
Commercial And Industrial [Member] | ||
Secured by real estate: | ||
Loans | 108,154 | 98,785 |
Allowance for loan losses | (1,201) | (1,158) |
Commercial Mortgages [Member] | ||
Secured by real estate: | ||
Loans | 1,311,637 | 1,281,295 |
Residential Mortgages [Member] | ||
Secured by real estate: | ||
Loans | 1,732,301 | 1,809,651 |
Home Equity Lines [Member] | ||
Secured by real estate: | ||
Loans | 66,018 | 67,710 |
Consumer And Other [Member] | ||
Secured by real estate: | ||
Loans | 3,477 | 5,958 |
Allowance for loan losses | $ (24) | $ (49) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Held-to-Maturity Securities, Fair Value | $ 4,522 | $ 5,552 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 24,661,409 | 25,422,740 |
Common stock, shares outstanding (in shares) | 24,661,409 | 25,422,740 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income: | ||||
Loans | $ 29,613 | $ 28,506 | $ 59,029 | $ 55,170 |
Taxable | 3,923 | 3,001 | 7,968 | 5,210 |
Nontaxable | 2,954 | 3,439 | 6,046 | 6,870 |
Total interest and dividend income | 36,490 | 34,946 | 73,043 | 67,250 |
Interest expense: | ||||
Savings, NOW and money market deposits | 4,841 | 3,158 | 8,841 | 5,698 |
Time deposits | 3,933 | 2,869 | 7,331 | 4,577 |
Short-term borrowings | 542 | 873 | 2,507 | 1,656 |
Long-term debt | 1,895 | 2,161 | 3,675 | 4,278 |
Total interest expense | 11,211 | 9,061 | 22,354 | 16,209 |
Net interest income | 25,279 | 25,885 | 50,689 | 51,041 |
Provision (credit) for loan losses | 422 | 803 | (35) | 2,315 |
Net interest income after provision (credit) for loan losses | 24,857 | 25,082 | 50,724 | 48,726 |
Noninterest income: | ||||
Investment Management Division income | 517 | 576 | 998 | 1,157 |
Service charges on deposit accounts | 780 | 587 | 1,485 | 1,287 |
Other | 1,420 | 1,516 | 2,678 | 3,527 |
Total | 2,717 | 2,679 | 5,161 | 5,971 |
Noninterest expense: | ||||
Salaries and employee benefits | 8,723 | 9,497 | 17,981 | 18,714 |
Occupancy and equipment | 2,903 | 3,065 | 5,840 | 5,878 |
Other | 3,150 | 3,145 | 6,090 | 5,983 |
Total noninterest expense | 14,776 | 15,707 | 29,911 | 30,575 |
Income before income taxes | 12,798 | 12,054 | 25,974 | 24,122 |
Income tax expense | 2,054 | 1,739 | 4,389 | 2,696 |
Net income | $ 10,744 | $ 10,315 | $ 21,585 | $ 21,426 |
Earnings per share: | ||||
Basic | $ 0.43 | $ 0.41 | $ 0.86 | $ 0.85 |
Diluted | 0.43 | 0.40 | 0.86 | 0.84 |
Cash dividends declared per share | $ 0.17 | $ 0.15 | $ 0.34 | $ 0.30 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $ 10,744 | $ 10,315 | $ 21,585 | $ 21,426 |
Other comprehensive income (loss): | ||||
Change in net unrealized holding gains (losses) on available-for-sale securities | 7,214 | (3,094) | 15,631 | (14,828) |
Change in funded status of pension plan | 88 | 176 | ||
Change in net unrealized loss on derivative instruments | (2,513) | (406) | (4,058) | (406) |
Other comprehensive income (loss) before income taxes | 4,789 | (3,500) | 11,749 | (15,234) |
Income tax expense (benefit) | 1,469 | (1,054) | 3,567 | (4,602) |
Other comprehensive income (loss) | 3,320 | (2,446) | 8,182 | (10,632) |
Comprehensive income | $ 14,064 | $ 7,869 | $ 29,767 | $ 10,794 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 24,668,390 | ||||
Balance at Dec. 31, 2017 | $ 2,467 | $ 127,122 | $ 224,315 | $ 546 | $ 354,450 |
Net income | 21,426 | 21,426 | |||
Other comprehensive income (loss) | (10,632) | (10,632) | |||
Reclassification of stranded tax effects upon the adoption of ASU 2018-02 | 277 | (277) | |||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (25,735) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (3) | (730) | (733) | ||
Common stock issued under stock compensation plans (in shares) | 118,900 | ||||
Common stock issued under stock compensation plans | $ 12 | 172 | 184 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 591,781 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 59 | 15,795 | 15,854 | ||
Stock-based compensation | 1,261 | 1,261 | |||
Cash dividends declared | (7,571) | (7,571) | |||
Balance (in shares) at Jun. 30, 2018 | 25,353,336 | ||||
Balance at Jun. 30, 2018 | $ 2,535 | 143,620 | 238,447 | (10,363) | 374,239 |
Balance (in shares) at Mar. 31, 2018 | 25,024,667 | ||||
Balance at Mar. 31, 2018 | $ 2,502 | 134,924 | 231,937 | (7,917) | 361,446 |
Net income | 10,315 | 10,315 | |||
Other comprehensive income (loss) | (2,446) | (2,446) | |||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (414) | ||||
Shares withheld upon the vesting and conversion of RSUs | (11) | (11) | |||
Common stock issued under stock compensation plans (in shares) | 6,663 | ||||
Common stock issued under stock compensation plans | $ 1 | 71 | 72 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 322,420 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 32 | 8,503 | 8,535 | ||
Stock-based compensation | 133 | 133 | |||
Cash dividends declared | (3,805) | (3,805) | |||
Balance (in shares) at Jun. 30, 2018 | 25,353,336 | ||||
Balance at Jun. 30, 2018 | $ 2,535 | 143,620 | 238,447 | (10,363) | 374,239 |
Balance (in shares) at Dec. 31, 2018 | 25,422,740 | ||||
Balance at Dec. 31, 2018 | $ 2,542 | 145,163 | 249,922 | (9,440) | 388,187 |
Net income | 21,585 | 21,585 | |||
Other comprehensive income (loss) | 8,182 | 8,182 | |||
Repurchase of common stock (in shares) | (915,100) | ||||
Repurchase of common stock | $ (91) | (20,523) | (20,614) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (39,947) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (4) | (826) | (830) | ||
Common stock issued under stock compensation plans (in shares) | 123,818 | ||||
Common stock issued under stock compensation plans | $ 12 | 253 | 265 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 69,898 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 7 | 1,427 | 1,434 | ||
Stock-based compensation | 1,668 | 1,668 | |||
Cash dividends declared | (8,440) | (8,440) | |||
Balance (in shares) at Jun. 30, 2019 | 24,661,409 | ||||
Balance at Jun. 30, 2019 | $ 2,466 | 127,162 | 263,067 | (1,258) | 391,437 |
Balance (in shares) at Mar. 31, 2019 | 24,900,347 | ||||
Balance at Mar. 31, 2019 | $ 2,490 | 132,018 | 256,512 | (4,578) | 386,442 |
Net income | 10,744 | 10,744 | |||
Other comprehensive income (loss) | 3,320 | 3,320 | |||
Repurchase of common stock (in shares) | (240,300) | ||||
Repurchase of common stock | $ (24) | (5,259) | (5,283) | ||
Common stock issued under stock compensation plans (in shares) | 1,362 | ||||
Common stock issued under stock compensation plans | 30 | 30 | |||
Stock-based compensation | 373 | 373 | |||
Cash dividends declared | (4,189) | (4,189) | |||
Balance (in shares) at Jun. 30, 2019 | 24,661,409 | ||||
Balance at Jun. 30, 2019 | $ 2,466 | $ 127,162 | $ 263,067 | $ (1,258) | $ 391,437 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows From Operating Activities: | ||
Net income | $ 21,585,000 | $ 21,426,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (credit) for loan losses | (35,000) | 2,315,000 |
Credit for deferred income taxes | (39,000) | (3,502,000) |
Depreciation and amortization of premises and equipment | 2,028,000 | 2,003,000 |
Amortization of right of use asset - operating leases | 1,058,000 | |
Premium amortization on investment securities, net | 586,000 | 965,000 |
Stock-based compensation expense | 1,668,000 | 1,261,000 |
Common stock issued in lieu of cash for director fees | 62,000 | 31,000 |
Accretion of cash surrender value on bank-owned life insurance | (1,087,000) | (1,025,000) |
Pension expense (credit) | 202,000 | (159,000) |
Decrease (increase) in other assets | (402,000) | 3,204,000 |
Increase (decrease) in accrued expenses and other liabilities | (1,820,000) | 2,444,000 |
Net cash provided by operating activities | 23,806,000 | 28,963,000 |
Proceeds from maturities and redemptions of investment securities: | ||
Held-to-maturity | 1,193,000 | 3,187,000 |
Available-for-sale | 52,816,000 | 39,574,000 |
Purchases of investment securities: | ||
Held-to-maturity | (155,000) | (1,098,000) |
Available-for-sale | (18,596,000) | (137,126,000) |
Net decrease (increase) in loans | 40,777,000 | (304,524,000) |
Proceeds from sale of other real estate owned | 5,125,000 | |
Net decrease in restricted stock | 12,802,000 | 655,000 |
Purchases of premises and equipment, net | (1,567,000) | (2,454,000) |
Purchases of bank-owned life insurance | (20,000,000) | |
Net cash provided by (used in) investing activities | 87,270,000 | (416,661,000) |
Cash Flows From Financing Activities: | ||
Net increase in deposits | 228,607,000 | 411,901,000 |
Net decrease in short-term borrowings | (287,761,000) | (25,234,000) |
Proceeds from long-term debt | 48,945,000 | 39,680,000 |
Repayment of long-term debt | (50,500,000) | (48,950,000) |
Proceeds from issuance of common stock, net | 1,434,000 | 15,854,000 |
Proceeds from exercise of stock options | 203,000 | 153,000 |
Shares withheld upon the vesting and conversion of RSUs | (830,000) | (733,000) |
Repurchase of common stock | (20,614,000) | |
Cash dividends paid | (8,702,000) | (7,459,000) |
Net cash provided by (used in) financing activities | (89,218,000) | 385,212,000 |
Net increase (decrease) in cash and cash equivalents | 21,858,000 | (2,486,000) |
Cash and cash equivalents, beginning of year | 47,358,000 | 69,672,000 |
Cash and cash equivalents, end of period | 69,216,000 | 67,186,000 |
Supplemental Cash Flow Disclosures: | ||
Cash paid for interest | 22,140,000 | 15,720,000 |
Cash paid for income taxes | 4,327,000 | 365,000 |
Operating cash flows from operating leases | 1,257,000 | |
Noncash investing and financing activities: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 16,483,000 | |
Cash dividends payable | $ 4,198,000 | $ 3,910,000 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 1 - BASIS OF PRESENTATION The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States. In preparing the consolidated financial statements, management is required to make estimates, such as the allowance for loan losses, and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosure of contingent assets and liabilities. Actual results could differ significantly from those estimates. The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has two wholly owned subsidiaries: FNY Service Corp. and The First of Long Island Agency, Inc. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. The consolidated entity is referred to as the “Corporation” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. For further information refer to the consolidated financial statements and notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 201 8 . The consolidated financial information included herein as of and for the periods ended June 30, 2019 and 2018 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 201 8 consolidated balance sheet was derived from the Corporation's December 31, 201 8 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 2 - EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted earnings per share (“EPS”) for the periods indicated. Six Months Ended Three Months Ended June 30, June 30, (dollars in thousands, except per share data) 2019 2018 2019 2018 Net income $ 21,585 $ 21,426 $ 10,744 $ 10,315 Income allocated to participating securities (1) — 60 — 23 Income allocated to common stockholders $ 21,585 $ 21,366 $ 10,744 $ 10,292 Weighted average: Common shares 25,051,412 25,149,364 24,821,026 25,334,155 Dilutive stock options and restricted stock units (1) 169,048 188,918 181,751 173,661 25,220,460 25,338,282 25,002,777 25,507,816 Earnings per share: Basic $ 0.86 $ 0.85 $ 0.43 $ 0.41 Diluted 0.86 0.84 0.43 0.40 (1) Restricted stock units (“RSUs”) awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS using the trea sury stock method. |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | 3 - COMPREHENSIVE INCOME Comprehensive income includes net income and other comprehensive income (loss). Other comprehensive income (loss) includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. Other comprehensive income (loss) for the Corporation consists of unrealized holding gains or losses on available-for-sale securities and derivative instruments and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity. The components of other comprehensive income (loss) and the related tax effects are as follows: Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ 15,631 $ ( 14,828 ) $ 7,214 $ ( 3,094 ) Tax effect 4,687 ( 4,480 ) 2,151 ( 932 ) 10,944 ( 10,348 ) 5,063 ( 2,162 ) Change in funded status of pension plan: Amortization of net actuarial loss included in net income (1) 176 — 88 — Tax effect 92 — 65 — 84 — 23 — Change in net unrealized loss on derivative instruments: Change arising during the period ( 4,241 ) ( 496 ) ( 2,627 ) ( 496 ) Reclassification adjustment for net interest expense included in net income (2) 183 90 114 90 ( 4,058 ) ( 406 ) ( 2,513 ) ( 406 ) Tax effect ( 1,212 ) ( 122 ) ( 747 ) ( 122 ) ( 2,846 ) ( 284 ) ( 1,766 ) ( 284 ) Other comprehensive income (loss) $ 8,182 $ ( 10,632 ) $ 3,320 $ ( 2,446 ) (1) Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost (see “Note 7 – Defined Benefit Pension Plan”) and included in the consolidated statements of income in the line item, “Other noninterest income.” (2) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” The following table sets forth the components of accumulated other comprehensive loss, net of tax: Current Balance Period Balance (in thousands) 12/31/18 Change 6/30/19 Unrealized holding gains (losses) on available-for-sale securities $ ( 2,955 ) $ 10,944 $ 7,989 Unrealized actuarial losses on pension plan ( 5,696 ) 84 ( 5,612 ) Unrealized loss on derivative instruments ( 789 ) ( 2,846 ) ( 3,635 ) Accumulated other comprehensive loss, net of tax $ ( 9,440 ) $ 8,182 $ ( 1,258 ) |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investment Securities [Abstract] | |
Investment Securities | 4 - INVESTMENT SECURITIES The following tables set forth the amortized cost and estimated fair values of the Bank’s investment securities. June 30, 2019 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Held-to-Maturity Securities: State and municipals $ 4,210 $ 31 $ — $ 4,241 Pass-through mortgage securities 253 13 — 266 Collateralized mortgage obligations 15 — — 15 $ 4,478 $ 44 $ — $ 4,522 Available-for-Sale Securities: State and municipals $ 397,988 $ 9,021 $ ( 484 ) $ 406,525 Pass-through mortgage securities 64,719 867 ( 171 ) 65,415 Collateralized mortgage obligations 145,719 3,126 ( 7 ) 148,838 Corporate bonds 119,000 — ( 950 ) 118,050 $ 727,426 $ 13,014 $ ( 1,612 ) $ 738,828 December 31, 2018 Held-to-Maturity Securities: State and municipals $ 5,142 $ 36 $ — $ 5,178 Pass-through mortgage securities 267 11 — 278 Collateralized mortgage obligations 95 1 — 96 $ 5,504 $ 48 $ — $ 5,552 Available-for-Sale Securities: State and municipals $ 422,235 $ 3,220 $ ( 5,417 ) $ 420,038 Pass-through mortgage securities 66,631 24 ( 1,169 ) 65,486 Collateralized mortgage obligations 154,378 886 ( 363 ) 154,901 Corporate bonds 119,000 — ( 1,410 ) 117,590 $ 762,244 $ 4,130 $ ( 8,359 ) $ 758,015 At June 30, 2019 and December 31, 2018, investment securities with a carrying value of $ 420,902,000 and $ 342,712,000 , respectively, were pledged as collateral to secure public deposits and borrowed funds. There were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity at June 30, 2019 and December 31, 2018. Securities With Unrealized Losses. The following tables set forth securities with unrealized losses presented by the length of time the securities have been in a continuous unrealized loss position. June 30, 2019 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 1,318 $ ( 2 ) $ 23,470 $ ( 482 ) $ 24,788 $ ( 484 ) Pass-through mortgage securities — — 18,600 ( 171 ) 18,600 ( 171 ) Collateralized mortgage obligations — — 6,949 ( 7 ) 6,949 ( 7 ) Corporate bonds 86,050 ( 950 ) — — 86,050 ( 950 ) Total temporarily impaired $ 87,368 $ ( 952 ) $ 49,019 $ ( 660 ) $ 136,387 $ ( 1,612 ) December 31, 2018 State and municipals $ 102,882 $ ( 1,639 ) $ 62,995 $ ( 3,778 ) $ 165,877 $ ( 5,417 ) Pass-through mortgage securities 38,421 ( 142 ) 23,425 ( 1,027 ) 61,846 ( 1,169 ) Collateralized mortgage obligations 32,577 ( 89 ) 7,342 ( 274 ) 39,919 ( 363 ) Corporate bonds 97,590 ( 1,410 ) — — 97,590 ( 1,410 ) Total temporarily impaired $ 271,470 $ ( 3,280 ) $ 93,762 $ ( 5,079 ) $ 365,232 $ ( 8,359 ) Because the unrealized losses reflected in the preceding tables are deemed by management to be attributable to changes in interest rates and not credit losses, and because management does not have the intent to sell these securities and it is not more likely than not that it will be required to sell these securities before their anticipated recovery, the Bank does not consider these securities to be other-than-temporarily impaired at June 30, 2019. Sales of Available-for-Sale and Held-to-Maturity Securities. There were no sales of available-for-sale or held-to-maturity securities during the six months ended June 30, 2019 and 2018. Maturities. The following table sets forth by maturity the amortized cost and fair value of the Bank’s state and municipal securities and corporate bonds at June 30, 2019 based on the earlier of their stated maturity or, if applicable, their pre-refunded date. The remaining securities in the Bank’s investment securities portfolio are mortgage-backed securities, consisting of pass-through mortgage securities and collateralized mortgage obligations. Although these securities are expected to have substantial periodic repayments they are reflected in the table below in aggregate amounts. (in thousands) Amortized Cost Fair Value Held-to-Maturity Securities: Within one year $ 2,636 $ 2,638 After 1 through 5 years 1,574 1,603 After 5 through 10 years — — After 10 years — — Mortgage-backed securities 268 281 $ 4,478 $ 4,522 Available-for-Sale Securities: Within one year $ 24,321 $ 24,452 After 1 through 5 years 52,422 53,228 After 5 through 10 years 279,400 282,289 After 10 years 160,845 164,606 Mortgage-backed securities 210,438 214,253 $ 727,426 $ 738,828 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Loans [Abstract] | |
Loans | 5 - LOANS The following tables set forth by class of loans the amount of loans individually and collectively evaluated for impairment and the portion of the allowance for loan losses allocable to such loans. June 30, 2019 Loans Allowance for Loan Losses (in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Ending Balance Individually Evaluated for Impairment Collectively Evaluated for Impairment Ending Balance Commercial and industrial $ 133 $ 108,021 $ 108,154 $ 62 $ 1,139 $ 1,201 Commercial mortgages: Multifamily — 780,563 780,563 — 6,730 6,730 Other — 424,416 424,416 — 3,440 3,440 Owner-occupied 510 106,148 106,658 — 828 828 Residential mortgages: Closed end 1,834 1,730,467 1,732,301 15 17,133 17,148 Revolving home equity 1,084 64,934 66,018 — 397 397 Consumer and other 287 3,190 3,477 — 24 24 $ 3,848 $ 3,217,739 $ 3,221,587 $ 77 $ 29,691 $ 29,768 December 31, 2018 Commercial and industrial $ 22 $ 98,763 $ 98,785 $ — $ 1,158 $ 1,158 Commercial mortgages: Multifamily — 756,714 756,714 — 5,851 5,851 Other — 433,330 433,330 — 3,783 3,783 Owner-occupied 520 90,731 91,251 — 743 743 Residential mortgages: Closed end 1,814 1,807,837 1,809,651 16 18,828 18,844 Revolving home equity 743 66,967 67,710 — 410 410 Consumer and other 324 5,634 5,958 — 49 49 $ 3,423 $ 3,259,976 $ 3,263,399 $ 16 $ 30,822 $ 30,838 The following tables present the activity in the allowance for loan losses for the periods indicated. (in thousands) Balance at 1/1/19 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 6/30/19 Commercial and industrial $ 1,158 $ 365 $ 8 $ 400 $ 1,201 Commercial mortgages: Multifamily 5,851 — — 879 6,730 Other 3,783 — — ( 343 ) 3,440 Owner-occupied 743 — — 85 828 Residential mortgages: Closed end 18,844 433 1 ( 1,264 ) 17,148 Revolving home equity 410 249 — 236 397 Consumer and other 49 — 3 ( 28 ) 24 $ 30,838 $ 1,047 $ 12 $ ( 35 ) $ 29,768 Balance at 4/1/19 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 6/30/19 Commercial and industrial $ 1,047 $ 311 $ 4 $ 461 $ 1,201 Commercial mortgages: Multifamily 6,435 — — 295 6,730 Other 3,517 — — ( 77 ) 3,440 Owner-occupied 685 — — 143 828 Residential mortgages: Closed end 18,071 299 — ( 624 ) 17,148 Revolving home equity 402 249 — 244 397 Consumer and other 42 — 2 ( 20 ) 24 $ 30,199 $ 859 $ 6 $ 422 $ 29,768 (in thousands) Balance at 1/1/18 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 6/30/18 Commercial and industrial $ 1,441 $ 304 $ 6 $ 155 $ 1,298 Commercial mortgages: Multifamily 6,423 — — 625 7,048 Other 4,734 — — 34 4,768 Owner-occupied 1,076 — — ( 165 ) 911 Residential mortgages: Closed end 19,347 20 100 1,526 20,953 Revolving home equity 689 49 — 135 775 Consumer and other 74 — — 5 79 $ 33,784 $ 373 $ 106 $ 2,315 $ 35,832 Balance at 4/1/18 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 6/30/18 Commercial and industrial $ 1,264 $ 230 $ 6 $ 258 $ 1,298 Commercial mortgages: Multifamily 6,769 — — 279 7,048 Other 4,780 — — ( 12 ) 4,768 Owner-occupied 918 — — ( 7 ) 911 Residential mortgages: Closed end 20,666 — 99 188 20,953 Revolving home equity 682 — — 93 775 Consumer and other 75 — — 4 79 $ 35,154 $ 230 $ 105 $ 803 $ 35,832 For individually impaired loans, the following tables set forth by class of loans at June 30, 2019 and December 31, 2018 the recorded investment, unpaid principal balance and related allowance. The tables also set forth the average recorded investment of individually impaired loans and interest income recognized while the loans were impaired during the six and three months ended June 30, 2019 and 2018. The recorded investment is the unpaid principal balance of the loans less any interest payments applied to principal and any direct chargeoffs plus or minus net deferred loan costs and fees. Any principal and interest payments received on nonaccrual impaired loans are applied to the recorded investment in the loans. The Bank recognizes interest income on other impaired loans using the accrual method of accounting. Six Months Ended Three Months Ended June 30, 2019 June 30, 2019 June 30, 2019 Unpaid Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income (in thousands) Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Commercial and industrial $ 9 $ 9 $ — $ 14 $ 1 $ 11 $ 1 Commercial mortgages - owner-occupied 510 594 — 515 15 512 7 Residential mortgages: Closed end 1,681 1,707 — 1,705 2 1,690 1 Revolving home equity 1,084 1,113 — 1,101 — 1,089 — Consumer and other 287 287 — 301 — 290 — With an allowance recorded: Commercial and industrial 124 124 62 131 — 127 — Residential mortgages - closed end 153 153 15 154 4 153 2 Total: Commercial and industrial 133 133 62 145 1 138 1 Commercial mortgages - owner-occupied 510 594 — 515 15 512 7 Residential mortgages: Closed end 1,834 1,860 15 1,859 6 1,843 3 Revolving home equity 1,084 1,113 — 1,101 — 1,089 — Consumer and other 287 287 — 301 — 290 — $ 3,848 $ 3,987 $ 77 $ 3,921 $ 22 $ 3,872 $ 11 Six Months Ended Three Months Ended December 31, 2018 June 30, 2018 June 30, 2018 Unpaid Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income (in thousands) Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Commercial and industrial $ 22 $ 22 $ — $ 68 $ 2 $ 37 $ 1 Commercial mortgages - owner-occupied 520 604 — 539 12 526 6 Residential mortgages: Closed end 1,561 1,573 — 1,929 3 1,894 2 Revolving home equity 743 747 — — — — — Consumer and other 324 324 — 231 6 344 5 With an allowance recorded: Residential mortgages - closed end 253 253 16 276 6 264 3 Total: Commercial and industrial 22 22 — 68 2 37 1 Commercial mortgages - owner-occupied 520 604 — 539 12 526 6 Residential mortgages: Closed end 1,814 1,826 16 2,205 9 2,158 5 Revolving home equity 743 747 — — — — — Consumer and other 324 324 — 231 6 344 5 $ 3,423 $ 3,523 $ 16 $ 3,043 $ 29 $ 3,065 $ 17 Aging of Loans . The following tables present the aging of the recorded investment in loans by class of loans. June 30, 2019 Past Due Total Past 90 Days or Due Loans & 30-59 Days 60-89 Days More and Nonaccrual Nonaccrual Total (in thousands) Past Due Past Due Still Accruing Loans Loans Current Loans Commercial and industrial $ — $ — $ — $ 124 $ 124 $ 108,030 $ 108,154 Commercial mortgages: Multifamily — — — — — 780,563 780,563 Other — — — — — 424,416 424,416 Owner-occupied — — — — — 106,658 106,658 Residential mortgages: Closed end — — — 1,521 1,521 1,730,780 1,732,301 Revolving home equity 122 — — 1,084 1,206 64,812 66,018 Consumer and other — — — — — 3,477 3,477 $ 122 $ — $ — $ 2,729 $ 2,851 $ 3,218,736 $ 3,221,587 December 31, 2018 Commercial and industrial $ — $ 43 $ — $ — $ 43 $ 98,742 $ 98,785 Commercial mortgages: Multifamily — — — — — 756,714 756,714 Other — — — — — 433,330 433,330 Owner-occupied — — — — — 91,251 91,251 Residential mortgages: Closed end 864 — — 1,392 2,256 1,807,395 1,809,651 Revolving home equity — — — 743 743 66,967 67,710 Consumer and other 2 — — — 2 5,956 5,958 $ 866 $ 43 $ — $ 2,135 $ 3,044 $ 3,260,355 $ 3,263,399 There were no loans in the process of foreclosure nor did the Bank hold any foreclosed residential real estate property at June 30, 2019 or December 31, 2018. Troubled Debt Restructurings. A restructuring constitutes a troubled debt restructuring when it includes a concession by the Bank and the borrower is experiencing financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. The Bank performs the evaluation under its internal underwriting policy. The Bank did not modify any loans in troubled debt restructurings during the first six months of 2019. During the six months ended June 30, 2018, the Bank modified two consumer loans to a single borrower into one loan in a troubled debt restructuring amounting to $ 350,000 . The term of the restructured loan was extended for 12 months and the post-modification interest rate was lower than the current market rate for new debt with similar risk . At June 30, 2019 and December 31, 2018, the Bank had an allowance for loan losses of $ 15,000 and $ 16,000 , respectively, allocated to specific troubled debt restructurings. The Bank had no commitments to lend additional amounts in connection with loans that were classified as troubled debt restructurings. There were no troubled debt restructurings for which there was a payment default during the six months ended June 30, 2019 and 2018 that were modified during the 12-month period prior to default. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. Risk Characteristics . Credit risk within the Bank’s loan portfolio primarily stems from factors such as changes in the borrower’s financial condition, credit concentrations, changes in collateral values, economic conditions and environmental contamination of properties securing mortgage loans. The Bank’s commercial loans, including those secured by real estate mortgages, are primarily made to small and medium-sized businesses. Such loans sometimes involve a higher degree of risk than those to larger companies because such businesses may have shorter operating histories, higher debt-to-equity ratios and may lack sophistication in internal record keeping and financial and operational controls. In addition, most of the Bank’s loans are made to businesses and consumers on Long Island and in the boroughs of New York City (“NYC”), and a large percentage of these loans are mortgage loans secured by properties located in those areas. The primary sources of repayment for residential and commercial mortgage loans include employment and other income of the borrowers, the businesses of the borrowers and cash flows from the underlying properties. In the case of multifamily mortgage loans, a substantial portion of the underlying properties are rent stabilized or rent controlled (See “Item 1A. Risk Factors” in Part II of this Form 10-Q for information regarding recent legislation in New York State (“NYS”)). These sources of repayment are dependent on, among other things, the strength of the local economy. Credit Quality Indicators. The Corporation categorizes loans into risk categories based on relevant information about the borrower’s ability to service their debt including, but not limited to, current financial information for the borrower and any guarantors, payment experience, credit underwriting documentation, public records, due diligence checks and current economic trends. Commercial and industrial loans and commercial mortgage loans are risk rated utilizing a ten point rating system. The ten point risk rating system is described hereinafter. Internally Assigned Risk Rating 1 – 2 Cash flow is of high quality and stable. Borrower has very good liquidity and ready access to traditional sources of credit. This category also includes loans to borrowers secured by cash and/or marketable securities within approved margin requirements. 3 – 4 Cash flow quality is strong, but shows some variability. Borrower has good liquidity and asset quality. Borrower has access to traditional sources of credit with minimal restrictions. 5 – 6 Cash flow quality is acceptable but shows some variability. Liquidity varies with operating cycle and assets provide an adequate margin of protection. Borrower has access to traditional sources of credit, but generally on a secured basis. 7 Watch - Cash flow has a high degree of variability and subject to economic downturns. Liquidity is strained and the ability of the borrower to access traditional sources of credit is diminished. 8 Special Mention - The borrower has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Bank’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Bank to risk sufficient to warrant adverse classification. 9 Substandard - Loans are inadequately protected by the current sound worth and paying capacity of the borrower or the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. 10 Doubtful - Loans have all the inherent weaknesses of those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Risk ratings on commercial and industrial loans and commercial mortgages are initially assigned during the underwriting process and affirmed as part of the approval process. The ratings are periodically reviewed and evaluated based on borrower contact, credit department review or independent loan review. The Bank's loan risk rating and review policy establishes requirements for the annual review of commercial real estate and commercial and industrial loans. The requirements include details of the scope of coverage and selection process based on loan-type and risk rating. Among other things, at least 80 % of the recorded investment of commercial real estate loans as of December 31 of the prior year must be reviewed annually. Lines of credit are also reviewed annually at each proposed reaffirmation. The frequency of the review of other loans is determined by the Bank’s ongoing assessments of the borrower’s condition. Residential mortgage loans, revolving home equity lines and other consumer loans are risk rated utilizing a three point rating system. In most cases, the borrower’s credit score dictates the risk rating. However, regardless of credit score, loans that are on management’s watch list or have been criticized or classified by management are assigned a risk rating of 3. A credit score is a tool used in the Bank’s loan approval process, and a minimum score of 680 is generally required for new loans. Credit scores for each borrower are updated at least annually. The risk ratings along with their definitions are as follows: Internally Assigned Risk Rating 1 Credit score is equal to or greater than 680. 2 Credit score is 635 to 679. 3 Credit score is below 635 or, regardless of credit score, the loan has been classified, criticized or placed on watch by management. The following tables present the recorded investment in commercial and industrial loans and commercial mortgage loans by class of loans and risk rating. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. June 30, 2019 Internally Assigned Risk Rating Special (in thousands) Pass Watch Mention Substandard Doubtful Total Commercial and industrial $ 107,068 $ — $ 601 $ 485 $ — $ 108,154 Commercial mortgages: Multifamily 773,758 — 6,805 — — 780,563 Other 424,416 — — — — 424,416 Owner-occupied 101,439 1,066 3,643 510 — 106,658 $ 1,406,681 $ 1,066 $ 11,049 $ 995 $ — $ 1,419,791 December 31, 2018 Commercial and industrial $ 97,684 $ — $ 667 $ 434 $ — $ 98,785 Commercial mortgages: Multifamily 756,714 — — — — 756,714 Other 417,838 14,194 1,298 — — 433,330 Owner-occupied 85,710 1,090 3,911 540 — 91,251 $ 1,357,946 $ 15,284 $ 5,876 $ 974 $ — $ 1,380,080 The following tables present the recorded investment in residential mortgage loans, home equity lines and other consumer loans by class of loans and risk rating. Loans shown as Pass are all loans other than those risk rated by management as Watch, Special Mention, Substandard or Doubtful. June 30, 2019 Internally Assigned Risk Rating Special (in thousands) Pass Watch Mention Substandard Doubtful Total Residential mortgages: Closed end $ 1,730,158 $ 309 $ — $ 1,834 $ — $ 1,732,301 Revolving home equity 64,691 — 243 1,084 — 66,018 Consumer and other 2,799 — — 287 — 3,086 $ 1,797,648 $ 309 $ 243 $ 3,205 $ — $ 1,801,405 December 31, 2018 Residential mortgages: Closed end $ 1,807,525 $ 312 $ — $ 1,814 $ — $ 1,809,651 Revolving home equity 66,718 — 249 743 — 67,710 Consumer and other 4,958 — — 324 — 5,282 $ 1,879,201 $ 312 $ 249 $ 2,881 $ — $ 1,882,643 Deposit account overdrafts were $ 391,000 and $ 676,000 at June 30, 2019 and December 31, 2018, respectively. Overdrafts are not assigned a risk rating and are therefore excluded from consumer loans in the tables above. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | 6 - STOCK-BASED COMPENSATION On April 22, 2014, the stockholders of the Corporation approved the 2014 Equity Incentive Plan (“2014 Plan”). Upon approval of the 2014 Plan, no further awards could be made under the 2006 Stock Compensation Plan (“2006 Plan”). 2014 Plan. Under the 2014 Plan, awards may be granted to employees and non-employee directors as non-qualified stock options (“NQSOs”), stock appreciation rights (“SARs”), restricted stock awards, RSUs, or any combination thereof, any of which may be subject to performance-based vesting conditions. Awards may also be granted to employees as incentive stock options (“ISOs”). The exercise price of stock options and SARs granted under the 2014 Plan may not be less than the fair market value of the Corporation’s common stock on the date the stock option or SAR is granted. The 2014 Plan is administered by the Compensation Committee of the Board of Directors. Almost all of the awards granted to date under the 2014 Plan are RSUs. All awards granted under the 2014 Plan will immediately vest upon an involuntary termination following a change in control, total and permanent disability, as defined, or death, and with certain exceptions, will immediately vest in the event of retirement, as defined. The Corporation has 2,250,000 shares of common stock reserved for awards under the 2014 Plan. Awards granted under the 2006 Plan that expire or are forfeited after April 22, 2014 will be added to the number of shares of common stock reserved for issuance of awards under the 2014 Plan. All of the 2,250,000 shares may be issued upon the exercise of stock options or SARs. A maximum of 787,500 shares may be issued as restricted stock awards or upon the conversion of RSUs. At June 30, 2019, 1,745,416 equity awards remain available to be granted under the 2014 Plan of which 293,633 may be granted as restricted stock awards or RSUs. Details of RSUs. The following table summarizes the vesting schedule of RSUs outstanding at June 30, 2019 by the year they were originally granted. Granted During the Year Ended December 31, Total 2019 2018 2017 2016 Number of RSUs: Granted during the year 384,435 112,144 70,688 94,329 107,274 Outstanding at June 30, 2019 225,890 112,144 44,338 66,408 3,000 Scheduled to vest during: 2019 94,126 23,535 14,359 53,232 3,000 2020 55,414 36,706 8,782 9,926 — 2021 37,632 13,185 21,197 3,250 — 2022 36,718 36,718 — — — 2023 1,000 1,000 — — — 2024 1,000 1,000 — — — 225,890 112,144 44,338 66,408 3,000 The RSUs in the table above include performance-based RSUs with vesting based on the financial performance of the Corporation in 2019 and 2020 and service-based RSUs with various service-based vesting periods. The grant date fair value of RSUs awarded in 2016 is equal to the market price of the shares underlying the awards on the grant date. The grant date fair value of RSUs awarded in 2017, 2018 and 2019 is equal to the market price of the shares underlying the awards on the grant date, discounted for dividends that are not paid on these RSUs. The following table presents a summary of RSUs outstanding at June 30, 2019 and changes during the six-month period then ended. Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2019 215,084 $ 23.79 Granted 112,144 19.48 Converted ( 101,338 ) 20.79 Outstanding at June 30, 2019 225,890 $ 22.99 1.19 $ 4,536 Vested and Convertible at June 30, 2019 — $ — — $ — The performance-based RSUs granted in 2019 and 2018 have a maximum payout potential of 1.50 shares of the Corporation’s common stock for each RSU awarded. Performance-based RSU’s granted in 2017 have a maximum payout potential of 1.25 shares for each RSU awarded. All other RSUs outstanding at June 30, 2019 have a maximum payout potential of one share of the Corporation’s common stock for each RSU awarded. All of the RSUs outstanding at June 30, 2019 are currently expected to vest and become convertible in the future. The total intrinsic value of RSUs converted during the first six months of 2019 and 2018 was $ 2,107,000 and $ 2,911,000 , respectively. 2006 Plan. The 2006 Plan was approved by the stockholders of the Corporation on April 18, 2006. The 2006 Plan permitted the granting of stock options, SARs, restricted stock awards and RSUs to employees and non-employee directors. Through December 31, 2011, equity grants to executive officers and directors under the 2006 Plan consisted of a combination of NQSOs and RSUs, while equity grants to other officers consisted solely of NQSOs. Beginning in 2012, equity grants under the 2006 Plan consisted solely of RSUs. Stock options granted under the 2006 Plan have a five year vesting period and a ten year term. Fair Value of Stock Options. The grant date fair value of options was estimated on the date of grant using the Black-Scholes option pricing model. Substantially all outstanding stock options were expensed in prior years. Stock Option Activity. The following table presents a summary of options outstanding at June 30, 2019, and changes during the six- month period then ended. Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (yrs.) (in thousands) Outstanding at January 1, 2019 96,112 $ 11.80 Exercised ( 19,656 ) 10.32 Forfeited or expired — — Outstanding at June 30, 2019 76,456 $ 12.18 1.18 $ 604 Exercisable at June 30, 2019 76,306 $ 12.17 1.18 $ 603 All options outstanding at June 30, 2019 are either fully vested or expected to vest. The total intrinsic value of options exercised during the first six months of 2019 and 2018 was $ 203,000 and $ 278,000 , respectively. Cash received from option exercises in the first six months of 2019 and 2018 was $ 203,000 and $ 153,000 , respectively. Tax benefits from stock option exercises for the six months ended June 30, 2019 and 2018 were $ 61,000 and $ 84,000 , respectively. Compensation Expense. The Corporation recorded compensation expense for share-based payments of $ 1,668,000 and $ 1,261,000 and recorded related income tax benefits of $ 499,000 and $ 380,000 for the six months ended June 30, 2019 and 2018, respectively. Unrecognized Compensation Cost. As of June 30, 2019, there was $ 1,521,000 of total unrecognized compensation cost related to non-vested equity awards comprised of $ 1,000 for stock options and $ 1,520,000 for RSUs. The total cost is expected to be recognized over a weighted-average period of 1. 5 years, which is based on weighted-average periods of 0.9 years and 1.5 years for stock options and RSUs, respectively. Other. No cash was used to settle stock options during the first six months of 2019 or 2018. The Corporation uses newly issued shares to settle stock option exercises and for the conversion of RSUs. During the six months ended June 30, 2019 and 2018, 2,824 and 1,141 shares, respectively, of the Corporation’s common stock were issued to members of the Board of Directors in payment of director fees. |
Defined Benefit Pension Plan
Defined Benefit Pension Plan | 6 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Pension Plan [Abstract] | |
Defined Benefit Pension Plan | 7 - DEFINED BENEFIT PENSION PLAN The following table sets forth the components of net periodic pension credit. Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Service cost $ 634 $ 685 $ 317 $ 343 Interest cost 893 794 447 397 Expected return on plan assets ( 1,501 ) ( 1,638 ) ( 751 ) ( 819 ) Amortization of net actuarial loss 176 — 88 — Net pension cost (credit) $ 202 $ ( 159 ) $ 101 $ ( 79 ) Components of net pension cost (credit) other than the service cost component are included in the line item “Other noninterest income” in the consolidated statements of income. The service cost component is included in the line item “Salaries and employee benefits” in the consolidated statements of income. The Bank makes cash contributions to the pension plan (“Plan”) which comply with the funding requirements of applicable federal laws and regulations. For funding purposes, the laws and regulations set forth both minimum required and maximum tax-deductible contributions. The Bank has no minimum required pension contribution for the Plan year ending September 30, 2019. Its maximum tax-deductible contribution for the tax year beginning January 1, 2019 is $ 7,700,000 . The contribution the Bank will make in 2019, if any, has not yet been determined. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments Recorded at Fair Value . When measuring fair value, the Corporation uses a fair value hierarchy, which is designed to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy involves three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect the Corporation’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Corporation deems transfers between levels of the fair value hierarchy to have occurred on the date of the event or change in circumstance that caused the transfer. There were no transfers between levels of the fair value hierarchy during the six months ended June 30, 2019 or 2018. The fair values of the Corporation’s financial assets and liabilities measured at fair value on a recurring basis are set forth in the table that follows. The fair values of available-for-sale securities are determined on a recurring basis using matrix pricing (Level 2 inputs). Matrix pricing, which is a mathematical technique widely used in the industry to value debt securities, does not rely exclusively on quoted prices for the specific securities but rather on the relationship of such securities to other benchmark quoted securities. Where no significant other observable inputs were available, Level 3 inputs were used. The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date resulting in a Level 2 classification. Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) June 30, 2019: Financial Assets: Available-for-Sale Securities: State and municipals $ 406,525 $ — $ 406,255 $ 270 Pass-through mortgage securities 65,415 — 65,415 — Collateralized mortgage obligations 148,838 — 148,838 — Corporate bonds 118,050 — 118,050 — $ 738,828 $ — $ 738,558 $ 270 Financial Liabilities: Derivatives - interest rate swaps $ 5,188 $ — $ 5,188 $ — December 31, 2018: Financial Assets: Available-for-Sale Securities: State and municipals $ 420,038 $ — $ 420,038 $ — Pass-through mortgage securities 65,486 — 65,486 — Collateralized mortgage obligations 154,901 — 154,901 — Corporate bonds 117,590 — 117,590 — $ 758,015 $ — $ 758,015 $ — Financial Liabilities: Derivative - interest rate swap $ 1,130 $ — $ 1,130 $ — The Corporation had no assets measured at fair value on a nonrecurring basis at June 30, 2019 or December 31, 2018. Financial Instruments Not Recorded at Fair Value. Fair value estimates are made at a specific point in time. Such estimates are generally subjective in nature and dependent upon a number of significant assumptions associated with each financial instrument or group of similar financial instruments, including estimates of discount rates, liquidity, risks associated with specific financial instruments, estimates of future cash flows, and relevant available market information. Changes in assumptions could significantly affect the estimates. In addition, fair value estimates do not reflect the value of anticipated future business, premiums or discounts that could result from offering for sale at one time the Corporation’s entire holdings of a particular financial instrument, or the income tax consequences of realizing gains or losses on the sale of financial instruments. The following table sets forth the carrying amounts and estimated fair values of financial instruments that are not recorded at fair value in the Corporation’s financial statements. Level of June 30, 2019 December 31, 2018 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 69,216 $ 69,216 $ 47,358 $ 47,358 Held-to-maturity securities Level 2 2,362 2,406 2,445 2,493 Held-to-maturity securities Level 3 2,116 2,116 3,059 3,059 Loans Level 3 3,191,819 3,131,749 3,232,561 3,079,946 Restricted stock Level 1 27,884 27,884 40,686 40,686 Financial Liabilities: Checking deposits Level 1 932,443 932,443 935,574 935,574 Savings, NOW and money market deposits Level 1 1,716,472 1,716,472 1,590,341 1,590,341 Time deposits Level 2 664,664 667,294 559,057 553,900 Short-term borrowings Level 1 101,162 101,162 388,923 388,923 Long-term debt Level 2 360,472 360,467 362,027 354,651 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 9 – LEASES As described in “Note 12 – Adoption of New Accounting Standards,” the Bank adopted Accounting Standards Update (“ASU”) 2016-02 “Leases” and all subsequent amendments on January 1, 2019. The Bank leases certain branch and back-office locations under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2032 and have a weighted average remaining term of 7. 89 years at June 30, 2019. Many of the Bank’s leases include renewal options of up to 10 years. The exercise of lease renewal options is at the Bank’s sole discretion. Rental payments required by the Bank’s lease agreements may increase over time based on certain variable components such as real estate taxes and common area maintenance charges. The Bank determines if an arrangement is a lease at inception. ASU 2016-02 requires the recognition of a right-of-use (“ROU”) asset and lease liability at the commencement date based on the present value of lease payments over the lease term. As most of the Bank’s leases do not provide an implicit interest rate, the Bank uses its incremental borrowing rate to determine the present value of the lease payments. The weighted average discount rate for leases in place at June 30, 2019 was 3.09 % . For leases entered into on a going forward basis, the Bank’s ROU asset and lease liability may include options to extend the lease when it is reasonably certain that the Bank will exercise that option. Lease expense will be recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Bank has one such lease at June 30, 2019 and recognizes lease expense for this lease on a straight-line basis over the lease term. The components of lease expense for the six and three months ended June 30, 2019 are as follows: Six Months Ended Three Months Ended (in thousands) June 30, 2019 June 30, 2019 Operating lease cost $ 1,307 $ 665 Variable lease cost 241 106 Short-term lease cost 3 1 $ 1,551 $ 772 The following is a maturity analysis of the operating lease liability as of June 30, 2019. (dollars in thousands) June 30, 2019 12 months ended June 30, 2020 $ 2,575 2021 2,487 2022 2,455 2023 2,266 2024 2,017 Thereafter 6,566 Total lease payments 18,366 Less: interest 2,100 Present value of lease payments $ 16,266 Related Party Leases. Buildings occupied by two of the Bank’s branch offices are leased from a director of the Corporation and the Bank with a total lease liability of $ 138,000 at June 30, 2019. The leases expire on December 31, 2019 and October 31, 2022 with options to renew. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue From Contracts With Customers | 10 – REVENUE FROM CONTRACTS WITH CUSTOMERS The noninterest income section of the consolidated statements of income includes the following types of revenues earned from the Bank's contracts with customers. Investment Management Division (“IMD”) Revenues. The Bank holds customer assets in a fiduciary capacity and provides various services, including trust account services, estate settlement, custody and asset management. The services are performed for customers over time, requiring a time-based measure of progress. Fees are assessed based on market values of customer assets held or under management as of a certain point in time, and income cannot be estimated prior to the end of the measurement period. Volatility in equity and other market values will impact the amount of revenue that will be earned. Fees are generally earned and collected on a monthly or quarterly basis, accrued to income as earned and included in the consolidated statements of income in the line item "Investment Management Division income." Deposit Account Revenues. Fees are earned and collected on a monthly basis for account maintenance and activity-based service charges on deposit accounts. The services are performed for customers over time, requiring a time-based measure of progress. Customers may be required to maintain minimum balances and average balances. Additional fees may also be earned for overdrafts, replacement of debit cards, bill payment, lockbox services and ACH services, among others, and are earned and collected as transactions take place. All deposit account fees are accrued to income as earned, either monthly or at the point of sale, and included in the consolidated statements of income in the line item "Service charges on deposit accounts." Transaction and Branch Service Fees. The following revenue streams are components of “Other noninterest income” on the consolidated statements of income. These components totaled $ 1,099,000 and $ 985,000 for the six months ended June 30, 2019 and 2018, respectively. Other items included in “Other noninterest income,” such as bank-owned life insurance (“BOLI”) income, non-service components of net pension cost and real estate tax refunds are excluded from revenue from contracts with customers. Debit/Credit Card Revenues . The Bank earns a fee when its customers use their debit or credit cards in point-of-sale transactions. These fees are generally known as interchange fees. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recorded daily, concurrently with the transaction processing services provided to the cardholder. Branch Services Revenues. The Bank charges fees for safe deposit box rentals, wire transfers, money orders, checkbook printing, official checks and ATM usage. Fees are earned, collected and generally recorded as revenue when the service is provided. Investment Advisory Services. The Bank provides branch space to a third party who sells financial products to the Bank’s customers and pays commissions to the Bank based on the products sold. Commissions are variable and based on the market values of financial assets sold. Commissions are accrued to income as earned. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivatives [Abstract] | |
Derivatives | 11 – DERIVATIVES As part of its asset liability management activities, the Corporation utilizes interest rate swaps to help manage its interest rate risk position. The notional amount of an interest rate swap does not represent the amount exchanged by the parties. The exchange of cash flows is determined by reference to the notional amount and the other terms of the interest rate swap agreements. The Bank entered into an interest rate swap with a notional amount totaling $ 150 million on May 22, 2018 and a second interest rate swap with a notional amount of $ 50 million on January 17, 2019. The interest rate swaps were designated as cash flow hedges of certain Federal Home Loan Bank (“FHLB”) advances and brokered certificates of deposit (“CDs”). The swaps were determined to be fully effective during the period presented and therefore no amount of ineffectiveness has been included in net income. The aggregate fair value of the swaps is recorded in other liabilities, with changes in fair value net of related income taxes recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Corporation expects the hedges to remain fully effective during the remaining term of the swaps. The following table summarizes information about the interest rate swaps designated as cash flow hedges. June 30, 2019 December 31, 2018 Notional amount $ 200 million $ 150 million Weighted average fixed pay rate 2.83 % 2.90 % Weighted average 3-month LIBOR receive rate 2.60 % 2.38 % Weighted average maturity 2.56 Years 2.43 Years Interest expense recorded on the swap transactions, which totaled $ 183,000 for the six months ended June 30, 2019, is recorded as a component of interest expense in the consolidated statements of income. Amounts reported in accumulated other comprehensive income (loss) related to swaps will be reclassified to interest expense as interest payments are made on the Bank’s variable-rate liabilities. During the six months ended June 30, 2019, the Corporation had $ 183,000 of reclassifications to interest expense. During the next 12 months, the Corporation estimates that $ 1,624,000 will be reclassified as an increase to interest expense. The following table presents the net losses recorded in the consolidated statements of income and the consolidated statements of comprehensive income relating to interest rate swaps for the six and th ree months ended June 30, 2019. Amount of Loss Amount of Loss Amount of Loss Recognized in Other Recognized in OCI Reclassified from OCI Noninterest Income (in thousands) (Effective Portion) to Interest Expense (Ineffective Portion) Interest rate contracts: Six months ended June 30, 2019 $ 4,241 $ 183 $ — Three months ended June 30, 2019 $ 2,627 $ 114 $ — The following table reflects the amounts relating to the interest rate swap included in the consolidated balance sheet at June 30, 2019. June 30, 2019 December 31, 2018 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other liabilities $ — $ 5,188 $ — $ 1,130 Interest rate swap hedging FHLB advances $ — $ 150,000 Interest rate swaps hedging brokered CDs $ 200,000 $ — Credit Risk Related Contingent Features. The Bank’s agreement with its interest rate swap counterparty sets forth minimum collateral posting thresholds. If the termination value of the swap is a net asset position, the counterparty may be required to post collateral against its obligations to the Bank under the agreement. However, if the termination value of the swap is a net liability position, the Bank may be required to post collateral to the counterparty. At June 30, 2019, the Bank is in compliance with the collateral posting provisions to its counterparty under the agreement of approximately $ 5.3 million. If the Bank had breached any of these provisions at June 30, 2019, it could have been required to settle its obligations under the agreement at the termination value. |
Adoption Of New Accounting Stan
Adoption Of New Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
Basis Of Presentation [Abstract] | |
Adoption of New Accounting Standards | 12 – ADOPTION OF NEW ACCOUNTING STANDARDS In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 “Leases.” ASU 2016-02 affects any entity that enters into a lease and is intended to increase the transparency and comparability of financial statements among organizations. The ASU requires, among other changes, a lessee to recognize on its balance sheet a lease asset and a lease liability for those leases previously classified as operating leases. The lease asset represents the right to use the underlying asset for the lease term and the lease liability represents the discounted value of the required lease payments to the lessor. The ASU also requires entities to disclose key information about leasing arrangements. The Corporation implemented ASU 2016-02 on January 1, 2019 utilizing the transition method described in ASU 2018-11 “Leases – Targeted Improvements.” Upon adoption of the ASU, the Corporation recorded a right-of-use asset and lease liability of $ 15.7 million and $ 16.5 million, respectively, for its outstanding operating leases. Implementation did not significantly impact the Corporation’s results of operations, cash flows or regulatory capital ratios. See “Note 9 – Leases” for disclosures required by ASU 2016-02. The Corporation elected the package of practical expedients permitted in ASU 2016-02. Accordingly, the Bank accounted for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASU 2016-02, (b) whether classification of the operating leases would be different in accordance with ASU 2016-02, or (c) whether the unamortized initial direct costs before transition adjustments (as of December 31, 2018) would have met the definition of initial direct costs in ASU 2016-02 at lease commencement. |
Impact Of Issued But Not Yet Ef
Impact Of Issued But Not Yet Effective Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
Impact Of Issued But Not Yet Effective Accounting Standards [Abstract] | |
Impact Of Issued But Not Yet Effective Accounting Standards | 13 – IMPACT OF IS SUED BUT NOT YET EFFECTIVE ACCOUNTING STANDARDS The pronouncements discussed in this section are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have an impact on the Corporation’s financial position, results of operations or disclosures. In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value, including loans, debt securities and other financial assets. The ASU requires financial assets measured at amortized cost to be presented at the net amount expected to be collected by recording an allowance for credit losses. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Management has established an internal committee to manage the implementation of the ASU. The committee is led by the Bank’s Chief Accounting Officer and includes the EVP/CEO Successor, Chief Financial Officer, Chief Risk Officer, Chief Credit Officer, Controller, Manager of Accounting Controls and Chief Auditor. A broader group of Bank staff has been identified to assist in implementing the ASU, including representatives of the Bank’s loan operations, credit administration, lending, investments and technology functions. The committee has engaged a third-party software provider, developed an implementation timeline, and accumulated all necessary historical data. The committee is in the process of implementing the ASU which includes, among other things, developing accounting policy documentation and internal control processes. Parallel testing is expected to commence in the next two months. In August 2018, the FASB issued ASU 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” and ASU 2018-14 “Changes to the Disclosure Requirements for Defined Benefit Plans.” These ASUs modify certain disclosure requirements pertaining to fair value measurements and defined benefit plans, respectively, as part of the FASB’s disclosure framework project, and are intended to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The adoption of these ASUs will modify the Corporation’s disclosures but will not impact its financial position or results of operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculation Of Earnings Per Share | Six Months Ended Three Months Ended June 30, June 30, (dollars in thousands, except per share data) 2019 2018 2019 2018 Net income $ 21,585 $ 21,426 $ 10,744 $ 10,315 Income allocated to participating securities (1) — 60 — 23 Income allocated to common stockholders $ 21,585 $ 21,366 $ 10,744 $ 10,292 Weighted average: Common shares 25,051,412 25,149,364 24,821,026 25,334,155 Dilutive stock options and restricted stock units (1) 169,048 188,918 181,751 173,661 25,220,460 25,338,282 25,002,777 25,507,816 Earnings per share: Basic $ 0.86 $ 0.85 $ 0.43 $ 0.41 Diluted 0.86 0.84 0.43 0.40 (1) Restricted stock units (“RSUs”) awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS using the trea sury stock method. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income [Abstract] | |
Components Of Other Comprehensive Income And Related Tax Effects | Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Change in net unrealized holding gains (losses) on available-for-sale securities: Change arising during the period $ 15,631 $ ( 14,828 ) $ 7,214 $ ( 3,094 ) Tax effect 4,687 ( 4,480 ) 2,151 ( 932 ) 10,944 ( 10,348 ) 5,063 ( 2,162 ) Change in funded status of pension plan: Amortization of net actuarial loss included in net income (1) 176 — 88 — Tax effect 92 — 65 — 84 — 23 — Change in net unrealized loss on derivative instruments: Change arising during the period ( 4,241 ) ( 496 ) ( 2,627 ) ( 496 ) Reclassification adjustment for net interest expense included in net income (2) 183 90 114 90 ( 4,058 ) ( 406 ) ( 2,513 ) ( 406 ) Tax effect ( 1,212 ) ( 122 ) ( 747 ) ( 122 ) ( 2,846 ) ( 284 ) ( 1,766 ) ( 284 ) Other comprehensive income (loss) $ 8,182 $ ( 10,632 ) $ 3,320 $ ( 2,446 ) (1) Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost (see “Note 7 – Defined Benefit Pension Plan”) and included in the consolidated statements of income in the line item, “Other noninterest income.” (2) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax | Current Balance Period Balance (in thousands) 12/31/18 Change 6/30/19 Unrealized holding gains (losses) on available-for-sale securities $ ( 2,955 ) $ 10,944 $ 7,989 Unrealized actuarial losses on pension plan ( 5,696 ) 84 ( 5,612 ) Unrealized loss on derivative instruments ( 789 ) ( 2,846 ) ( 3,635 ) Accumulated other comprehensive loss, net of tax $ ( 9,440 ) $ 8,182 $ ( 1,258 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investment Securities [Abstract] | |
Amortization Cost And Estimated Fair Value Of Investment Securities | June 30, 2019 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Held-to-Maturity Securities: State and municipals $ 4,210 $ 31 $ — $ 4,241 Pass-through mortgage securities 253 13 — 266 Collateralized mortgage obligations 15 — — 15 $ 4,478 $ 44 $ — $ 4,522 Available-for-Sale Securities: State and municipals $ 397,988 $ 9,021 $ ( 484 ) $ 406,525 Pass-through mortgage securities 64,719 867 ( 171 ) 65,415 Collateralized mortgage obligations 145,719 3,126 ( 7 ) 148,838 Corporate bonds 119,000 — ( 950 ) 118,050 $ 727,426 $ 13,014 $ ( 1,612 ) $ 738,828 December 31, 2018 Held-to-Maturity Securities: State and municipals $ 5,142 $ 36 $ — $ 5,178 Pass-through mortgage securities 267 11 — 278 Collateralized mortgage obligations 95 1 — 96 $ 5,504 $ 48 $ — $ 5,552 Available-for-Sale Securities: State and municipals $ 422,235 $ 3,220 $ ( 5,417 ) $ 420,038 Pass-through mortgage securities 66,631 24 ( 1,169 ) 65,486 Collateralized mortgage obligations 154,378 886 ( 363 ) 154,901 Corporate bonds 119,000 — ( 1,410 ) 117,590 $ 762,244 $ 4,130 $ ( 8,359 ) $ 758,015 |
Securities With A Continuous Unrealized Losses Position | June 30, 2019 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 1,318 $ ( 2 ) $ 23,470 $ ( 482 ) $ 24,788 $ ( 484 ) Pass-through mortgage securities — — 18,600 ( 171 ) 18,600 ( 171 ) Collateralized mortgage obligations — — 6,949 ( 7 ) 6,949 ( 7 ) Corporate bonds 86,050 ( 950 ) — — 86,050 ( 950 ) Total temporarily impaired $ 87,368 $ ( 952 ) $ 49,019 $ ( 660 ) $ 136,387 $ ( 1,612 ) December 31, 2018 State and municipals $ 102,882 $ ( 1,639 ) $ 62,995 $ ( 3,778 ) $ 165,877 $ ( 5,417 ) Pass-through mortgage securities 38,421 ( 142 ) 23,425 ( 1,027 ) 61,846 ( 1,169 ) Collateralized mortgage obligations 32,577 ( 89 ) 7,342 ( 274 ) 39,919 ( 363 ) Corporate bonds 97,590 ( 1,410 ) — — 97,590 ( 1,410 ) Total temporarily impaired $ 271,470 $ ( 3,280 ) $ 93,762 $ ( 5,079 ) $ 365,232 $ ( 8,359 ) |
Maturities | (in thousands) Amortized Cost Fair Value Held-to-Maturity Securities: Within one year $ 2,636 $ 2,638 After 1 through 5 years 1,574 1,603 After 5 through 10 years — — After 10 years — — Mortgage-backed securities 268 281 $ 4,478 $ 4,522 Available-for-Sale Securities: Within one year $ 24,321 $ 24,452 After 1 through 5 years 52,422 53,228 After 5 through 10 years 279,400 282,289 After 10 years 160,845 164,606 Mortgage-backed securities 210,438 214,253 $ 727,426 $ 738,828 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Loans [Abstract] | |
Loans Individually And Collectively Evaluated For Impairment | June 30, 2019 Loans Allowance for Loan Losses (in thousands) Individually Evaluated for Impairment Collectively Evaluated for Impairment Ending Balance Individually Evaluated for Impairment Collectively Evaluated for Impairment Ending Balance Commercial and industrial $ 133 $ 108,021 $ 108,154 $ 62 $ 1,139 $ 1,201 Commercial mortgages: Multifamily — 780,563 780,563 — 6,730 6,730 Other — 424,416 424,416 — 3,440 3,440 Owner-occupied 510 106,148 106,658 — 828 828 Residential mortgages: Closed end 1,834 1,730,467 1,732,301 15 17,133 17,148 Revolving home equity 1,084 64,934 66,018 — 397 397 Consumer and other 287 3,190 3,477 — 24 24 $ 3,848 $ 3,217,739 $ 3,221,587 $ 77 $ 29,691 $ 29,768 December 31, 2018 Commercial and industrial $ 22 $ 98,763 $ 98,785 $ — $ 1,158 $ 1,158 Commercial mortgages: Multifamily — 756,714 756,714 — 5,851 5,851 Other — 433,330 433,330 — 3,783 3,783 Owner-occupied 520 90,731 91,251 — 743 743 Residential mortgages: Closed end 1,814 1,807,837 1,809,651 16 18,828 18,844 Revolving home equity 743 66,967 67,710 — 410 410 Consumer and other 324 5,634 5,958 — 49 49 $ 3,423 $ 3,259,976 $ 3,263,399 $ 16 $ 30,822 $ 30,838 |
Allowance For Loan Losses | (in thousands) Balance at 1/1/19 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 6/30/19 Commercial and industrial $ 1,158 $ 365 $ 8 $ 400 $ 1,201 Commercial mortgages: Multifamily 5,851 — — 879 6,730 Other 3,783 — — ( 343 ) 3,440 Owner-occupied 743 — — 85 828 Residential mortgages: Closed end 18,844 433 1 ( 1,264 ) 17,148 Revolving home equity 410 249 — 236 397 Consumer and other 49 — 3 ( 28 ) 24 $ 30,838 $ 1,047 $ 12 $ ( 35 ) $ 29,768 Balance at 4/1/19 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 6/30/19 Commercial and industrial $ 1,047 $ 311 $ 4 $ 461 $ 1,201 Commercial mortgages: Multifamily 6,435 — — 295 6,730 Other 3,517 — — ( 77 ) 3,440 Owner-occupied 685 — — 143 828 Residential mortgages: Closed end 18,071 299 — ( 624 ) 17,148 Revolving home equity 402 249 — 244 397 Consumer and other 42 — 2 ( 20 ) 24 $ 30,199 $ 859 $ 6 $ 422 $ 29,768 (in thousands) Balance at 1/1/18 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 6/30/18 Commercial and industrial $ 1,441 $ 304 $ 6 $ 155 $ 1,298 Commercial mortgages: Multifamily 6,423 — — 625 7,048 Other 4,734 — — 34 4,768 Owner-occupied 1,076 — — ( 165 ) 911 Residential mortgages: Closed end 19,347 20 100 1,526 20,953 Revolving home equity 689 49 — 135 775 Consumer and other 74 — — 5 79 $ 33,784 $ 373 $ 106 $ 2,315 $ 35,832 Balance at 4/1/18 Chargeoffs Recoveries Provision for Loan Losses (Credit) Balance at 6/30/18 Commercial and industrial $ 1,264 $ 230 $ 6 $ 258 $ 1,298 Commercial mortgages: Multifamily 6,769 — — 279 7,048 Other 4,780 — — ( 12 ) 4,768 Owner-occupied 918 — — ( 7 ) 911 Residential mortgages: Closed end 20,666 — 99 188 20,953 Revolving home equity 682 — — 93 775 Consumer and other 75 — — 4 79 $ 35,154 $ 230 $ 105 $ 803 $ 35,832 |
Impaired Loans | Six Months Ended Three Months Ended June 30, 2019 June 30, 2019 June 30, 2019 Unpaid Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income (in thousands) Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Commercial and industrial $ 9 $ 9 $ — $ 14 $ 1 $ 11 $ 1 Commercial mortgages - owner-occupied 510 594 — 515 15 512 7 Residential mortgages: Closed end 1,681 1,707 — 1,705 2 1,690 1 Revolving home equity 1,084 1,113 — 1,101 — 1,089 — Consumer and other 287 287 — 301 — 290 — With an allowance recorded: Commercial and industrial 124 124 62 131 — 127 — Residential mortgages - closed end 153 153 15 154 4 153 2 Total: Commercial and industrial 133 133 62 145 1 138 1 Commercial mortgages - owner-occupied 510 594 — 515 15 512 7 Residential mortgages: Closed end 1,834 1,860 15 1,859 6 1,843 3 Revolving home equity 1,084 1,113 — 1,101 — 1,089 — Consumer and other 287 287 — 301 — 290 — $ 3,848 $ 3,987 $ 77 $ 3,921 $ 22 $ 3,872 $ 11 Six Months Ended Three Months Ended December 31, 2018 June 30, 2018 June 30, 2018 Unpaid Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income (in thousands) Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Commercial and industrial $ 22 $ 22 $ — $ 68 $ 2 $ 37 $ 1 Commercial mortgages - owner-occupied 520 604 — 539 12 526 6 Residential mortgages: Closed end 1,561 1,573 — 1,929 3 1,894 2 Revolving home equity 743 747 — — — — — Consumer and other 324 324 — 231 6 344 5 With an allowance recorded: Residential mortgages - closed end 253 253 16 276 6 264 3 Total: Commercial and industrial 22 22 — 68 2 37 1 Commercial mortgages - owner-occupied 520 604 — 539 12 526 6 Residential mortgages: Closed end 1,814 1,826 16 2,205 9 2,158 5 Revolving home equity 743 747 — — — — — Consumer and other 324 324 — 231 6 344 5 $ 3,423 $ 3,523 $ 16 $ 3,043 $ 29 $ 3,065 $ 17 |
Aging Of The Recorded Investment In Loans | June 30, 2019 Past Due Total Past 90 Days or Due Loans & 30-59 Days 60-89 Days More and Nonaccrual Nonaccrual Total (in thousands) Past Due Past Due Still Accruing Loans Loans Current Loans Commercial and industrial $ — $ — $ — $ 124 $ 124 $ 108,030 $ 108,154 Commercial mortgages: Multifamily — — — — — 780,563 780,563 Other — — — — — 424,416 424,416 Owner-occupied — — — — — 106,658 106,658 Residential mortgages: Closed end — — — 1,521 1,521 1,730,780 1,732,301 Revolving home equity 122 — — 1,084 1,206 64,812 66,018 Consumer and other — — — — — 3,477 3,477 $ 122 $ — $ — $ 2,729 $ 2,851 $ 3,218,736 $ 3,221,587 December 31, 2018 Commercial and industrial $ — $ 43 $ — $ — $ 43 $ 98,742 $ 98,785 Commercial mortgages: Multifamily — — — — — 756,714 756,714 Other — — — — — 433,330 433,330 Owner-occupied — — — — — 91,251 91,251 Residential mortgages: Closed end 864 — — 1,392 2,256 1,807,395 1,809,651 Revolving home equity — — — 743 743 66,967 67,710 Consumer and other 2 — — — 2 5,956 5,958 $ 866 $ 43 $ — $ 2,135 $ 3,044 $ 3,260,355 $ 3,263,399 |
Risk Ratings | The following tables present the recorded investment in commercial and industrial loans and commercial mortgage loans by class of loans and risk rating. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. June 30, 2019 Internally Assigned Risk Rating Special (in thousands) Pass Watch Mention Substandard Doubtful Total Commercial and industrial $ 107,068 $ — $ 601 $ 485 $ — $ 108,154 Commercial mortgages: Multifamily 773,758 — 6,805 — — 780,563 Other 424,416 — — — — 424,416 Owner-occupied 101,439 1,066 3,643 510 — 106,658 $ 1,406,681 $ 1,066 $ 11,049 $ 995 $ — $ 1,419,791 December 31, 2018 Commercial and industrial $ 97,684 $ — $ 667 $ 434 $ — $ 98,785 Commercial mortgages: Multifamily 756,714 — — — — 756,714 Other 417,838 14,194 1,298 — — 433,330 Owner-occupied 85,710 1,090 3,911 540 — 91,251 $ 1,357,946 $ 15,284 $ 5,876 $ 974 $ — $ 1,380,080 The following tables present the recorded investment in residential mortgage loans, home equity lines and other consumer loans by class of loans and risk rating. Loans shown as Pass are all loans other than those risk rated by management as Watch, Special Mention, Substandard or Doubtful. June 30, 2019 Internally Assigned Risk Rating Special (in thousands) Pass Watch Mention Substandard Doubtful Total Residential mortgages: Closed end $ 1,730,158 $ 309 $ — $ 1,834 $ — $ 1,732,301 Revolving home equity 64,691 — 243 1,084 — 66,018 Consumer and other 2,799 — — 287 — 3,086 $ 1,797,648 $ 309 $ 243 $ 3,205 $ — $ 1,801,405 December 31, 2018 Residential mortgages: Closed end $ 1,807,525 $ 312 $ — $ 1,814 $ — $ 1,809,651 Revolving home equity 66,718 — 249 743 — 67,710 Consumer and other 4,958 — — 324 — 5,282 $ 1,879,201 $ 312 $ 249 $ 2,881 $ — $ 1,882,643 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stock-based Compensation [Abstract] | |
Summary Of RSU Vested And Expected To Vest | Granted During the Year Ended December 31, Total 2019 2018 2017 2016 Number of RSUs: Granted during the year 384,435 112,144 70,688 94,329 107,274 Outstanding at June 30, 2019 225,890 112,144 44,338 66,408 3,000 Scheduled to vest during: 2019 94,126 23,535 14,359 53,232 3,000 2020 55,414 36,706 8,782 9,926 — 2021 37,632 13,185 21,197 3,250 — 2022 36,718 36,718 — — — 2023 1,000 1,000 — — — 2024 1,000 1,000 — — — 225,890 112,144 44,338 66,408 3,000 |
RSU Activity | Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2019 215,084 $ 23.79 Granted 112,144 19.48 Converted ( 101,338 ) 20.79 Outstanding at June 30, 2019 225,890 $ 22.99 1.19 $ 4,536 Vested and Convertible at June 30, 2019 — $ — — $ — |
Stock Option Activity | Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (yrs.) (in thousands) Outstanding at January 1, 2019 96,112 $ 11.80 Exercised ( 19,656 ) 10.32 Forfeited or expired — — Outstanding at June 30, 2019 76,456 $ 12.18 1.18 $ 604 Exercisable at June 30, 2019 76,306 $ 12.17 1.18 $ 603 |
Defined Benefit Pension Plan (T
Defined Benefit Pension Plan (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Pension Plan [Abstract] | |
Net Pension Costs | Six Months Ended Three Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Service cost $ 634 $ 685 $ 317 $ 343 Interest cost 893 794 447 397 Expected return on plan assets ( 1,501 ) ( 1,638 ) ( 751 ) ( 819 ) Amortization of net actuarial loss 176 — 88 — Net pension cost (credit) $ 202 $ ( 159 ) $ 101 $ ( 79 ) |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Of Financial Instruments [Abstract] | |
Assets Measured On Recurring Basis | Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) June 30, 2019: Financial Assets: Available-for-Sale Securities: State and municipals $ 406,525 $ — $ 406,255 $ 270 Pass-through mortgage securities 65,415 — 65,415 — Collateralized mortgage obligations 148,838 — 148,838 — Corporate bonds 118,050 — 118,050 — $ 738,828 $ — $ 738,558 $ 270 Financial Liabilities: Derivatives - interest rate swaps $ 5,188 $ — $ 5,188 $ — December 31, 2018: Financial Assets: Available-for-Sale Securities: State and municipals $ 420,038 $ — $ 420,038 $ — Pass-through mortgage securities 65,486 — 65,486 — Collateralized mortgage obligations 154,901 — 154,901 — Corporate bonds 117,590 — 117,590 — $ 758,015 $ — $ 758,015 $ — Financial Liabilities: Derivative - interest rate swap $ 1,130 $ — $ 1,130 $ — |
Financial Instruments | Level of June 30, 2019 December 31, 2018 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 69,216 $ 69,216 $ 47,358 $ 47,358 Held-to-maturity securities Level 2 2,362 2,406 2,445 2,493 Held-to-maturity securities Level 3 2,116 2,116 3,059 3,059 Loans Level 3 3,191,819 3,131,749 3,232,561 3,079,946 Restricted stock Level 1 27,884 27,884 40,686 40,686 Financial Liabilities: Checking deposits Level 1 932,443 932,443 935,574 935,574 Savings, NOW and money market deposits Level 1 1,716,472 1,716,472 1,590,341 1,590,341 Time deposits Level 2 664,664 667,294 559,057 553,900 Short-term borrowings Level 1 101,162 101,162 388,923 388,923 Long-term debt Level 2 360,472 360,467 362,027 354,651 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components Of Lease Cost | Six Months Ended Three Months Ended (in thousands) June 30, 2019 June 30, 2019 Operating lease cost $ 1,307 $ 665 Variable lease cost 241 106 Short-term lease cost 3 1 $ 1,551 $ 772 |
Maturity Analysis For Operating Lease Liability | (dollars in thousands) June 30, 2019 12 months ended June 30, 2020 $ 2,575 2021 2,487 2022 2,455 2023 2,266 2024 2,017 Thereafter 6,566 Total lease payments 18,366 Less: interest 2,100 Present value of lease payments $ 16,266 |
Derivatives (Tables)
Derivatives (Tables) - Cash Flow Hedging [Member] | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swaps | June 30, 2019 December 31, 2018 Notional amount $ 200 million $ 150 million Weighted average fixed pay rate 2.83 % 2.90 % Weighted average 3-month LIBOR receive rate 2.60 % 2.38 % Weighted average maturity 2.56 Years 2.43 Years |
Schedule Of Gains (Losses) Recorded In Accumulated Other Comprehensive Income And The Consolidated Statements Of Income | Amount of Loss Amount of Loss Amount of Loss Recognized in Other Recognized in OCI Reclassified from OCI Noninterest Income (in thousands) (Effective Portion) to Interest Expense (Ineffective Portion) Interest rate contracts: Six months ended June 30, 2019 $ 4,241 $ 183 $ — Three months ended June 30, 2019 $ 2,627 $ 114 $ — |
Schedule Of Cash Flow Hedges Included In the Consolidated Balance Sheets | June 30, 2019 December 31, 2018 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other liabilities $ — $ 5,188 $ — $ 1,130 Interest rate swap hedging FHLB advances $ — $ 150,000 Interest rate swaps hedging brokered CDs $ 200,000 $ — |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | Jun. 30, 2019item |
Bank [Member] | |
Number of subsidiaries | 2 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share [Abstract] | |||||
Net income | $ 10,744 | $ 10,315 | $ 21,585 | $ 21,426 | |
Income allocated to participating securities | [1] | 23 | 60 | ||
Income allocated to common stockholders | $ 10,744 | $ 10,292 | $ 21,585 | $ 21,366 | |
Common shares | 24,821,026 | 25,334,155 | 25,051,412 | 25,149,364 | |
Dilutive stock options and restricted stock units | [1] | 181,751 | 173,661 | 169,048 | 188,918 |
Total | 25,002,777 | 25,507,816 | 25,220,460 | 25,338,282 | |
Basic | $ 0.43 | $ 0.41 | $ 0.86 | $ 0.85 | |
Diluted | $ 0.43 | $ 0.40 | $ 0.86 | $ 0.84 | |
[1] | Restricted stock units (“RSUs”) awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS |
Comprehensive Income (Component
Comprehensive Income (Components Of Other Comprehensive Income And Related Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Change in net unrealized holding gains (losses) on available-for-sale securities: | |||||
Change arising during the period | $ 7,214 | $ (3,094) | $ 15,631 | $ (14,828) | |
Tax effect | 2,151 | (932) | 4,687 | (4,480) | |
Total | 5,063 | (2,162) | 10,944 | (10,348) | |
Change in funded status of pension plan: | |||||
Amortization of net actuarial loss included in net income | [1] | 88 | 176 | ||
Tax effect | 65 | 92 | |||
Total | 23 | 84 | |||
Change in net unrealized loss on derivative instruments: | |||||
Change arising during the period | (2,627) | (496) | (4,241) | (496) | |
Reclassification adjustment for net interest expense included in net income | [2] | 114 | 90 | 183 | 90 |
Change in unrealized loss on derivative instruments | (2,513) | (406) | (4,058) | (406) | |
Tax effect | (747) | (122) | (1,212) | (122) | |
Total | (1,766) | (284) | (2,846) | (284) | |
Other comprehensive income (loss) | $ 3,320 | $ (2,446) | $ 8,182 | $ (10,632) | |
[1] | Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost (see “Note 7 – Defined Benefit Pension Plan”) and included in the consolidated statements of income in the line item, “Other noninterest income.” | ||||
[2] | Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Comprehensive Income (Compone_2
Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 386,442 | $ 361,446 | $ 388,187 | $ 354,450 |
Current Period Change | 3,320 | (2,446) | 8,182 | (10,632) |
Balance | 391,437 | 374,239 | 391,437 | 374,239 |
Unrealized Holding Gains (Losses) On Available-For-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (2,955) | |||
Current Period Change | 10,944 | |||
Balance | 7,989 | 7,989 | ||
Unrealized Actuarial Loss On Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (5,696) | |||
Current Period Change | 84 | |||
Balance | (5,612) | (5,612) | ||
Unrealized Losses On Derivative Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (789) | |||
Current Period Change | (2,846) | |||
Balance | (3,635) | (3,635) | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (4,578) | (7,917) | (9,440) | 546 |
Current Period Change | 3,320 | (2,446) | 8,182 | (10,632) |
Balance | $ (1,258) | $ (10,363) | $ (1,258) | $ (10,363) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 6 Months Ended | ||
Jun. 30, 2019USD ($)securityitem | Jun. 30, 2018security | Dec. 31, 2018USD ($)item | |
Investment Securities [Line Items] | |||
Held-to-maturity securities, Number of sales | 0 | 0 | |
Available-for-Sale Securities, Number of sales | 0 | 0 | |
Restricted investment securities | $ | $ 420,902,000 | $ 342,712,000 | |
Excludes U.S. Government And Its Agencies [Member] | |||
Investment Securities [Line Items] | |||
Number of holdings greater than 10 percent of stockholders equity | item | 0 | 0 |
Investment Securities (Amortiza
Investment Securities (Amortization Cost And Estimated Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | $ 4,478 | $ 5,504 |
Held-to-Maturity Securities, Gross Unrealized Gains | 44 | 48 |
Held-to-Maturity Securities, Fair Value | 4,522 | 5,552 |
Available-for-Sale Securities, Amortized Cost | 727,426 | 762,244 |
Available-for-Sale Securities, Gross Unrealized Gains | 13,014 | 4,130 |
Available-for-Sale Securities, Gross Unrealized Losses | (1,612) | (8,359) |
Available-for-Sale Securities, Fair value | 738,828 | 758,015 |
Corporate Bonds [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 119,000 | 119,000 |
Available-for-Sale Securities, Gross Unrealized Losses | (950) | (1,410) |
Available-for-Sale Securities, Fair value | 118,050 | 117,590 |
State And Municipals [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | 4,210 | 5,142 |
Held-to-Maturity Securities, Gross Unrealized Gains | 31 | 36 |
Held-to-Maturity Securities, Fair Value | 4,241 | 5,178 |
Available-for-Sale Securities, Amortized Cost | 397,988 | 422,235 |
Available-for-Sale Securities, Gross Unrealized Gains | 9,021 | 3,220 |
Available-for-Sale Securities, Gross Unrealized Losses | (484) | (5,417) |
Available-for-Sale Securities, Fair value | 406,525 | 420,038 |
Pass-Through Mortgage Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | 253 | 267 |
Held-to-Maturity Securities, Gross Unrealized Gains | 13 | 11 |
Held-to-Maturity Securities, Fair Value | 266 | 278 |
Available-for-Sale Securities, Amortized Cost | 64,719 | 66,631 |
Available-for-Sale Securities, Gross Unrealized Gains | 867 | 24 |
Available-for-Sale Securities, Gross Unrealized Losses | (171) | (1,169) |
Available-for-Sale Securities, Fair value | 65,415 | 65,486 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Held-to-Maturity Securities, Amortized Cost | 15 | 95 |
Held-to-Maturity Securities, Gross Unrealized Gains | 1 | |
Held-to-Maturity Securities, Fair Value | 15 | 96 |
Available-for-Sale Securities, Amortized Cost | 145,719 | 154,378 |
Available-for-Sale Securities, Gross Unrealized Gains | 3,126 | 886 |
Available-for-Sale Securities, Gross Unrealized Losses | (7) | (363) |
Available-for-Sale Securities, Fair value | $ 148,838 | $ 154,901 |
Investment Securities (Securiti
Investment Securities (Securities With A Continuous Unrealized Losses Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | $ 87,368 | $ 271,470 |
Less than 12 months, Unrealized Loss | (952) | (3,280) |
12 months or more, Fair Value | 49,019 | 93,762 |
12 months or more, Unrealized Loss | (660) | (5,079) |
Total, Fair Value | 136,387 | 365,232 |
Total, Unrealized Loss | (1,612) | (8,359) |
State And Municipals [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 1,318 | 102,882 |
Less than 12 months, Unrealized Loss | (2) | (1,639) |
12 months or more, Fair Value | 23,470 | 62,995 |
12 months or more, Unrealized Loss | (482) | (3,778) |
Total, Fair Value | 24,788 | 165,877 |
Total, Unrealized Loss | (484) | (5,417) |
Pass-Through Mortgage Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 38,421 | |
Less than 12 months, Unrealized Loss | (142) | |
12 months or more, Fair Value | 18,600 | 23,425 |
12 months or more, Unrealized Loss | (171) | (1,027) |
Total, Fair Value | 18,600 | 61,846 |
Total, Unrealized Loss | (171) | (1,169) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 32,577 | |
Less than 12 months, Unrealized Loss | (89) | |
12 months or more, Fair Value | 6,949 | 7,342 |
12 months or more, Unrealized Loss | (7) | (274) |
Total, Fair Value | 6,949 | 39,919 |
Total, Unrealized Loss | (7) | (363) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 86,050 | 97,590 |
Less than 12 months, Unrealized Loss | (950) | (1,410) |
Total, Fair Value | 86,050 | 97,590 |
Total, Unrealized Loss | $ (950) | $ (1,410) |
Investment Securities (Maturiti
Investment Securities (Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Held-to-Maturity Securities: | ||
Held-to-maturity securities, Amortized Cost, Within one year | $ 2,636 | |
Held-to-maturity securities, Fair Value, Within one year | 2,638 | |
Held-to-maturity securities, Amortized Cost, After 1 through 5 years | 1,574 | |
Held-to-maturity securities, Fair Value, After 1 through 5 years | 1,603 | |
Held-to-maturity securities, Amortized Cost, Mortgage-backed securities | 268 | |
Held-to-maturity securities, Fair Value, Mortgage-backed securities | 281 | |
Held-to-maturity securities, Amortized Cost | 4,478 | $ 5,504 |
Held-to-maturity securities, Fair Value | 4,522 | 5,552 |
Available-for-Sale Securities: | ||
Available-for-sale securities, Amortized Cost, Within one year | 24,321 | |
Available-for-sale securities, Fair Value, Within one year | 24,452 | |
Available-for-sale securities, Amortized Cost, After 1 through 5 years | 52,422 | |
Available-for-sale securities, Fair Value, After 1 through 5 years | 53,228 | |
Available-for-sale securities, Amortized Cost, After 5 through 10 years | 279,400 | |
Available-for-sale securities, Fair Value, After 5 through 10 years | 282,289 | |
Available-for-sale securities, Amortized Cost, After 10 years | 160,845 | |
Available-for-sale securities, Fair Value, After 10 years | 164,606 | |
Available-for-sale securities, Amortized Cost, Mortgage-backed securities | 210,438 | |
Available-for-sale securities, Fair Value, Mortgage-backed securities | 214,253 | |
Available-for-sale securities, Amortized Cost | 727,426 | |
Available-for-sale securities, Fair Value | $ 738,828 | $ 758,015 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($)itemcontractloan | Jun. 30, 2018USD ($)loancontract | Dec. 31, 2018USD ($)itemloan | |
Financing Receivable, Past Due [Line Items] | |||
Allowance for loan losses, TDR | $ 15,000 | $ 16,000 | |
Number of days past due to be considered default | 90 days | ||
Minimum prior year principal balance of commercial Real estate loans required to be reviewed annually | 80.00% | ||
Deposit liabilities reclassified as loans receivable | $ 391,000 | $ 676,000 | |
Number of contracts with payment default | contract | 0 | 0 | |
Number of commitments to lend | item | 0 | 0 | |
Number of loans in the process of foreclosure | loan | 0 | 0 | |
Number of loans modified | loan | 0 | 1 | |
Residential Mortgages [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real estate acquired through foreclosure | $ 0 | $ 0 | |
Number of loans modified | loan | 2 | ||
Post modification balance | $ 350,000 |
Loans (Loans Individually And C
Loans (Loans Individually And Collectively Evaluated For Impairment) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually Evaluated for Impairment - Loans | $ 3,848 | $ 3,423 | ||||
Collectively Evaluated for Impairment - Loans | 3,217,739 | 3,259,976 | ||||
Total Loans | 3,221,587 | 3,263,399 | ||||
Individually Evaluated for Impairment - Allowance for Loan Losses | 77 | 16 | ||||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 29,691 | 30,822 | ||||
Ending balance, allowance | 29,768 | $ 30,199 | 30,838 | $ 35,832 | $ 35,154 | $ 33,784 |
Commercial And Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually Evaluated for Impairment - Loans | 133 | 22 | ||||
Collectively Evaluated for Impairment - Loans | 108,021 | 98,763 | ||||
Total Loans | 108,154 | 98,785 | ||||
Individually Evaluated for Impairment - Allowance for Loan Losses | 62 | |||||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 1,139 | 1,158 | ||||
Ending balance, allowance | 1,201 | 1,047 | 1,158 | 1,298 | 1,264 | 1,441 |
Commercial Mortgages [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total Loans | 1,311,637 | 1,281,295 | ||||
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Collectively Evaluated for Impairment - Loans | 780,563 | 756,714 | ||||
Total Loans | 780,563 | 756,714 | ||||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 6,730 | 5,851 | ||||
Ending balance, allowance | 6,730 | 6,435 | 5,851 | 7,048 | 6,769 | 6,423 |
Commercial Mortgages [Member] | Other Loan [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Collectively Evaluated for Impairment - Loans | 424,416 | 433,330 | ||||
Total Loans | 424,416 | 433,330 | ||||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 3,440 | 3,783 | ||||
Ending balance, allowance | 3,440 | 3,517 | 3,783 | 4,768 | 4,780 | 4,734 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually Evaluated for Impairment - Loans | 510 | 520 | ||||
Collectively Evaluated for Impairment - Loans | 106,148 | 90,731 | ||||
Total Loans | 106,658 | 91,251 | ||||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 828 | 743 | ||||
Ending balance, allowance | 828 | 685 | 743 | 911 | 918 | 1,076 |
Residential Mortgages [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total Loans | 1,732,301 | 1,809,651 | ||||
Residential Mortgages [Member] | Closed-end [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually Evaluated for Impairment - Loans | 1,834 | 1,814 | ||||
Collectively Evaluated for Impairment - Loans | 1,730,467 | 1,807,837 | ||||
Total Loans | 1,732,301 | 1,809,651 | ||||
Individually Evaluated for Impairment - Allowance for Loan Losses | 15 | 16 | ||||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 17,133 | 18,828 | ||||
Ending balance, allowance | 17,148 | 18,071 | 18,844 | 20,953 | 20,666 | 19,347 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually Evaluated for Impairment - Loans | 1,084 | 743 | ||||
Collectively Evaluated for Impairment - Loans | 64,934 | 66,967 | ||||
Total Loans | 66,018 | 67,710 | ||||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 397 | 410 | ||||
Ending balance, allowance | 397 | 402 | 410 | 775 | 682 | 689 |
Consumer And Other [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually Evaluated for Impairment - Loans | 287 | 324 | ||||
Collectively Evaluated for Impairment - Loans | 3,190 | 5,634 | ||||
Total Loans | 3,477 | 5,958 | ||||
Collectively Evaluated for Impairment - Allowance for Loan Losses | 24 | 49 | ||||
Ending balance, allowance | $ 24 | $ 42 | $ 49 | $ 79 | $ 75 | $ 74 |
Loans (Allowance For Loan Losse
Loans (Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses, beginning balance | $ 30,199 | $ 35,154 | $ 30,838 | $ 33,784 |
Chargeoffs | 859 | 230 | 1,047 | 373 |
Recoveries | 6 | 105 | 12 | 106 |
Provision for Loan Losses (Credit) | 422 | 803 | (35) | 2,315 |
Allowance for loan losses, ending balance | 29,768 | 35,832 | 29,768 | 35,832 |
Commercial And Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses, beginning balance | 1,047 | 1,264 | 1,158 | 1,441 |
Chargeoffs | 311 | 230 | 365 | 304 |
Recoveries | 4 | 6 | 8 | 6 |
Provision for Loan Losses (Credit) | 461 | 258 | 400 | 155 |
Allowance for loan losses, ending balance | 1,201 | 1,298 | 1,201 | 1,298 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses, beginning balance | 6,435 | 6,769 | 5,851 | 6,423 |
Provision for Loan Losses (Credit) | 295 | 279 | 879 | 625 |
Allowance for loan losses, ending balance | 6,730 | 7,048 | 6,730 | 7,048 |
Commercial Mortgages [Member] | Other Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses, beginning balance | 3,517 | 4,780 | 3,783 | 4,734 |
Provision for Loan Losses (Credit) | (77) | (12) | (343) | 34 |
Allowance for loan losses, ending balance | 3,440 | 4,768 | 3,440 | 4,768 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses, beginning balance | 685 | 918 | 743 | 1,076 |
Provision for Loan Losses (Credit) | 143 | (7) | 85 | (165) |
Allowance for loan losses, ending balance | 828 | 911 | 828 | 911 |
Residential Mortgages [Member] | Closed-end [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses, beginning balance | 18,071 | 20,666 | 18,844 | 19,347 |
Chargeoffs | 299 | 433 | 20 | |
Recoveries | 99 | 1 | 100 | |
Provision for Loan Losses (Credit) | (624) | 188 | (1,264) | 1,526 |
Allowance for loan losses, ending balance | 17,148 | 20,953 | 17,148 | 20,953 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses, beginning balance | 402 | 682 | 410 | 689 |
Chargeoffs | 249 | 249 | 49 | |
Provision for Loan Losses (Credit) | 244 | 93 | 236 | 135 |
Allowance for loan losses, ending balance | 397 | 775 | 397 | 775 |
Consumer And Other [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses, beginning balance | 42 | 75 | 49 | 74 |
Recoveries | 2 | 3 | ||
Provision for Loan Losses (Credit) | (20) | 4 | (28) | 5 |
Allowance for loan losses, ending balance | $ 24 | $ 79 | $ 24 | $ 79 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Related Allowance | $ 77 | $ 77 | $ 16 | ||
Total, recorded investment | 3,848 | 3,848 | 3,423 | ||
Total, unpaid principal balance | 3,987 | 3,987 | 3,523 | ||
Total, average recorded investment | 3,872 | $ 3,065 | 3,921 | $ 3,043 | |
Total, interest income recognized | 11 | 17 | 22 | 29 | |
Commercial And Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment with no related allowance recorded | 9 | 9 | 22 | ||
Unpaid principal balance with no related allowance recorded | 9 | 9 | 22 | ||
Related Allowance | 62 | 62 | |||
Average recorded investment with no related allowance recorded | 11 | 37 | 14 | 68 | |
Interest income recognized with no related allowance recorded | 1 | 1 | 1 | 2 | |
Recorded investment with an allowance recorded | 124 | 124 | |||
Unpaid principal balance with an allowance recorded | 124 | 124 | |||
Average recorded investment with an allowance recorded | 127 | 131 | |||
Total, recorded investment | 133 | 133 | 22 | ||
Total, unpaid principal balance | 133 | 133 | 22 | ||
Total, average recorded investment | 138 | 37 | 145 | 68 | |
Total, interest income recognized | 1 | 1 | 1 | 2 | |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment with no related allowance recorded | 510 | 510 | 520 | ||
Unpaid principal balance with no related allowance recorded | 594 | 594 | 604 | ||
Average recorded investment with no related allowance recorded | 512 | 526 | 515 | 539 | |
Interest income recognized with no related allowance recorded | 7 | 6 | 15 | 12 | |
Total, recorded investment | 510 | 510 | 520 | ||
Total, unpaid principal balance | 594 | 594 | 604 | ||
Total, average recorded investment | 512 | 526 | 515 | 539 | |
Total, interest income recognized | 7 | 6 | 15 | 12 | |
Residential Mortgages [Member] | Closed-end [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment with no related allowance recorded | 1,681 | 1,681 | 1,561 | ||
Unpaid principal balance with no related allowance recorded | 1,707 | 1,707 | 1,573 | ||
Related Allowance | 15 | 15 | 16 | ||
Average recorded investment with no related allowance recorded | 1,690 | 1,894 | 1,705 | 1,929 | |
Interest income recognized with no related allowance recorded | 1 | 2 | 2 | 3 | |
Recorded investment with an allowance recorded | 153 | 153 | 253 | ||
Unpaid principal balance with an allowance recorded | 153 | 153 | 253 | ||
Average recorded investment with an allowance recorded | 153 | 264 | 154 | 276 | |
Interest income recognized with an allowance recorded | 2 | 3 | 4 | 6 | |
Total, recorded investment | 1,834 | 1,834 | 1,814 | ||
Total, unpaid principal balance | 1,860 | 1,860 | 1,826 | ||
Total, average recorded investment | 1,843 | 2,158 | 1,859 | 2,205 | |
Total, interest income recognized | 3 | 5 | 6 | 9 | |
Residential Mortgages [Member] | Revolving Home Equity [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment with no related allowance recorded | 1,084 | 1,084 | 743 | ||
Unpaid principal balance with no related allowance recorded | 1,113 | 1,113 | 747 | ||
Average recorded investment with no related allowance recorded | 1,089 | 1,101 | |||
Total, recorded investment | 1,084 | 1,084 | 743 | ||
Total, unpaid principal balance | 1,113 | 1,113 | 747 | ||
Total, average recorded investment | 1,089 | 1,101 | |||
Consumer And Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment with no related allowance recorded | 287 | 287 | 324 | ||
Unpaid principal balance with no related allowance recorded | 287 | 287 | 324 | ||
Average recorded investment with no related allowance recorded | 290 | 344 | 301 | 231 | |
Interest income recognized with no related allowance recorded | 5 | 6 | |||
Total, recorded investment | 287 | 287 | 324 | ||
Total, unpaid principal balance | 287 | 287 | $ 324 | ||
Total, average recorded investment | $ 290 | 344 | $ 301 | 231 | |
Total, interest income recognized | $ 5 | $ 6 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 2,729 | $ 2,135 |
Total Past Due Loans & Nonaccrual Loans | 2,851 | 3,044 |
Current | 3,218,736 | 3,260,355 |
Loans | 3,221,587 | 3,263,399 |
Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 124 | |
Total Past Due Loans & Nonaccrual Loans | 124 | 43 |
Current | 108,030 | 98,742 |
Loans | 108,154 | 98,785 |
Commercial Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,311,637 | 1,281,295 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 780,563 | 756,714 |
Loans | 780,563 | 756,714 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 424,416 | 433,330 |
Loans | 424,416 | 433,330 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 106,658 | 91,251 |
Loans | 106,658 | 91,251 |
Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,732,301 | 1,809,651 |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 1,521 | 1,392 |
Total Past Due Loans & Nonaccrual Loans | 1,521 | 2,256 |
Current | 1,730,780 | 1,807,395 |
Loans | 1,732,301 | 1,809,651 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 1,084 | 743 |
Total Past Due Loans & Nonaccrual Loans | 1,206 | 743 |
Current | 64,812 | 66,967 |
Loans | 66,018 | 67,710 |
Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due Loans & Nonaccrual Loans | 2 | |
Current | 3,477 | 5,956 |
Loans | 3,477 | 5,958 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 122 | 866 |
30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 864 | |
30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 122 | |
30 to 59 Days Past Due [Member] | Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 43 | |
60 to 89 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 43 |
Loans (Risk Ratings) (Details)
Loans (Risk Ratings) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 3,221,587 | $ 3,263,399 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 108,154 | 98,785 |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 107,068 | 97,684 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 601 | 667 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 485 | 434 |
Commercial And Industrial [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 108,154 | 98,785 |
Residential Mortgages [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,732,301 | 1,809,651 |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,732,301 | 1,809,651 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 66,018 | 67,710 |
Residential Mortgages [Member] | Pass [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,730,158 | 1,807,525 |
Residential Mortgages [Member] | Pass [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 64,691 | 66,718 |
Residential Mortgages [Member] | Watch [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 309 | 312 |
Residential Mortgages [Member] | Special Mention [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 243 | 249 |
Residential Mortgages [Member] | Substandard [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,834 | 1,814 |
Residential Mortgages [Member] | Substandard [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,084 | 743 |
Residential Mortgages [Member] | Internal Investment Grade [Member] | Closed-end [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,732,301 | 1,809,651 |
Residential Mortgages [Member] | Internal Investment Grade [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 66,018 | 67,710 |
Commercial Mortgages [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,311,637 | 1,281,295 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 780,563 | 756,714 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 424,416 | 433,330 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 106,658 | 91,251 |
Commercial Mortgages [Member] | Pass [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 773,758 | 756,714 |
Commercial Mortgages [Member] | Pass [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 424,416 | 417,838 |
Commercial Mortgages [Member] | Pass [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 101,439 | 85,710 |
Commercial Mortgages [Member] | Watch [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 14,194 | |
Commercial Mortgages [Member] | Watch [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,066 | 1,090 |
Commercial Mortgages [Member] | Special Mention [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,805 | |
Commercial Mortgages [Member] | Special Mention [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,298 | |
Commercial Mortgages [Member] | Special Mention [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,643 | 3,911 |
Commercial Mortgages [Member] | Substandard [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 510 | 540 |
Commercial Mortgages [Member] | Internal Investment Grade [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 780,563 | 756,714 |
Commercial Mortgages [Member] | Internal Investment Grade [Member] | Other Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 424,416 | 433,330 |
Commercial Mortgages [Member] | Internal Investment Grade [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 106,658 | 91,251 |
Consumer And Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,477 | 5,958 |
Consumer And Other [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,799 | 4,958 |
Consumer And Other [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 287 | 324 |
Consumer And Other [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,086 | 5,282 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,797,648 | 1,879,201 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 309 | 312 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 243 | 249 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,205 | 2,881 |
Residential Mortgages, Home Equity Lines, And Other Consumer Loans [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,801,405 | 1,882,643 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,406,681 | 1,357,946 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,066 | 15,284 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 11,049 | 5,876 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 995 | 974 |
Commercial And Industrial Loans And Commercial Real Estate Loans [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 1,419,791 | $ 1,380,080 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 22, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense for share-based payments | $ 1,668,000 | $ 1,261,000 | |||
Income tax benefits | 499,000 | 380,000 | |||
Intrinsic value | 203,000 | 278,000 | |||
Unrecognized compensation cost | $ 1,521,000 | ||||
Weighted average period expected to be recognized | 1 year 6 months | ||||
Proceeds from exercise of stock options | $ 203,000 | 153,000 | |||
Tax benefit from stock option exercised | $ 61,000 | $ 84,000 | |||
Board Of Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued for services | shares | 2,824 | 1,141 | |||
RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total intrinsic value of RSUs converted | $ 2,107,000 | $ 2,911,000 | |||
Unrecognized compensation cost | $ 1,520,000 | ||||
Weighted average period expected to be recognized | 1 year 6 months | ||||
Performance-Based RSUs [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Conversion rate of RSUs to common stock | 1.50 | 1.50 | 1.25 | ||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 1,000 | ||||
Weighted average period expected to be recognized | 10 months 24 days | ||||
Cash used to settle stock options | $ 0 | $ 0 | |||
Equity Incentive Plan 2014 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | shares | 2,250,000 | ||||
Number of shares available for issuance | shares | 1,745,416 | ||||
Equity Incentive Plan 2014 [Member] | RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for issuance | shares | 293,633 | ||||
Equity Incentive Plan 2014 [Member] | RSUs [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | shares | 787,500 | ||||
Compensation Plan 2006 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | shares | 0 | ||||
Compensation Plan 2006 [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
Award expiration period | 10 years |
Stock-based Compensation (Summa
Stock-based Compensation (Summary Of RSU Vested And Expected To Vest) (Details) - RSUs [Member] - shares | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 112,144 | |
Number of RSUs outstanding | 225,890 | 215,084 |
Equity Incentive Plan 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 384,435 | |
Number of RSUs outstanding | 225,890 | |
Total RSUs Outstanding | 225,890 | |
Equity Incentive Plan 2014 [Member] | December 31, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 94,126 | |
Equity Incentive Plan 2014 [Member] | December 31, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 55,414 | |
Equity Incentive Plan 2014 [Member] | December 31, 2021[Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 37,632 | |
Equity Incentive Plan 2014 [Member] | December 31, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 36,718 | |
Equity Incentive Plan 2014 [Member] | December 31, 2023 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSUs outstanding | 1,000 | |
Equity Incentive Plan 2014 [Member] | December 31, 2024 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSUs outstanding | 1,000 | |
Equity Incentive Plan 2014 [Member] | 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 107,274 | |
Number of RSUs outstanding | 3,000 | |
Total RSUs Outstanding | 3,000 | |
Equity Incentive Plan 2014 [Member] | 2016 [Member] | December 31, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 3,000 | |
Equity Incentive Plan 2014 [Member] | 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 94,329 | |
Number of RSUs outstanding | 66,408 | |
Total RSUs Outstanding | 66,408 | |
Equity Incentive Plan 2014 [Member] | 2017 [Member] | December 31, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 53,232 | |
Equity Incentive Plan 2014 [Member] | 2017 [Member] | December 31, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 9,926 | |
Equity Incentive Plan 2014 [Member] | 2017 [Member] | December 31, 2021[Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 3,250 | |
Equity Incentive Plan 2014 [Member] | 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 70,688 | |
Number of RSUs outstanding | 44,338 | |
Total RSUs Outstanding | 44,338 | |
Equity Incentive Plan 2014 [Member] | 2018 [Member] | December 31, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 14,359 | |
Equity Incentive Plan 2014 [Member] | 2018 [Member] | December 31, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 8,782 | |
Equity Incentive Plan 2014 [Member] | 2018 [Member] | December 31, 2021[Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 21,197 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU granted | 112,144 | |
Number of RSUs outstanding | 112,144 | |
Total RSUs Outstanding | 112,144 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | December 31, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 23,535 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | December 31, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 36,706 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | December 31, 2021[Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 13,185 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | December 31, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total RSUs Outstanding | 36,718 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | December 31, 2023 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSUs outstanding | 1,000 | |
Equity Incentive Plan 2014 [Member] | 2019 [Member] | December 31, 2024 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSUs outstanding | 1,000 |
Stock-based Compensation (RSU A
Stock-based Compensation (RSU Activity) (Details) - RSUs [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of RSUs | shares | 215,084 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 23.79 |
Granted, Number of RSUs | shares | 112,144 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.48 |
Converted, Number of RSUs | shares | (101,338) |
Converted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.79 |
Outstanding, Number of RSUs | shares | 225,890 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.99 |
Outstanding, Weighted Average Remaining Contractual Term | 1 year 2 months 8 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 4,536 |
Stock-based Compensation (Stock
Stock-based Compensation (Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Stock-based Compensation [Abstract] | |
Outstanding, Number of Options | shares | 96,112 |
Outstanding, Weighted-Average Exercise Price | $ / shares | $ 11.80 |
Exercised, Number of Options | shares | (19,656) |
Exercised, Weighted-Average Exercise Price | $ / shares | $ 10.32 |
Outstanding, Number of Options | shares | 76,456 |
Outstanding, Weighted-Average Exercise Price | $ / shares | $ 12.18 |
Outstanding, Weighted-Average Remaining Contractual Term | 1 year 2 months 4 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 604 |
Exercisable, Number of Options | shares | 76,306 |
Exercisable, Weighted-Average Exercise Price | $ / shares | $ 12.17 |
Exercisable, Weighted-Average Remaining Contractual Term | 1 year 2 months 4 days |
Exercisable, Aggregate Intrinsic Value | $ | $ 603 |
Defined Benefit Pension Plan (N
Defined Benefit Pension Plan (Narrative) (Details) - Pension Plan [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated minimum pension contribution | $ 0 | |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions from employer | $ 7,700,000 |
Defined Benefit Pension Plan _2
Defined Benefit Pension Plan (Net Pension Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Pension Plan [Abstract] | ||||
Service cost | $ 317 | $ 343 | $ 634 | $ 685 |
Interest cost | 447 | 397 | 893 | 794 |
Expected return on plan assets | (751) | (819) | (1,501) | (1,638) |
Amortization of net actuarial loss | 88 | 176 | ||
Net pension cost (credit) | $ 101 | $ (79) | $ 202 | $ (159) |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, Transfers between levels | $ 0 | $ 0 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value | $ 0 | $ 0 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 738,828 | $ 758,015 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 738,828 | 758,015 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 738,558 | 758,015 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 270 | |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 118,050 | 117,590 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 118,050 | 117,590 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 118,050 | 117,590 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 406,525 | 420,038 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 406,525 | 420,038 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 406,255 | 420,038 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 270 | |
Pass-Through Mortgage Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 65,415 | 65,486 |
Pass-Through Mortgage Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 65,415 | 65,486 |
Pass-Through Mortgage Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 65,415 | 65,486 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 148,838 | 154,901 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 148,838 | 154,901 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 148,838 | 154,901 |
Interest Rate Swaps [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative | 5,188 | 1,130 |
Interest Rate Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative | $ 5,188 | $ 1,130 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Held-to-maturity securities | $ 4,522 | $ 5,552 |
Restricted stock | 27,884 | 40,686 |
Financial Liabilities: | ||
Checking deposits | 932,443 | 935,574 |
Savings, NOW and money market deposits | 1,716,472 | 1,590,341 |
Carrying Amount [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 69,216 | 47,358 |
Restricted stock | 27,884 | 40,686 |
Financial Liabilities: | ||
Checking deposits | 932,443 | 935,574 |
Savings, NOW and money market deposits | 1,716,472 | 1,590,341 |
Short-term borrowings | 101,162 | 388,923 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Held-to-maturity securities | 2,362 | 2,445 |
Financial Liabilities: | ||
Time deposits | 664,664 | 559,057 |
Long-term debt | 360,472 | 362,027 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Held-to-maturity securities | 2,116 | 3,059 |
Loans | 3,191,819 | 3,232,561 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 69,216 | 47,358 |
Restricted stock | 27,884 | 40,686 |
Financial Liabilities: | ||
Checking deposits | 932,443 | 935,574 |
Savings, NOW and money market deposits | 1,716,472 | 1,590,341 |
Short-term borrowings | 101,162 | 388,923 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Held-to-maturity securities | 2,406 | 2,493 |
Financial Liabilities: | ||
Time deposits | 667,294 | 553,900 |
Long-term debt | 360,467 | 354,651 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Held-to-maturity securities | 2,116 | 3,059 |
Loans | $ 3,131,749 | $ 3,079,946 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2019USD ($)item | |
Renewal term | 10 years |
Weighted-average remaining lease term | 7 years 10 months 20 days |
Weighted-average discount rate | 3.09% |
Operating lease liability | $ 16,266,000 |
Related Party Leases [Member] | |
Number of buildings occupied and leased from related party | item | 2 |
Operating lease liability | $ 138,000 |
Leases (Components Of Lease Cos
Leases (Components Of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 665 | $ 1,307 |
Variable lease cost | 106 | 241 |
Short-term lease cost | 1 | 3 |
Total lease expense | $ 772 | $ 1,551 |
Leases (Maturity Analysis For O
Leases (Maturity Analysis For Operating Lease Liability) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 2,575 |
2021 | 2,487 |
2022 | 2,455 |
2023 | 2,266 |
2024 | 2,017 |
Thereafter | 6,566 |
Total lease payments | 18,366 |
Less: interest | 2,100 |
Present value of lease payments | $ 16,266 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue From Contracts With Customers [Abstract] | ||
Revenue | $ 1,099,000 | $ 985,000 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jan. 17, 2019 | Dec. 31, 2018 | May 22, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest expense | $ 11,211,000 | $ 9,061,000 | $ 22,354,000 | $ 16,209,000 | ||||
Collateral posted | 5,300,000 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest expense | 183,000 | |||||||
Forecast [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest expense | $ 1,624,000 | |||||||
FHLB [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest expense | 183,000 | |||||||
Cash Flow Hedging [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Notional amount | $ 200,000,000 | $ 200,000,000 | $ 50,000,000 | $ 150,000,000 | $ 150,000,000 |
Derivatives (Schedule Of Intere
Derivatives (Schedule Of Interest Rate Swaps) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jan. 17, 2019 | May 22, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | $ 200 | $ 150 | $ 50 | $ 150 |
Weighted average fixed pay rate | 2.83% | 2.90% | ||
Weighted average 3-month LIBOR receive rate | 2.60% | 2.38% | ||
Weighted average maturity | 2 years 6 months 21 days | 2 years 5 months 4 days |
Derivatives (Schedule Of Gains
Derivatives (Schedule Of Gains (Losses) Recorded In Accumulated Other Comprehensive Income And The Consolidated Statements Of Income) (Details) - Cash Flow Hedging [Member] - Interest Rate Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in OCI (Effective Portion) | $ 2,627 | $ 4,241 |
Amount of Loss Reclassified from OCI to Interest Expense | $ 114 | $ 183 |
Derivatives (Schedule Of Cash F
Derivatives (Schedule Of Cash Flow Hedges Included In the Consolidated Balance Sheets) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 17, 2019 | Dec. 31, 2018 | May 22, 2018 |
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 200,000 | $ 50,000 | $ 150,000 | $ 150,000 |
Interest Rate Swaps [Member] | FHLB [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 150,000 | |||
Interest Rate Swaps [Member] | Brokered CDs [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 200,000 | |||
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value Liability | $ 5,188 | $ 1,130 |
Adoption Of New Accounting St_2
Adoption Of New Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of use asset - operating leases | $ 15,425 | |
Operating lease liability | $ 16,266 | |
Accounting Standards Update 2018-11 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of use asset - operating leases | $ 15,700 | |
Operating lease liability | $ 16,500 |