Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 29, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Flushing Financial Corporation | ||
Entity Central Index Key | 923,139 | ||
Trading Symbol | ffic | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 28,187,184 | ||
Entity Public Float | $ 704,607 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 118,561 | $ 51,546 |
Securities held-to-maturity: | ||
Held to maturity securities | 32,018 | 30,886 |
Securities available for sale, at fair value: | ||
Securities available for sale | 822,655 | 738,354 |
Loans, net of fees and costs | 5,551,484 | 5,176,999 |
Less: Allowance for loan losses | (20,945) | (20,351) |
Net loans | 5,530,539 | 5,156,648 |
Interest and dividends receivable | 25,485 | 21,405 |
Bank premises and equipment, net | 30,418 | 30,836 |
Federal Home Loan Bank of New York stock, at cost | 57,282 | 60,089 |
Bank owned life insurance | 131,788 | 131,856 |
Goodwill | 16,127 | 16,127 |
Other assets | 69,303 | 61,527 |
Total assets | 6,834,176 | 6,299,274 |
Liabilities | ||
Non-interest bearing | 413,747 | 385,269 |
Interest-bearing | 4,502,176 | 3,955,403 |
Mortgagors' escrow deposits | 44,861 | 42,606 |
Borrowed funds: | ||
Federal Home Loan Bank advances | 1,134,993 | 1,198,968 |
Subordinated debentures | 74,001 | 73,699 |
Junior subordinated debentures, at fair value | 41,849 | 36,986 |
Total borrowed funds | 1,250,843 | 1,309,653 |
Other liabilities | 73,085 | 73,735 |
Total liabilities | 6,284,712 | 5,766,666 |
Commitments and contingencies (Note 15) | ||
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | 0 | 0 |
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595 shares issued at December 31, 2018 and 2017; 27,983,637 shares and 28,588,266 shares outstanding at December 31, 2018 and 2017, respectively) | 315 | 315 |
Additional paid-in capital | 222,720 | 217,906 |
Treasury stock, at average cost (3,546,958 shares and 2,942,329 at December 31, 2018 and 2017, respectively) | (75,146) | (57,675) |
Retained earnings | 414,327 | 381,048 |
Accumulated other comprehensive loss, net of taxes | (12,752) | (8,986) |
Total stockholders' equity | 549,464 | 532,608 |
Total liabilities and stockholders' equity | 6,834,176 | 6,299,274 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 7,953 | 7,973 |
Securities available for sale, at fair value: | ||
Securities available for sale | 557,953 | 509,650 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 24,065 | 22,913 |
Securities available for sale, at fair value: | ||
Securities available for sale | $ 264,702 | $ 228,704 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities held-to-maturity, fair value | $ 29,874 | $ 29,699 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 31,530,595 | 31,530,595 |
Common stock, shares outstanding (in shares) | 27,983,637 | 28,588,266 |
Treasury stock, at average cost (in shares) | 3,546,958 | 2,942,329 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, assets pledged | $ 4,796 | |
Securities held-to-maturity, fair value | 7,366 | 7,810 |
Securities available for sale, pledged as collateral | 152,670 | 148,505 |
Securities available for sale, fair value option | 967 | 1,590 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, assets pledged | 0 | 0 |
Securities held-to-maturity, fair value | 22,508 | 21,889 |
Securities available for sale, pledged as collateral | 28,871 | 44,052 |
Securities available for sale, fair value option | $ 12,843 | $ 12,685 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and dividend income | |||
Interest and fees on loans | $ 232,719 | $ 209,283 | $ 195,125 |
Interest and dividends on securities: | |||
Interest | 23,022 | 24,489 | 25,141 |
Dividends | 67 | 287 | 481 |
Other interest income | 1,190 | 526 | 250 |
Total interest and dividend income | 256,998 | 234,585 | 220,997 |
Interest expense | |||
Deposits | 64,497 | 40,319 | 33,350 |
Other interest expense | 25,095 | 21,159 | 20,561 |
Total interest expense | 89,592 | 61,478 | 53,911 |
Net interest income | 167,406 | 173,107 | 167,086 |
Provision for loan losses | 575 | 9,861 | |
Net interest income after benefit for loan losses | 166,831 | 163,246 | 167,086 |
Non-interest income | |||
Banking services fee income | 4,030 | 4,156 | 3,758 |
Net gain on sale of loans | 168 | 603 | 584 |
Net (loss) gain on sale of securities | (1,920) | (186) | 1,524 |
Net gain on sale of assets | 1,141 | ||
Net gain on sale of buildings | 48,018 | ||
Net loss from fair value adjustments | (4,122) | (3,465) | (3,434) |
Federal Home Loan Bank of New York stock dividends | 3,576 | 3,081 | 2,664 |
Life insurance proceeds | 2,998 | 1,405 | 460 |
Bank owned life insurance | 3,099 | 3,227 | 2,797 |
Other income | 1,367 | 1,541 | 1,165 |
Total non-interest income | 10,337 | 10,362 | 57,536 |
Non-interest expense | |||
Salaries and employee benefits | 64,560 | 62,087 | 60,825 |
Occupancy and equipment | 10,079 | 10,409 | 9,848 |
Professional services | 8,360 | 7,500 | 7,720 |
FDIC deposit insurance | 2,115 | 1,815 | 2,993 |
Data processing | 5,663 | 5,238 | 4,364 |
Depreciation and amortization of bank premises and equipment | 5,792 | 4,832 | 4,450 |
Other real estate owned / foreclosure (benefit) expense | (94) | 404 | 1,307 |
Prepayment penalty on borrowings | 10,356 | ||
Net (gain) loss from sales of real estate owned | (27) | (50) | 2,001 |
Other operating expenses | 15,235 | 15,239 | 14,739 |
Total non-interest expense | 111,683 | 107,474 | 118,603 |
Income before income taxes | 65,485 | 66,134 | 106,019 |
Provision for income taxes | |||
Federal | 8,574 | 22,844 | 33,580 |
State and local | 1,821 | 2,169 | 7,523 |
Total provision for income taxes | 10,395 | 25,013 | 41,103 |
Net income | $ 55,090 | $ 41,121 | $ 64,916 |
Basic earnings per common share (in dollars per share) | $ 1.92 | $ 1.41 | $ 2.24 |
Diluted earnings per common share (in dollars per share) | $ 1.92 | $ 1.41 | $ 2.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income | $ 55,090 | $ 41,121 | $ 64,916 |
Other comprehensive income (loss), net of tax: | |||
Amortization of prior service credits, net of taxes of $12, $12 and $18 for the years ended December 31, 2018, 2017 and 2016, respectively | (27) | (33) | (27) |
Amortization of net actuarial losses, net of taxes of ($167), ($249) and ($238) for the years ended December 31, 2018, 2017 and 2016, respectively | 363 | 356 | 330 |
Unrecognized actuarial gains (losses), net of taxes of ($1,162), ($146) and ($367) for the years ended December 31, 2018, 2017 and 2016, respectively | 2,484 | 485 | 235 |
Change in net unrealized losses on securities available for sale, net of taxes of $4,473, $1,783 and $,1737 for the years ended December 31, 2018, 2017 and 2016, respectively | (10,127) | (1,771) | (2,452) |
Reclassification adjustment for net losses (gains) included in net income, net of taxes of ($595), ($78) and $638 for the years ended December 31, 2018, 2017 and 2016, respectively | 1,325 | 108 | (886) |
Net unrealized gain on cashflow hedges, net of taxes of ($1,538) and ($179) for the year ended December 31, 2018 and 2017, respectively | 3,423 | 231 | |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($35) the year ended December 31, 2018 | 87 | ||
Total other comprehensive los, net of tax | (2,472) | (624) | (2,800) |
Comprehensive net income | $ 52,618 | $ 40,497 | $ 62,116 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of prior service credits, tax | $ 12 | $ 12 | $ 18 |
Amortization of net actuarial losses, tax | (167) | (249) | (238) |
Change in net unrealized (losses) gains on securities available for sale, tax | 4,473 | 1,783 | 1,737 |
Reclassification adjustment for net gains included in net income, tax | (595) | (78) | 638 |
Net unrealized loss on cash flow hedge, tax | (1,538) | (179) | |
Change in fair value of liabilities related to instrument-specific credit risk, tax | $ (35) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2015 | $ 315 | $ 210,652 | $ (48,868) | $ 316,530 | $ (5,562) | $ 473,067 |
Net Income | 64,916 | 64,916 | ||||
Award of common shares released from Employee Benefit Trust | 2,057 | 2,057 | ||||
Vesting of restricted stock unit awards | (4,049) | 4,446 | (397) | |||
Exercise of stock options | (30) | 526 | (168) | 328 | ||
Stock-based compensation expense | 5,120 | 5,120 | ||||
Stock-based income tax benefit | 712 | 712 | ||||
Purchase of treasury shares | (8,031) | (8,031) | ||||
Repurchase of shares to satisfy tax obligation | (1,827) | (1,827) | ||||
Dividends on common stock | (19,689) | (19,689) | ||||
Other comprehensive loss, net of tax | (2,800) | (2,800) | ||||
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from Accumulated Other Comprehensive Income (Loss) to Retained Earnings | ||||||
Balance at Dec. 31, 2016 | 315 | 214,462 | (53,754) | 361,192 | (8,362) | 513,853 |
Net Income | 41,121 | 41,121 | ||||
Award of common shares released from Employee Benefit Trust | 2,512 | 2,512 | ||||
Vesting of restricted stock unit awards | (5,052) | 5,323 | (271) | |||
Exercise of stock options | (6) | 46 | (40) | |||
Stock-based compensation expense | 5,990 | 5,990 | ||||
Purchase of treasury shares | (6,666) | (6,666) | ||||
Repurchase of shares to satisfy tax obligation | (2,624) | (2,624) | ||||
Dividends on common stock | (20,954) | (20,954) | ||||
Other comprehensive loss, net of tax | (624) | (624) | ||||
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from Accumulated Other Comprehensive Income (Loss) to Retained Earnings | ||||||
Balance at Dec. 31, 2017 | 315 | 217,906 | (57,675) | 381,048 | (8,986) | 532,608 |
Net Income | 55,090 | 55,090 | ||||
Award of common shares released from Employee Benefit Trust | 2,728 | 2,728 | ||||
Vesting of restricted stock unit awards | (4,929) | 5,104 | (175) | |||
Exercise of stock options | (1) | 10 | (3) | 6 | ||
Stock-based compensation expense | 7,016 | 7,016 | ||||
Purchase of treasury shares | (20,438) | (20,438) | ||||
Repurchase of shares to satisfy tax obligation | (2,147) | (2,147) | ||||
Dividends on common stock | (22,927) | (22,927) | ||||
Other comprehensive loss, net of tax | (2,472) | (2,472) | ||||
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from Accumulated Other Comprehensive Income (Loss) to Retained Earnings | 2,073 | (2,073) | 2,073 | |||
Impact of adoption of Accounting Standard Update 2016-01 | (779) | 779 | ||||
Balance at Dec. 31, 2018 | $ 315 | $ 222,720 | $ (75,146) | $ 414,327 | $ (12,752) | $ 549,464 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock [Member] | |||
Common shares released from Employee Benefit Trust, shares (in shares) | 129,601 | 118,371 | 142,065 |
Restricted stock unit awards vested, shares (in shares) | 258,567 | 284,595 | 245,311 |
Exercise of stock options, shares (in shares) | 900 | 4,400 | 103,530 |
Treasury Stock [Member] | |||
Purchase of treasury shares (in shares) | 787,069 | 241,625 | 403,695 |
Repurchase of shares to satisfy tax obligation, shares (in shares) | 76,698 | 90,779 | 85,982 |
Retained Earnings [Member] | |||
Dividends on common stock (in dollars per share) | $ 0.80 | $ 0.72 | $ 0.68 |
Purchase of treasury shares (in shares) | 787,069 | 241,625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net Income | $ 55,090 | $ 41,121 | $ 64,916 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 575 | 9,861 | |
Depreciation and amortization of premises and equipment | 5,792 | 4,832 | 4,450 |
Net gain on sales of loans | (168) | (603) | (584) |
Net loss (gain) on sales of securities | 1,920 | 186 | (1,524) |
Net (gain) loss on sales of OREO | (27) | (50) | 238 |
Net gain on sales of assets | (1,141) | ||
Net gain on sales of buildings | (48,018) | ||
Amortization of premium, net of accretion of discount | 8,146 | 7,509 | 8,453 |
Fair value adjustment for financial assets and financial liabilities | 4,122 | 3,465 | 3,434 |
Income from bank owned life insurance | (3,099) | (3,227) | (2,797) |
Life insurance proceeds | (2,998) | (1,405) | (460) |
Stock-based compensation expense | 7,016 | 5,990 | 5,884 |
Deferred compensation | (3,061) | (4,154) | (4,033) |
Excess tax benefits from stock-based payment arrangements | (712) | ||
Deferred income tax provision (benefit) | (2,664) | 8,735 | (1,540) |
Decrease in other assets | 824 | 5,205 | 4,932 |
Increase in other liabilities | 6,976 | 6,061 | 9,756 |
Net cash provided by operating activities | 77,303 | 83,526 | 42,395 |
Investing Activities | |||
Purchases of premises and equipment | (5,409) | (9,434) | (6,655) |
Net purchases (redemptions) of Federal Home Loan Bank-NY shares | 2,807 | (916) | (3,107) |
Purchases of securities held-to-maturity | (2,653) | (9,030) | (40,205) |
Proceeds from calls of securities held-to-maturity | 1,130 | 15,870 | 8,515 |
Proceeds from prepayments of securities held-to-maturity | 377 | ||
Purchases of securities available for sale | (305,059) | (161,939) | (139,186) |
Proceeds from sales and calls of securities available for sale | 128,474 | 194,799 | 143,819 |
Proceeds from maturities and prepayments of securities available for sale | 73,968 | 76,230 | 118,498 |
Proceeds from sale of assets | 1,184 | ||
Proceeds from sale of buildings | 49,284 | ||
Purchase of bank owned life insurance | (16,000) | ||
Proceeds from life insurance | 6,165 | 5,284 | 2,432 |
Net originations of loans | (111,351) | (225,449) | (267,446) |
Purchases of loans | (282,703) | (196,456) | (186,717) |
Proceeds from sale of loans | 14,410 | 56,344 | 11,499 |
Proceeds from sale of OREO, net | 665 | 583 | 3,037 |
Net cash used in investing activities | (477,995) | (254,114) | (322,232) |
Financing Activities | |||
Net increase in non interest-bearing deposits | 28,478 | 52,106 | 63,694 |
Net increase in interest-bearing deposits | 546,322 | 122,563 | 245,271 |
Net increase in mortgagors' escrow deposits | 2,255 | 2,390 | 3,372 |
Net proceeds from short-term borrowed funds | 165,250 | 92,000 | 178,500 |
Proceeds from long-term borrowings | 40,996 | 230,000 | 300,000 |
Repayment of long-term borrowings | (270,088) | (282,538) | (562,401) |
Issuance of subordinated debentures, net of issuance costs of $1,598 | 73,402 | ||
Purchases of treasury stock | (22,585) | (9,290) | (9,858) |
Excess tax benefits from stock-based payment arrangements | 712 | ||
Proceeds from issuance of common stock upon exercise of stock options | 6 | 328 | |
Cash dividends paid | (22,927) | (20,954) | (19,689) |
Net cash provided by financing activities | 467,707 | 186,277 | 273,331 |
Net increase (decrease) in cash and cash equivalents | 67,015 | 15,689 | (6,506) |
Cash and cash equivalents, beginning of year | 51,546 | 35,857 | 42,363 |
Cash and cash equivalents, end of year | 118,561 | 51,546 | 35,857 |
Supplemental Cash Flow Disclosure | |||
Interest paid | 85,112 | 59,868 | 53,755 |
Income taxes paid | 6,616 | 23,899 | 36,813 |
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible | 7,245 | 25,450 | 37,525 |
Non-cash activities: | |||
Loans transferred to other real estate owned | 673 | 639 | |
Loans held for investment transferred to loans held for sale | 30,565 | ||
Securities transferred to other assets | 7,000 | ||
Reclassification of the income tax effects of Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings | $ 2,073 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Subordinated debentures, issuance costs | $ 1,598 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. Flushing Financial Corporation (the “Holding Company”), a Delaware business corporation, is the bank holding company of its wholly-owned subsidiary Flushing Bank (the “Bank”). The Holding Company and its direct and indirect wholly-owned subsidiaries, including the Bank, Flushing Preferred Funding Corporation (“FPFC”), Flushing Service Corporation (“FSC”), and FSB Properties Inc. (“Properties”), are collectively herein referred to as the “Company.” The Company’s principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in ( 1 one four 2 3 4 5 nineteen eight three five three |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. The accounting and reporting policies of the Company follow accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The policies which materially affect the determination of the Company’s financial position, results of operations and cash flows are summarized below. Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Holding Company and the following direct and indirect wholly-owned subsidiaries of the Holding Company: the Bank, FPFC, FSC, and Properties. FPFC is a real estate investment trust formed to hold a portion of the Bank’s mortgage loans to facilitate access to capital markets. FSC was formed to market insurance products and mutual funds. Properties is currently used to hold title to real estate owned acquired via foreclosure. Amounts held in a rabbi trust for certain non-qualified deferred compensation plans are included in the consolidated financial statements. All intercompany transactions and accounts are eliminated in consolidation. The Holding Company currently has three 9, When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for loan losses (“ALL”), the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets, the fair value of financial instruments including the evaluation of other-than-temporary impairment (“OTTI”) on securities. Actual results could differ from these estimates. Cash and Cash Equivalents: For the purpose of reporting cash flows, the Company defines cash and due from banks, overnight interest-earning deposits and federal funds sold with original maturities of 90 December 31, 2018 2017, $118.6 $51.5 $105.8 $39.4 $4.4 $9.7 December 31, 2018 2017, Securities: Securities are classified as held-to-maturity when management intends to hold the securities until maturity. Securities are classified as available for sale when management intends to hold the securities for an indefinite period of time or when the securities may may 1 2 3 4 6, $3.4 $3.7 $3.1 December 31, 2018, 2017 2016, Goodwill: Goodwill is presumed to have an indefinite life and is tested annually, or more frequently when certain conditions are met, for impairment. If the fair value of the reporting unit is greater than the goodwill amount, no In performing the goodwill impairment testing, the Company has identified a single reporting unit. The Company performed the qualitative assessment in reviewing the carrying value of goodwill as of December 31, 2018, 2017 2016, no December 31, 2018 2017, $16.1 Loans: Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected. Interest on loans is recognized on the accrual basis. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 90 not 90 first not The Company may December 31, 2018 2017 not not Allowance for Loan Losses: The Company recognizes a loan as non-performing when the borrower has demonstrated the inability to bring the loan current, or due to other circumstances which, in management’s opinion, indicate the borrower will be unable to bring the loan current within a reasonable time. All loans classified as non-performing, which includes all loans past due 90 90 A loan is considered impaired when, based upon current information, the Company believes it is probable that it will be unable to collect all amounts due, both principal and interest, in accordance with the original terms of the loan. Impaired loans are measured based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or, as a practical expedient, the fair value of the collateral, less cost to sell, if the loan is collateral dependent. All non-accrual loans are considered impaired. The Company maintains an allowance for loan losses at an amount, which, in management’s judgment, is adequate to absorb probable estimated losses inherent in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of loans. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. An unallocated component may The allowance is established through charges to earnings in the form of a provision for loan losses based on management’s evaluation of the risk inherent in the various components of the loan portfolio and other factors, including historical loan loss experience, current economic conditions, delinquency and non-accrual trends, classified loan levels, risk in the portfolio and volumes and trends in loan types, recent trends in charge-offs, changes in underwriting standards, experience, ability and depth of the Company’s lenders, collection policies and experience, internal loan review function and other external factors. When a loan or a portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. The determination of the amount of the allowance for loan losses includes estimates that are susceptible to significant changes due to changes in appraisal values of collateral, national and local economic conditions and other factors. We review our loan portfolio by separate categories with similar risk and collateral characteristics. Impaired loans are segregated and reviewed separately. The Company reviews each impaired loan on an individual basis to determine if either a charge-off or a valuation allowance needs to be allocated to the loan. The Company does not In prior years we segregated our loans into two December 31, 2009 second January 1, 2010. 2009. 2018 no two 11% $0.2 not 2018 three five three five $0.6 December 31, 2018. The Company considers fair value of collateral dependent mortgage loans to be 85% 85% no The Company evaluates the underlying collateral through a third third not In preparing internal evaluations of property values, the Company seeks to obtain current data on the subject property from various sources, including: ( 1 2 3 4 5 6 7 As of December 31, 2018, third $17.0 83.0%, $3.5 17.0%, The Company may may These restructurings have not six not six not The allocation of a portion of the ALL for a performing TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate, or for a non-performing TDR which is collateral dependent, the fair value of the collateral. At December 31, 2018, no not Loans Held for Sale: Loans held for sale are carried at the lower of cost or estimated fair value. At December 31, 2018 2017, no Bank Owned Life Insurance: Bank owned life insurance (“BOLI”) represents life insurance on the lives of certain current and past employees who have provided positive consent allowing the Company to be the beneficiary of such policies. BOLI is carried in the Consolidated Statements of Financial Condition at its cash surrender value. Increases in the cash value of the policies, as well as proceeds received, are recorded in other non-interest income, and are not Other Real Estate Owned: OREO consists of property acquired through foreclosure. At the time of foreclosure these properties are acquired at fair value and subsequently carried at fair value, less estimated selling costs. The fair value is based on appraised value through a current appraisal, or at times through an internal review, additionally adjusted by the estimated costs to sell the property. This determination is made on an individual asset basis. If the fair value of a property is less than the carrying amount, the difference is recognized as a valuation allowance. Further decreases to the estimated value will be charged directly to expense. There was no December 31, 2018 2017. Bank Premises and Equipment: Bank premises and equipment are stated at cost, less depreciation accumulated on a straight-line basis over the estimated useful lives of the related assets. For equipment and furniture the useful life is between 3 10 Federal Home Loan Bank Stock: The FHLB-NY has assigned to the Company a mandated membership stock ownership requirement, based on its asset size. In addition, for all borrowing activity, the Company is required to purchase shares of FHLB-NY non-marketable capital stock at par. Such shares are redeemed by FHLB-NY at par with reductions in the Company’s borrowing levels. The Company carries its investment in FHLB-NY stock at historical cost. The Company periodically reviews its FHLB-NY stock to determine if impairment exists. At December 31, 2018, not December 31, 2018. Income Taxes: Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between book and tax bases of the various balance sheet assets and liabilities. A deferred tax liability is recognized on all taxable temporary differences and a deferred tax asset is recognized on all deductible temporary differences and operating losses and tax credit carry-forwards. A valuation allowance is recognized to reduce the potential deferred tax asset if it is “more likely than not” not not 50% Stock Compensation Plans: The Company accounts for its stock-based compensation using a fair-value-based measurement method for share-based payment transactions with employees and directors. The Company measures the cost of employee and directors services received in exchange for an award of an equity instrument based on the grant date fair value of the award. That cost is recognized over the period during which the employee and directors are required to provide services in exchange for the award. The requisite service period is usually the vesting period. Benefit Plans: The Company sponsors a qualified pension, 401 The Company recognizes the funded status of a benefit plan – measured as the difference between plan assets at fair value and the benefit obligation – in the Consolidated Statements of Financial Condition, with the unrecognized credits and charges recognized, net of taxes, as a component of accumulated other comprehensive loss. These credits or charges arose as a result of gains or losses and prior service costs or credits that arose during prior periods but were not Treasury Stock: The Company records treasury stock at cost. Treasury stock is reissued at average cost. Derivatives: Derivatives are recorded on the Consolidated Statements of Financial Condition at fair value on a gross basis in “Other assets” and/or “Other liabilities”. The accounting for changes in value of a derivative depends on the type of hedge and on whether or not not To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. The extent to which a derivative has been, and is expected to continue to be, effective at offsetting changes in the fair value of the hedged item must be assessed at least quarterly. For cash flow hedges, the effective portion of changes in the fair value of the derivative is initially recorded as a component of accumulated other comprehensive income or loss, net of tax, and subsequently reclassified into earnings when the hedged transaction effects earnings. Any hedge ineffectiveness (gain or loss) is reported in current-period earnings. For fair value hedges, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in earnings. If it is determined that a derivative is not Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes changes in unrealized gains and losses on securities available for sale and cash flow hedges arising during the period, adjustments to net periodic pension costs and reclassification adjustments for realized gains and losses on securities available for sale and changes in the fair value of instrument-specific credit risk from the Company’s liabilities carried at fair value pursuant to the fair value option. Segment Reporting: Management views the Company as operating as a single unit, a community bank. Therefore, segment information is not Advertising Expense: Costs associated with advertising are expensed as incurred. The Company recorded advertising expenses of $2.2 $2.4 $2.4 December 31, 2018, 2017 2016, Earnings per Common Share: Basic earnings per common share is computed by dividing net income available to common shareholders by the total weighted average number of common shares outstanding, which includes unvested participating securities. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and as such are included in the calculation of earnings per share. The Company’s unvested restricted stock unit awards are considered participating securities. Therefore, weighted average common shares outstanding used for computing basic earnings per common share includes common shares outstanding plus unvested restricted stock unit awards. The computation of diluted earnings per share includes the additional dilutive effect of stock options outstanding and other common stock equivalents during the period. Common stock equivalents that are anti-dilutive are not not Earnings per common share have been computed based on the following, for the years ended December 31: 2018 2017 2016 (In thousands, except per share data) Net income, as reported $ 55,090 $ 41,121 $ 64,916 Divided by: Weighted average common shares outstanding 28,709 29,080 28,957 Weighted average common stock equivalents 1 2 13 Total weighted average common shares outstanding and common stock equivalents 28,710 29,082 28,970 Basic earnings per common share $ 1.92 $ 1.41 $ 2.24 Diluted earnings per common share $ 1.92 $ 1.41 $ 2.24 Dividend Payout ratio 41.7 % 51.1 % 30.4 % There were no December 31, 2018, 2017 2016. |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. The composition of loans is as follows at December 31: 2018 2017 (In thousands) Multi-family residential $ 2,269,048 $ 2,273,595 Commercial real estate 1,542,547 1,368,112 One-to-four family ― mixed-use property 577,741 564,206 One-to-four family ― residential 190,350 180,663 Co-operative apartments 8,498 6,895 Construction 50,600 8,479 Small Business Administration 15,210 18,479 Taxi medallion 4,539 6,834 Commercial business and other 877,763 732,973 Gross loans 5,536,296 5,160,236 Net unamortized premiums and unearned loan fees 15,188 16,763 Total loans, net of fees and costs $ 5,551,484 $ 5,176,999 The majority of our loan portfolio is invested in multi-family residential, commercial real estate and commercial business and other loans, which totaled 84.7% 84.8% December 31, 2018 2017, December 31, 2018, $36.5 $18.4 Loans secured by multi-family residential property and commercial real estate generally involve a greater degree of risk than residential mortgage loans and generally carry larger loan balances. The increased credit risk is the result of several factors, including the concentration of principal in a smaller number of loans and borrowers, the effects of general economic conditions on income producing properties and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayments of loans secured by these types of properties are typically dependent upon the successful operation of the related property, which is usually owned by a legal entity with the property being the entity’s only asset. If the cash flow from the property is reduced, the borrower’s ability to repay the loan may may may Loans secured by commercial business and other loans involve a greater degree of risk for the same reasons as for multi-family residential and commercial real estate loans with the added risk that many of the loans are not To minimize the risks involved in the origination of multi-family residential, commercial real estate and commercial business and other loans, the Company adheres to strict underwriting standards, which include reviewing the expected net operating income generated by the real estate collateral securing the loan, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. We typically require debt service coverage of at least 125% 75% 75% may not The following tables show loans modified and classified as TDR during the periods indicated: For the year ended (Dollars in thousands) Number Balance Modification description Commercial business and other 1 $ 1,620 Loan amortization extension. Total 1 $ 1,620 For the year ended (Dollars in thousands) Number Balance Modification description Taxi medallion 10 $ 6,741 Four loans received a below market interest rate and the loan amortization was extended. Six loans had loan amortization extensions. Total 10 $ 6,741 For the year ended (Dollars in thousands) Number Balance Modification description One-to-four family - residential 2 $ 263 Received a below market interest rate and the loans amortization were extended Taxi medallion 12 9,764 Nine loans received a below market interest rate and three had their loan amortization extended Commercial business and other 1 324 Received a below market interest rate and the loan amortization was extended Total 15 $ 10,351 The recorded investment of the loans modified and classified as TDR, presented in the tables above, were unchanged as there was no The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated: December 31, 2018 December 31, 2017 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 7 $ 1,916 9 $ 2,518 Commercial real estate - - 2 1,986 One-to-four family - mixed-use property 5 1,692 5 1,753 One-to-four family - residential 3 552 3 572 Taxi medallion 15 3,926 20 5,916 Commercial business and other 1 279 2 462 Total performing 31 $ 8,365 41 $ 13,207 During the year ended December 31, 2018, one $1.8 $0.3 four $1.4 one $0.1 one 2018 no 2017, no The following table shows our recorded investment for loans classified as TDR that are not December 31, 2018 December 31, 2017 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 388 1 $ 383 Commercial business and other 1 1,397 - - Total TDR's that subsequently defaulted 2 $ 1,785 1 $ 383 The following table shows our non-performing loans at the periods indicated: At December 31, (In thousands) 2018 2017 Loans ninety days or more past due and still accruing: Commercial real estate $ - $ 2,424 Total - 2,424 Non-accrual mortgage loans: Multi-family residential 2,410 3,598 Commercial real estate 1,379 1,473 One-to-four family mixed-use property 928 1,867 One-to-four family residential 6,144 7,808 Total 10,861 14,746 Non-accrual non-mortgage loans: Small Business Administration 1,267 46 Taxi medallion 613 918 Commercial business and other 3,512 - Total 5,392 964 Total non-accrual loans 16,253 15,710 Total non-performing loans $ 16,253 $ 18,134 The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the years ended December 31: 2018 2017 2016 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 1,604 $ 1,705 $ 1,963 Less: Interest income included in the results of operations 623 619 455 Total foregone interest $ 981 $ 1,086 $ 1,508 The following table shows by delinquency an analysis of our recorded investment in loans at December 31, 2018: (in thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 1,887 $ 339 $ 2,410 $ 4,636 $ 2,264,412 $ 2,269,048 Commercial real estate 379 - 1,379 1,758 1,540,789 1,542,547 One-to-four family - mixed-use property 1,003 322 928 2,253 575,488 577,741 One-to-four family - residential 1,564 - 6,144 7,708 182,642 190,350 Co-operative apartments - - - - 8,498 8,498 Construction loans - 730 - 730 49,870 50,600 Small Business Administration 4 68 1,267 1,339 13,871 15,210 Taxi medallion - - - - 4,539 4,539 Commercial business and other 2,076 281 2,216 4,573 873,190 877,763 Total $ 6,913 $ 1,740 $ 14,344 $ 22,997 $ 5,513,299 $ 5,536,296 The following table shows by delinquency an analysis of our recorded investment in loans at December 31, 2017: (in thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 2,533 $ 279 $ 3,598 $ 6,410 $ 2,267,185 $ 2,273,595 Commercial real estate 1,680 2,197 3,897 7,774 1,360,338 1,368,112 One-to-four family - mixed-use property 1,570 860 1,867 4,297 559,909 564,206 One-to-four family - residential 1,921 680 7,623 10,224 170,439 180,663 Co-operative apartments - - - - 6,895 6,895 Construction loans - - - - 8,479 8,479 Small Business Administration - - - - 18,479 18,479 Taxi medallion - 108 - 108 6,726 6,834 Commercial business and other 2 - - 2 732,971 732,973 Total $ 7,706 $ 4,124 $ 16,985 $ 28,815 $ 5,131,421 $ 5,160,236 The following tables show the activity in the allowance for loan losses for the periods indicated: For the year ended December 31, 2018 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 5,823 $ 4,643 $ 2,545 $ 1,082 $ - $ 68 $ 669 $ - $ 5,521 $ 20,351 Charge-off's (99 ) - (3 ) (1 ) - - (392 ) (393 ) (44 ) (932 ) Recoveries 6 - 136 569 - - 51 143 46 951 Provision (benefit) (54 ) (328 ) (811 ) (901 ) - 261 90 250 2,068 575 Ending balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ - $ 329 $ 418 $ - $ 7,591 $ 20,945 For the year ended December 31, 2017 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 5,923 $ 4,487 $ 2,903 $ 1,015 $ - $ 92 $ 481 $ 2,243 $ 4,492 $ 593 $ 22,229 Charge-off's (454 ) (4 ) (39 ) (415 ) - - (212 ) (11,283 ) (65 ) - (12,472 ) Recoveries 300 96 108 91 - - 80 - 58 - 733 Provision (benefit) 54 64 (427 ) 391 - (24 ) 320 9,040 1,036 (593 ) 9,861 Ending balance $ 5,823 $ 4,643 $ 2,545 $ 1,082 $ - $ 68 $ 669 $ - $ 5,521 $ - $ 20,351 For the year ended December 31, 2016 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,718 $ 4,239 $ 4,227 $ 1,227 $ - $ 50 $ 262 $ 343 $ 4,469 $ - $ 21,535 Charge-off's (161 ) - (144 ) (114 ) - - (529 ) (142 ) (69 ) - (1,159 ) Recoveries 339 11 777 366 - - 99 - 261 - 1,853 Provision (benefit) (973 ) 237 (1,957 ) (464 ) - 42 649 2,042 (169 ) 593 - Ending balance $ 5,923 $ 4,487 $ 2,903 $ 1,015 $ - $ 92 $ 481 $ 2,243 $ 4,492 $ 593 $ 22,229 The following tables show the manner in which loans were evaluated for impairment at the periods indicated: At December 31, 2018 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Total Financing Receivables: Ending Balance $ 2,269,048 $ 1,542,547 $ 577,741 $ 190,350 $ 8,498 $ 50,600 $ 15,210 $ 4,539 $ 877,763 $ 5,536,296 Ending balance: individually evaluated for impairment $ 4,500 $ 1,435 $ 3,098 $ 6,889 $ - $ - $ 1,267 $ 4,539 $ 3,791 $ 25,519 Ending balance: collectively evaluated for impairment $ 2,264,548 $ 1,541,112 $ 574,643 $ 183,461 $ 8,498 $ 50,600 $ 13,943 $ - $ 873,972 $ 5,510,777 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 100 $ - $ 143 $ 51 $ - $ - $ - $ - $ 866 $ 1,160 Ending balance: collectively evaluated for impairment $ 5,576 $ 4,315 $ 1,724 $ 698 $ - $ 329 $ 418 $ - $ 6,725 $ 19,785 At December 31, 2017 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Total Financing Receivables: Ending Balance $ 2,273,595 $ 1,368,112 $ 564,206 $ 180,663 $ 6,895 $ 8,479 $ 18,479 $ 6,834 $ 732,973 $ 5,160,236 Ending balance: individually evaluated for impairment $ 7,311 $ 9,089 $ 5,445 $ 9,686 $ - $ - $ 137 $ 6,834 $ 661 $ 39,163 Ending balance: collectively evaluated for impairment $ 2,266,284 $ 1,359,023 $ 558,761 $ 170,977 $ 6,895 $ 8,479 $ 18,342 $ - $ 732,312 $ 5,121,073 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 205 $ 177 $ 198 $ 56 $ - $ - $ - $ - $ 6 $ 642 Ending balance: collectively evaluated for impairment $ 5,618 $ 4,466 $ 2,347 $ 1,026 $ - $ 68 $ 669 $ - $ 5,515 $ 19,709 The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired at: December 31, 2018 December 31, 2017 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,225 $ 3,568 $ - $ 5,091 $ 5,539 $ - Commercial real estate 1,435 1,435 - 7,103 7,103 - One-to-four family mixed-use property 1,913 2,113 - 4,218 4,556 - One-to-four family residential 6,490 6,643 - 9,272 10,489 - Non-mortgage loans: Small Business Administration 1,267 1,609 - 137 151 - Taxi medallion 4,539 12,788 - 6,834 18,063 - Commercial business and other - - - 313 682 - Total loans with no related allowance recorded 18,869 28,156 - 32,968 46,583 - With an allowance recorded: Mortgage loans: Multi-family residential 1,275 1,275 100 2,220 2,220 205 Commercial real estate - - - 1,986 1,986 177 One-to-four family mixed-use property 1,185 1,185 143 1,227 1,227 198 One-to-four family residential 399 399 51 414 414 56 Commercial business and other 3,791 3,791 866 348 348 6 Total loans with an allowance recorded 6,650 6,650 1,160 6,195 6,195 642 Total Impaired Loans: Total mortgage loans $ 15,922 $ 16,618 $ 294 $ 31,531 $ 33,534 $ 636 Total non-mortgage loans $ 9,597 $ 18,188 $ 866 $ 7,632 $ 19,244 $ 6 The following table shows our average recorded investment and interest income recognized for loans that were considered impaired for the years ended: December 31, 2018 December 31, 2017 December 31, 2016 Average Interest Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,957 $ 76 $ 3,260 $ 80 $ 4,762 $ 96 Commercial real estate 4,334 176 6,187 300 4,753 169 One-to-four family mixed-use property 3,298 125 5,104 168 7,914 141 One-to-four family residential 7,603 33 9,865 108 10,233 82 Construction 183 10 596 22 285 7 Non-mortgage loans: Small Business Administration 711 33 207 11 369 20 Taxi medallion 5,865 313 4,537 161 3,110 67 Commercial business and other 10,170 792 1,267 98 2,217 181 Total loans with no related allowance recorded 36,121 1,558 31,023 948 33,643 763 With an allowance recorded: Mortgage loans: Multi-family residential 1,741 96 2,348 136 2,279 116 Commercial real estate - - 2,026 95 2,145 100 One-to-four family mixed-use property 1,201 54 1,341 65 2,560 138 One-to-four family residential 405 16 420 16 410 15 Non-mortgage loans: Small Business Administration - - - - 616 42 Taxi medallion - - 10,997 166 7,244 147 Commercial business and other 1,178 25 375 22 827 45 Total loans with an allowance recorded 4,525 191 17,507 500 16,081 603 Total Impaired Loans: Total mortgage loans $ 22,722 $ 586 $ 31,147 $ 990 $ 35,341 $ 864 Total non-mortgage loans $ 17,924 $ 1,163 $ 17,383 $ 458 $ 14,383 $ 502 In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans”. If a loan does not one not not one The following table sets forth the recorded investment in loans designated as Criticized or Classified at December 31, 2018: (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 2,498 $ 4,166 $ - $ - $ 6,664 Commercial real estate 381 4,051 - - 4,432 One-to-four family - mixed-use property 1,199 2,034 - - 3,233 One-to-four family - residential 557 6,665 - - 7,222 Construction loans 730 - - - 730 Small Business Administration 481 139 - - 620 Taxi medallion - 4,539 - - 4,539 Commercial business and other 730 21,348 3,512 - 25,590 Total loans $ 6,576 $ 42,942 $ 3,512 $ - $ 53,030 The following table sets forth the recorded investment in loans designated as Criticized or Classified at December 31, 2017: (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 6,389 $ 4,793 $ - $ - $ 11,182 Commercial real estate 2,020 8,871 - - 10,891 One-to-four family - mixed-use property 2,835 3,691 - - 6,526 One-to-four family - residential 2,076 9,115 - - 11,191 Small Business Administration 548 108 - - 656 Taxi medallion - 6,834 - - 6,834 Commercial business and other 14,859 545 - - 15,404 Total loans $ 28,727 $ 33,957 $ - $ - $ 62,684 |
Note 4 - Loans Held for Sale
Note 4 - Loans Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans Held for Sale [Text Block] | 4. Loans held for sale are carried at the lower of cost or estimated fair value. At December 31, 2018 2017, not The Company has implemented a strategy of selling certain delinquent and non-performing loans. Once the Company has decided to sell a loan, the sale usually closes in a short period of time, generally within the same quarter. Loans designated held for sale are reclassified from loans held for investment to loans held for sale. Terms of sale include cash due upon the closing of the sale, no may The following tables show loans sold during the period indicated: For the year ended December 31, 2018 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain (loss) Delinquent and non-performing loans Multi-family residential 4 $ 1,559 $ - $ - Commercial real estate 4 6,065 - (235 ) One-to-four family - mixed-use property 2 725 (4 ) - One-to-four family - residential 2 390 72 10 Total 12 $ 8,739 $ 68 $ (225 ) Performing loans Small Business Administration 9 $ 5,671 $ - $ 393 Total 9 $ 5,671 $ - $ 393 For the year ended December 31, 2017 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain (loss) Delinquent and non-performing loans Multi-family residential 3 $ 872 $ - $ 38 Commercial real estate 5 1,821 (4 ) 34 One-to-four family - mixed-use property 9 3,523 (33 ) 343 Total 17 $ 6,216 $ (37 ) $ 415 Performing loans Multi-family residential 12 $ 18,784 $ - $ (36 ) Commercial real estate 7 26,283 - (28 ) Small Business Administration 8 5,061 - 252 Total 27 $ 50,128 $ - $ 188 For the year ended December 31, 2016 (Dollars in thousands) Loans sold Proceeds Net recoveries Net gain Delinquent and non-performing loans Multi-family residential 9 $ 2,680 $ 1 $ 3 Commercial real estate 2 192 - - One-to-four family - mixed-use property 15 5,093 47 262 Total 26 $ 7,965 $ 48 $ 265 Performing loans Small Business Administration 6 $ 3,534 $ - $ 319 Total 6 $ 3,534 $ - $ 319 |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 5. The following table shows the activity in OREO during the periods indicated: For the years ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ - $ 533 $ 4,932 Additions 638 - 639 Reductions to carrying value - - (1,763 ) Sales (638 ) (533 ) (3,275 ) Balance at end of year $ - $ - $ 533 OREO balances are included in “Other assets” within our Consolidated Statements of Financial Condition. The following table shows the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income in “Other operating expenses” during the periods presented: For the years ended December 31, 2018 2017 2016 (In thousands) Gross gains $ 27 $ 50 $ 37 Gross losses - - (275 ) Write-down of carrying value - - (1,763 ) Total income (expense) $ 27 $ 50 $ (2,001 ) We may December 31, 2018, one $0.6 December 31, 2017 not not December 31, 2018 2017. December 31, 2018 2017, $7.2 $10.5 |
Note 6 - Securities
Note 6 - Securities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. The Company did not December 31, 2018 2017. The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2018: Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 24,065 $ 22,508 $ - $ 1,557 Total municipals 24,065 22,508 - 1,557 FNMA 7,953 7,366 - 587 Total mortgage-backed securities 7,953 7,366 - 587 Total $ 32,018 $ 29,874 $ - $ 2,144 The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2017: Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 22,913 $ 21,889 $ - $ 1,024 Total municipals 22,913 21,889 - 1,024 FNMA 7,973 7,810 - 163 Total mortgage-backed securities 7,973 7,810 - 163 Total $ 30,886 $ 29,699 $ - $ 1,187 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2018: Amortized Fair Value Gross Gross (In thousands) Corporate $ 130,000 $ 118,535 $ - $ 11,465 Municipals 46,231 46,574 343 - Mutual funds 11,586 11,586 - - Collateralized loan obligations 88,396 86,751 - 1,645 Other 1,256 1,256 - - Total other securities 277,469 264,702 343 13,110 REMIC and CMO 382,632 376,340 885 7,177 GNMA 785 826 41 - FNMA 94,069 91,693 72 2,448 FHLMC 90,377 89,094 113 1,396 Total mortgage-backed securities 567,863 557,953 1,111 11,021 Total securities available for sale $ 845,332 $ 822,655 $ 1,454 $ 24,131 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2017: Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 102,767 $ - $ 7,233 Municipals 101,680 103,199 1,519 - Mutual funds 11,575 11,575 - - Collateralized loan obligations 10,000 10,053 53 - Other 1,110 1,110 - - Total other securities 234,365 228,704 1,572 7,233 REMIC and CMO 328,668 325,302 595 3,961 GNMA 1,016 1,088 72 - FNMA 136,198 135,474 330 1,054 FHLMC 48,103 47,786 18 335 Total mortgage-backed securities 513,985 509,650 1,015 5,350 Total securities available for sale $ 748,350 $ 738,354 $ 2,587 $ 12,583 Mortgage-backed securities shown in the tables above includes one $21,000 December 31, 2017. not December 31, 2018. The corporate securities held by the Company at December 31, 2018 2017 The following table details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at December 31, 2018, may Amortized Fair Value (In thousands) Due in one year or less $ 2,568 $ 2,568 Due after ten years 21,497 19,940 Total other securities 24,065 22,508 Mortgage-backed securities 7,953 7,366 Total securities held-to-maturity $ 32,018 $ 29,874 The amortized cost and fair value of the Company’s securities, classified as available for sale at December 31, 2018, Amortized Fair Value (In thousands) Due after five years through ten years $ 131,087 $ 119,622 Due after ten years 134,796 133,494 Total other securities 265,883 253,116 Mutual funds 11,586 11,586 Mortgage-backed securities 567,863 557,953 Total securities available for sale $ 845,332 $ 822,655 The following table shows the Company’s securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2018. Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,940 $ 1,557 $ - $ - $ 19,940 $ 1,557 Total other securities 1 19,940 1,557 - - 19,940 1,557 FNMA 1 7,366 587 - - 7,366 587 Total mortgage-backed securities 1 7,366 587 - - 7,366 587 Total securities held-to-maturity 2 $ 27,306 $ 2,144 $ - $ - $ 27,306 $ 2,144 Available for sale securities Corporate 16 $ 118,535 $ 11,465 $ 19,113 $ 888 $ 99,422 $ 10,577 Municipals 3 4,220 - 4,220 - - - CLO 11 86,752 1,645 86,752 1,645 - - Total other securities 30 209,507 13,110 110,085 2,533 99,422 10,577 REMIC and CMO 39 243,756 7,177 17,308 200 226,448 6,977 GNMA 1 51 - 51 - - - FNMA 14 85,046 2,448 6,372 17 78,674 2,431 FHLMC 3 51,288 1,396 10,116 95 41,172 1,301 Total mortgage-backed securities 57 380,141 11,021 33,847 312 346,294 10,709 Total securities available for sale 87 $ 589,648 $ 24,131 $ 143,932 $ 2,845 $ 445,716 $ 21,286 The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2017. Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 20,844 $ 1,024 $ 20,844 $ 1,024 $ - $ - Total other securities 1 20,844 1,024 20,844 1,024 - - FNMA 1 7,810 163 7,810 163 - - Total mortgage-backed securities 1 7,810 163 7,810 163 - - Total securities held-to-maturity 2 $ 28,654 $ 1,187 $ 28,654 $ 1,187 $ - $ - Available for sale securities Corporate 14 $ 102,767 $ 7,233 $ 9,723 $ 277 $ 93,044 $ 6,956 Total other securities 14 102,767 7,233 9,723 277 93,044 6,956 REMIC and CMO 36 249,596 3,961 162,781 1,406 86,815 2,555 FNMA 17 120,510 1,054 109,258 850 11,252 204 FHLMC 2 46,829 335 43,258 294 3,571 41 Total mortgage-backed securities 55 416,935 5,350 315,297 2,550 101,638 2,800 Total securities available for sale 69 $ 519,702 $ 12,583 $ 325,020 $ 2,827 $ 194,682 $ 9,756 OTTI losses on impaired securities must be fully recognized in earnings if an investor has the intent to sell the debt security or if it is more likely than not not The Company reviewed each investment that had an unrealized loss at December 31, 2018 2017. December 31, 2018 2017 December 31, 2018 2017 December 31, 2018 2017 It is not not not not none not December 31, 2018 2017. The Company did not December 31, 2018, 2017 2016. The Company sold available for sale securities with carrying values at the time of sale totaling $120.3 $112.4 $126.0 December 31, 2018, 2017 2016, The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: For the years ended 2018 2017 2016 (In thousands) Gross gains from the sale of securities $ 105 $ 401 $ 2,370 Gross losses from the sale of securities (2,025 ) (587 ) (846 ) Net (losses) gains from the sale of securities $ (1,920 ) $ (186 ) $ 1,524 Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling $17.3 $17.0 December 31, 2018 2017, |
Note 7 - Bank Premises and Equi
Note 7 - Bank Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Bank premises and equipment are as follows at December 31: 2018 2017 (In thousands) Leasehold improvements $ 39,703 $ 37,044 Equipment and furniture 24,582 22,489 Total 64,285 59,533 Less: Accumulated depreciation and amortization 33,867 28,697 Bank premises and equipment, net $ 30,418 $ 30,836 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 8. Total deposits at December 31, 2018 2017, December 31, 2018, 2018 2017 Weighted (Dollars in thousands) Interest-bearing deposits: Certificate of deposit accounts $ 1,563,310 $ 1,351,933 2.10 % Savings accounts 210,022 290,280 0.72 Money market accounts 1,427,992 979,958 1.93 NOW accounts 1,300,852 1,333,232 1.53 Total interest-bearing deposits 4,502,176 3,955,403 Non-interest bearing demand deposits 413,747 385,269 Total due to depositors 4,915,923 4,340,672 Mortgagors' escrow deposits 44,861 42,606 Total deposits $ 4,960,784 $ 4,383,278 The aggregate amount of time deposits with denominations of $250,000 $1,000 $366.7 $238.8 December 31, 2018 2017, $301.7 $1,090.0 December 31, 2018 2017, During 2018, 29 no December 31, 2018 2017, $685.3 $682.4 Government deposits are collateralized by either securities, letters of credit issued by FHLB-NY or are placed in an Insured Cash Sweep service (“ICS”). The letters of credit are collateralized by mortgage loans pledged by the Company. At December 31, 2018, $1,339.7 $661.5 $678.2 $178.9 $659.6 December 31, 2017, $1,133.3 $639.5 $493.8 $183.9 $402.1 Interest expense on deposits is summarized as follows for the years ended December 31: 2018 2017 2016 (In thousands) Certificate of deposit accounts $ 28,310 $ 20,579 $ 20,536 Savings accounts 1,370 1,808 1,219 Money market accounts 18,707 8,151 3,592 NOW accounts 15,896 9,640 7,891 Total due to depositors 64,283 40,178 33,238 Mortgagors' escrow deposits 214 141 112 Total interest expense on deposits $ 64,497 $ 40,319 $ 33,350 Scheduled remaining maturities of certificate of deposit accounts are summarized as follows for the years ended December 31: 2018 2017 (In thousands) Within 12 months $ 1,017,177 $ 759,360 More than 12 months to 24 months 404,930 449,293 More than 24 months to 36 months 78,427 95,626 More than 36 months to 48 months 10,915 42,928 More than 48 months to 60 months 51,365 2,648 More than 60 months 496 2,078 Total certificate of deposit accounts $ 1,563,310 $ 1,351,933 |
Note 9 - Borrowed Funds
Note 9 - Borrowed Funds | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 9. Borrowed funds are summarized as follows at December 31: 2018 2017 Amount Weighted Amount Weighted (Dollars in thousands) FHLB-NY advances - fixed rate: Due in 2018 $ - - % $ 630,588 1.41 % Due in 2019 782,899 2.23 257,216 1.55 Due in 2020 186,082 1.64 186,148 1.64 Due in 2021 125,016 1.57 125,016 1.57 Due in 2022 25,000 2.83 - - Due in 2023 15,996 3.14 - - Total FHLB-NY advances 1,134,993 2.09 1,198,968 1.49 Subordinated debentures - fixed rate through 2021 74,001 5.32 73,699 5.34 Junior subordinated debentures - adjustable rate 41,849 6.07 36,986 4.86 Total borrowings $ 1,250,843 2.41 % $ 1,309,653 1.80 % The FHLB-NY advances are fixed rate borrowings with no one five At December 31, 2018, $2,943.0 December 31, 2018, $1,794.5 December 31, 2018, $100.0 During the year ended December 31, 2016, $75.0 5.25% 2026. first five December 15, 2021. 2 The following table shows the terms of the subordinated debt issued by the Holding Company: Subordinated Debentures Issue Date December 12, 2016 Initial Rate 5.25% First Reset Date December 15, 2021 First Call Date December 15, 2021 Spread over 3-month LIBOR 3.44% Maturity Date December 15, 2026 We may not December 15, 2021, may not 2 1940, 100% The Holding Company has three $20.6 first five 3 first five The table below shows the terms of the securities issued by the trusts. Flushing Financial Capital Trust II Flushing Financial Capital Trust III Flushing Financial Capital Trust IV Issue Date June 20, 2007 June 21, 2007 July 3, 2007 Initial Rate 7.14% 6.89% 6.85% First Reset Date September 1, 2012 June 15, 2012 July 30, 2012 Spread over 3-month LIBOR 1.41% 1.44% 1.42% Maturity Date September 1, 2037 September 15, 2037 July 30, 2037 The consolidated financial statements do not |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Flushing Financial Corporation files consolidated Federal and combined New York State and New York City income tax returns with its subsidiaries, with the exception of the trusts, which file separate Federal income tax returns as trusts, and FPFC, which files a separate Federal income tax return as a real estate investment trust. The Bank also files New Jersey State tax returns. The Company is undergoing examinations of its Federal income tax return for 2015, 2014, 2015 2016 2014. December 31, 2015. may Income tax provisions are summarized as follows for the years ended December 31: 2018 2017 2016 (In thousands) Federal: Current $ 9,183 $ 14,859 $ 34,996 Deferred (609 ) 7,985 (1,416 ) Total federal tax provision 8,574 22,844 33,580 State and Local: Current 3,876 1,419 7,647 Deferred (2,055 ) 750 (124 ) Total state and local tax provision 1,821 2,169 7,523 Total income tax provision $ 10,395 $ 25,013 $ 41,103 On December 22, 2017, 35% 21% January 1, 2018. $3.8 2017 The income tax provision in the Consolidated Statements of Income has been provided at effective rates of 15.9%, 37.8% 38.8% December 31, 2018, 2017 2016, December 31: 2018 2017 2016 (Dollars in thousands) Taxes at federal statutory rate $ 13,752 21.0 % $ 23,147 35.0 % $ 37,106 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 1,439 2.2 1,410 2.1 4,890 4.6 TCJA - - 3,770 5.7 - - Tax exempt (1,961 ) (3.0 ) (2,429 ) (3.7 ) (1,750 ) (1.7 ) Other (2,835 ) (4.3 ) (885 ) (1.3 ) 857 0.9 Taxes at effective rate $ 10,395 15.9 % $ 25,013 37.8 % $ 41,103 38.8 % The components of the net deferred tax assets are as follows at December 31: 2018 2017 (In thousands) Deferred tax assets: Postretirement benefits $ 6,489 $ 6,047 Allowance for loan losses 6,490 6,414 Stock based compensation 2,717 2,808 Depreciation 615 1,057 Unrealized loss on securities available for sale 7,028 3,150 Fair value adjustment on financial assets carried at fair value 227 168 Fair value hedges 638 939 Adjustment required to recognize funded status of postretirement pension plans 751 2,068 Gain on sale of buildings 1,220 1,434 Other 3,113 299 Net operating loss (NYC) 928 - Deferred tax assets 30,216 24,384 Deferred tax liabilities: FPFC deferred income 2,263 1,916 Cashflow hedges 1,664 129 Fair value adjustment on financial liabilities carried at fair value 5,815 7,800 Entity specific fair value 382 - Other 6,132 4,239 Deferred tax liabilities 16,256 14,084 Net deferred tax asset included in other assets $ 13,960 $ 10,300 The Company has recorded a deferred tax asset of $30.2 three $16.3 not no December 31, 2018 2017. The Company does not three December 31, 2018, not |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. For the years ended December 31, 2018, 2017 2016 $6.5 $5.9 $5.9 $1.4 $1.9 $2.3 The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards. Compensation cost is recognized over the vesting period of the award using the straight line method. There were 280,590, 276,900 337,175 December 31, 2018, 2017 2016, No 2009. December 31, 2018, 300 $8.44. The 2014 “2014 May 20, 2014 2014 2014 1,100,000 2014 2014 No may 2005 1996 1996 May 31, 2017, 2014 672,000 No 2014 745,477 2014 December 31, 2018. 2014 three 10 not The following table summarizes the Company’s restricted stock unit (“RSU”) awards under the 2014 December 31, 2018: Shares Weighted-Average Non-vested at December 31, 2017 497,322 $ 22.46 Granted 280,590 28.19 Vested (256,414 ) 23.70 Forfeited (18,840 ) 25.01 Non-vested at December 31, 2018 502,658 $ 24.93 Vested but unissued at December 31, 2018 241,924 $ 25.10 As of December 31, 2018, $8.2 2014 2.8 December 31, 2018, 2017 2016 $7.1 $7.0 $4.9 no December 31, 2018, no Cash proceeds, fair value received, tax benefits, and intrinsic value related to stock options exercised, during the years ended December 31, 2018, 2017 2016 (In thousands) 2018 2017 2016 Proceeds from stock options exercised $ 6 $ - $ 328 Fair value of shares received upon exercise of stock options 8 37 1,380 Tax benefit related to stock options exercised 1 39 185 Intrinsic value of stock options exercised 9 96 841 Phantom Stock Plan: one not 1986, 20% first 5 100% 100% The following table summarizes the Company’s Phantom Stock Plan at or for the year ended December 31, 2018: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2017 89,180 $ 27.50 Granted 10,673 26.94 Distributions (540 ) 22.66 Outstanding at December 31, 2018 99,313 $ 21.53 Vested at December 31, 2018 98,914 $ 21.53 The Company recorded stock-based compensation (benefit) expense for the phantom stock plan of ( $0.5 $0.1 $0.7 December 31, 2018, 2017 2016, $12,000, $247,000 $45,000 December 31, 2018, 2017 2016, |
Note 12 - Pension and Other Pos
Note 12 - Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12. The amounts recognized in accumulated other comprehensive loss, on a pre-tax basis, consist of the following, as of December 31: Net Actuarial Prior Service Total 2018 2017 2016 2018 2017 2016 2018 2017 2016 (In thousands) Employee Retirement Plan $ 3,238 $ 6,166 $ 8,055 $ - $ - $ - $ 3,238 $ 6,166 $ 8,055 Other Postretirement Benefit Plans 35 1,223 636 (283 ) (368 ) (453 ) (248 ) 855 183 Outside Directors Plan (566 ) (472 ) (540 ) - 12 52 (566 ) (460 ) (488 ) Total $ 2,707 $ 6,917 $ 8,151 $ (283 ) $ (356 ) $ (401 ) $ 2,424 $ 6,561 $ 7,750 Amounts in accumulated other comprehensive loss to be recognized as components of net periodic expense for these plans in 2019 Net Actuarial Prior Service Expense (In thousands) Employee Retirement Plan $ 269 $ - $ 269 Other Postretirement Benefit Plans - (85 ) (85 ) Outside Directors Plan (141 ) - (141 ) Total $ 128 $ (85 ) $ 43 Employee Retirement Plan: The Company has a funded noncontributory defined benefit retirement plan covering substantially all of its salaried employees who were hired before September 1, 2005 ( three ten September 30, 2006, third 2018, 100% not December 31, 2018, 2017 2016. December 31 The following table sets forth, for the Retirement Plan, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2018 2017 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 23,605 $ 22,769 Interest cost 781 864 Actuarial loss (2,389 ) 962 Benefits paid (1,653 ) (990 ) Projected benefit obligation at end of year 20,344 23,605 Change in plan assets: Market value of assets at beginning of year 22,702 20,146 Actual return on plan assets 1,370 3,546 Benefits paid (1,653 ) (990 ) Market value of plan assets at end of year 22,419 22,702 Accrued pension asset/liability included in other assets (liabilities) $ 2,075 $ (903 ) Assumptions used to determine the Retirement Plan’s benefit obligations are as follows at December 31: 2018 2017 Weighted average discount rate 4.06% 3.42% Rate of increase in future compensation levels n/a n/a The mortality assumptions for 2018 2014 2006 2018 2017 2014 2006 2017. The components of the net pension expense for the Retirement Plan are as follows for the years ended December 31: 2018 2017 2016 (In thousands) Interest cost $ 781 $ 864 $ 902 Amortization of unrecognized loss 621 697 809 Expected return on plan assets (1,452 ) (1,392 ) (1,394 ) Net pension (benefit) expense (50 ) 169 317 Current year actuarial (gain) loss (2,307 ) (1,192 ) 275 Amortization of actuarial loss (621 ) (697 ) (809 ) Total recognized in other comprehensive income (2,928 ) (1,889 ) (534 ) Total recognized in net pension cost (benefit) and other comprehensive loss $ (2,978 ) $ (1,720 ) $ (217 ) Assumptions used to develop periodic pension cost for the Retirement Plan for the years ended December 31: 2018 2017 2016 Weighted average discount rate 3.42% 3.88% 4.06% Rate of increase in future compensation levels n/a n/a n/a Expected long-term rate of return on assets 7.00% 7.00% 7.25% The following benefit payments are expected to be paid by the Retirement Plan for the years ending December 31: Future Benefit Payments (In thousands) 2019 $ 1,300 2020 1,133 2021 1,177 2022 1,205 2023 1,228 2024 – 2028 6,033 The long-term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan's target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 8 10% 3 5%, 5.25% 2018. The Retirement Plan’s weighted average asset allocations by asset category at December 31: 2018 2017 Equity securities 0 % 72 % Debt securities 100 % 28 % At December 31, 2018, The long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. Historically, a combination of equity and fixed income portfolios were used to help achieve these objectives based on a long-term, liability based strategic mix of 60% 40% 2018 100% The Company does not 2019. The following table sets forth the Retirement Plan’s assets at the periods indicated: At December 31, 2018 2017 (In thousands) Pooled Separate Accounts Long duration bond fund (a) $ 10,045 $ - Long corporate bond fund (b) 4,471 - Prudential short term (c) 360 77 U.S. large-cap growth (d) - 5,822 U.S. large-cap value (e) - 5,164 U.S. small-cap blend (f) - 2,735 International blend (g) - 2,566 Bond fund (h) - 6,338 Mutual Fund Investment grade bond fund (i) 7,543 - Total $ 22,419 $ 22,702 a. Comprised of fixed income securities with durations of longer than six b. Comprised of corporate bonds with an average duration within 0.25 no c. Comprised of money market instruments with an emphasis on safety and liquidity. d. Comprised of large-cap stocks seeking to outperform, over the long term, the Russell 1000 55 70 e. Comprised of large-cap stocks seeking to outperform the Russell 1000 three five f. Comprised of stocks with market capitalization of between $100 2000 40 100 g. Comprised of non-U.S. domiciled stocks. The portfolio will typically hold between 80 90 h. Comprised of a portfolio of fixed income securities including U.S agency mortgage-backed securities, corporate bonds, U.S. government bonds and high yield bonds. i. Comprised of high quality corporate bonds diversified broadly across industries, issuers and regions. The funds primary benchmark is the Bloomberg Barclays U.S. Credit Index. The fair value of the mutual fund is determined daily using quoted market prices in an open market (level 1 December 31, 2018 2017. The fair values of the Plan’s investments in pooled separate accounts are calculated each business day. All investments can be redeemed on a daily basis without restriction. The investments in pooled separate accounts, which are valued at net asset value, have not No. 2015 07 Other Postretirement Benefit Plans: The Company sponsors two January 1, 2011, five January 1, 2011, no 50% January 1, 2000, 100% January 1, 2010, not Comprehensive medical plan benefits equal the lesser of the normal plan benefit or the total amount not December 31, 2018, not December 31 The following table sets forth, for the Postretirement Plans, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2018 2017 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 9,104 $ 7,978 Service cost 350 316 Interest cost 307 305 Actuarial (gain) loss (1,155 ) 588 Benefits paid (88 ) (83 ) Projected benefit obligation at end of year 8,518 9,104 Change in plan assets: Market value of assets at beginning of year - - Employer contributions 88 83 Benefits paid (88 ) (83 ) Market value of plan assets at end of year - - Accrued pension cost included in other liabilities $ (8,518 ) $ (9,104 ) Assumptions used in determining the actuarial present value of the accumulated postretirement benefit obligations at December 31 2018 2017 Discount rate 4.06% 3.42% Rate of increase in health care costs Initial 7.00% 7.00% Ultimate (year 2023) 5.00% 5.00% Annual rate of salary increase for life insurance n/a n/a The mortality assumptions for 2018 2014 2006 2018 2017 2014 2006 2017. The resulting net periodic postretirement expense consisted of the following components for the years ended December 31: 2018 2017 2016 (In thousands) Service cost $ 350 $ 316 $ 359 Interest cost 307 305 320 Amortization of unrecognized loss 33 - 47 Amortization of past service credit (85 ) (85 ) (85 ) Net postretirement benefit expense 605 536 641 Current year actuarial (gain) loss (1,155 ) 587 (613 ) Amortization of actuarial loss (33 ) - (47 ) Amortization of prior service credit 85 85 85 Total recognized in other comprehensive income (1,103 ) 672 (575 ) Total recognized in net postretirement expense and other comprehensive loss $ (498 ) $ 1,208 $ 66 Assumptions used to develop periodic postretirement expense for the Postretirement Plans for the years ended December 31: 2018 2017 2016 Rate of return on plan assets n/a n/a n/a Discount rate 3.42% 3.88% 4.06% Rate of increase in health care costs Initial 7.00% 8.00% 7.00% Ultimate (year 2023) 5.00% 5.00% 5.00% Annual rate of salary increase for life insurance n/a n/a n/a The health care cost trend rate assumptions have a significant effect on the amounts reported. A one Increase Decrease (In thousands) Effect on postretirement benefit obligation $ 1,652 $ (1,277 ) Effect on total service and interest cost 147 (111 ) The following benefit payments under the Postretirement Plan, which reflect expected future service, are expected to be paid for the years ending December 31: Future Benefit Payments (In thousands) 2019 $ 260 2020 266 2021 286 2022 319 2023 326 2024 – 2028 1,755 Defined Contribution Plans: The Bank maintains a tax qualified 401 one 401 50% 3% 401 4% 401 20% first five 100% $4.1 $3.4 $3.3 December 31, 2018, 2017 2016, The Bank provides a non-qualified deferred compensation plan as an incentive for officers who have achieved the designated level and completed one 50% 5% 20% five $11.4 $11.5 December 31, 2018 2017, 100% $0.5 $0.4 $0.4 December 31, 2018, 2017 2016, Employee Benefit Trust: An Employee Benefit Trust (“EBT”) has been established to assist the Company in funding its benefit plan obligations. Dividend payments received are used to purchase additional shares of common stock. Shares released are used solely for funding matching contributions under the Bank’s 401 401 December 31, 2018, 2017 2016, $3.6 $3.2 $2.8 401 Upon a change of control (as defined in the EBT), the EBT will terminate and any trust assets remaining after certain benefit plan contributions will be distributed to all full-time employees of the Company with at least one four As shares are released from the suspense account, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. The EBT shares are as follows at December 31: 2018 2017 Shares owned by Employee Benefit Trust, beginning balance 445,022 551,762 Shares purchased 13,669 11,631 Shares released and allocated (129,601 ) (118,371 ) Shares owned by Employee Benefit Trust, ending balance 329,090 445,022 Market value of unallocated shares $ 7,085,308 $ 12,238,105 Outside Director Retirement Plan: The Bank has an unfunded noncontributory defined benefit Outside Director Retirement Plan (the “Directors’ Plan”), which provides benefits to each non-employee director who became a non-employee director before January 1, 2004. $48,000. 120 120 No $4.8 $4.4 December 31, 2018 2017, December 31 The following table sets forth, for the Directors’ Plan, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31: 2018 2017 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 2,425 $ 2,462 Service cost 42 42 Interest cost 78 89 Actuarial gain (184 ) (24 ) Benefits paid (96 ) (144 ) Projected benefit obligation at end of year 2,265 2,425 Change in plan assets: Market value of assets at beginning of year - - Employer contributions 96 144 Benefits paid (96 ) (144 ) Market value of plan assets at end of year - - Accrued pension cost included in other liabilities $ (2,265 ) $ (2,425 ) The components of the net pension expense for the Directors’ Plan are as follows for the years ended December 31: 2018 2017 2016 (In thousands) Service cost $ 42 $ 42 $ 42 Interest cost 78 89 97 Amortization of unrecognized gain (91 ) (92 ) (86 ) Amortization of past service liability 12 40 40 Net pension expense 41 79 93 Current actuarial gain (184 ) (24 ) (63 ) Amortization of actuarial gain 91 92 86 Amortization of prior service cost (12 ) (40 ) (40 ) Total recognized in other comprehensive income (105 ) 28 (17 ) Total recognized in net pension expense and other comprehensive income $ (64 ) $ 107 $ 76 Assumptions used to determine benefit obligations and periodic pension expense for the Directors’ Plan for the years ended December 31: 2018 2017 2016 Weighted average discount rate for the benefit obligation 4.06% 3.42% 3.88% Weighted average discount rate for periodic pension benefit expense 3.42% 3.88% 4.06% Rate of increase in future compensation levels n/a n/a n/a The following benefit payments under the Directors’ Plan, which reflect expected future service, are expected to be paid for the years ending December 31: Future Benefit Payments (In thousands) 2019 $ 288 2020 288 2021 288 2022 288 2023 256 2024 – 2028 988 The Company expects to make payments of $0.3 2019. |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Dividend Restrictions on the Bank: In connection with the Bank’s conversion from mutual to stock form in November 1995, June 30, 1995. not December 31, 2018 2017, $0.5 $0.6 In addition to the restriction described above, New York State and Federal banking regulations place certain restrictions on dividends paid by the Bank to the Holding Company. The total amount of dividends which may two December 31, 2018, $97.0 In addition, dividends paid by the Bank to the Holding Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. As a bank holding company, the Holding Company is subject to similar dividend restrictions. Treasury Stock Transactions: The Holding Company repurchased 787,069 $25.97 241,625 $27.59 December 31, 2018 2017, December 31, 2018, 467,211 no Accumulated Other Comprehensive Loss: The following are changes in accumulated other comprehensive loss by component, net of tax, for the years ended: Unrealized Gains Unrealized Gains Defined Benefit Fair Value Total December 31, 2018 (In thousands) Beginning balance, net of tax $ (5,522 ) $ 231 $ (3,695 ) $ - $ (8,986 ) Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings (1,325 ) 50 (798 ) - (2,073 ) Impact of adoption of Accounting Standard Update 2016-01 - - - 779 779 Other comprehensive income before reclassifications, net of tax (10,127 ) 3,351 2,484 87 (4,205 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1,325 72 336 - 1,733 Net current period other comprehensive income, net of tax (8,802 ) 3,423 2,820 87 (2,472 ) Ending balance, net of tax $ (15,649 ) $ 3,704 $ (1,673 ) $ 866 $ (12,752 ) December 31, 2017 Unrealized Gains Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (3,859 ) $ - $ (4,503 ) $ (8,362 ) Other comprehensive income (loss) before reclassifications, net of tax (1,771 ) 105 485 (1,181 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 108 126 323 557 Net current period other comprehensive income (loss), net of tax (1,663 ) 231 808 (624 ) Ending balance, net of tax $ (5,522 ) $ 231 $ (3,695 ) $ (8,986 ) December 31, 2016 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) Other comprehensive income (loss) before reclassifications, net of tax (2,452 ) 235 (2,217 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (886 ) 303 (583 ) Net current period other comprehensive income (loss), net of tax (3,338 ) 538 (2,800 ) Ending balance, net of tax $ (3,859 ) $ (4,503 ) $ (8,362 ) The following tables set forth significant amounts reclassified out of accumulated other comprehensive loss by component for the periods indicated: For the year ended December 31, 2018 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (1,920 ) Net loss on sale of securities 595 Tax expense $ (1,325 ) Net of tax Cash flow hedges: Interest rate swaps $ (104 ) Interest expense 32 Tax expense $ (72 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (530 ) (1) Other operating expenses Prior service credits 39 (1) Other operating expenses (491 ) Total before tax 155 Tax expense $ (336 ) Net of tax ( 1 12 For the year ended December 31, 2017 Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (186 ) Net loss on sale of securities 78 Tax expense $ (108 ) Net of tax Cash flow hedges: Interest rate swaps $ (184 ) Interest expense 58 Tax expense $ (126 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (605 ) (1) Other operating expenses Prior service credits 45 (1) Other operating expenses (560 ) Total before tax 237 Tax expense $ (323 ) Net of tax ( 1 12 For the year ended December 31, 2016 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ 1,524 Net gain on sale of securities (638 ) Tax expense $ 886 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (568 ) (1) Other operating expenses Prior service credits 45 (1) Other operating expenses (523 ) Total before tax 220 Tax benefit $ (303 ) Net of tax ( 1 12 |
Note 14 - Regulatory Capital
Note 14 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 14. Under current capital regulations, the Bank is required to comply with four December 31, 2018, 2016, 2018 1.875% 0.625% 2019 2.5%. December 31, 2018 2017 5.70% 6.31%, Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. December 31, 2018 December 31, 2017 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 660,782 9.85 % $ 631,285 10.11 % Requirement to be well capitalized 335,512 5.00 312,343 5.00 Excess 325,270 4.85 318,942 5.11 Common Equity Tier I risk-based capital: Capital level $ 660,782 13.28 % $ 631,285 13.87 % Requirement to be well capitalized 323,386 6.50 295,937 6.50 Excess 337,396 6.78 335,348 7.37 Tier I risk-based capital: Capital level $ 660,782 13.28 % $ 631,285 13.87 % Requirement to be well capitalized 398,014 8.00 364,230 8.00 Excess 262,768 5.28 267,055 5.87 Total risk-based capital: Capital level $ 681,727 13.70 % $ 651,636 14.31 % Requirement to be well capitalized 497,517 10.00 455,288 10.00 Excess 184,210 3.70 196,348 4.31 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of December 31, 2018, December 31, 2018 2017 5.72% 6.38%, Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. December 31, 2018 December 31, 2017 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 586,582 8.74 % $ 563,426 9.02 % Requirement to be well capitalized 335,616 5.00 312,278 5.00 Excess 250,966 3.74 251,148 4.02 Common Equity Tier I risk-based capital: Capital level $ 546,230 10.98 % $ 527,727 11.59 % Requirement to be well capitalized 323,382 6.50 295,865 6.50 Excess 222,848 4.48 231,862 5.09 Tier I risk-based capital: Capital level $ 586,582 11.79 % $ 563,426 12.38 % Requirement to be well capitalized 398,008 8.00 364,141 8.00 Excess 188,574 3.79 199,285 4.38 Total risk-based capital: Capital level $ 682,527 13.72 % $ 658,777 14.47 % Requirement to be well capitalized 497,511 10.00 455,177 10.00 Excess 185,016 3.72 203,600 4.47 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments: The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and lines of credit. The instruments involve, to varying degrees, elements of credit and market risks in excess of the amount recognized in the consolidated financial statements. The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments and lines of credit is represented by the contractual amounts of these instruments. Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally business lines of credit and home equity lines of credit) amounted to $64.9 $248.7 December 31, 2018. $26.6 4.80% $286.9 5.45%, December 31, 2018. may not 90 eighteen ten Commitments to extend credit are legally binding agreements to lend to a customer as long as there is no The Bank collateralized a portion of its deposits with letters of credit issued by FHLB-NY. At December 31, 2018 2017, $659.6 $402.1 The Trusts issued capital securities with a par value of $61.9 June July 2007. The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows: Minimum Rental (In thousands) Years ended December 31: 2019 $ 7,605 2020 7,977 2021 7,214 2022 6,822 2023 6,961 Thereafter 23,655 Total minimum payments required $ 60,234 The leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2032. December 31, 2018, 2017 2016 $6.1 $6.3 $5.8 The Company has an additional $0.5 not Contingencies: The Company is a defendant in various lawsuits. Management of the Company, after consultation with outside legal counsel, believes that the resolution of these various matters will not |
Note 16 - Concentration of Cred
Note 16 - Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 16. The Company’s lending is concentrated in the New York City metropolitan area. The Company evaluates each customer’s creditworthiness on a case-by-case basis under the Company’s established underwriting policies. The collateral obtained by the Company generally consists of first one four December 31, 2018, one $99.1 one $83.1 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. At December 31, 2018 2017, no $11.5 $13.8 December 31, 2018 2017, |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 18. The Company carries certain financial assets and financial liabilities at fair value in accordance with GAAP which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, establishes a framework for measuring fair value and expands disclosures about fair value measurements. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At December 31, 2018, $13.8 $41.8 December 31, 2017, $14.3 $37.0 not December 31, 2018 2017 not December 31, 2018 2017. $0.2 $3.0 December 31, 2018 2017, Management selected the fair value option for certain investment securities, and certain borrowed funds as the yield, at the time of election, on the financial assets was below-market, while the rate on the financial liabilities was above-market rate. Management also considered the average duration of these instruments, which, for investment securities, was longer than the average for the portfolio of securities, and, for borrowings, primarily represented the longer-term borrowings of the Company. Choosing these instruments for the fair value option adjusted the carrying value of these financial assets and financial liabilities to their current fair value, and more closely aligned the financial performance of the Company with the economic value of these financial instruments. Management believed that electing the fair value option for these financial assets and financial liabilities allows them to better react to changes in interest rates. At the time of election, Management did not The following table presents the financial assets and financial liabilities reported at fair value under the fair value option at December 31, 2018 2017, Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at December 31, at December 31, For the year ended December 31, Description 2018 2017 2018 2017 2016 (Dollars in thousands) Mortgage-backed securities $ 967 $ 1,590 $ (19 ) $ (26 ) $ (25 ) Other securities 12,843 12,685 (109 ) 134 (38 ) Borrowed funds 41,849 36,986 (4,913 ) (2,993 ) (4,908 ) Net loss from fair value adjustments (1) $ (5,041 ) $ (2,885 ) $ (4,971 ) ( 1 The net loss from fair value adjustments presented in the above table does not $0.9 $0.6 $1.5 December 31, 2018, 2017 2016, Included in the fair value of the financial assets and financial liabilities selected for the fair value option is the accrued interest receivable or payable for the related instrument. The Company reports as interest income or interest expense in the Consolidated Statement of Income, the interest receivable or payable on the financial instruments selected for the fair value option at their respective contractual rates. The borrowed funds have a contractual principal amount of $ 61.9 December 31, 2018 2017. $0.2 December 31, 2018 2017. The Company generally holds its earning assets, other than securities available for sale, to maturity and settles its liabilities at maturity. However, fair value estimates are made at a specific point in time and are based on relevant market information. These estimates do not one may not Disclosure of fair value does not not Further, fair value disclosure does not may not Financial assets and financial liabilities reported at fair value are required to be measured based on either: ( 1 1 2 2 3 3 A description of the methods and significant assumptions utilized in estimating the fair value of the Company’s assets and liabilities that are carried at fair value on a recurring basis are as follows: Level 1 December 31, 2018 2017, 1 one Level 2 not not December 31, 2018 2017, 2 Level 3 3. December 31, 2018 2017, 3 The methods described above may may not The following table sets forth the Company's assets and liabilities that are carried at fair value on a recurring basis, including those reported at fair value under the fair value option, and the level that was used to determine their fair value, at December 31: Quoted Prices Significant Other Significant Other Total carried at fair value 2018 2017 2018 2017 2018 2017 2018 2017 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ - $ - $ 557,953 $ 509,650 $ - $ - $ 557,953 $ 509,650 Other securities 11,586 11,575 251,860 216,019 1,256 1,110 264,702 228,704 Interest rate swaps - - 15,961 7,388 - - 15,961 7,388 Total assets $ 11,586 $ 11,575 $ 825,774 $ 733,057 $ 1,256 $ 1,110 $ 838,616 $ 745,742 Liabilities: Borrowings $ - $ - $ - $ - $ 41,849 $ 36,986 $ 41,849 $ 36,986 Interest rate swaps - - 2,239 3,758 - - 2,239 3,758 Total liabilities $ - $ - $ 2,239 $ 3,758 $ 41,849 $ 36,986 $ 44,088 $ 40,744 During the year ended December 31, 2017, one $11.6 2 1. no 1, 2 3 December 31, 2018 2017. The following tables set forth the Company's assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 For the year ended December 31, 2018 December 31, 2017 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 1,110 $ 36,986 $ 7,361 $ 33,959 Security call - - (6,300 ) - Net gain from fair value adjustment of financial assets (1) 145 - 134 - Net loss from fair value adjustment of financial liabilities (1) - 4,913 - 2,993 Increase(Decrease) in accrued interest 1 66 (87 ) 34 Change in unrealized losses included in other comprehensive loss - (116 ) 2 - Ending balance $ 1,256 $ 41,849 $ 1,110 $ 36,986 Changes in unrealized held at period end $ - $ - $ - $ - ( 1 The following tables present the qualitative information about recurring Level 3 December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,256 Discounted cash flows Discount rate n/a 4.9 % Liabilities: Junior subordinated debentures $ 41,849 Discounted cash flows Discount rate n/a 4.9 % December 31, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,110 Discounted cash flows Discount rate n/a 5.7 % Liabilities: Junior subordinated debentures $ 36,986 Discounted cash flows Discount rate n/a 5.7 % The significant unobservable inputs used in the fair value measurement of the Company’s trust preferred securities and junior subordinated debentures valued under Level 3 December 31, 2018 2017, The following table sets forth the Company's assets that are carried at fair value on a non-recurring basis, and the level that was used to determine their fair value, at December 31: Quoted Prices Significant Other Significant Other Total carried at fair value 2018 2017 2018 2017 2018 2017 2018 2017 (In thousands) Assets: Impaired loans $ - $ - $ - $ - $ 4,111 $ 8,504 $ 4,111 $ 8,504 Other repossesed assets - - - - 35 - 35 - Total assets $ - $ - $ - $ - $ 4,146 $ 8,504 $ 4,146 $ 8,504 The following tables present the qualitative information about non-recurring Level 3 At December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 204 Income approach Capitalization rate 8.5% 8.5% Reduction for planned expedited disposal 15.0% 15.0% Impaired loans $ 2,724 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 0.0% 0.0% Reduction for planned expedited disposal -36.5% to 15.0% 10.4% Impaired loans $ 1,183 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -30.0% to 10.0% -7.8% Capitalization rate 7.4% to 9.8% 8.7% Reduction for planned expedited disposal 15.0% 15.0% Other repossesed assets $ 35 Sales approach Reduction for planned expediated disposal 0.0% 0.0% At December 31, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 204 Income approach Capitalization rate 8.5% 8.5% Reduction for planned expedited disposal 15.0% 15.0% Impaired loans $ 6,868 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 15.0% -0.1% Reduction for planned expedited disposal 0.0% to 15.0% 0.1% Impaired loans $ 1,432 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -30.0% to 10.0% -7.6% Capitalization rate 7.4%% to 9.8% 8.8% Reduction for planned expedited disposal 0.0% 0.0% The Company did not December 31, 2018 2017. The methods and assumptions used to estimate fair value at December 31, 2018 2017 Securities: The fair values of securities are contained in Note 6 not Impaired Loans: For non-accruing loans, fair value is generally estimated by discounting management’s estimate of future cash flows with a discount rate commensurate with the risk associated with such assets or, for collateral dependent loans, 85% no Other Real Estate Owned and Other Repossessed Assets: OREO and other repossessed assets are carried at fair value less selling costs. The fair value for OREO is based on appraised value through a current appraisal, or sometimes through an internal review, additionally adjusted by the estimated costs to sell the property. The fair value for other repossessed assets are based upon the most recently reported arm’s length sales transaction. When there is no Junior Subordinated Debentures: The fair value of the junior subordinated debentures was developed using a credit spread based on the subordinated debt issued by the Company adjusting for differences in the junior subordinated debt’s credit rating, liquidity and time to maturity. The unrealized net gain/loss attributable to changes in our own credit risk was determined by adjusting the fair value as determined in the proceeding sentence by the average rate of default on debt instruments with a similar debt rating as our junior subordinated debentures, with the difference from the original calculation and this calculation resulting in the instrument-specific unrealized gain/loss. Interest Rate Swaps: The fair value of interest rate swaps is based upon broker quotes. The following tables set forth the carrying amounts and fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at the periods indicated: December 31, 2018 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 118,561 $ 118,561 $ 118,561 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,953 7,366 - 7,366 - Other securities 24,065 22,508 - - 22,508 Securities available for sale Mortgage-backed securities 557,953 557,953 - 557,953 - Other securities 264,702 264,702 11,586 251,860 1,256 Loans 5,551,484 5,496,266 - - 5,496,266 FHLB-NY stock 57,282 57,282 - 57,282 - Accrued interest receivable 25,485 25,485 54 2,756 22,675 Interest rate swaps 15,961 15,961 - 15,961 - Liabilities: Deposits $ 4,960,784 $ 4,955,077 $ 3,397,474 $ 1,557,603 $ - Borrowings 1,250,843 1,241,745 - 1,199,896 41,849 Accrued interest payable 5,890 5,890 - 5,890 - Interest rate swaps 2,239 2,239 - 2,239 - December 31, 2017 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 51,546 $ 51,546 $ 51,546 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,973 7,810 - 7,810 - Other securities 22,913 21,889 - - 21,889 Securities available for sale Mortgage-backed securities 509,650 509,650 - 509,650 - Other securities 228,704 228,704 11,575 216,019 1,110 Loans 5,176,999 5,169,108 - - 5,169,108 FHLB-NY stock 60,089 60,089 - 60,089 - Accrued interest receivable 21,405 21,405 16 1,916 19,473 Interest rate swaps 7,388 7,388 - 7,388 - Liabilities: Deposits $ 4,383,278 $ 4,380,174 $ 3,031,345 $ 1,348,829 $ - Borrowings 1,309,653 1,310,487 - 1,273,501 36,986 Accrued interest payable 2,659 2,659 - 2,659 - Interest rate swaps 3,758 3,758 - 3,758 - |
Note 19 - Derivative Financial
Note 19 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 19. At December 31, 2018 2017, three 1 $18.0 $61.9 December 31, 2018 2017; 2 $286.1 $280.2 December 31, 2018 2017 3 $441.5 December 31, 2018 2017. The Company’s derivative instruments are carried at fair value in the Company’s financial statements as part of Other Assets for derivatives with positive fair values and Other Liabilities for derivatives with negative fair values. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not At December 31, 2018 2017, not At December 31, 2018 2017, $36.3 not December 31, 2018 2017, $267.8 $261.9 December 31, 2018 2017, $441.5 For cash flow hedges, the effective portion of changes in the fair value of the derivative is reported in AOCL, net of tax, with the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Amounts in accumulated other comprehensive income are reclassified into earnings in the same period during which the hedged forecasted transaction effects earnings. During each of the years ended December 31, 2018 2017, $0.1 Changes in the fair value of interest rate swaps not The following table sets forth information regarding the Company’s derivative financial instruments at the periods indicated: December 31, 2018 December 31, 2017 Notional (1) Notional (1) (In thousands) Interest rate swaps (fair value hedge) $ 248,330 $ 10,593 $ 199,341 $ 6,971 Interest rate swaps (fair value hedge) 19,468 (502 ) 62,564 (921 ) Interest rate swaps (cash flow hedge) 441,500 5,368 250,000 417 Interest rate swaps (cash flow hedge) - - 191,500 (7 ) Interest rate swaps (non-hedge) 36,321 (1,737 ) 36,321 (2,830 ) Total derivatives $ 745,619 $ 13,722 $ 739,726 $ 3,630 ( 1 Derivatives in a net positive position are recorded as “Other assets” and derivatives in a net negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income for the periods indicated: For the year ended (In thousands) 2018 2017 2016 Financial Derivatives: Interest rate swaps (non-hedge) $ 1,094 $ (102 ) $ 71 Interest rate swaps (fair value hedge) (175 ) (478 ) 1,466 Net gain (loss) (1) $ 919 $ (580 ) $ 1,537 ( 1 Net gains (losses) are recorded as part of “Net loss from fair value adjustments” in the Consolidated Statements of Income. During the years ended December 31, 2018, 2017 2016, not The Company’s interest rate swaps are subject to master netting arrangements between the Company and its two not The following tables present the effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition as of the dates indicated: December 31, 2018 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Condition Net Amount of Assets Presented in the Statement of Condition Financial Instruments Cash Collateral Received Net Amount Interest rate swaps $ 15,961 $ - $ 15,961 $ - $ 14,960 $ 1,001 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 2,239 $ - $ 2,239 $ - $ - $ 2,239 December 31, 2017 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Condition Net Amount of Assets Presented in the Statement of Condition Financial Instruments Cash Collateral Received Net Amount Interest rate swaps $ 7,388 $ - $ 7,388 $ - $ 3,660 $ 3,728 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 3,758 $ - $ 3,758 $ - $ - $ 3,758 |
Note 20 - New Authoritative Acc
Note 20 - New Authoritative Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 20. Accounting Standards Adopted in 2018: In February 2018, No. 2018 02, 220 As a result of the Tax Cuts and Jobs Act (the “TCJA”), concerns arose regarding the guidance which requires deferred tax assets and liabilities to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The amendments in this ASU require a reclassification for stranded tax effects from accumulated other comprehensive income to retained earnings, furthermore eliminating the stranded tax effects resulting from the TCJA. The amount of the reclassification is the difference between the previous corporate income tax rate of 35% 21%. December 15, 2018, guidance as of January 1, 2018. $2.1 10 In August 2016, No. 2016 15 zero one December 15, 2017. January 1, 2018 not In January 2016, No. 2016 01 January 1, 2018. $0.8 not In May 2014, 2014 09, 606 December 15, 2016, August 2015, one December 15, 2017. January 1, 2018. 2014 09 not not not Topic 606 not 606 606 third not Accounting Standards Pending Adoption: In August 2018, No. 2018 14, 715 20 providing targeted improvements to the disclosures required for Defined Benefit Plans. The amendments in in this Update are effective for fiscal years ended after December 15, 2020. We are currently evaluating the impact of adopting this new guidance on our disclosures. In August 2018, No. 2018 13, 820 820. The amendments in in this Update are effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2019. We are currently evaluating the impact of adopting this new guidance on our disclosures. In August 2017, No. 2017 12, 815 providing targeted improvements to the accounting for hedging activities, which is effective January 1, 2019, The guidance is not In March 2017, No. 2017 08, not not December 15, 2018, not In January 2017, No. 2017 04, 350 2 December 15, 2019, January 1, 2017. not In June 2016, No. 2016 13, December 15, 2019, In February 2016, No. 2016 02, 842 No. 2018 01, 842; No. 2018 10, 842, No. 2018 11, ASC 842 December 31, 2018. may 1 2 January 1, 2019, not not January 1, 2019. From the lessee's perspective, the new standard establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 not 12 The new leasing standard provides a number of optional practical expedients in transition. The Company has elected the “package of practical expedients”, which permits the Company not not not 842 not Under legacy lease accounting, all of the Company’s leases, which primarily relate to office space and bank branches, were classified as operating leases and, as such, are not 842. $40 $50 one six not |
Note 21 - Quarterly Financial D
Note 21 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 21. Selected unaudited quarterly financial data for the fiscal years ended December 31, 2018 2017 2018 2017 4th 3rd 2nd 1st 4th 3rd 2nd 1st (In thousands, except per share data) Quarterly operating data: Interest income $ 67,433 $ 65,486 $ 63,293 $ 60,786 $ 59,697 $ 59,319 $ 58,315 $ 57,254 Interest expense 26,797 23,965 20,653 18,177 16,637 16,278 14,698 13,865 Net interest income 40,636 41,521 42,640 42,609 43,060 43,041 43,617 43,389 Provision for loan losses 422 - - 153 6,595 3,266 - - Other operating income (loss) (986 ) 4,955 3,168 3,200 3,064 1,661 1,948 3,689 Other operating expense 25,760 27,233 27,396 31,294 25,879 25,966 26,065 29,564 Income before income tax expense 13,468 19,243 18,412 14,362 13,650 15,470 19,500 17,514 Income tax expense 1,046 1,910 4,489 2,950 7,693 5,291 6,775 5,254 Net income $ 12,422 $ 17,333 $ 13,923 $ 11,412 $ 5,957 $ 10,179 $ 12,725 $ 12,260 Basic earnings per common share $ 0.44 $ 0.61 $ 0.48 $ 0.39 $ 0.21 $ 0.35 $ 0.44 $ 0.42 Diluted earnings per common share $ 0.44 $ 0.61 $ 0.48 $ 0.39 $ 0.21 $ 0.35 $ 0.44 $ 0.42 Dividends per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.18 $ 0.18 $ 0.18 $ 0.18 Average common shares outstanding for: Basic earnings per share 28,422 28,604 28,845 28,974 29,045 29,120 29,135 29,019 Diluted earnings per share 28,423 28,604 28,846 28,975 29,046 29,120 29,136 29,023 |
Note 22 - Parent Company Only F
Note 22 - Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 22. Earnings of the Bank are recognized by the Holding Company using the equity method of accounting. Accordingly, earnings of the Bank are recorded as increases in the Holding Company’s investment, any dividends would reduce the Holding Company’s investment in the Bank, and any changes in the Bank’s unrealized gain or loss on securities available for sale, net of taxes, would increase or decrease, respectively, the Holding Company’s investment in the Bank. The condensed financial statements for the Holding Company are presented below: Condensed Statements of Financial Condition December 31, December 31, (Dollars in thousands) Assets: Cash and due from banks $ 4,351 $ 10,198 Securities available for sale: Other securities 1,256 1,110 Interest receivable - - Investment in Bank 661,044 634,056 Goodwill 2,185 2,185 Other assets 2,929 3,645 Total assets $ 671,765 $ 651,194 Liabilities: Subordinated debentures $ 74,001 $ 73,699 Junior subordinated debentures, at fair value 41,849 36,986 Other liabilities 6,451 7,901 Total liabilities 122,301 118,586 Stockholders' Equity: Preferred stock - - Common stock 315 315 Additional paid-in capital 222,720 217,906 Treasury stock, at average cost (3,546,958 shares and 2,942,329 at December 31, 2018 and 2017, respectively) (75,146 ) (57,675 ) Retained earnings 414,327 381,048 Accumulated other comprehensive loss, net of taxes (12,752 ) (8,986 ) Total equity 549,464 532,608 Total liabilities and equity $ 671,765 $ 651,194 For the years ended December 31, Condensed Statements of Income 2018 2017 2016 (In thousands) Dividends from the Bank $ 34,000 $ 21,500 $ 24,000 Interest income 275 505 247 Interest expense (6,479 ) (5,860 ) (1,324 ) Net loss from fair value adjustments (4,769 ) (2,903 ) (4,761 ) Other operating expenses (1,391 ) (1,354 ) (1,611 ) Income before taxes and equity in undistributed earnings of subsidiary 21,636 11,888 16,551 Income tax benefit 3,907 6,926 3,198 Income before equity in undistributed earnings of subsidiary 25,543 18,814 19,749 Equity in undistributed earnings of the Bank 29,547 22,307 45,167 Net income 55,090 41,121 64,916 Other comprehensive loss, net of tax (2,472 ) (624 ) (2,800 ) Comprehensive net income $ 52,618 $ 40,497 $ 62,116 For the years ended December 31, Condensed Statements of Cash Flows 2018 2017 2016 (In thousands) Operating activities: Net income $ 55,090 $ 41,121 $ 64,916 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the Bank (29,547 ) (22,307 ) (45,167 ) Deferred income tax benefit (1,915 ) (3,990 ) (2,316 ) Fair value adjustments for financial assets and financial liabilities 4,769 2,903 4,761 Stock-based compensation expense 7,016 5,990 5,120 Net change in operating assets and liabilities 4,246 2,453 3,318 Net cash provided by operating activities 39,659 26,170 30,632 Investing activities: Investment in Bank - - (66,497 ) Proceeds from sales and calls of securities available for sale - 300 - Net cash provided (used in) investing activities - 300 (66,497 ) Financing activities: Issuance of subordinated debt, net - - 73,402 Purchase of treasury stock (22,585 ) (9,290 ) (9,858 ) Cash dividends paid (22,927 ) (20,954 ) (19,689 ) Stock options exercised 6 - 328 Net cash (used in) provided by financing activities (45,506 ) (30,244 ) 44,183 Net (decrease) increase in cash and cash equivalents (5,847 ) (3,774 ) 8,318 Cash and cash equivalents, beginning of year 10,198 13,972 5,654 Cash and cash equivalents, end of year $ 4,351 $ 10,198 $ 13,972 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Holding Company and the following direct and indirect wholly-owned subsidiaries of the Holding Company: the Bank, FPFC, FSC, and Properties. FPFC is a real estate investment trust formed to hold a portion of the Bank’s mortgage loans to facilitate access to capital markets. FSC was formed to market insurance products and mutual funds. Properties is currently used to hold title to real estate owned acquired via foreclosure. Amounts held in a rabbi trust for certain non-qualified deferred compensation plans are included in the consolidated financial statements. All intercompany transactions and accounts are eliminated in consolidation. The Holding Company currently has three 9, When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for loan losses (“ALL”), the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets, the fair value of financial instruments including the evaluation of other-than-temporary impairment (“OTTI”) on securities. Actual results could differ from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: For the purpose of reporting cash flows, the Company defines cash and due from banks, overnight interest-earning deposits and federal funds sold with original maturities of 90 December 31, 2018 2017, $118.6 $51.5 $105.8 $39.4 $4.4 $9.7 December 31, 2018 2017, |
Marketable Securities, Policy [Policy Text Block] | Securities: Securities are classified as held-to-maturity when management intends to hold the securities until maturity. Securities are classified as available for sale when management intends to hold the securities for an indefinite period of time or when the securities may may 1 2 3 4 6, $3.4 $3.7 $3.1 December 31, 2018, 2017 2016, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: Goodwill is presumed to have an indefinite life and is tested annually, or more frequently when certain conditions are met, for impairment. If the fair value of the reporting unit is greater than the goodwill amount, no In performing the goodwill impairment testing, the Company has identified a single reporting unit. The Company performed the qualitative assessment in reviewing the carrying value of goodwill as of December 31, 2018, 2017 2016, no December 31, 2018 2017, $16.1 |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans: Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected. Interest on loans is recognized on the accrual basis. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 90 not 90 first not The Company may December 31, 2018 2017 not not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses: The Company recognizes a loan as non-performing when the borrower has demonstrated the inability to bring the loan current, or due to other circumstances which, in management’s opinion, indicate the borrower will be unable to bring the loan current within a reasonable time. All loans classified as non-performing, which includes all loans past due 90 90 A loan is considered impaired when, based upon current information, the Company believes it is probable that it will be unable to collect all amounts due, both principal and interest, in accordance with the original terms of the loan. Impaired loans are measured based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or, as a practical expedient, the fair value of the collateral, less cost to sell, if the loan is collateral dependent. All non-accrual loans are considered impaired. The Company maintains an allowance for loan losses at an amount, which, in management’s judgment, is adequate to absorb probable estimated losses inherent in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of loans. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. An unallocated component may The allowance is established through charges to earnings in the form of a provision for loan losses based on management’s evaluation of the risk inherent in the various components of the loan portfolio and other factors, including historical loan loss experience, current economic conditions, delinquency and non-accrual trends, classified loan levels, risk in the portfolio and volumes and trends in loan types, recent trends in charge-offs, changes in underwriting standards, experience, ability and depth of the Company’s lenders, collection policies and experience, internal loan review function and other external factors. When a loan or a portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. The determination of the amount of the allowance for loan losses includes estimates that are susceptible to significant changes due to changes in appraisal values of collateral, national and local economic conditions and other factors. We review our loan portfolio by separate categories with similar risk and collateral characteristics. Impaired loans are segregated and reviewed separately. The Company reviews each impaired loan on an individual basis to determine if either a charge-off or a valuation allowance needs to be allocated to the loan. The Company does not In prior years we segregated our loans into two December 31, 2009 second January 1, 2010. 2009. 2018 no two 11% $0.2 not 2018 three five three five $0.6 December 31, 2018. The Company considers fair value of collateral dependent mortgage loans to be 85% 85% no The Company evaluates the underlying collateral through a third third not In preparing internal evaluations of property values, the Company seeks to obtain current data on the subject property from various sources, including: ( 1 2 3 4 5 6 7 As of December 31, 2018, third $17.0 83.0%, $3.5 17.0%, The Company may may These restructurings have not six not six not The allocation of a portion of the ALL for a performing TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate, or for a non-performing TDR which is collateral dependent, the fair value of the collateral. At December 31, 2018, no not |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale: Loans held for sale are carried at the lower of cost or estimated fair value. At December 31, 2018 2017, no |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance: Bank owned life insurance (“BOLI”) represents life insurance on the lives of certain current and past employees who have provided positive consent allowing the Company to be the beneficiary of such policies. BOLI is carried in the Consolidated Statements of Financial Condition at its cash surrender value. Increases in the cash value of the policies, as well as proceeds received, are recorded in other non-interest income, and are not |
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned: OREO consists of property acquired through foreclosure. At the time of foreclosure these properties are acquired at fair value and subsequently carried at fair value, less estimated selling costs. The fair value is based on appraised value through a current appraisal, or at times through an internal review, additionally adjusted by the estimated costs to sell the property. This determination is made on an individual asset basis. If the fair value of a property is less than the carrying amount, the difference is recognized as a valuation allowance. Further decreases to the estimated value will be charged directly to expense. There was no December 31, 2018 2017. |
Property, Plant and Equipment, Policy [Policy Text Block] | Bank Premises and Equipment: Bank premises and equipment are stated at cost, less depreciation accumulated on a straight-line basis over the estimated useful lives of the related assets. For equipment and furniture the useful life is between 3 10 |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank Stock: The FHLB-NY has assigned to the Company a mandated membership stock ownership requirement, based on its asset size. In addition, for all borrowing activity, the Company is required to purchase shares of FHLB-NY non-marketable capital stock at par. Such shares are redeemed by FHLB-NY at par with reductions in the Company’s borrowing levels. The Company carries its investment in FHLB-NY stock at historical cost. The Company periodically reviews its FHLB-NY stock to determine if impairment exists. At December 31, 2018, not December 31, 2018. |
Income Tax, Policy [Policy Text Block] | Income Taxes: Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between book and tax bases of the various balance sheet assets and liabilities. A deferred tax liability is recognized on all taxable temporary differences and a deferred tax asset is recognized on all deductible temporary differences and operating losses and tax credit carry-forwards. A valuation allowance is recognized to reduce the potential deferred tax asset if it is “more likely than not” not not 50% |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Compensation Plans: The Company accounts for its stock-based compensation using a fair-value-based measurement method for share-based payment transactions with employees and directors. The Company measures the cost of employee and directors services received in exchange for an award of an equity instrument based on the grant date fair value of the award. That cost is recognized over the period during which the employee and directors are required to provide services in exchange for the award. The requisite service period is usually the vesting period. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Benefit Plans: The Company sponsors a qualified pension, 401 The Company recognizes the funded status of a benefit plan – measured as the difference between plan assets at fair value and the benefit obligation – in the Consolidated Statements of Financial Condition, with the unrecognized credits and charges recognized, net of taxes, as a component of accumulated other comprehensive loss. These credits or charges arose as a result of gains or losses and prior service costs or credits that arose during prior periods but were not |
Treasury Stock, Policy [Policy Text Block] | Treasury Stock: The Company records treasury stock at cost. Treasury stock is reissued at average cost. |
Derivatives, Policy [Policy Text Block] | Derivatives: Derivatives are recorded on the Consolidated Statements of Financial Condition at fair value on a gross basis in “Other assets” and/or “Other liabilities”. The accounting for changes in value of a derivative depends on the type of hedge and on whether or not not To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. The extent to which a derivative has been, and is expected to continue to be, effective at offsetting changes in the fair value of the hedged item must be assessed at least quarterly. For cash flow hedges, the effective portion of changes in the fair value of the derivative is initially recorded as a component of accumulated other comprehensive income or loss, net of tax, and subsequently reclassified into earnings when the hedged transaction effects earnings. Any hedge ineffectiveness (gain or loss) is reported in current-period earnings. For fair value hedges, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in earnings. If it is determined that a derivative is not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes changes in unrealized gains and losses on securities available for sale and cash flow hedges arising during the period, adjustments to net periodic pension costs and reclassification adjustments for realized gains and losses on securities available for sale and changes in the fair value of instrument-specific credit risk from the Company’s liabilities carried at fair value pursuant to the fair value option. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting: Management views the Company as operating as a single unit, a community bank. Therefore, segment information is not |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense: Costs associated with advertising are expensed as incurred. The Company recorded advertising expenses of $2.2 $2.4 $2.4 December 31, 2018, 2017 2016, |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share: Basic earnings per common share is computed by dividing net income available to common shareholders by the total weighted average number of common shares outstanding, which includes unvested participating securities. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and as such are included in the calculation of earnings per share. The Company’s unvested restricted stock unit awards are considered participating securities. Therefore, weighted average common shares outstanding used for computing basic earnings per common share includes common shares outstanding plus unvested restricted stock unit awards. The computation of diluted earnings per share includes the additional dilutive effect of stock options outstanding and other common stock equivalents during the period. Common stock equivalents that are anti-dilutive are not not Earnings per common share have been computed based on the following, for the years ended December 31: 2018 2017 2016 (In thousands, except per share data) Net income, as reported $ 55,090 $ 41,121 $ 64,916 Divided by: Weighted average common shares outstanding 28,709 29,080 28,957 Weighted average common stock equivalents 1 2 13 Total weighted average common shares outstanding and common stock equivalents 28,710 29,082 28,970 Basic earnings per common share $ 1.92 $ 1.41 $ 2.24 Diluted earnings per common share $ 1.92 $ 1.41 $ 2.24 Dividend Payout ratio 41.7 % 51.1 % 30.4 % There were no December 31, 2018, 2017 2016. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2018 2017 2016 (In thousands, except per share data) Net income, as reported $ 55,090 $ 41,121 $ 64,916 Divided by: Weighted average common shares outstanding 28,709 29,080 28,957 Weighted average common stock equivalents 1 2 13 Total weighted average common shares outstanding and common stock equivalents 28,710 29,082 28,970 Basic earnings per common share $ 1.92 $ 1.41 $ 2.24 Diluted earnings per common share $ 1.92 $ 1.41 $ 2.24 Dividend Payout ratio 41.7 % 51.1 % 30.4 % |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2018 2017 (In thousands) Multi-family residential $ 2,269,048 $ 2,273,595 Commercial real estate 1,542,547 1,368,112 One-to-four family ― mixed-use property 577,741 564,206 One-to-four family ― residential 190,350 180,663 Co-operative apartments 8,498 6,895 Construction 50,600 8,479 Small Business Administration 15,210 18,479 Taxi medallion 4,539 6,834 Commercial business and other 877,763 732,973 Gross loans 5,536,296 5,160,236 Net unamortized premiums and unearned loan fees 15,188 16,763 Total loans, net of fees and costs $ 5,551,484 $ 5,176,999 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | For the year ended (Dollars in thousands) Number Balance Modification description Commercial business and other 1 $ 1,620 Loan amortization extension. Total 1 $ 1,620 For the year ended (Dollars in thousands) Number Balance Modification description Taxi medallion 10 $ 6,741 Four loans received a below market interest rate and the loan amortization was extended. Six loans had loan amortization extensions. Total 10 $ 6,741 For the year ended (Dollars in thousands) Number Balance Modification description One-to-four family - residential 2 $ 263 Received a below market interest rate and the loans amortization were extended Taxi medallion 12 9,764 Nine loans received a below market interest rate and three had their loan amortization extended Commercial business and other 1 324 Received a below market interest rate and the loan amortization was extended Total 15 $ 10,351 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | At December 31, (In thousands) 2018 2017 Loans ninety days or more past due and still accruing: Commercial real estate $ - $ 2,424 Total - 2,424 Non-accrual mortgage loans: Multi-family residential 2,410 3,598 Commercial real estate 1,379 1,473 One-to-four family mixed-use property 928 1,867 One-to-four family residential 6,144 7,808 Total 10,861 14,746 Non-accrual non-mortgage loans: Small Business Administration 1,267 46 Taxi medallion 613 918 Commercial business and other 3,512 - Total 5,392 964 Total non-accrual loans 16,253 15,710 Total non-performing loans $ 16,253 $ 18,134 |
Schedule of Interest Foregone on Non-Accrual and TDR Loans [Table Text Block] | 2018 2017 2016 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 1,604 $ 1,705 $ 1,963 Less: Interest income included in the results of operations 623 619 455 Total foregone interest $ 981 $ 1,086 $ 1,508 |
Past Due Financing Receivables [Table Text Block] | (in thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 1,887 $ 339 $ 2,410 $ 4,636 $ 2,264,412 $ 2,269,048 Commercial real estate 379 - 1,379 1,758 1,540,789 1,542,547 One-to-four family - mixed-use property 1,003 322 928 2,253 575,488 577,741 One-to-four family - residential 1,564 - 6,144 7,708 182,642 190,350 Co-operative apartments - - - - 8,498 8,498 Construction loans - 730 - 730 49,870 50,600 Small Business Administration 4 68 1,267 1,339 13,871 15,210 Taxi medallion - - - - 4,539 4,539 Commercial business and other 2,076 281 2,216 4,573 873,190 877,763 Total $ 6,913 $ 1,740 $ 14,344 $ 22,997 $ 5,513,299 $ 5,536,296 (in thousands) 30 - 59 Days 60 - 89 Days Greater Total Past Current Total Loans Multi-family residential $ 2,533 $ 279 $ 3,598 $ 6,410 $ 2,267,185 $ 2,273,595 Commercial real estate 1,680 2,197 3,897 7,774 1,360,338 1,368,112 One-to-four family - mixed-use property 1,570 860 1,867 4,297 559,909 564,206 One-to-four family - residential 1,921 680 7,623 10,224 170,439 180,663 Co-operative apartments - - - - 6,895 6,895 Construction loans - - - - 8,479 8,479 Small Business Administration - - - - 18,479 18,479 Taxi medallion - 108 - 108 6,726 6,834 Commercial business and other 2 - - 2 732,971 732,973 Total $ 7,706 $ 4,124 $ 16,985 $ 28,815 $ 5,131,421 $ 5,160,236 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the year ended December 31, 2018 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Total Allowance for credit losses: Beginning balance $ 5,823 $ 4,643 $ 2,545 $ 1,082 $ - $ 68 $ 669 $ - $ 5,521 $ 20,351 Charge-off's (99 ) - (3 ) (1 ) - - (392 ) (393 ) (44 ) (932 ) Recoveries 6 - 136 569 - - 51 143 46 951 Provision (benefit) (54 ) (328 ) (811 ) (901 ) - 261 90 250 2,068 575 Ending balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ - $ 329 $ 418 $ - $ 7,591 $ 20,945 For the year ended December 31, 2017 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 5,923 $ 4,487 $ 2,903 $ 1,015 $ - $ 92 $ 481 $ 2,243 $ 4,492 $ 593 $ 22,229 Charge-off's (454 ) (4 ) (39 ) (415 ) - - (212 ) (11,283 ) (65 ) - (12,472 ) Recoveries 300 96 108 91 - - 80 - 58 - 733 Provision (benefit) 54 64 (427 ) 391 - (24 ) 320 9,040 1,036 (593 ) 9,861 Ending balance $ 5,823 $ 4,643 $ 2,545 $ 1,082 $ - $ 68 $ 669 $ - $ 5,521 $ - $ 20,351 For the year ended December 31, 2016 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family - residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Unallocated Total Allowance for credit losses: Beginning balance $ 6,718 $ 4,239 $ 4,227 $ 1,227 $ - $ 50 $ 262 $ 343 $ 4,469 $ - $ 21,535 Charge-off's (161 ) - (144 ) (114 ) - - (529 ) (142 ) (69 ) - (1,159 ) Recoveries 339 11 777 366 - - 99 - 261 - 1,853 Provision (benefit) (973 ) 237 (1,957 ) (464 ) - 42 649 2,042 (169 ) 593 - Ending balance $ 5,923 $ 4,487 $ 2,903 $ 1,015 $ - $ 92 $ 481 $ 2,243 $ 4,492 $ 593 $ 22,229 |
Schedule of Loans and the Manner in which they are Evaluated for Impairment [Table Text Block] | At December 31, 2018 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Total Financing Receivables: Ending Balance $ 2,269,048 $ 1,542,547 $ 577,741 $ 190,350 $ 8,498 $ 50,600 $ 15,210 $ 4,539 $ 877,763 $ 5,536,296 Ending balance: individually evaluated for impairment $ 4,500 $ 1,435 $ 3,098 $ 6,889 $ - $ - $ 1,267 $ 4,539 $ 3,791 $ 25,519 Ending balance: collectively evaluated for impairment $ 2,264,548 $ 1,541,112 $ 574,643 $ 183,461 $ 8,498 $ 50,600 $ 13,943 $ - $ 873,972 $ 5,510,777 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 100 $ - $ 143 $ 51 $ - $ - $ - $ - $ 866 $ 1,160 Ending balance: collectively evaluated for impairment $ 5,576 $ 4,315 $ 1,724 $ 698 $ - $ 329 $ 418 $ - $ 6,725 $ 19,785 At December 31, 2017 (in thousands) Multi-family residential Commercial real estate One-to-four family - mixed-use property One-to-four family- residential Co-operative apartments Construction loans Small Business Administration Taxi medallion Commercial business and other Total Financing Receivables: Ending Balance $ 2,273,595 $ 1,368,112 $ 564,206 $ 180,663 $ 6,895 $ 8,479 $ 18,479 $ 6,834 $ 732,973 $ 5,160,236 Ending balance: individually evaluated for impairment $ 7,311 $ 9,089 $ 5,445 $ 9,686 $ - $ - $ 137 $ 6,834 $ 661 $ 39,163 Ending balance: collectively evaluated for impairment $ 2,266,284 $ 1,359,023 $ 558,761 $ 170,977 $ 6,895 $ 8,479 $ 18,342 $ - $ 732,312 $ 5,121,073 Allowance for credit losses: Ending balance: individually evaluated for impairment $ 205 $ 177 $ 198 $ 56 $ - $ - $ - $ - $ 6 $ 642 Ending balance: collectively evaluated for impairment $ 5,618 $ 4,466 $ 2,347 $ 1,026 $ - $ 68 $ 669 $ - $ 5,515 $ 19,709 |
Impaired Financing Receivables [Table Text Block] | December 31, 2018 December 31, 2017 Recorded Unpaid Related Recorded Unpaid Related (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,225 $ 3,568 $ - $ 5,091 $ 5,539 $ - Commercial real estate 1,435 1,435 - 7,103 7,103 - One-to-four family mixed-use property 1,913 2,113 - 4,218 4,556 - One-to-four family residential 6,490 6,643 - 9,272 10,489 - Non-mortgage loans: Small Business Administration 1,267 1,609 - 137 151 - Taxi medallion 4,539 12,788 - 6,834 18,063 - Commercial business and other - - - 313 682 - Total loans with no related allowance recorded 18,869 28,156 - 32,968 46,583 - With an allowance recorded: Mortgage loans: Multi-family residential 1,275 1,275 100 2,220 2,220 205 Commercial real estate - - - 1,986 1,986 177 One-to-four family mixed-use property 1,185 1,185 143 1,227 1,227 198 One-to-four family residential 399 399 51 414 414 56 Commercial business and other 3,791 3,791 866 348 348 6 Total loans with an allowance recorded 6,650 6,650 1,160 6,195 6,195 642 Total Impaired Loans: Total mortgage loans $ 15,922 $ 16,618 $ 294 $ 31,531 $ 33,534 $ 636 Total non-mortgage loans $ 9,597 $ 18,188 $ 866 $ 7,632 $ 19,244 $ 6 December 31, 2018 December 31, 2017 December 31, 2016 Average Interest Average Interest Average Interest (In thousands) With no related allowance recorded: Mortgage loans: Multi-family residential $ 3,957 $ 76 $ 3,260 $ 80 $ 4,762 $ 96 Commercial real estate 4,334 176 6,187 300 4,753 169 One-to-four family mixed-use property 3,298 125 5,104 168 7,914 141 One-to-four family residential 7,603 33 9,865 108 10,233 82 Construction 183 10 596 22 285 7 Non-mortgage loans: Small Business Administration 711 33 207 11 369 20 Taxi medallion 5,865 313 4,537 161 3,110 67 Commercial business and other 10,170 792 1,267 98 2,217 181 Total loans with no related allowance recorded 36,121 1,558 31,023 948 33,643 763 With an allowance recorded: Mortgage loans: Multi-family residential 1,741 96 2,348 136 2,279 116 Commercial real estate - - 2,026 95 2,145 100 One-to-four family mixed-use property 1,201 54 1,341 65 2,560 138 One-to-four family residential 405 16 420 16 410 15 Non-mortgage loans: Small Business Administration - - - - 616 42 Taxi medallion - - 10,997 166 7,244 147 Commercial business and other 1,178 25 375 22 827 45 Total loans with an allowance recorded 4,525 191 17,507 500 16,081 603 Total Impaired Loans: Total mortgage loans $ 22,722 $ 586 $ 31,147 $ 990 $ 35,341 $ 864 Total non-mortgage loans $ 17,924 $ 1,163 $ 17,383 $ 458 $ 14,383 $ 502 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 2,498 $ 4,166 $ - $ - $ 6,664 Commercial real estate 381 4,051 - - 4,432 One-to-four family - mixed-use property 1,199 2,034 - - 3,233 One-to-four family - residential 557 6,665 - - 7,222 Construction loans 730 - - - 730 Small Business Administration 481 139 - - 620 Taxi medallion - 4,539 - - 4,539 Commercial business and other 730 21,348 3,512 - 25,590 Total loans $ 6,576 $ 42,942 $ 3,512 $ - $ 53,030 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 6,389 $ 4,793 $ - $ - $ 11,182 Commercial real estate 2,020 8,871 - - 10,891 One-to-four family - mixed-use property 2,835 3,691 - - 6,526 One-to-four family - residential 2,076 9,115 - - 11,191 Small Business Administration 548 108 - - 656 Taxi medallion - 6,834 - - 6,834 Commercial business and other 14,859 545 - - 15,404 Total loans $ 28,727 $ 33,957 $ - $ - $ 62,684 |
Nonperforming Financial Instruments [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | December 31, 2018 December 31, 2017 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 1 $ 388 1 $ 383 Commercial business and other 1 1,397 - - Total TDR's that subsequently defaulted 2 $ 1,785 1 $ 383 |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | December 31, 2018 December 31, 2017 (Dollars in thousands) Number Recorded Number Recorded Multi-family residential 7 $ 1,916 9 $ 2,518 Commercial real estate - - 2 1,986 One-to-four family - mixed-use property 5 1,692 5 1,753 One-to-four family - residential 3 552 3 572 Taxi medallion 15 3,926 20 5,916 Commercial business and other 1 279 2 462 Total performing 31 $ 8,365 41 $ 13,207 |
Note 4 - Loans Held for Sale (T
Note 4 - Loans Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Delinquent and Non-Performing Loans Sold During Period [Table Text Block] | For the year ended December 31, 2018 (Dollars in thousands) Loans sold Proceeds Net (charge-offs) Net gain (loss) Delinquent and non-performing loans Multi-family residential 4 $ 1,559 $ - $ - Commercial real estate 4 6,065 - (235 ) One-to-four family - mixed-use property 2 725 (4 ) - One-to-four family - residential 2 390 72 10 Total 12 $ 8,739 $ 68 $ (225 ) Performing loans Small Business Administration 9 $ 5,671 $ - $ 393 Total 9 $ 5,671 $ - $ 393 For the year ended December 31, 2017 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain (loss) Delinquent and non-performing loans Multi-family residential 3 $ 872 $ - $ 38 Commercial real estate 5 1,821 (4 ) 34 One-to-four family - mixed-use property 9 3,523 (33 ) 343 Total 17 $ 6,216 $ (37 ) $ 415 Performing loans Multi-family residential 12 $ 18,784 $ - $ (36 ) Commercial real estate 7 26,283 - (28 ) Small Business Administration 8 5,061 - 252 Total 27 $ 50,128 $ - $ 188 For the year ended December 31, 2016 (Dollars in thousands) Loans sold Proceeds Net recoveries Net gain Delinquent and non-performing loans Multi-family residential 9 $ 2,680 $ 1 $ 3 Commercial real estate 2 192 - - One-to-four family - mixed-use property 15 5,093 47 262 Total 26 $ 7,965 $ 48 $ 265 Performing loans Small Business Administration 6 $ 3,534 $ - $ 319 Total 6 $ 3,534 $ - $ 319 |
Note 5 - Other Real Estate Ow_2
Note 5 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | For the years ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ - $ 533 $ 4,932 Additions 638 - 639 Reductions to carrying value - - (1,763 ) Sales (638 ) (533 ) (3,275 ) Balance at end of year $ - $ - $ 533 |
Gross Gains, Gross (Losses) and Write-downs of OREO [Table Text Block] | For the years ended December 31, 2018 2017 2016 (In thousands) Gross gains $ 27 $ 50 $ 37 Gross losses - - (275 ) Write-down of carrying value - - (1,763 ) Total income (expense) $ 27 $ 50 $ (2,001 ) |
Note 6 - Securities (Tables)
Note 6 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 24,065 $ 22,508 $ - $ 1,557 Total municipals 24,065 22,508 - 1,557 FNMA 7,953 7,366 - 587 Total mortgage-backed securities 7,953 7,366 - 587 Total $ 32,018 $ 29,874 $ - $ 2,144 Amortized Fair Value Gross Gross (In thousands) Securities held-to-maturity: Municipals $ 22,913 $ 21,889 $ - $ 1,024 Total municipals 22,913 21,889 - 1,024 FNMA 7,973 7,810 - 163 Total mortgage-backed securities 7,973 7,810 - 163 Total $ 30,886 $ 29,699 $ - $ 1,187 Amortized Fair Value Gross Gross (In thousands) Corporate $ 130,000 $ 118,535 $ - $ 11,465 Municipals 46,231 46,574 343 - Mutual funds 11,586 11,586 - - Collateralized loan obligations 88,396 86,751 - 1,645 Other 1,256 1,256 - - Total other securities 277,469 264,702 343 13,110 REMIC and CMO 382,632 376,340 885 7,177 GNMA 785 826 41 - FNMA 94,069 91,693 72 2,448 FHLMC 90,377 89,094 113 1,396 Total mortgage-backed securities 567,863 557,953 1,111 11,021 Total securities available for sale $ 845,332 $ 822,655 $ 1,454 $ 24,131 Amortized Fair Value Gross Gross (In thousands) Corporate $ 110,000 $ 102,767 $ - $ 7,233 Municipals 101,680 103,199 1,519 - Mutual funds 11,575 11,575 - - Collateralized loan obligations 10,000 10,053 53 - Other 1,110 1,110 - - Total other securities 234,365 228,704 1,572 7,233 REMIC and CMO 328,668 325,302 595 3,961 GNMA 1,016 1,088 72 - FNMA 136,198 135,474 330 1,054 FHLMC 48,103 47,786 18 335 Total mortgage-backed securities 513,985 509,650 1,015 5,350 Total securities available for sale $ 748,350 $ 738,354 $ 2,587 $ 12,583 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Value (In thousands) Due in one year or less $ 2,568 $ 2,568 Due after ten years 21,497 19,940 Total other securities 24,065 22,508 Mortgage-backed securities 7,953 7,366 Total securities held-to-maturity $ 32,018 $ 29,874 Amortized Fair Value (In thousands) Due after five years through ten years $ 131,087 $ 119,622 Due after ten years 134,796 133,494 Total other securities 265,883 253,116 Mutual funds 11,586 11,586 Mortgage-backed securities 567,863 557,953 Total securities available for sale $ 845,332 $ 822,655 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 19,940 $ 1,557 $ - $ - $ 19,940 $ 1,557 Total other securities 1 19,940 1,557 - - 19,940 1,557 FNMA 1 7,366 587 - - 7,366 587 Total mortgage-backed securities 1 7,366 587 - - 7,366 587 Total securities held-to-maturity 2 $ 27,306 $ 2,144 $ - $ - $ 27,306 $ 2,144 Available for sale securities Corporate 16 $ 118,535 $ 11,465 $ 19,113 $ 888 $ 99,422 $ 10,577 Municipals 3 4,220 - 4,220 - - - CLO 11 86,752 1,645 86,752 1,645 - - Total other securities 30 209,507 13,110 110,085 2,533 99,422 10,577 REMIC and CMO 39 243,756 7,177 17,308 200 226,448 6,977 GNMA 1 51 - 51 - - - FNMA 14 85,046 2,448 6,372 17 78,674 2,431 FHLMC 3 51,288 1,396 10,116 95 41,172 1,301 Total mortgage-backed securities 57 380,141 11,021 33,847 312 346,294 10,709 Total securities available for sale 87 $ 589,648 $ 24,131 $ 143,932 $ 2,845 $ 445,716 $ 21,286 Total Less than 12 months 12 months or more Count Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 20,844 $ 1,024 $ 20,844 $ 1,024 $ - $ - Total other securities 1 20,844 1,024 20,844 1,024 - - FNMA 1 7,810 163 7,810 163 - - Total mortgage-backed securities 1 7,810 163 7,810 163 - - Total securities held-to-maturity 2 $ 28,654 $ 1,187 $ 28,654 $ 1,187 $ - $ - Available for sale securities Corporate 14 $ 102,767 $ 7,233 $ 9,723 $ 277 $ 93,044 $ 6,956 Total other securities 14 102,767 7,233 9,723 277 93,044 6,956 REMIC and CMO 36 249,596 3,961 162,781 1,406 86,815 2,555 FNMA 17 120,510 1,054 109,258 850 11,252 204 FHLMC 2 46,829 335 43,258 294 3,571 41 Total mortgage-backed securities 55 416,935 5,350 315,297 2,550 101,638 2,800 Total securities available for sale 69 $ 519,702 $ 12,583 $ 325,020 $ 2,827 $ 194,682 $ 9,756 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the years ended 2018 2017 2016 (In thousands) Gross gains from the sale of securities $ 105 $ 401 $ 2,370 Gross losses from the sale of securities (2,025 ) (587 ) (846 ) Net (losses) gains from the sale of securities $ (1,920 ) $ (186 ) $ 1,524 |
Note 7 - Bank Premises and Eq_2
Note 7 - Bank Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2018 2017 (In thousands) Leasehold improvements $ 39,703 $ 37,044 Equipment and furniture 24,582 22,489 Total 64,285 59,533 Less: Accumulated depreciation and amortization 33,867 28,697 Bank premises and equipment, net $ 30,418 $ 30,836 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Deposits and Weighted Average Rate on Deposits [Table Text Block] | 2018 2017 Weighted (Dollars in thousands) Interest-bearing deposits: Certificate of deposit accounts $ 1,563,310 $ 1,351,933 2.10 % Savings accounts 210,022 290,280 0.72 Money market accounts 1,427,992 979,958 1.93 NOW accounts 1,300,852 1,333,232 1.53 Total interest-bearing deposits 4,502,176 3,955,403 Non-interest bearing demand deposits 413,747 385,269 Total due to depositors 4,915,923 4,340,672 Mortgagors' escrow deposits 44,861 42,606 Total deposits $ 4,960,784 $ 4,383,278 |
Schedule of Interest Expense on Deposits [Table Text Block] | 2018 2017 2016 (In thousands) Certificate of deposit accounts $ 28,310 $ 20,579 $ 20,536 Savings accounts 1,370 1,808 1,219 Money market accounts 18,707 8,151 3,592 NOW accounts 15,896 9,640 7,891 Total due to depositors 64,283 40,178 33,238 Mortgagors' escrow deposits 214 141 112 Total interest expense on deposits $ 64,497 $ 40,319 $ 33,350 |
Schedule of Remaining Maturities of Certificates of Deposit Accounts [Table Text Block] | 2018 2017 (In thousands) Within 12 months $ 1,017,177 $ 759,360 More than 12 months to 24 months 404,930 449,293 More than 24 months to 36 months 78,427 95,626 More than 36 months to 48 months 10,915 42,928 More than 48 months to 60 months 51,365 2,648 More than 60 months 496 2,078 Total certificate of deposit accounts $ 1,563,310 $ 1,351,933 |
Note 9 - Borrowed Funds (Tables
Note 9 - Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | 2018 2017 Amount Weighted Amount Weighted (Dollars in thousands) FHLB-NY advances - fixed rate: Due in 2018 $ - - % $ 630,588 1.41 % Due in 2019 782,899 2.23 257,216 1.55 Due in 2020 186,082 1.64 186,148 1.64 Due in 2021 125,016 1.57 125,016 1.57 Due in 2022 25,000 2.83 - - Due in 2023 15,996 3.14 - - Total FHLB-NY advances 1,134,993 2.09 1,198,968 1.49 Subordinated debentures - fixed rate through 2021 74,001 5.32 73,699 5.34 Junior subordinated debentures - adjustable rate 41,849 6.07 36,986 4.86 Total borrowings $ 1,250,843 2.41 % $ 1,309,653 1.80 % |
Terms of Securities Issued By Trusts [Table Text Block] | Subordinated Debentures Issue Date December 12, 2016 Initial Rate 5.25% First Reset Date December 15, 2021 First Call Date December 15, 2021 Spread over 3-month LIBOR 3.44% Maturity Date December 15, 2026 Flushing Financial Capital Trust II Flushing Financial Capital Trust III Flushing Financial Capital Trust IV Issue Date June 20, 2007 June 21, 2007 July 3, 2007 Initial Rate 7.14% 6.89% 6.85% First Reset Date September 1, 2012 June 15, 2012 July 30, 2012 Spread over 3-month LIBOR 1.41% 1.44% 1.42% Maturity Date September 1, 2037 September 15, 2037 July 30, 2037 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 2016 (In thousands) Federal: Current $ 9,183 $ 14,859 $ 34,996 Deferred (609 ) 7,985 (1,416 ) Total federal tax provision 8,574 22,844 33,580 State and Local: Current 3,876 1,419 7,647 Deferred (2,055 ) 750 (124 ) Total state and local tax provision 1,821 2,169 7,523 Total income tax provision $ 10,395 $ 25,013 $ 41,103 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 2016 (Dollars in thousands) Taxes at federal statutory rate $ 13,752 21.0 % $ 23,147 35.0 % $ 37,106 35.0 % Increase (reduction) in taxes resulting from: State and local income tax, net of Federal income tax benefit 1,439 2.2 1,410 2.1 4,890 4.6 TCJA - - 3,770 5.7 - - Tax exempt (1,961 ) (3.0 ) (2,429 ) (3.7 ) (1,750 ) (1.7 ) Other (2,835 ) (4.3 ) (885 ) (1.3 ) 857 0.9 Taxes at effective rate $ 10,395 15.9 % $ 25,013 37.8 % $ 41,103 38.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 (In thousands) Deferred tax assets: Postretirement benefits $ 6,489 $ 6,047 Allowance for loan losses 6,490 6,414 Stock based compensation 2,717 2,808 Depreciation 615 1,057 Unrealized loss on securities available for sale 7,028 3,150 Fair value adjustment on financial assets carried at fair value 227 168 Fair value hedges 638 939 Adjustment required to recognize funded status of postretirement pension plans 751 2,068 Gain on sale of buildings 1,220 1,434 Other 3,113 299 Net operating loss (NYC) 928 - Deferred tax assets 30,216 24,384 Deferred tax liabilities: FPFC deferred income 2,263 1,916 Cashflow hedges 1,664 129 Fair value adjustment on financial liabilities carried at fair value 5,815 7,800 Entity specific fair value 382 - Other 6,132 4,239 Deferred tax liabilities 16,256 14,084 Net deferred tax asset included in other assets $ 13,960 $ 10,300 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Non-vested at December 31, 2017 497,322 $ 22.46 Granted 280,590 28.19 Vested (256,414 ) 23.70 Forfeited (18,840 ) 25.01 Non-vested at December 31, 2018 502,658 $ 24.93 Vested but unissued at December 31, 2018 241,924 $ 25.10 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | (In thousands) 2018 2017 2016 Proceeds from stock options exercised $ 6 $ - $ 328 Fair value of shares received upon exercise of stock options 8 37 1,380 Tax benefit related to stock options exercised 1 39 185 Intrinsic value of stock options exercised 9 96 841 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2017 89,180 $ 27.50 Granted 10,673 26.94 Distributions (540 ) 22.66 Outstanding at December 31, 2018 99,313 $ 21.53 Vested at December 31, 2018 98,914 $ 21.53 |
Note 12 - Pension and Other P_2
Note 12 - Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Net Actuarial Prior Service Total 2018 2017 2016 2018 2017 2016 2018 2017 2016 (In thousands) Employee Retirement Plan $ 3,238 $ 6,166 $ 8,055 $ - $ - $ - $ 3,238 $ 6,166 $ 8,055 Other Postretirement Benefit Plans 35 1,223 636 (283 ) (368 ) (453 ) (248 ) 855 183 Outside Directors Plan (566 ) (472 ) (540 ) - 12 52 (566 ) (460 ) (488 ) Total $ 2,707 $ 6,917 $ 8,151 $ (283 ) $ (356 ) $ (401 ) $ 2,424 $ 6,561 $ 7,750 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Net Actuarial Prior Service Expense (In thousands) Employee Retirement Plan $ 269 $ - $ 269 Other Postretirement Benefit Plans - (85 ) (85 ) Outside Directors Plan (141 ) - (141 ) Total $ 128 $ (85 ) $ 43 |
Schedule of Net Funded Status [Table Text Block] | 2018 2017 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 23,605 $ 22,769 Interest cost 781 864 Actuarial loss (2,389 ) 962 Benefits paid (1,653 ) (990 ) Projected benefit obligation at end of year 20,344 23,605 Change in plan assets: Market value of assets at beginning of year 22,702 20,146 Actual return on plan assets 1,370 3,546 Benefits paid (1,653 ) (990 ) Market value of plan assets at end of year 22,419 22,702 Accrued pension asset/liability included in other assets (liabilities) $ 2,075 $ (903 ) 2018 2017 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 9,104 $ 7,978 Service cost 350 316 Interest cost 307 305 Actuarial (gain) loss (1,155 ) 588 Benefits paid (88 ) (83 ) Projected benefit obligation at end of year 8,518 9,104 Change in plan assets: Market value of assets at beginning of year - - Employer contributions 88 83 Benefits paid (88 ) (83 ) Market value of plan assets at end of year - - Accrued pension cost included in other liabilities $ (8,518 ) $ (9,104 ) 2018 2017 (In thousands) Change in benefit obligation: Projected benefit obligation at beginning of year $ 2,425 $ 2,462 Service cost 42 42 Interest cost 78 89 Actuarial gain (184 ) (24 ) Benefits paid (96 ) (144 ) Projected benefit obligation at end of year 2,265 2,425 Change in plan assets: Market value of assets at beginning of year - - Employer contributions 96 144 Benefits paid (96 ) (144 ) Market value of plan assets at end of year - - Accrued pension cost included in other liabilities $ (2,265 ) $ (2,425 ) |
Schedule of Assumptions Used [Table Text Block] | 2018 2017 Weighted average discount rate 4.06% 3.42% Rate of increase in future compensation levels n/a n/a 2018 2017 2016 Weighted average discount rate 3.42% 3.88% 4.06% Rate of increase in future compensation levels n/a n/a n/a Expected long-term rate of return on assets 7.00% 7.00% 7.25% 2018 2017 Discount rate 4.06% 3.42% Rate of increase in health care costs Initial 7.00% 7.00% Ultimate (year 2023) 5.00% 5.00% Annual rate of salary increase for life insurance n/a n/a 2018 2017 2016 Rate of return on plan assets n/a n/a n/a Discount rate 3.42% 3.88% 4.06% Rate of increase in health care costs Initial 7.00% 8.00% 7.00% Ultimate (year 2023) 5.00% 5.00% 5.00% Annual rate of salary increase for life insurance n/a n/a n/a 2018 2017 2016 Weighted average discount rate for the benefit obligation 4.06% 3.42% 3.88% Weighted average discount rate for periodic pension benefit expense 3.42% 3.88% 4.06% Rate of increase in future compensation levels n/a n/a n/a |
Schedule of Net Benefit Costs [Table Text Block] | 2018 2017 2016 (In thousands) Interest cost $ 781 $ 864 $ 902 Amortization of unrecognized loss 621 697 809 Expected return on plan assets (1,452 ) (1,392 ) (1,394 ) Net pension (benefit) expense (50 ) 169 317 Current year actuarial (gain) loss (2,307 ) (1,192 ) 275 Amortization of actuarial loss (621 ) (697 ) (809 ) Total recognized in other comprehensive income (2,928 ) (1,889 ) (534 ) Total recognized in net pension cost (benefit) and other comprehensive loss $ (2,978 ) $ (1,720 ) $ (217 ) 2018 2017 2016 (In thousands) Service cost $ 350 $ 316 $ 359 Interest cost 307 305 320 Amortization of unrecognized loss 33 - 47 Amortization of past service credit (85 ) (85 ) (85 ) Net postretirement benefit expense 605 536 641 Current year actuarial (gain) loss (1,155 ) 587 (613 ) Amortization of actuarial loss (33 ) - (47 ) Amortization of prior service credit 85 85 85 Total recognized in other comprehensive income (1,103 ) 672 (575 ) Total recognized in net postretirement expense and other comprehensive loss $ (498 ) $ 1,208 $ 66 2018 2017 2016 (In thousands) Service cost $ 42 $ 42 $ 42 Interest cost 78 89 97 Amortization of unrecognized gain (91 ) (92 ) (86 ) Amortization of past service liability 12 40 40 Net pension expense 41 79 93 Current actuarial gain (184 ) (24 ) (63 ) Amortization of actuarial gain 91 92 86 Amortization of prior service cost (12 ) (40 ) (40 ) Total recognized in other comprehensive income (105 ) 28 (17 ) Total recognized in net pension expense and other comprehensive income $ (64 ) $ 107 $ 76 |
Schedule of Expected Benefit Payments [Table Text Block] | Future Benefit Payments (In thousands) 2019 $ 1,300 2020 1,133 2021 1,177 2022 1,205 2023 1,228 2024 – 2028 6,033 Future Benefit Payments (In thousands) 2019 $ 260 2020 266 2021 286 2022 319 2023 326 2024 – 2028 1,755 Future Benefit Payments (In thousands) 2019 $ 288 2020 288 2021 288 2022 288 2023 256 2024 – 2028 988 |
Schedule of Allocation of Plan Assets [Table Text Block] | 2018 2017 Equity securities 0 % 72 % Debt securities 100 % 28 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | At December 31, 2018 2017 (In thousands) Pooled Separate Accounts Long duration bond fund (a) $ 10,045 $ - Long corporate bond fund (b) 4,471 - Prudential short term (c) 360 77 U.S. large-cap growth (d) - 5,822 U.S. large-cap value (e) - 5,164 U.S. small-cap blend (f) - 2,735 International blend (g) - 2,566 Bond fund (h) - 6,338 Mutual Fund Investment grade bond fund (i) 7,543 - Total $ 22,419 $ 22,702 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | Increase Decrease (In thousands) Effect on postretirement benefit obligation $ 1,652 $ (1,277 ) Effect on total service and interest cost 147 (111 ) |
Schedule of Employee Benefit Trust Shares [Table Text Block] | 2018 2017 Shares owned by Employee Benefit Trust, beginning balance 445,022 551,762 Shares purchased 13,669 11,631 Shares released and allocated (129,601 ) (118,371 ) Shares owned by Employee Benefit Trust, ending balance 329,090 445,022 Market value of unallocated shares $ 7,085,308 $ 12,238,105 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains Unrealized Gains Defined Benefit Fair Value Total December 31, 2018 (In thousands) Beginning balance, net of tax $ (5,522 ) $ 231 $ (3,695 ) $ - $ (8,986 ) Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings (1,325 ) 50 (798 ) - (2,073 ) Impact of adoption of Accounting Standard Update 2016-01 - - - 779 779 Other comprehensive income before reclassifications, net of tax (10,127 ) 3,351 2,484 87 (4,205 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1,325 72 336 - 1,733 Net current period other comprehensive income, net of tax (8,802 ) 3,423 2,820 87 (2,472 ) Ending balance, net of tax $ (15,649 ) $ 3,704 $ (1,673 ) $ 866 $ (12,752 ) December 31, 2017 Unrealized Gains Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (3,859 ) $ - $ (4,503 ) $ (8,362 ) Other comprehensive income (loss) before reclassifications, net of tax (1,771 ) 105 485 (1,181 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 108 126 323 557 Net current period other comprehensive income (loss), net of tax (1,663 ) 231 808 (624 ) Ending balance, net of tax $ (5,522 ) $ 231 $ (3,695 ) $ (8,986 ) December 31, 2016 Unrealized Gains Defined Benefit Total (In thousands) Beginning balance, net of tax $ (521 ) $ (5,041 ) $ (5,562 ) Other comprehensive income (loss) before reclassifications, net of tax (2,452 ) 235 (2,217 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (886 ) 303 (583 ) Net current period other comprehensive income (loss), net of tax (3,338 ) 538 (2,800 ) Ending balance, net of tax $ (3,859 ) $ (4,503 ) $ (8,362 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | For the year ended December 31, 2018 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (1,920 ) Net loss on sale of securities 595 Tax expense $ (1,325 ) Net of tax Cash flow hedges: Interest rate swaps $ (104 ) Interest expense 32 Tax expense $ (72 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (530 ) (1) Other operating expenses Prior service credits 39 (1) Other operating expenses (491 ) Total before tax 155 Tax expense $ (336 ) Net of tax For the year ended December 31, 2017 Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ (186 ) Net loss on sale of securities 78 Tax expense $ (108 ) Net of tax Cash flow hedges: Interest rate swaps $ (184 ) Interest expense 58 Tax expense $ (126 ) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (605 ) (1) Other operating expenses Prior service credits 45 (1) Other operating expenses (560 ) Total before tax 237 Tax expense $ (323 ) Net of tax For the year ended December 31, 2016 Details about Accumulated Other Amounts Reclassified from Affected Line Item in the Statement (Dollars in thousands) Unrealized gains (losses) on available for sale securities: $ 1,524 Net gain on sale of securities (638 ) Tax expense $ 886 Net of tax Amortization of defined benefit pension items: Actuarial losses $ (568 ) (1) Other operating expenses Prior service credits 45 (1) Other operating expenses (523 ) Total before tax 220 Tax benefit $ (303 ) Net of tax |
Note 14 - Regulatory Capital (T
Note 14 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | December 31, 2018 December 31, 2017 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 660,782 9.85 % $ 631,285 10.11 % Requirement to be well capitalized 335,512 5.00 312,343 5.00 Excess 325,270 4.85 318,942 5.11 Common Equity Tier I risk-based capital: Capital level $ 660,782 13.28 % $ 631,285 13.87 % Requirement to be well capitalized 323,386 6.50 295,937 6.50 Excess 337,396 6.78 335,348 7.37 Tier I risk-based capital: Capital level $ 660,782 13.28 % $ 631,285 13.87 % Requirement to be well capitalized 398,014 8.00 364,230 8.00 Excess 262,768 5.28 267,055 5.87 Total risk-based capital: Capital level $ 681,727 13.70 % $ 651,636 14.31 % Requirement to be well capitalized 497,517 10.00 455,288 10.00 Excess 184,210 3.70 196,348 4.31 December 31, 2018 December 31, 2017 Amount Percent of Amount Percent of (Dollars in thousands) Tier I (leverage) capital: Capital level $ 586,582 8.74 % $ 563,426 9.02 % Requirement to be well capitalized 335,616 5.00 312,278 5.00 Excess 250,966 3.74 251,148 4.02 Common Equity Tier I risk-based capital: Capital level $ 546,230 10.98 % $ 527,727 11.59 % Requirement to be well capitalized 323,382 6.50 295,865 6.50 Excess 222,848 4.48 231,862 5.09 Tier I risk-based capital: Capital level $ 586,582 11.79 % $ 563,426 12.38 % Requirement to be well capitalized 398,008 8.00 364,141 8.00 Excess 188,574 3.79 199,285 4.38 Total risk-based capital: Capital level $ 682,527 13.72 % $ 658,777 14.47 % Requirement to be well capitalized 497,511 10.00 455,177 10.00 Excess 185,016 3.72 203,600 4.47 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Minimum Rental (In thousands) Years ended December 31: 2019 $ 7,605 2020 7,977 2021 7,214 2022 6,822 2023 6,961 Thereafter 23,655 Total minimum payments required $ 60,234 |
Note 18 - Fair Value of Finan_2
Note 18 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value Option, Disclosures [Table Text Block] | Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at December 31, at December 31, For the year ended December 31, Description 2018 2017 2018 2017 2016 (Dollars in thousands) Mortgage-backed securities $ 967 $ 1,590 $ (19 ) $ (26 ) $ (25 ) Other securities 12,843 12,685 (109 ) 134 (38 ) Borrowed funds 41,849 36,986 (4,913 ) (2,993 ) (4,908 ) Net loss from fair value adjustments (1) $ (5,041 ) $ (2,885 ) $ (4,971 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices Significant Other Significant Other Total carried at fair value 2018 2017 2018 2017 2018 2017 2018 2017 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ - $ - $ 557,953 $ 509,650 $ - $ - $ 557,953 $ 509,650 Other securities 11,586 11,575 251,860 216,019 1,256 1,110 264,702 228,704 Interest rate swaps - - 15,961 7,388 - - 15,961 7,388 Total assets $ 11,586 $ 11,575 $ 825,774 $ 733,057 $ 1,256 $ 1,110 $ 838,616 $ 745,742 Liabilities: Borrowings $ - $ - $ - $ - $ 41,849 $ 36,986 $ 41,849 $ 36,986 Interest rate swaps - - 2,239 3,758 - - 2,239 3,758 Total liabilities $ - $ - $ 2,239 $ 3,758 $ 41,849 $ 36,986 $ 44,088 $ 40,744 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the year ended December 31, 2018 December 31, 2017 Trust preferred Junior subordinated Trust preferred Junior subordinated (In thousands) Beginning balance $ 1,110 $ 36,986 $ 7,361 $ 33,959 Security call - - (6,300 ) - Net gain from fair value adjustment of financial assets (1) 145 - 134 - Net loss from fair value adjustment of financial liabilities (1) - 4,913 - 2,993 Increase(Decrease) in accrued interest 1 66 (87 ) 34 Change in unrealized losses included in other comprehensive loss - (116 ) 2 - Ending balance $ 1,256 $ 41,849 $ 1,110 $ 36,986 Changes in unrealized held at period end $ - $ - $ - $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices Significant Other Significant Other Total carried at fair value 2018 2017 2018 2017 2018 2017 2018 2017 (In thousands) Assets: Impaired loans $ - $ - $ - $ - $ 4,111 $ 8,504 $ 4,111 $ 8,504 Other repossesed assets - - - - 35 - 35 - Total assets $ - $ - $ - $ - $ 4,146 $ 8,504 $ 4,146 $ 8,504 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2018 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 118,561 $ 118,561 $ 118,561 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,953 7,366 - 7,366 - Other securities 24,065 22,508 - - 22,508 Securities available for sale Mortgage-backed securities 557,953 557,953 - 557,953 - Other securities 264,702 264,702 11,586 251,860 1,256 Loans 5,551,484 5,496,266 - - 5,496,266 FHLB-NY stock 57,282 57,282 - 57,282 - Accrued interest receivable 25,485 25,485 54 2,756 22,675 Interest rate swaps 15,961 15,961 - 15,961 - Liabilities: Deposits $ 4,960,784 $ 4,955,077 $ 3,397,474 $ 1,557,603 $ - Borrowings 1,250,843 1,241,745 - 1,199,896 41,849 Accrued interest payable 5,890 5,890 - 5,890 - Interest rate swaps 2,239 2,239 - 2,239 - December 31, 2017 Carrying Fair Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 51,546 $ 51,546 $ 51,546 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,973 7,810 - 7,810 - Other securities 22,913 21,889 - - 21,889 Securities available for sale Mortgage-backed securities 509,650 509,650 - 509,650 - Other securities 228,704 228,704 11,575 216,019 1,110 Loans 5,176,999 5,169,108 - - 5,169,108 FHLB-NY stock 60,089 60,089 - 60,089 - Accrued interest receivable 21,405 21,405 16 1,916 19,473 Interest rate swaps 7,388 7,388 - 7,388 - Liabilities: Deposits $ 4,383,278 $ 4,380,174 $ 3,031,345 $ 1,348,829 $ - Borrowings 1,309,653 1,310,487 - 1,273,501 36,986 Accrued interest payable 2,659 2,659 - 2,659 - Interest rate swaps 3,758 3,758 - 3,758 - |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | At December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 204 Income approach Capitalization rate 8.5% 8.5% Reduction for planned expedited disposal 15.0% 15.0% Impaired loans $ 2,724 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 0.0% 0.0% Reduction for planned expedited disposal -36.5% to 15.0% 10.4% Impaired loans $ 1,183 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -30.0% to 10.0% -7.8% Capitalization rate 7.4% to 9.8% 8.7% Reduction for planned expedited disposal 15.0% 15.0% Other repossesed assets $ 35 Sales approach Reduction for planned expediated disposal 0.0% 0.0% At December 31, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 204 Income approach Capitalization rate 8.5% 8.5% Reduction for planned expedited disposal 15.0% 15.0% Impaired loans $ 6,868 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -50.0% to 15.0% -0.1% Reduction for planned expedited disposal 0.0% to 15.0% 0.1% Impaired loans $ 1,432 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales -30.0% to 10.0% -7.6% Capitalization rate 7.4%% to 9.8% 8.8% Reduction for planned expedited disposal 0.0% 0.0% |
Fair Value, Measurements, Recurring [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2018 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,256 Discounted cash flows Discount rate n/a 4.9 % Liabilities: Junior subordinated debentures $ 41,849 Discounted cash flows Discount rate n/a 4.9 % December 31, 2017 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,110 Discounted cash flows Discount rate n/a 5.7 % Liabilities: Junior subordinated debentures $ 36,986 Discounted cash flows Discount rate n/a 5.7 % |
Note 19 - Derivative Financia_2
Note 19 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | December 31, 2018 December 31, 2017 Notional (1) Notional (1) (In thousands) Interest rate swaps (fair value hedge) $ 248,330 $ 10,593 $ 199,341 $ 6,971 Interest rate swaps (fair value hedge) 19,468 (502 ) 62,564 (921 ) Interest rate swaps (cash flow hedge) 441,500 5,368 250,000 417 Interest rate swaps (cash flow hedge) - - 191,500 (7 ) Interest rate swaps (non-hedge) 36,321 (1,737 ) 36,321 (2,830 ) Total derivatives $ 745,619 $ 13,722 $ 739,726 $ 3,630 |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the year ended (In thousands) 2018 2017 2016 Financial Derivatives: Interest rate swaps (non-hedge) $ 1,094 $ (102 ) $ 71 Interest rate swaps (fair value hedge) (175 ) (478 ) 1,466 Net gain (loss) (1) $ 919 $ (580 ) $ 1,537 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, 2018 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Condition Net Amount of Assets Presented in the Statement of Condition Financial Instruments Cash Collateral Received Net Amount Interest rate swaps $ 15,961 $ - $ 15,961 $ - $ 14,960 $ 1,001 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 2,239 $ - $ 2,239 $ - $ - $ 2,239 December 31, 2017 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Condition Net Amount of Assets Presented in the Statement of Condition Financial Instruments Cash Collateral Received Net Amount Interest rate swaps $ 7,388 $ - $ 7,388 $ - $ 3,660 $ 3,728 Gross Amounts Not Offset in the Consolidated Statement of Condition (In thousands) Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Condition Net Amount of Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount Interest rate swaps $ 3,758 $ - $ 3,758 $ - $ - $ 3,758 |
Note 21 - Quarterly Financial_2
Note 21 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2018 2017 4th 3rd 2nd 1st 4th 3rd 2nd 1st (In thousands, except per share data) Quarterly operating data: Interest income $ 67,433 $ 65,486 $ 63,293 $ 60,786 $ 59,697 $ 59,319 $ 58,315 $ 57,254 Interest expense 26,797 23,965 20,653 18,177 16,637 16,278 14,698 13,865 Net interest income 40,636 41,521 42,640 42,609 43,060 43,041 43,617 43,389 Provision for loan losses 422 - - 153 6,595 3,266 - - Other operating income (loss) (986 ) 4,955 3,168 3,200 3,064 1,661 1,948 3,689 Other operating expense 25,760 27,233 27,396 31,294 25,879 25,966 26,065 29,564 Income before income tax expense 13,468 19,243 18,412 14,362 13,650 15,470 19,500 17,514 Income tax expense 1,046 1,910 4,489 2,950 7,693 5,291 6,775 5,254 Net income $ 12,422 $ 17,333 $ 13,923 $ 11,412 $ 5,957 $ 10,179 $ 12,725 $ 12,260 Basic earnings per common share $ 0.44 $ 0.61 $ 0.48 $ 0.39 $ 0.21 $ 0.35 $ 0.44 $ 0.42 Diluted earnings per common share $ 0.44 $ 0.61 $ 0.48 $ 0.39 $ 0.21 $ 0.35 $ 0.44 $ 0.42 Dividends per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.18 $ 0.18 $ 0.18 $ 0.18 Average common shares outstanding for: Basic earnings per share 28,422 28,604 28,845 28,974 29,045 29,120 29,135 29,019 Diluted earnings per share 28,423 28,604 28,846 28,975 29,046 29,120 29,136 29,023 |
Note 22 - Parent Company Only_2
Note 22 - Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Statements of Financial Condition December 31, December 31, (Dollars in thousands) Assets: Cash and due from banks $ 4,351 $ 10,198 Securities available for sale: Other securities 1,256 1,110 Interest receivable - - Investment in Bank 661,044 634,056 Goodwill 2,185 2,185 Other assets 2,929 3,645 Total assets $ 671,765 $ 651,194 Liabilities: Subordinated debentures $ 74,001 $ 73,699 Junior subordinated debentures, at fair value 41,849 36,986 Other liabilities 6,451 7,901 Total liabilities 122,301 118,586 Stockholders' Equity: Preferred stock - - Common stock 315 315 Additional paid-in capital 222,720 217,906 Treasury stock, at average cost (3,546,958 shares and 2,942,329 at December 31, 2018 and 2017, respectively) (75,146 ) (57,675 ) Retained earnings 414,327 381,048 Accumulated other comprehensive loss, net of taxes (12,752 ) (8,986 ) Total equity 549,464 532,608 Total liabilities and equity $ 671,765 $ 651,194 |
Condensed Income Statement [Table Text Block] | For the years ended December 31, Condensed Statements of Income 2018 2017 2016 (In thousands) Dividends from the Bank $ 34,000 $ 21,500 $ 24,000 Interest income 275 505 247 Interest expense (6,479 ) (5,860 ) (1,324 ) Net loss from fair value adjustments (4,769 ) (2,903 ) (4,761 ) Other operating expenses (1,391 ) (1,354 ) (1,611 ) Income before taxes and equity in undistributed earnings of subsidiary 21,636 11,888 16,551 Income tax benefit 3,907 6,926 3,198 Income before equity in undistributed earnings of subsidiary 25,543 18,814 19,749 Equity in undistributed earnings of the Bank 29,547 22,307 45,167 Net income 55,090 41,121 64,916 Other comprehensive loss, net of tax (2,472 ) (624 ) (2,800 ) Comprehensive net income $ 52,618 $ 40,497 $ 62,116 |
Condensed Cash Flow Statement [Table Text Block] | For the years ended December 31, Condensed Statements of Cash Flows 2018 2017 2016 (In thousands) Operating activities: Net income $ 55,090 $ 41,121 $ 64,916 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the Bank (29,547 ) (22,307 ) (45,167 ) Deferred income tax benefit (1,915 ) (3,990 ) (2,316 ) Fair value adjustments for financial assets and financial liabilities 4,769 2,903 4,761 Stock-based compensation expense 7,016 5,990 5,120 Net change in operating assets and liabilities 4,246 2,453 3,318 Net cash provided by operating activities 39,659 26,170 30,632 Investing activities: Investment in Bank - - (66,497 ) Proceeds from sales and calls of securities available for sale - 300 - Net cash provided (used in) investing activities - 300 (66,497 ) Financing activities: Issuance of subordinated debt, net - - 73,402 Purchase of treasury stock (22,585 ) (9,290 ) (9,858 ) Cash dividends paid (22,927 ) (20,954 ) (19,689 ) Stock options exercised 6 - 328 Net cash (used in) provided by financing activities (45,506 ) (30,244 ) 44,183 Net (decrease) increase in cash and cash equivalents (5,847 ) (3,774 ) 8,318 Cash and cash equivalents, beginning of year 10,198 13,972 5,654 Cash and cash equivalents, end of year $ 4,351 $ 10,198 $ 13,972 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2009 | Dec. 31, 2015 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 118,561 | $ 51,546 | $ 35,857 | $ 42,363 | |
Interest-bearing Deposits in Banks and Other Financial Institutions | 105,800 | 39,400 | |||
Cash Reserve Deposit Required and Made | 4,400 | 9,700 | |||
Interest Income, Securities, Operating, Tax Exempt | 3,400 | 3,700 | 3,100 | ||
Goodwill, Impairment Loss | 0 | 0 | 0 | ||
Goodwill, Ending Balance | 16,127 | 16,127 | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease), Total | $ 600 | $ (200) | |||
Fair Value, Collateral Dependent Loans, Percentage of Appraised or Internally Estimated Value of Property | 85.00% | ||||
Amount of Collateral-dependent Impaired Loans Measured for Impairment By Utilizing Third-party Appraisals | $ 17,000 | ||||
Percentage of Collateral-dependent Impaired Loans Measured for Impairment By Utilizing Third-party Appraisals | 83.00% | ||||
Amount of Collateral-Dependent Impaired Loans Measured for Impairment Using Internal Evaluations | $ 3,500 | ||||
Percentage of Collateral-dependent Impaired Loans Measured for Impairment Using Internal Evaluations | 17.00% | ||||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | 0 | 0 | |||
Other Real Estate, Ending Balance | 0 | 0 | 533 | $ 4,932 | |
Other than Temporary Impairment Losses, Investments, Total | 0 | ||||
Advertising Expense | $ 2,200 | $ 2,400 | $ 2,400 | ||
Employee Stock Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | ||
Bank Premises and Equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Bank Premises and Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Originated Before January 1, 2010 [Member] | |||||
Percent of Loan Portfolio to Total Loans | 11.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income, as reported | $ 12,422 | $ 17,333 | $ 13,923 | $ 11,412 | $ 5,957 | $ 10,179 | $ 12,725 | $ 12,260 | $ 55,090 | $ 41,121 | $ 64,916 |
Weighted average common shares outstanding (in shares) | 28,422 | 28,604 | 28,845 | 28,974 | 29,045 | 29,120 | 29,135 | 29,019 | 28,709 | 29,080 | 28,957 |
Weighted average common stock equivalents (in shares) | 1 | 2 | 13 | ||||||||
Total weighted average common shares outstanding and common stock equivalents (in shares) | 28,423 | 28,604 | 28,846 | 28,975 | 29,046 | 29,120 | 29,136 | 29,023 | 28,710 | 29,082 | 28,970 |
Basic earnings per common share (in dollars per share) | $ 0.44 | $ 0.61 | $ 0.48 | $ 0.39 | $ 0.21 | $ 0.35 | $ 0.44 | $ 0.42 | $ 1.92 | $ 1.41 | $ 2.24 |
Diluted earnings per common share (in dollars per share) | $ 0.44 | $ 0.61 | $ 0.48 | $ 0.39 | $ 0.21 | $ 0.35 | $ 0.44 | $ 0.42 | $ 1.92 | $ 1.41 | $ 2.24 |
Dividend Payout ratio | 41.70% | 51.10% | 30.40% |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017 | |
TDR Loans Transferred to Non-performing, Number of Contracts | 1 | 0 |
Servicing Mortgage Loans [Member] | ||
Servicing Asset, Loans Serviced, Amount | $ 36.5 | |
Servicing SBA Loans [Member] | ||
Servicing Asset, Loans Serviced, Amount | $ 18.4 | |
Multi-family Residential Property and Commercial Real Estate and Commerical Business and Other Loans [Member] | ||
Loan Origination, Underwriting Requirements, Minimum Debt Service Coverage | 125.00% | |
Loan Origination, Value, Maximum Percentage | 75.00% | |
Multi-family Residential Property and Commercial Real Estate and Commerical Business and Other Loans [Member] | Gross Loans [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk, Percentage | 84.70% | 84.80% |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Real Estate Classified as Troubled Debt Restructuring Sold | 1 | |
Financing Receivable, Modification, Sold During Period | $ 1.8 | |
Loss on Sale of Real Estate Classified as Troubled Debt Restructuring | $ 0.3 | |
Taxi Medallion Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts, Paid Off | 4 | |
Financing Receivable, Modifications, Amount Paid Off | $ 1.4 | |
Number of Assets Foreclosed on During the Period | 1 | |
Taxi Medallion Portfolio Segment [Member] | Other Assets [Member] | ||
Other Repossessed Assets | $ 0.1 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Loan Losses - Composition of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | $ 5,536,296 | $ 5,160,236 |
Net unamortized premiums and unearned loan fees | 15,188 | 16,763 |
Total loans, net of fees and costs | 5,551,484 | 5,176,999 |
Multi-Family Residential [Member] | ||
Loans | 2,269,048 | 2,273,595 |
Commercial Real Estate Loans [Member] | ||
Loans | 1,542,547 | 1,368,112 |
One-To-Four Family - Mixed Used Property [Member] | ||
Loans | 577,741 | 564,206 |
One-To-Four Family - Residential [Member] | ||
Loans | 190,350 | 180,663 |
Co-Operative Apartments [Member] | ||
Loans | 8,498 | 6,895 |
Construction Portfolio Segment [Member] | ||
Loans | 50,600 | 8,479 |
Small Business Administration [Member] | ||
Loans | 15,210 | 18,479 |
Taxi Medallion [Member] | ||
Loans | 4,539 | 6,834 |
Commercial Business and Other [Member] | ||
Loans | $ 877,763 | $ 732,973 |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Loans Modified and Classified as TDR (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications, Number of Contracts | 1 | 10 | 15 |
Financing Receivable, Modifications, Balance | $ 1,620 | $ 6,741 | $ 10,351 |
Commercial Business and Other [Member] | Extended Maturity [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Balance | $ 1,620 | ||
Taxi Medallion Portfolio Segment [Member] | Extended Maturity [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 10 | ||
Financing Receivable, Modifications, Balance | $ 6,741 | ||
Taxi Medallion Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 12 | ||
Financing Receivable, Modifications, Balance | $ 9,764 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Financing Receivable, Modifications, Balance | $ 263 | ||
Commercial Business and Other Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Balance | $ 324 |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings That Are Performing According to Their Restructured Terms (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | |
Number of contracts | 1 | 10 | 15 |
Performing Financial Instruments [Member] | |||
Number of contracts | 31 | 41 | |
Recorded investment | $ 8,365 | $ 13,207 | |
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | |||
Number of contracts | 7 | 9 | |
Recorded investment | $ 1,916 | $ 2,518 | |
Commercial Real Estate Loans [Member] | Performing Financial Instruments [Member] | |||
Number of contracts | 2 | ||
Recorded investment | $ 1,986 | ||
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | |||
Number of contracts | 5 | 5 | |
Recorded investment | $ 1,692 | $ 1,753 | |
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | |||
Number of contracts | 3 | 3 | |
Recorded investment | $ 552 | $ 572 | |
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Number of contracts | 15 | 20 | |
Recorded investment | $ 3,926 | $ 5,916 | |
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | |||
Number of contracts | 1 | 2 | |
Recorded investment | $ 279 | $ 462 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings That Are Not Performing According to Their Restructured Terms (Details) - Nonperforming Financial Instruments [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of contracts | 2 | 1 |
Recorded investment | $ 1,785 | $ 383 |
Multi-family Residential Portfolio Segment [Member] | ||
Number of contracts | 1 | 1 |
Recorded investment | $ 388 | $ 383 |
Commercial Business and Other Portfolio Segment [Member] | ||
Number of contracts | 1 | |
Recorded investment | $ 1,397 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Non-performing Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans ninety days or more past due and still accruing | $ 2,424 | |
Non-accrual loans | 16,253 | 15,710 |
Total non-performing loans | 16,253 | 18,134 |
Mortgage Receivable [Member] | ||
Non-accrual loans | 10,861 | 14,746 |
Non-Mortgage Loans [Member] | ||
Non-accrual loans | 5,392 | 964 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 2,424 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 1,379 | 1,473 |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 2,410 | 3,598 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 928 | 1,867 |
One-To-Four Family - Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 6,144 | 7,808 |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,267 | 46 |
Taxi Medallion Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 613 | 918 |
Commercial Business and Other Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | $ 3,512 |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Loan Losses - Summary of Interest Foregone on Non-accrual Loans and Loans Classified as TDR (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 1,604 | $ 1,705 | $ 1,963 |
Less: Interest income included in the results of operations | 623 | 619 | 455 |
Total foregone interest | $ 981 | $ 1,086 | $ 1,508 |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Loan Losses - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans, past due | $ 22,997 | $ 28,815 |
Loans, current | 5,513,299 | 5,131,421 |
Loans | 5,536,296 | 5,160,236 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 6,913 | 7,706 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 1,740 | 4,124 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 14,344 | 16,985 |
Multi-family Residential Portfolio Segment [Member] | ||
Loans, past due | 4,636 | 6,410 |
Loans, current | 2,264,412 | 2,267,185 |
Loans | 2,269,048 | 2,273,595 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 1,887 | 2,533 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 339 | 279 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 2,410 | 3,598 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, past due | 1,758 | 7,774 |
Loans, current | 1,540,789 | 1,360,338 |
Loans | 1,542,547 | 1,368,112 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 379 | 1,680 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 2,197 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,379 | 3,897 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans, past due | 2,253 | 4,297 |
Loans, current | 575,488 | 559,909 |
Loans | 577,741 | 564,206 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 1,003 | 1,570 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 322 | 860 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 928 | 1,867 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans, past due | 7,708 | 10,224 |
Loans, current | 182,642 | 170,439 |
Loans | 190,350 | 180,663 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 1,564 | 1,921 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 680 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 6,144 | 7,623 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 8,498 | 6,895 |
Loans | 8,498 | 6,895 |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Construction Portfolio Segment [Member] | ||
Loans, past due | 730 | |
Loans, current | 49,870 | 8,479 |
Loans | 50,600 | 8,479 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 730 | |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Small Business Administration Portfolio Segment [Member] | ||
Loans, past due | 1,339 | |
Loans, current | 13,871 | 18,479 |
Loans | 15,210 | 18,479 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 4 | |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 68 | |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,267 | |
Taxi Medallion Portfolio Segment [Member] | ||
Loans, past due | 108 | |
Loans, current | 4,539 | 6,726 |
Loans | 4,539 | 6,834 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | ||
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 108 | |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Business and Other Portfolio Segment [Member] | ||
Loans, past due | 4,573 | 2 |
Loans, current | 873,190 | 732,971 |
Loans | 877,763 | 732,973 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 2,076 | 2 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 281 | |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | $ 2,216 |
Note 3 - Loans and Allowance_11
Note 3 - Loans and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 20,351 | $ 22,229 | $ 21,535 |
Charge-off's | (932) | (12,472) | (1,159) |
Recoveries | 951 | 733 | 1,853 |
Provision (benefit) | 575 | 9,861 | |
Ending balance | 20,945 | 20,351 | 22,229 |
Multi-family Residential Portfolio Segment [Member] | |||
Beginning balance | 5,823 | 5,923 | 6,718 |
Charge-off's | (99) | (454) | (161) |
Recoveries | 6 | 300 | 339 |
Provision (benefit) | (54) | 54 | (973) |
Ending balance | 5,676 | 5,823 | 5,923 |
Commercial Real Estate Portfolio Segment [Member] | |||
Beginning balance | 4,643 | 4,487 | 4,239 |
Charge-off's | (4) | ||
Recoveries | 96 | 11 | |
Provision (benefit) | (328) | 64 | 237 |
Ending balance | 4,315 | 4,643 | 4,487 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Beginning balance | 2,545 | 2,903 | 4,227 |
Charge-off's | (3) | (39) | (144) |
Recoveries | 136 | 108 | 777 |
Provision (benefit) | (811) | (427) | (1,957) |
Ending balance | 1,867 | 2,545 | 2,903 |
One-To-Four Family - Residential Portfolio Segment [Member] | |||
Beginning balance | 1,082 | 1,015 | 1,227 |
Charge-off's | (1) | (415) | (114) |
Recoveries | 569 | 91 | 366 |
Provision (benefit) | (901) | 391 | (464) |
Ending balance | 749 | 1,082 | 1,015 |
Co-Operative Apartments Portfolio Segment [Member] | |||
Beginning balance | |||
Charge-off's | 0 | ||
Recoveries | 0 | ||
Provision (benefit) | |||
Ending balance | |||
Construction Portfolio Segment [Member] | |||
Beginning balance | 68 | 92 | 50 |
Charge-off's | |||
Recoveries | |||
Provision (benefit) | 261 | (24) | 42 |
Ending balance | 329 | 68 | 92 |
Small Business Administration Portfolio Segment [Member] | |||
Beginning balance | 669 | 481 | 262 |
Charge-off's | (392) | (212) | (529) |
Recoveries | 51 | 80 | 99 |
Provision (benefit) | 90 | 320 | 649 |
Ending balance | 418 | 669 | 481 |
Taxi Medallion Portfolio Segment [Member] | |||
Beginning balance | 2,243 | 343 | |
Charge-off's | (393) | (11,283) | (142) |
Recoveries | 143 | ||
Provision (benefit) | 250 | 9,040 | 2,042 |
Ending balance | 2,243 | ||
Commercial Business and Other Portfolio Segment [Member] | |||
Beginning balance | 5,521 | 4,492 | 4,469 |
Charge-off's | (44) | (65) | (69) |
Recoveries | 46 | 58 | 261 |
Provision (benefit) | 2,068 | 1,036 | (169) |
Ending balance | 7,591 | 5,521 | 4,492 |
Unallocated Financing Receivables [Member] | |||
Beginning balance | 593 | ||
Charge-off's | |||
Recoveries | |||
Provision (benefit) | (593) | 593 | |
Ending balance | $ 593 |
Note 3 - Loans and Allowance_12
Note 3 - Loans and Allowance for Loan Losses - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing receivables, ending balance | $ 5,536,296 | $ 5,160,236 |
Financing receivables, individually evaluated for impairment | 25,519 | 39,163 |
Financing receivables, collectively evaluated for impairment | 5,510,777 | 5,121,073 |
Ending balance: individually evaluated for impairment | 1,160 | 642 |
Ending balance: collectively evaluated for impairment | 19,785 | 19,709 |
Multi-family Residential Portfolio Segment [Member] | ||
Financing receivables, ending balance | 2,269,048 | 2,273,595 |
Financing receivables, individually evaluated for impairment | 4,500 | 7,311 |
Financing receivables, collectively evaluated for impairment | 2,264,548 | 2,266,284 |
Ending balance: individually evaluated for impairment | 100 | 205 |
Ending balance: collectively evaluated for impairment | 5,576 | 5,618 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivables, ending balance | 1,542,547 | 1,368,112 |
Financing receivables, individually evaluated for impairment | 1,435 | 9,089 |
Financing receivables, collectively evaluated for impairment | 1,541,112 | 1,359,023 |
Ending balance: individually evaluated for impairment | 177 | |
Ending balance: collectively evaluated for impairment | 4,315 | 4,466 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Financing receivables, ending balance | 577,741 | 564,206 |
Financing receivables, individually evaluated for impairment | 3,098 | 5,445 |
Financing receivables, collectively evaluated for impairment | 574,643 | 558,761 |
Ending balance: individually evaluated for impairment | 143 | 198 |
Ending balance: collectively evaluated for impairment | 1,724 | 2,347 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Financing receivables, ending balance | 190,350 | 180,663 |
Financing receivables, individually evaluated for impairment | 6,889 | 9,686 |
Financing receivables, collectively evaluated for impairment | 183,461 | 170,977 |
Ending balance: individually evaluated for impairment | 51 | 56 |
Ending balance: collectively evaluated for impairment | 698 | 1,026 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Financing receivables, ending balance | 8,498 | 6,895 |
Financing receivables, individually evaluated for impairment | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 8,498 | 6,895 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Financing receivables, ending balance | 50,600 | 8,479 |
Financing receivables, individually evaluated for impairment | ||
Financing receivables, collectively evaluated for impairment | 50,600 | 8,479 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 329 | 68 |
Small Business Administration Portfolio Segment [Member] | ||
Financing receivables, ending balance | 15,210 | 18,479 |
Financing receivables, individually evaluated for impairment | 1,267 | 137 |
Financing receivables, collectively evaluated for impairment | 13,943 | 18,342 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 418 | 669 |
Taxi Medallion Portfolio Segment [Member] | ||
Financing receivables, ending balance | 4,539 | 6,834 |
Financing receivables, individually evaluated for impairment | 4,539 | 6,834 |
Financing receivables, collectively evaluated for impairment | ||
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | ||
Commercial Business and Other Portfolio Segment [Member] | ||
Financing receivables, ending balance | 877,763 | 732,973 |
Financing receivables, individually evaluated for impairment | 3,791 | 661 |
Financing receivables, collectively evaluated for impairment | 873,972 | 732,312 |
Ending balance: individually evaluated for impairment | 866 | 6 |
Ending balance: collectively evaluated for impairment | $ 6,725 | $ 5,515 |
Note 3 - Loans and Allowance_13
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Recorded investment, with no related allowance recorded | $ 18,869 | $ 32,968 | ||
Unpaid principal balance, with no related allowance recorded | 28,156 | 46,583 | ||
Recorded investment, with an allowance recorded | 6,650 | 6,195 | ||
Unpaid principal balance, with an allowance recorded | 6,650 | 6,195 | ||
Related allowance | 1,160 | 642 | ||
Loans designated as criticized or classified | 53,030 | 62,684 | ||
Average Recorded Investment, With no related allowance recorded | 36,121 | 31,023 | $ 33,643 | |
Interest Income Recognized, With no related allowance recorded | 1,558 | 948 | 763 | |
Average Recorded Investment, With an allowance recorded | 4,525 | 17,507 | 16,081 | |
Interest Income Recognized, With an allowance recorded | 191 | 500 | 603 | |
Mortgage Receivable [Member] | ||||
Related allowance | 294 | 636 | ||
Loans designated as criticized or classified | 15,922 | 31,531 | ||
Unpaid principal balance, total impaired loans | 16,618 | 33,534 | ||
Average Recorded Investment, Total Impaired Loans | 22,722 | 31,147 | 35,341 | |
Interest Income Recognized, Total Impaired Loans | 586 | 990 | 864 | |
Non-Mortgage Loans [Member] | ||||
Related allowance | 866 | 6 | ||
Loans designated as criticized or classified | 9,597 | 7,632 | ||
Unpaid principal balance, total impaired loans | 18,188 | 19,244 | ||
Average Recorded Investment, Total Impaired Loans | 17,924 | 17,383 | 14,383 | |
Interest Income Recognized, Total Impaired Loans | 1,163 | 458 | 502 | |
Multi-family Residential Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 6,664 | 11,182 | ||
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Recorded investment, with no related allowance recorded | 3,225 | 5,091 | ||
Unpaid principal balance, with no related allowance recorded | 3,568 | 5,539 | ||
Recorded investment, with an allowance recorded | 1,275 | 2,220 | ||
Unpaid principal balance, with an allowance recorded | 1,275 | 2,220 | ||
Related allowance | 100 | 205 | ||
Average Recorded Investment, With no related allowance recorded | 3,957 | 3,260 | 4,762 | |
Interest Income Recognized, With no related allowance recorded | 76 | 80 | 96 | |
Average Recorded Investment, With an allowance recorded | 1,741 | 2,348 | 2,279 | |
Interest Income Recognized, With an allowance recorded | 96 | 136 | 116 | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 4,432 | 10,891 | ||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Recorded investment, with no related allowance recorded | 1,435 | 7,103 | ||
Unpaid principal balance, with no related allowance recorded | 1,435 | 7,103 | ||
Recorded investment, with an allowance recorded | 1,986 | |||
Unpaid principal balance, with an allowance recorded | 1,986 | |||
Related allowance | 177 | |||
Average Recorded Investment, With no related allowance recorded | 4,334 | 6,187 | 4,753 | |
Interest Income Recognized, With no related allowance recorded | 176 | 300 | 169 | |
Average Recorded Investment, With an allowance recorded | 2,026 | 2,145 | ||
Interest Income Recognized, With an allowance recorded | 95 | 100 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 3,233 | 6,526 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Recorded investment, with no related allowance recorded | 1,913 | 4,218 | ||
Unpaid principal balance, with no related allowance recorded | 2,113 | 4,556 | ||
Recorded investment, with an allowance recorded | 1,185 | 1,227 | ||
Unpaid principal balance, with an allowance recorded | 1,185 | 1,227 | ||
Related allowance | 143 | 198 | ||
Average Recorded Investment, With no related allowance recorded | 3,298 | 5,104 | 7,914 | |
Interest Income Recognized, With no related allowance recorded | 125 | 168 | 141 | |
Average Recorded Investment, With an allowance recorded | 1,201 | 1,341 | 2,560 | |
Interest Income Recognized, With an allowance recorded | 54 | 65 | 138 | |
One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 7,222 | |||
One-To-Four Family - Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Recorded investment, with no related allowance recorded | 6,490 | 9,272 | ||
Unpaid principal balance, with no related allowance recorded | 6,643 | 10,489 | ||
Recorded investment, with an allowance recorded | 399 | 414 | ||
Unpaid principal balance, with an allowance recorded | 399 | 414 | ||
Related allowance | 51 | 56 | ||
Average Recorded Investment, With no related allowance recorded | 7,603 | 9,865 | 10,233 | |
Interest Income Recognized, With no related allowance recorded | 33 | 108 | 82 | |
Average Recorded Investment, With an allowance recorded | 405 | 420 | 410 | |
Interest Income Recognized, With an allowance recorded | 16 | 16 | 15 | |
Construction Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 730 | |||
Construction Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Average Recorded Investment, With no related allowance recorded | 183 | 596 | 285 | |
Interest Income Recognized, With no related allowance recorded | 10 | 22 | 7 | |
Small Business Administration Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 620 | 656 | [1] | |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||||
Recorded investment, with no related allowance recorded | 1,267 | 137 | ||
Unpaid principal balance, with no related allowance recorded | 1,609 | 151 | ||
Average Recorded Investment, With no related allowance recorded | 711 | 207 | 369 | |
Interest Income Recognized, With no related allowance recorded | 33 | 11 | 20 | |
Average Recorded Investment, With an allowance recorded | 616 | |||
Interest Income Recognized, With an allowance recorded | 42 | |||
Taxi Medallion Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 4,539 | 6,834 | ||
Taxi Medallion Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||||
Recorded investment, with no related allowance recorded | 4,539 | 6,834 | ||
Unpaid principal balance, with no related allowance recorded | 12,788 | 18,063 | ||
Average Recorded Investment, With no related allowance recorded | 5,865 | 4,537 | 3,110 | |
Interest Income Recognized, With no related allowance recorded | 313 | 161 | 67 | |
Average Recorded Investment, With an allowance recorded | 10,997 | 7,244 | ||
Interest Income Recognized, With an allowance recorded | 166 | 147 | ||
Commercial Business and Other Portfolio Segment [Member] | ||||
Loans designated as criticized or classified | 25,590 | 15,404 | ||
Commercial Business and Other Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||||
Recorded investment, with no related allowance recorded | 313 | |||
Unpaid principal balance, with no related allowance recorded | 682 | |||
Recorded investment, with an allowance recorded | 3,791 | 348 | ||
Unpaid principal balance, with an allowance recorded | 3,791 | 348 | ||
Related allowance | 866 | 6 | ||
Average Recorded Investment, With no related allowance recorded | 10,170 | 1,267 | 2,217 | |
Interest Income Recognized, With no related allowance recorded | 792 | 98 | 181 | |
Average Recorded Investment, With an allowance recorded | 1,178 | 375 | 827 | |
Interest Income Recognized, With an allowance recorded | $ 25 | $ 22 | $ 45 | |
[1] | Balances shown are net of the portion guaranteed by the Small Business Administration totaling $1.5 million and $0.1 million at December 31, 2016 and 2015, respectively. |
Note 3 - Loans and Allowance_14
Note 3 - Loans and Allowance for Loan Losses - Loans Designated as Criticized or Classified (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans designated as criticized or classified | $ 53,030 | $ 62,684 | |
Special Mention [Member] | |||
Loans designated as criticized or classified | 6,576 | 28,727 | |
Substandard [Member] | |||
Loans designated as criticized or classified | 42,942 | 33,957 | |
Doubtful [Member] | |||
Loans designated as criticized or classified | 3,512 | ||
Loss [Member] | |||
Loans designated as criticized or classified | |||
Multi-family Residential Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 6,664 | 11,182 | |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 2,498 | 6,389 | |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 4,166 | 4,793 | |
Multi-family Residential Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | |||
Multi-family Residential Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | |||
Commercial Real Estate Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 4,432 | 10,891 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 381 | 2,020 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 4,051 | 8,871 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | |||
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 3,233 | 6,526 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 1,199 | 2,835 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 2,034 | 3,691 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | |||
One-To-Four Family - Residential Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 7,222 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 557 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 6,665 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | |||
One-To-Four Family - Residential Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | |||
One-To-Four Family - Residential [Member] | |||
Loans designated as criticized or classified | 11,191 | ||
One-To-Four Family - Residential [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 2,076 | ||
One-To-Four Family - Residential [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 9,115 | ||
One-To-Four Family - Residential [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | |||
One-To-Four Family - Residential [Member] | Loss [Member] | |||
Loans designated as criticized or classified | |||
Construction Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 730 | ||
Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 730 | ||
Construction Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | |||
Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | |||
Construction Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | |||
Small Business Administration Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 620 | 656 | [1] |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 481 | 548 | [1] |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 139 | 108 | [1] |
Small Business Administration Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | [1] | ||
Small Business Administration Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | [1] | ||
Taxi Medallion Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 4,539 | 6,834 | |
Taxi Medallion Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | |||
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 4,539 | 6,834 | |
Taxi Medallion Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | |||
Taxi Medallion Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | |||
Commercial Business and Other Portfolio Segment [Member] | |||
Loans designated as criticized or classified | 25,590 | 15,404 | |
Commercial Business and Other Portfolio Segment [Member] | Special Mention [Member] | |||
Loans designated as criticized or classified | 730 | 14,859 | |
Commercial Business and Other Portfolio Segment [Member] | Substandard [Member] | |||
Loans designated as criticized or classified | 21,348 | 545 | |
Commercial Business and Other Portfolio Segment [Member] | Doubtful [Member] | |||
Loans designated as criticized or classified | 3,512 | ||
Commercial Business and Other Portfolio Segment [Member] | Loss [Member] | |||
Loans designated as criticized or classified | |||
[1] | Balances shown are net of the portion guaranteed by the Small Business Administration totaling $1.5 million and $0.1 million at December 31, 2016 and 2015, respectively. |
Note 4 - Loans Held for Sale (D
Note 4 - Loans Held for Sale (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | $ 0 | $ 0 |
Note 4 - Loans Held for Sale -
Note 4 - Loans Held for Sale - Delinquent and Non-performing Loans Sold During the Period Indicated (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Nonperforming Financial Instruments [Member] | |||
Loans sold | 12 | 17 | 26 |
Proceeds | $ 6,216 | $ 7,965 | |
Net (charge-offs) recoveries | (37) | 48 | |
Net gain (loss) | $ (225) | $ 415 | $ 265 |
Proceeds | 8,739 | ||
Net (charge-offs) recoveries | $ 68 | ||
Nonperforming Financial Instruments [Member] | Multi-family Residential Portfolio Segment [Member] | |||
Loans sold | 4 | 3 | 9 |
Proceeds | $ 1,559 | $ 872 | $ 2,680 |
Net (charge-offs) recoveries | 1 | ||
Net gain (loss) | $ 38 | $ 3 | |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans sold | 4 | 5 | 2 |
Proceeds | $ 6,065 | $ 1,821 | $ 192 |
Net (charge-offs) recoveries | (4) | ||
Net gain (loss) | $ (235) | $ 34 | |
Nonperforming Financial Instruments [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Loans sold | 2 | 9 | 15 |
Proceeds | $ 725 | $ 3,523 | $ 5,093 |
Net (charge-offs) recoveries | (4) | (33) | 47 |
Net gain (loss) | 343 | 262 | |
Nonperforming Financial Instruments [Member] | One-To-Four Family - Residential Portfolio Segment [Member] | |||
Loans sold | 2 | ||
Proceeds | $ 390 | ||
Net (charge-offs) recoveries | 72 | ||
Net gain (loss) | 10 | ||
Performing Financial Instruments [Member] | |||
Proceeds | 5,671 | 50,128 | 3,534 |
Net (charge-offs) recoveries | |||
Loans sold | 9 | 27 | 6 |
Net gain (loss) | $ 393 | $ 188 | $ 319 |
Performing Financial Instruments [Member] | Multi-family Residential Portfolio Segment [Member] | |||
Proceeds | 18,784 | ||
Net (charge-offs) recoveries | |||
Loans sold | 12 | ||
Net gain (loss) | $ (36) | ||
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Proceeds | 26,283 | ||
Net (charge-offs) recoveries | |||
Loans sold | 7 | ||
Net gain (loss) | $ (28) | ||
Performing Financial Instruments [Member] | Small Business Administration Portfolio Segment [Member] | |||
Proceeds | 5,671 | 5,061 | 3,534 |
Net (charge-offs) recoveries | |||
Loans sold | 9 | 8 | 6 |
Net gain (loss) | $ 393 | $ 252 | $ 319 |
Note 5 - Other Real Estate Ow_3
Note 5 - Other Real Estate Owned (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Number of Real Estate Properties, Foreclosed | 1 | |
Proceeds from Sale of Foreclosed Assets | $ 600 | |
Repossessed Assets, Total | 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 7,200 | 10,500 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Proceeds from Sale of Foreclosed Assets | $ 0 |
Note 5 - Other Real Estate Ow_4
Note 5 - Other Real Estate Owned - Changes in Other Real Estate Owned ("OREO") (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of year | $ 0 | $ 533 | $ 4,932 |
Additions | 638 | 0 | 639 |
Reductions to carrying value | 0 | 0 | (1,763) |
Sales | (638) | (533) | (3,275) |
Balance at end of year | $ 0 | $ 0 | $ 533 |
Note 5 - Other Real Estate Ow_5
Note 5 - Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gross gains | $ 27 | $ 50 | $ 37 |
Gross losses | (275) | ||
Reductions to carrying value | 0 | 0 | (1,763) |
Total income (expense) | $ 27 | $ 50 | $ (2,001) |
Note 6 - Securities (Details Te
Note 6 - Securities (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | 0 | 0 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 0 | 0 | $ 0 |
Proceeds from Sale of Available-for-sale Securities, Total | 120,300,000 | 112,400,000 | $ 126,000,000 |
Non-qualified Deferred Compensation Plan [Member] | Other Assets [Member] | |||
Deferred Compensation Plan, Amounts Held in Rabbi Trust | $ 17,300,000 | $ 17,000,000 | |
Collateralized Mortgage Obligations by Commercial Real Estate [Member] | |||
Private Issue Collateralized Mortgage Obligations, Number | 0 | 1 | |
Mortgage Backed Securities Available for Sale Amortized Cost | $ 21,000 |
Note 6 - Securities - Amortized
Note 6 - Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities held-to-maturity, amortized cost | $ 32,018 | $ 30,886 |
Securities held-to-maturity, fair value | 29,874 | 29,699 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 2,144 | 1,187 |
Securities available for sale, amortized cost, total other securities | 845,332 | 748,350 |
Securities available for sale, fair value | 822,655 | 738,354 |
Securities available for sale, gross unrealized gains | 1,454 | 2,587 |
Securities available for sale, gross unrealized losses | 24,131 | 12,583 |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 130,000 | 110,000 |
Securities available for sale, fair value | 118,535 | 102,767 |
Securities available for sale, gross unrealized gains | ||
Securities available for sale, gross unrealized losses | 11,465 | 7,233 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held-to-maturity, amortized cost | 24,065 | 22,913 |
Securities held-to-maturity, fair value | 22,508 | 21,889 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 1,557 | 1,024 |
Securities available for sale, amortized cost, total other securities | 46,231 | 101,680 |
Securities available for sale, fair value | 46,574 | 103,199 |
Securities available for sale, gross unrealized gains | 343 | 1,519 |
Securities available for sale, gross unrealized losses | ||
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 24,065 | 22,913 |
Securities held-to-maturity, fair value | 22,508 | 21,889 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 1,557 | 1,024 |
Securities available for sale, fair value | 264,702 | 228,704 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 11,586 | 11,575 |
Securities available for sale, fair value | 11,586 | 11,575 |
Securities available for sale, gross unrealized gains | ||
Securities available for sale, gross unrealized losses | ||
FNMA [Member] | ||
Securities held-to-maturity, amortized cost | 7,953 | 7,973 |
Securities held-to-maturity, fair value | 7,366 | 7,810 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 587 | 163 |
Securities available for sale, amortized cost, total other securities | 94,069 | 136,198 |
Securities available for sale, fair value | 91,693 | 135,474 |
Securities available for sale, gross unrealized gains | 72 | 330 |
Securities available for sale, gross unrealized losses | 2,448 | 1,054 |
Collateralized Debt Obligations [Member] | ||
Securities available for sale, amortized cost, total other securities | 88,396 | 10,000 |
Securities available for sale, fair value | 86,751 | 10,053 |
Securities available for sale, gross unrealized gains | 53 | |
Securities available for sale, gross unrealized losses | 1,645 | |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,953 | 7,973 |
Securities held-to-maturity, fair value | 7,366 | 7,810 |
Securities held-to-maturity, gross unrealized gains | ||
Securities held-to-maturity, gross unrealized losses | 587 | 163 |
Securities available for sale, amortized cost, total other securities | 567,863 | 513,985 |
Securities available for sale, fair value | 557,953 | 509,650 |
Securities available for sale, gross unrealized gains | 1,111 | 1,015 |
Securities available for sale, gross unrealized losses | 11,021 | 5,350 |
Other Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 1,256 | 1,110 |
Securities available for sale, fair value | 1,256 | 1,110 |
Securities available for sale, gross unrealized gains | ||
Securities available for sale, gross unrealized losses | ||
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 277,469 | 234,365 |
Securities available for sale, fair value | 264,702 | 228,704 |
Securities available for sale, gross unrealized gains | 343 | 1,572 |
Securities available for sale, gross unrealized losses | 13,110 | 7,233 |
REMIC and CMO [Member] | ||
Securities available for sale, amortized cost, total other securities | 382,632 | 328,668 |
Securities available for sale, fair value | 376,340 | 325,302 |
Securities available for sale, gross unrealized gains | 885 | 595 |
Securities available for sale, gross unrealized losses | 7,177 | 3,961 |
GNMA [Member] | ||
Securities available for sale, amortized cost, total other securities | 785 | 1,016 |
Securities available for sale, fair value | 826 | 1,088 |
Securities available for sale, gross unrealized gains | 41 | 72 |
Securities available for sale, gross unrealized losses | ||
FHLMC [Member] | ||
Securities available for sale, amortized cost, total other securities | 90,377 | 48,103 |
Securities available for sale, fair value | 89,094 | 47,786 |
Securities available for sale, gross unrealized gains | 113 | 18 |
Securities available for sale, gross unrealized losses | $ 1,396 | $ 335 |
Note 6 - Securities - Securitie
Note 6 - Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities held-to-maturity, amortized cost, due in one year or less | $ 2,568 | |
Securities held-to-maturity, fair value, due in one year or less | 2,568 | |
Securities held-to-maturity, amortized cost, due after ten years | 21,497 | |
Securities held-to-maturity, fair value, due after ten years | 19,940 | |
Securities held-to-maturity, amortized cost | 32,018 | $ 30,886 |
Securities held-to-maturity, fair value | 29,874 | 29,699 |
Securities available for sale, amortized cost, due after five years through ten years | 131,087 | |
Securities available for sale, fair value, due after five years through ten years | 119,622 | |
Securities available for sale, amortized cost, due after ten years | 134,796 | |
Securities available for sale, fair value, due after ten years | 133,494 | |
Securities available for sale, amortized cost, total other securities | 845,332 | 748,350 |
Securities available for sale, fair value, total other securities | 822,655 | 738,354 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 24,065 | 22,913 |
Securities held-to-maturity, fair value | 22,508 | 21,889 |
Securities available for sale, fair value, total other securities | 264,702 | 228,704 |
Total Other Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 265,883 | |
Securities available for sale, fair value, total other securities | 253,116 | |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,953 | 7,973 |
Securities held-to-maturity, fair value | 7,366 | 7,810 |
Securities available for sale, amortized cost, total other securities | 567,863 | 513,985 |
Securities available for sale, fair value, total other securities | 557,953 | 509,650 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 11,586 | 11,575 |
Securities available for sale, fair value, total other securities | $ 11,586 | $ 11,575 |
Note 6 - Securities - Available
Note 6 - Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 2 | 2 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 27,306 | $ 28,654 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 2,144 | 1,187 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 28,654 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,187 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 27,306 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 2,144 | $ 0 |
Securities have been in a continuous unrealized loss position, number of positions | 87 | 69 |
Securities have been in a continuous unrealized loss position, fair value | $ 589,648 | $ 519,702 |
Securities have been in a continuous unrealized loss position, unrealized losses | 24,131 | 12,583 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 143,932 | 325,020 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,845 | 2,827 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 445,716 | 194,682 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 21,286 | $ 9,756 |
US States and Political Subdivisions Debt Securities [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 19,940 | $ 20,844 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 1,557 | 1,024 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 20,844 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,024 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 19,940 | 0 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,557 | $ 0 |
Securities have been in a continuous unrealized loss position, number of positions | 3 | |
Securities have been in a continuous unrealized loss position, fair value | $ 4,220 | |
Securities have been in a continuous unrealized loss position, unrealized losses | ||
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 4,220 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | ||
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | ||
Other Debt Obligations [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 19,940 | $ 20,844 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 1,557 | 1,024 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 20,844 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,024 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 19,940 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,557 | |
Securities have been in a continuous unrealized loss position, number of positions | 30 | 14 |
Securities have been in a continuous unrealized loss position, fair value | $ 209,507 | $ 102,767 |
Securities have been in a continuous unrealized loss position, unrealized losses | 13,110 | 7,233 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 110,085 | 9,723 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,533 | 277 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 99,422 | 93,044 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 10,577 | $ 6,956 |
FNMA [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 7,366 | $ 7,810 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 587 | 163 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 7,810 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 163 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 7,366 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 587 | |
Securities have been in a continuous unrealized loss position, number of positions | 14 | 17 |
Securities have been in a continuous unrealized loss position, fair value | $ 85,046 | $ 120,510 |
Securities have been in a continuous unrealized loss position, unrealized losses | 2,448 | 1,054 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 6,372 | 109,258 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 17 | 850 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 78,674 | 11,252 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 2,431 | $ 204 |
Collateralized Mortgage Backed Securities [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 7,366 | $ 7,810 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 587 | 163 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 7,810 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 163 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 7,366 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 587 | |
Securities have been in a continuous unrealized loss position, number of positions | 57 | 55 |
Securities have been in a continuous unrealized loss position, fair value | $ 380,141 | $ 416,935 |
Securities have been in a continuous unrealized loss position, unrealized losses | 11,021 | 5,350 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 33,847 | 315,297 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 312 | 2,550 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 346,294 | 101,638 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 10,709 | $ 2,800 |
Corporate Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 16 | 14 |
Securities have been in a continuous unrealized loss position, fair value | $ 118,535 | $ 102,767 |
Securities have been in a continuous unrealized loss position, unrealized losses | 11,465 | 7,233 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 19,113 | 9,723 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 888 | 277 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 99,422 | 93,044 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 10,577 | $ 6,956 |
Collateralized Loan Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 11 | |
Securities have been in a continuous unrealized loss position, fair value | $ 86,752 | |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,645 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 86,752 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,645 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | ||
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | ||
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 39 | 36 |
Securities have been in a continuous unrealized loss position, fair value | $ 243,756 | $ 249,596 |
Securities have been in a continuous unrealized loss position, unrealized losses | 7,177 | 3,961 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 17,308 | 162,781 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 200 | 1,406 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 226,448 | 86,815 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 6,977 | $ 2,555 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 3 | 2 |
Securities have been in a continuous unrealized loss position, fair value | $ 51,288 | $ 46,829 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,396 | 335 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 10,116 | 43,258 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 95 | 294 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 41,172 | 3,571 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,301 | $ 41 |
GNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | |
Securities have been in a continuous unrealized loss position, fair value | $ 51 | |
Securities have been in a continuous unrealized loss position, unrealized losses | ||
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 51 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | ||
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses |
Note 6 - Securities - Gross Gai
Note 6 - Securities - Gross Gain (Loss) Realized From the Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gross gains from the sale of securities | $ 105 | $ 401 | $ 2,370 |
Gross losses from the sale of securities | (2,025) | (587) | (846) |
Net (losses) gains from the sale of securities | $ (1,920) | $ (186) | $ 1,524 |
Note 7 - Bank Premises and Eq_3
Note 7 - Bank Premises and Equipment, Net - Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Bank premises and equipment, gross | $ 64,285 | $ 59,533 |
Less: Accumulated depreciation and amortization | 33,867 | 28,697 |
Bank premises and equipment, net | 30,418 | 30,836 |
Leasehold Improvements [Member] | ||
Bank premises and equipment, gross | 39,703 | 37,044 |
Equipment and Furniture [Member] | ||
Bank premises and equipment, gross | $ 24,582 | $ 22,489 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Time Deposits, at or Above FDIC Insurance Limit | $ 366,700 | $ 238,800 |
Interest-bearing Domestic Deposit, Brokered | 301,700 | 1,090,000 |
Reciprocal Deposits | 685,300 | 682,400 |
Deposits, Total | 4,960,784 | 4,383,278 |
Letter of Credit Pledged as Collateral [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | 659,600 | 402,100 |
Government Deposits [Member] | ||
Deposits, Total | 1,339,700 | 1,133,300 |
Government Deposits [Member] | ICS Deposits [Member] | ||
Deposits, Total | 661,500 | 639,500 |
Government Deposits [Member] | Collateralized Deposits [Member] | ||
Deposits, Total | 678,200 | 493,800 |
Government Deposits [Member] | Debt Securities Pledged as Collateral [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | 178,900 | 183,900 |
Government Deposits [Member] | Letter of Credit Pledged as Collateral [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 659,600 | $ 402,100 |
Note 8 - Deposits - Total Depos
Note 8 - Deposits - Total Deposits and the Weighted Average Rate on Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Certificate of deposit accounts | $ 1,563,310 | $ 1,351,933 |
Certificate of deposit accounts | 2.10% | |
Savings accounts | $ 210,022 | 290,280 |
Savings accounts | 0.72% | |
Money market accounts | $ 1,427,992 | 979,958 |
Money market accounts | 1.93% | |
NOW accounts | $ 1,300,852 | 1,333,232 |
NOW accounts | 1.53% | |
Total interest-bearing deposits | $ 4,502,176 | 3,955,403 |
Non-interest bearing demand deposits | 413,747 | 385,269 |
Total due to depositors | 4,915,923 | 4,340,672 |
Mortgagors' escrow deposits | $ 44,861 | 42,606 |
Mortgagors' escrow deposits | ||
Deposits, Total | $ 4,960,784 | $ 4,383,278 |
Note 8 - Deposits - Interest Ex
Note 8 - Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Certificate of deposit accounts | $ 28,310 | $ 20,579 | $ 20,536 |
Savings accounts | 1,370 | 1,808 | 1,219 |
Money market accounts | 18,707 | 8,151 | 3,592 |
NOW accounts | 15,896 | 9,640 | 7,891 |
Total due to depositors | 64,283 | 40,178 | 33,238 |
Mortgagors' escrow deposits | 214 | 141 | 112 |
Total interest expense on deposits | $ 64,497 | $ 40,319 | $ 33,350 |
Note 8 - Deposits - Remaining M
Note 8 - Deposits - Remaining Maturities of Certificate of Deposit Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Total certificate of deposit accounts | $ 1,563,310 | $ 1,351,933 |
Certificates of Deposit [Member] | ||
Within 12 months | 1,017,177 | 759,360 |
More than 12 months to 24 months | 404,930 | 449,293 |
More than 24 months to 36 months | 78,427 | 95,626 |
More than 36 months to 48 months | 10,915 | 42,928 |
More than 48 months to 60 months | 51,365 | 2,648 |
More than 60 months | 496 | 2,078 |
Total certificate of deposit accounts | $ 1,563,310 | $ 1,351,933 |
Note 9 - Borrowed Funds (Detail
Note 9 - Borrowed Funds (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Advances from Federal Home Loan Banks and Letters of Credit | $ 1,794.5 | |
Subordinated Borrowing, Interest Rate | 5.25% | |
Capital Securities [Member] | Flushing Financial Capital Trust IV [Member] | ||
Proceeds from Issuance of Debt | 20.6 | |
Capital Securities [Member] | Flushing Financial Capital Trust II [Member] | ||
Proceeds from Issuance of Debt | 20.6 | |
Capital Securities [Member] | Flushing Financial Capital Trust III [Member] | ||
Proceeds from Issuance of Debt | 20.6 | |
Unsecured Line of Credit [Member] | ||
Long-term Line of Credit, Total | 100 | |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 2,943 | |
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank of New York [Member] | Minimum [Member] | ||
Debt Instrument, Term | 1 day | |
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank of New York [Member] | Maximum [Member] | ||
Debt Instrument, Term | 5 years | |
Subordinated Debt [Member] | ||
Debt Instrument, Face Amount | $ 75 |
Note 9 - Borrowed Funds - Borro
Note 9 - Borrowed Funds - Borrowed Funds and Securities Sold Under Agreements to Repurchase (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Due in 2023 | $ 74,001 | $ 73,699 |
Due in 2026, weighted average rate | 5.32% | 5.34% |
Federal Home Loan Bank advances | $ 1,134,993,000 | $ 1,198,968,000 |
Junior subordinated debentures - adjustable rate Due in 2037 | $ 41,849 | $ 36,986 |
Junior subordinated debentures - adjustable rate Due in 2037 | 6.07% | 4.86% |
Total borrowings | $ 1,250,843,000 | $ 1,309,653,000 |
Total borrowings, weighted average interest rate | 2.41% | 1.80% |
Federal Home Loan Bank of New York [Member] | ||
Due in 2018 | $ 0 | $ 630,588,000 |
Due in 2017, weighted average rate | 0.00% | 1.41% |
Due in 2019 | $ 782,899,000 | $ 257,216,000 |
Due in 2018, weighted average rate | 2.23% | 1.55% |
Due in 2020 | $ 186,082,000 | $ 186,148,000 |
Due in 2019, weighted average rate | 1.64% | 1.64% |
Due in 2021 | $ 125,016,000 | $ 125,016,000 |
Due in 2020, weighted average rate | 1.57% | 1.57% |
Due in 2022 | $ 25,000,000 | |
Due in 2021, weighted average rate | 2.83% | |
Due in 2023 | $ 15,996,000 | |
Due in 2026, weighted average rate | 3.14% | |
Federal Home Loan Bank advances | $ 1,134,993,000 | $ 1,198,968,000 |
Federal Home Loan Bank of New York [Member] | Weighted Average [Member] | ||
Total FHLB-NY advances, weighted average rate | 2.09% | 1.49% |
Note 9 - Borrowed Funds - Terms
Note 9 - Borrowed Funds - Terms of the Securities Issued by the Trusts (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Flushing Financial Capital Trust II [Member] | Capital Securities [Member] | |
Issue Date | Jun. 20, 2007 |
Initial Rate | 7.14% |
First Reset Date | Sep. 1, 2012 |
Spread over 3-month LIBOR | 1.41% |
Maturity Date | Sep. 1, 2037 |
Flushing Financial Capital Trust III [Member] | Capital Securities [Member] | |
Issue Date | Jun. 21, 2007 |
Initial Rate | 6.89% |
First Reset Date | Jun. 15, 2012 |
Spread over 3-month LIBOR | 1.44% |
Maturity Date | Sep. 15, 2037 |
Flushing Financial Capital Trust IV [Member] | Capital Securities [Member] | |
Issue Date | Jul. 3, 2007 |
Initial Rate | 6.85% |
First Reset Date | Jul. 30, 2012 |
Spread over 3-month LIBOR | 1.42% |
Maturity Date | Jul. 30, 2037 |
Subordinated Debt [Member] | |
Issue Date | Dec. 12, 2016 |
Initial Rate | 5.25% |
First Reset Date | Dec. 15, 2021 |
First Call Date | Dec. 15, 2021 |
Maturity Date | Dec. 15, 2026 |
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread over 3-month LIBOR | 3.44% |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 3,800 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 15.90% | 37.80% | 38.80% |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 30,200 | ||
Deferred Tax Liabilities, Gross, Total | 16,256 | $ 14,084 | |
Deferred Tax Assets, Valuation Allowance, Total | 0 | 0 | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 | $ 0 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal tax provision, current | $ 9,183 | $ 14,859 | $ 34,996 | ||||||||
Federal tax provision, deferred | (609) | 7,985 | (1,416) | ||||||||
Total federal tax provision | 8,574 | 22,844 | 33,580 | ||||||||
State and local tax provision, current | 3,876 | 1,419 | 7,647 | ||||||||
State and local tax provision, deferred | (2,055) | 750 | (124) | ||||||||
Total state and local tax provision | 1,821 | 2,169 | 7,523 | ||||||||
Total income tax provision | $ 1,046 | $ 1,910 | $ 4,489 | $ 2,950 | $ 7,693 | $ 5,291 | $ 6,775 | $ 5,254 | $ 10,395 | $ 25,013 | $ 41,103 |
Note 10 - Income Taxes - Effect
Note 10 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Taxes at federal statutory rate | $ 13,752 | $ 23,147 | $ 37,106 | ||||||||
Taxes at federal statutory rate, percentage | 21.00% | 35.00% | 35.00% | ||||||||
State and local income tax, net of Federal income tax benefit | $ 1,439 | $ 1,410 | $ 4,890 | ||||||||
State and local income tax, net of Federal income tax benefit, percentage | 2.20% | 2.10% | 4.60% | ||||||||
TCJA | $ 3,770 | ||||||||||
TCJA, percentage | 5.70% | ||||||||||
Tax exempt | $ (1,961) | $ (2,429) | $ (1,750) | ||||||||
Tax exempt, percentage | (3.00%) | (3.70%) | (1.70%) | ||||||||
Other | $ (2,835) | $ (885) | $ 857 | ||||||||
Other, percentage | (4.30%) | (1.30%) | 0.90% | ||||||||
Total provision for income taxes | $ 1,046 | $ 1,910 | $ 4,489 | $ 2,950 | $ 7,693 | $ 5,291 | $ 6,775 | $ 5,254 | $ 10,395 | $ 25,013 | $ 41,103 |
Taxes at effective rate, percentage | 15.90% | 37.80% | 38.80% |
Note 10 - Income Taxes - The Co
Note 10 - Income Taxes - The Components of the Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Postretirement benefits | $ 6,489 | $ 6,047 |
Allowance for loan losses | 6,490 | 6,414 |
Stock based compensation | 2,717 | 2,808 |
Depreciation | 615 | 1,057 |
Unrealized loss on securities available for sale | 7,028 | 3,150 |
Fair value adjustment on financial assets carried at fair value | 227 | 168 |
Fair value hedges | 638 | 939 |
Adjustment required to recognize funded status of postretirement pension plans | 751 | 2,068 |
Gain on sale of buildings | 1,220 | 1,434 |
Other | 3,113 | 299 |
Net operating loss (NYC) | 928 | |
Deferred tax assets | 30,216 | 24,384 |
Deferred tax liabilities: | ||
FPFC deferred income | 2,263 | 1,916 |
Cashflow hedges | 1,664 | 129 |
Fair value adjustment on financial liabilities carried at fair value | 5,815 | 7,800 |
Entity specific fair value | 382 | |
Other | 6,132 | 4,239 |
Deferred tax liabilities | 16,256 | 14,084 |
Net deferred tax asset included in other assets | $ 13,960 | $ 10,300 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) - USD ($) | May 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | May 20, 2014 |
Allocated Share-based Compensation Expense, Total | $ 6,500,000 | $ 5,900,000 | $ 5,900,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,400,000 | $ 1,900,000 | $ 2,300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 300 | 300 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 8.44 | $ 8.44 | ||||
Omnibus Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,100,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 672,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 745,477 | 745,477 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0 | $ 0 | ||||
Omnibus Plan 2014 [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Omnibus Plan 2014 [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Phantom Stock Plan [Member] | Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights in the First Five Years of Employment, Percentage | 20.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights After Five Years of Employment, Percentage | 100.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights Upon A Change in Control, Percentage | 100.00% | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 280,590 | 276,900 | 337,175 | |||
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 8,200,000 | $ 8,200,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 7,100,000 | $ 7,000,000 | $ 4,900,000 | |||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | ||||||
Allocated Share-based Compensation Expense, Total | 500,000 | (100,000) | 700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 12,000 | $ 247,000 | $ 45,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-vested RSU's, beginning balance (in shares) | 497,322 | ||
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 22.46 | ||
Granted RSU's (in shares) | 280,590 | 276,900 | 337,175 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 28.19 | ||
Vested RSU's (in shares) | (256,414) | ||
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 23.70 | ||
Forfeited RSU's (in shares) | (18,840) | ||
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 25.01 | ||
Non-vested RSU's, ending balance (in shares) | 502,658 | 497,322 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 24.93 | $ 22.46 | |
Vested RSU's but unissued (in shares) | 241,924 | ||
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 25.10 |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Stock Options Exercised (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Proceeds from stock options exercised | $ 6 | $ 328 | |
Fair value of shares received upon exercise of stock options | 8 | 37 | 1,380 |
Tax benefit related to stock options exercised | 1 | 39 | 185 |
Intrinsic value of stock options exercised | $ 9 | $ 96 | $ 841 |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Phantom Stock Plan (Details) - Phantom Share Units (PSUs) [Member] - Phantom Stock Plan [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Outstanding, beginning balance (in shares) | shares | 89,180 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 27.50 |
Granted (in shares) | shares | 10,673 |
Granted (in dollars per share) | $ / shares | $ 26.94 |
Distributions (in shares) | shares | (540) |
Distributions (in dollars per share) | $ / shares | $ 22.66 |
Outstanding, ending balance (in shares) | shares | 99,313 |
Outstanding, ending (in dollars per share) | $ / shares | $ 21.53 |
Vested at December 31, 2018 (in shares) | shares | 98,914 |
Vested at December 31, 2018 (in dollars per share) | $ / shares | $ 21.53 |
Note 12 - Pension and Other P_3
Note 12 - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trust for Benefit of Employees [Member] | |||
Full Time Employment, Years of Service | 1 year | ||
Employer Contributions to the 401(k) and Profit Sharing Plans Funded By the Employee Benefit Trust | $ 3,600,000 | $ 3,200,000 | $ 2,800,000 |
Retirement Plan [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | 7.00% | 7.25% |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 1,300,000 | ||
Retirement Plan [Member] | Savings Bank [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.25% | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | ||
Retirement Plan [Member] | Savings Bank [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Retirement Plan [Member] | Savings Bank [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
Retirement Plan [Member] | Savings Bank [Member] | U.S. Small-cap Blend [Member] | |||
Pension Plan Assets, Equity Securities Held in Mutual Funds, Minimum Market Capitalization | $ 100,000,000 | ||
Retirement Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan, Benefit Service Period | 3 years | ||
Retirement Plan [Member] | Minimum [Member] | Savings Bank [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 8.00% | ||
Retirement Plan [Member] | Minimum [Member] | Savings Bank [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.00% | ||
Retirement Plan [Member] | Minimum [Member] | Savings Bank [Member] | U.S. Large-Cap Growth [Member] | |||
Number of Stocks Held in Portfolio | 55 | ||
Retirement Plan [Member] | Minimum [Member] | Savings Bank [Member] | U.S. Small-cap Blend [Member] | |||
Number of Stocks Held in Portfolio | 40 | ||
Retirement Plan [Member] | Minimum [Member] | Savings Bank [Member] | International Blend [Member] | |||
Number of Stocks Held in Portfolio | 80 | ||
Retirement Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan, Benefit Service Period | 10 years | ||
Retirement Plan [Member] | Maximum [Member] | Savings Bank [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 10.00% | ||
Retirement Plan [Member] | Maximum [Member] | Savings Bank [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.00% | ||
Retirement Plan [Member] | Maximum [Member] | Savings Bank [Member] | U.S. Large-Cap Growth [Member] | |||
Number of Stocks Held in Portfolio | 70 | ||
Retirement Plan [Member] | Maximum [Member] | Savings Bank [Member] | U.S. Small-cap Blend [Member] | |||
Number of Stocks Held in Portfolio | 100 | ||
Retirement Plan [Member] | Maximum [Member] | Savings Bank [Member] | International Blend [Member] | |||
Number of Stocks Held in Portfolio | 90 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 88,000 | 83,000 | |
Number of Unfunded Postretirement Benefit Plans | 2 | ||
Full Time Employment, Years of Service | 5 years | ||
Cost Sharing Arrangement, Medical Benefits Percentage | 50.00% | ||
Medical Premiums, Required Percentage to Be Paid By Spouses of Future Retirees | 100.00% | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 260,000 | ||
The 401(k) Plan [Member] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Employer's Matching Contribution, Vesting Percentage, Upon Change of Control | 100.00% | ||
Defined Contribution Plan, Cost | $ 4,100,000 | 3,400,000 | 3,300,000 |
The 401(k) Plan [Member] | Savings Bank [Member] | |||
Defined Contribution Plan, Annual Employer Matching of Employees Contribution, Percent | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | ||
Defined Contribution Retirement Plan ("DCRP") [Member] | Savings Bank [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | ||
Non-qualified Deferred Compensation Plan [Member] | |||
Defined Contribution Plan, Annual Employer Matching of Employees Contribution, Percent | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Employer's Matching Contribution, Vesting Percentage, Upon Change of Control | 100.00% | ||
Defined Contribution Plan, Cost | $ 500,000 | 400,000 | $ 400,000 |
Defined Contribution Plan, Service Period Requirement | 1 year | ||
Defined Contribution Plan, Vesting Period | 5 years | ||
Deferred Compensation Plan, Amounts Held in Rabbi Trust | $ 11,400,000 | 11,500,000 | |
Directors' Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 96,000 | 144,000 | |
Deferred Compensation Plan, Amounts Held in Rabbi Trust | 4,800,000 | $ 4,400,000 | |
Defined Benefit Plan, Annual Retirement Benefit | $ 48,000 | ||
Defined Benefit Contributions, Months of Benefit Used in Lump Sum Payment in the Event of Termination | 10 years | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 288,000 |
Note 12 - Pension and Other P_4
Note 12 - Pension and Other Postretirement Benefit Plans - Amounts Recognized In Accumulated Other Comprehensive Income, On a Pre-tax Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Net Actuarial loss (gain) | $ 2,707 | $ 6,917 | $ 8,151 |
Prior Service cost (credit) | (283) | (356) | (401) |
Total | 2,424 | 6,561 | 7,750 |
Retirement Plan [Member] | |||
Net Actuarial loss (gain) | 3,238 | 6,166 | 8,055 |
Prior Service cost (credit) | 0 | 0 | 0 |
Total | 3,238 | 6,166 | 8,055 |
Other Postretirement Benefits Plan [Member] | |||
Net Actuarial loss (gain) | 35 | 1,223 | 636 |
Prior Service cost (credit) | (283) | (368) | (453) |
Total | (248) | 855 | 183 |
Directors' Plan [Member] | |||
Net Actuarial loss (gain) | (566) | (472) | (540) |
Prior Service cost (credit) | 12 | 52 | |
Total | $ (566) | $ (460) | $ (488) |
Note 12 - Pension and Other P_5
Note 12 - Pension and Other Postretirement Benefit Plans - Amounts in Accumulated Other Comprehensive Income to be Recognized as Components of Net Periodic Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Net Actuarial loss (gain) | $ 128 |
Prior Service cost (credit) | (85) |
Total | 43 |
Retirement Plan [Member] | |
Net Actuarial loss (gain) | 269 |
Prior Service cost (credit) | 0 |
Total | 269 |
Other Postretirement Benefits Plan [Member] | |
Net Actuarial loss (gain) | |
Prior Service cost (credit) | (85) |
Total | (85) |
Directors' Plan [Member] | |
Net Actuarial loss (gain) | (141) |
Prior Service cost (credit) | |
Total | $ (141) |
Note 12 - Pension and Other P_6
Note 12 - Pension and Other Postretirement Benefit Plans - Change in Benefit Obligation and Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Plan [Member] | |||
Projected benefit obligation at beginning of year | $ 23,605 | $ 22,769 | |
Interest cost | 781 | 864 | $ 902 |
Actuarial (gain) loss | (2,389) | 962 | |
Benefits paid | (1,653) | (990) | |
Projected benefit obligation at end of year | 20,344 | 23,605 | 22,769 |
Market value of assets at beginning of year | 22,702 | 20,146 | |
Actual return on plan assets | 1,370 | 3,546 | |
Benefits paid | (1,653) | (990) | |
Market value of plan assets at end of year | 22,419 | 22,702 | 20,146 |
Accrued pension asset/liability included in other assets | 2,075 | ||
Accrued pension cost included in other liabilities | (903) | ||
Other Postretirement Benefits Plan [Member] | |||
Projected benefit obligation at beginning of year | 9,104 | 7,978 | |
Service cost | 350 | 316 | 359 |
Interest cost | 307 | 305 | 320 |
Actuarial (gain) loss | (1,155) | 588 | |
Benefits paid | (88) | (83) | |
Projected benefit obligation at end of year | 8,518 | 9,104 | 7,978 |
Market value of assets at beginning of year | 0 | 0 | |
Benefits paid | (88) | (83) | |
Market value of plan assets at end of year | 0 | 0 | 0 |
Employer contributions | 88 | 83 | |
Accrued pension cost included in other liabilities | (8,518) | (9,104) | |
Directors' Plan [Member] | |||
Projected benefit obligation at beginning of year | 2,425 | 2,462 | |
Service cost | 42 | 42 | 42 |
Interest cost | 78 | 89 | 97 |
Actuarial (gain) loss | (184) | (24) | |
Benefits paid | (96) | (144) | |
Projected benefit obligation at end of year | 2,265 | 2,425 | 2,462 |
Market value of assets at beginning of year | 0 | 0 | |
Benefits paid | (96) | (144) | |
Market value of plan assets at end of year | 0 | 0 | $ 0 |
Employer contributions | 96 | 144 | |
Accrued pension cost included in other liabilities | $ (2,265) | $ (2,425) |
Note 12 - Pension and Other P_7
Note 12 - Pension and Other Postretirement Benefits - Assumptions Used to Determine Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Postretirement Plans [Member] | |||
Discount rate, net periodic benefit | 3.42% | 3.88% | 4.06% |
Rate of increase in future compensation levels | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Initial | 7.00% | 8.00% | 7.00% |
Ultimate (year 2023) | 5.00% | 5.00% | 5.00% |
Rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Retirement Plan [Member] | |||
Discount rate, benefit obligation | 4.06% | 3.42% | |
Rate of increase in future compensation levels | |||
Discount rate, net periodic benefit | 3.42% | 3.88% | 4.06% |
Rate of increase in future compensation levels | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | 7.00% | 7.25% |
Annual rate of salary increase for life insurance | |||
Rate of return on plan assets | 7.00% | 7.00% | 7.25% |
Other Postretirement Benefits Plan [Member] | |||
Discount rate, benefit obligation | 4.06% | 3.42% | |
Rate of increase in future compensation levels | |||
Initial | 7.00% | 7.00% | |
Ultimate (year 2023) | 5.00% | 5.00% | |
Annual rate of salary increase for life insurance | |||
Directors' Plan [Member] | |||
Discount rate, benefit obligation | 4.06% | 3.42% | 3.88% |
Discount rate, net periodic benefit | 3.42% | 3.88% | 4.06% |
Rate of increase in future compensation levels |
Note 12 - Pension and Other P_8
Note 12 - Pension and Other Postretirement Benefits - The Components of the Net Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Plan [Member] | |||
Interest cost | $ 781 | $ 864 | $ 902 |
Amortization of unrecognized (gain) loss | 621 | 697 | 809 |
Expected return on plan assets | (1,452) | (1,392) | (1,394) |
Net pension (benefit) expense | (50) | 169 | 317 |
Current year actuarial (gain) loss | (2,307) | (1,192) | 275 |
Amortization of actuarial gain (loss) | (621) | (697) | (809) |
Total recognized in other comprehensive income | (2,928) | (1,889) | (534) |
Total recognized in net pension cost (benefit) and other comprehensive loss | (2,978) | (1,720) | (217) |
Amortization of actuarial gain (loss) | 621 | 697 | 809 |
Other Postretirement Benefits Plan [Member] | |||
Interest cost | 307 | 305 | 320 |
Amortization of unrecognized (gain) loss | 33 | 47 | |
Net pension (benefit) expense | 605 | 536 | 641 |
Current year actuarial (gain) loss | (1,155) | 587 | (613) |
Amortization of actuarial gain (loss) | (33) | (47) | |
Total recognized in other comprehensive income | (1,103) | 672 | (575) |
Total recognized in net pension cost (benefit) and other comprehensive loss | (498) | 1,208 | 66 |
Service cost | 350 | 316 | 359 |
Amortization of past service credit | (85) | (85) | (85) |
Amortization of prior service credit | 85 | 85 | 85 |
Amortization of actuarial gain (loss) | 33 | 47 | |
Directors' Plan [Member] | |||
Interest cost | 78 | 89 | 97 |
Amortization of unrecognized (gain) loss | (91) | (92) | (86) |
Net pension (benefit) expense | 41 | 79 | 93 |
Current year actuarial (gain) loss | (184) | (24) | (63) |
Amortization of actuarial gain (loss) | (91) | (92) | (86) |
Total recognized in other comprehensive income | (105) | 28 | (17) |
Total recognized in net pension cost (benefit) and other comprehensive loss | (64) | 107 | 76 |
Service cost | 42 | 42 | 42 |
Amortization of past service credit | 12 | 40 | 40 |
Amortization of prior service credit | (12) | (40) | (40) |
Amortization of actuarial gain (loss) | $ 91 | $ 92 | $ 86 |
Note 12 - Pension and Other P_9
Note 12 - Pension and Other Postretirement Benefit Plans - Benefit Payments Expected to be Paid (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Retirement Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 1,300 |
2,020 | 1,133 |
2,021 | 1,177 |
2,022 | 1,205 |
2,023 | 1,228 |
2024 – 2028 | 6,033 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 260 |
2,020 | 266 |
2,021 | 286 |
2,022 | 319 |
2,023 | 326 |
2024 – 2028 | 1,755 |
Directors' Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 288 |
2,020 | 288 |
2,021 | 288 |
2,022 | 288 |
2,023 | 256 |
2024 – 2028 | $ 988 |
Note 12 - Pension and Other _10
Note 12 - Pension and Other Postretirement Benefit Plans - Retirement Plan Weighted Average Asset Allocations (Details) - Retirement Plan [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Equity Securities [Member] | ||
Weighted average asset allocation | 0.00% | 72.00% |
Debt Securities [Member] | ||
Weighted average asset allocation | 100.00% | 28.00% |
Note 12 - Pension and Other _11
Note 12 - Pension and Other Postretirement Benefit Plans - Employee Pension Plan’s Assets that are Carried at Fair Value, and the Method Used to Determine Fair Value (Details) - Retirement Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pooled Separate Accounts | ||||
Plan Investments | $ 22,419 | $ 22,702 | $ 20,146 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | 22,702 | |||
Long Duration Bond Fund [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [1] | 10,045 | ||
Long Corporate Bond Fund [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [2] | 4,471 | ||
Prudential Short-term [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [3] | 360 | ||
Prudential Short-term [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [3] | 77 | ||
U.S. Large-Cap Growth [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [4] | |||
U.S. Large-Cap Growth [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [4] | 5,822 | ||
U.S. Large-cap Value [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [5] | |||
U.S. Large-cap Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [5] | 5,164 | ||
U.S. Small-cap Blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [6] | |||
U.S. Small-cap Blend [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [6] | 2,735 | ||
International Blend [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [7] | |||
International Blend [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [7] | 2,566 | ||
PIMCO Bond Fund [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [8] | |||
PIMCO Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [8] | 6,338 | ||
Investment Grade Bond Fund [Member] | ||||
Pooled Separate Accounts | ||||
Plan Investments | [9] | $ 7,543 | ||
[1] | Comprised of fixed income securities with durations of longer than six years that seek to maximize total return consistent with the preservation of capital and prudent investment management. | |||
[2] | Comprised of corporate bonds with an average duration within 0.25 years of the benchmark and its average credit quality is no lower than BBB. The fund seeks to outperform the Bloomberg Barclays Long Corporate Bond Index. | |||
[3] | Comprised of money market instruments with an emphasis on safety and liquidity. | |||
[4] | Comprised of large-cap stocks seeking to outperform, over the long term, the Russell 1000 Growth Index. The portfolio will typically hold between 55 and 70 stocks. | |||
[5] | Comprised of large-cap stocks seeking to outperform the Russell 1000 Value benchmark over the rolling three and five year periods, or a full market cycle, whichever is longer. | |||
[6] | Comprised of stocks with market capitalization of between $100 million and the market capitalization of the largest stock in the Russell 2000 index at the time of purchase. The portfolio will typically hold between 40 and 100 stocks. | |||
[7] | Comprised of non-U.S. domiciled stocks. The portfolio will typically hold between 80 and 90 stocks. | |||
[8] | Comprised of a portfolio of fixed income securities including U.S agency mortgage-backed securities, corporate bonds, U.S. government bonds and high yield bonds. | |||
[9] | Comprised of high quality corporate bonds diversified broadly across industries, issuers and regions. The funds primary benchmark is the Bloomberg Barclays U.S. Credit Index. |
Note 12 - Pension and Other _12
Note 12 - Pension and Other Postretirement Benefit Plans - Effect of a One Percentage Point Change in Assumed Health Care Trend Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Effect of a 1% increase on postretirement benefit obligation | $ 1,652 |
Effect of a 1% decrease on postretirement benefit obligation | (1,277) |
Effect of a 1% increase on total service and interest cost | 147 |
Effect of a 1% decrease on total service and interest cost | $ (111) |
Note 12 - Pension and Other _13
Note 12 - Pension and Other Postretirement Benefit Plans - Employee Benefit Trust (EBT) Shares (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Shares owned by Employee Benefit Trust, beginning balance (in shares) | 445,022 | 551,762 |
Shares purchased (in shares) | 13,669 | 11,631 |
Shares released and allocated (in shares) | (129,601) | (118,371) |
Shares owned by Employee Benefit Trust, ending balance (in shares) | 329,090 | 445,022 |
Market value of unallocated shares | $ 7,085,308 | $ 12,238,105 |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Purchase of treasury shares (in shares) | 787,069 | 241,625 |
Treasury Stock Acquired, Average Cost Per Share | $ 25.97 | $ 27.59 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 467,211 | |
Available to Distribute to the Holding Company as Cash Dividends [Member] | ||
Retained Earnings, Unappropriated | $ 97 | |
Savings Bank [Member] | ||
Liquidation Account, Conversion From Mutual to Stock Form | $ 0.5 | $ 0.6 |
Note 13 - Stockholders' Equit_3
Note 13 - Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 532,608 | $ 513,853 | $ 473,067 |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings | 2,073 | ||
Total other comprehensive los, net of tax | (2,472) | (624) | (2,800) |
Balance | 549,464 | 532,608 | 513,853 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance | (5,522) | (3,859) | (521) |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings | (1,325) | ||
Impact of adoption of Accounting Standard Update 2016-01 | |||
Other comprehensive income before reclassifications, net of tax | (10,127) | (1,771) | (2,452) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 1,325 | 108 | (886) |
Total other comprehensive los, net of tax | (8,802) | (1,663) | (3,338) |
Balance | (15,649) | (5,522) | (3,859) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | 231 | ||
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings | 50 | ||
Impact of adoption of Accounting Standard Update 2016-01 | |||
Other comprehensive income before reclassifications, net of tax | 3,351 | 105 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 72 | 126 | |
Total other comprehensive los, net of tax | 3,423 | 231 | |
Balance | 3,704 | 231 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (3,695) | (4,503) | (5,041) |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings | (798) | ||
Impact of adoption of Accounting Standard Update 2016-01 | |||
Other comprehensive income before reclassifications, net of tax | 2,484 | 485 | 235 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 336 | 323 | 303 |
Total other comprehensive los, net of tax | 2,820 | 808 | 538 |
Balance | (1,673) | (3,695) | (4,503) |
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | |||
Balance | |||
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings | |||
Impact of adoption of Accounting Standard Update 2016-01 | 779 | ||
Other comprehensive income before reclassifications, net of tax | 87 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | |||
Total other comprehensive los, net of tax | 87 | ||
Balance | 866 | ||
AOCI Attributable to Parent [Member] | |||
Balance | (8,986) | (8,362) | (5,562) |
Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCL to Retained Earnings | (2,073) | ||
Impact of adoption of Accounting Standard Update 2016-01 | 779 | ||
Other comprehensive income before reclassifications, net of tax | (4,205) | (1,181) | (2,217) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 1,733 | 557 | (583) |
Total other comprehensive los, net of tax | (2,472) | (624) | (2,800) |
Balance | $ (12,752) | $ (8,986) | $ (8,362) |
Note 13 - Stockholders' Equit_4
Note 13 - Stockholders' Equity - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Tax expense (benefit) | $ 1,046 | $ 1,910 | $ 4,489 | $ 2,950 | $ 7,693 | $ 5,291 | $ 6,775 | $ 5,254 | $ 10,395 | $ 25,013 | $ 41,103 | |
Net income, as reported | 12,422 | 17,333 | 13,923 | 11,412 | 5,957 | 10,179 | 12,725 | 12,260 | 55,090 | 41,121 | 64,916 | |
Other expense | (15,235) | (15,239) | (14,739) | |||||||||
Total before tax | 13,468 | 19,243 | 18,412 | 14,362 | 13,650 | 15,470 | 19,500 | 17,514 | 65,485 | 66,134 | 106,019 | |
Tax expense (benefit) | $ (1,046) | $ (1,910) | $ (4,489) | $ (2,950) | $ (7,693) | $ (5,291) | $ (6,775) | $ (5,254) | (10,395) | (25,013) | (41,103) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||||||
Net loss on sale of securities | (1,920) | (186) | 1,524 | |||||||||
Tax expense (benefit) | 595 | 78 | (638) | |||||||||
Net income, as reported | (1,325) | (108) | 886 | |||||||||
Tax expense (benefit) | (595) | (78) | 638 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||||||||||
Tax expense (benefit) | 32 | 58 | ||||||||||
Net income, as reported | (72) | (126) | ||||||||||
Other expense | (104) | (184) | ||||||||||
Tax expense (benefit) | (32) | (58) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||||||
Other expense | [1] | (530) | (605) | (568) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||||||||||||
Other expense | [1] | 39 | 45 | 45 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||||
Tax expense (benefit) | 155 | 237 | (220) | |||||||||
Net income, as reported | (336) | (323) | (303) | |||||||||
Total before tax | (491) | (560) | (523) | |||||||||
Tax expense (benefit) | $ (155) | $ (237) | $ 220 | |||||||||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 12 of the Notes to Consolidated Financial Statements "Pension and Other Postretirement Benefit Plans"). |
Note 14 - Regulatory Capital (D
Note 14 - Regulatory Capital (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Capital Conservation Buffer Required for Capital Adequacy | 1.875% | ||
Capital Conservation Buffer Required for Capital Adequacy Annual Increase | 0.625% | ||
Savings Bank [Member] | |||
Capital Conservation Buffer | 5.70% | 6.31% | |
Holding Company [Member] | |||
Capital Conservation Buffer | 5.72% | 6.38% | |
Scenario, Forecast [Member] | |||
Capital Conservation Buffer Required for Capital Adequacy | 2.50% |
Note 14 - Regulatory Capital -
Note 14 - Regulatory Capital - Summary of the Bank's Compliance (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Tier i (leverage) capital, capital level, amount | $ 660,782 | $ 631,285 |
Tier i (leverage) capital, capital level, percent | 9.85% | 10.11% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 335,512 | $ 312,343 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 325,270 | $ 318,942 |
Tier i (leverage) capital, excess, percent | 4.85% | 5.11% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 660,782 | $ 631,285 |
Common equity tier i risk-based capital, capital level, percent | 13.28% | 13.87% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 323,386 | $ 295,937 |
Common equity tier i risk-based capital, requirement to be well capitalized, percent | 6.50% | 6.50% |
Common equity tier i risk-based capital, excess, amount | $ 337,396 | $ 335,348 |
Common equity tier i risk-based capital, excess, percent | 6.78% | 7.37% |
Tier I risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 660,782 | $ 631,285 |
Tier 1 risk-based capital, capital level, percent | 13.28% | 13.87% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 398,014 | $ 364,230 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 262,768 | $ 267,055 |
Tier 1 risk-based capital, excess, percent | 5.28% | 5.87% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 681,727 | $ 651,636 |
Total risk-based capital, capital level, percent | 13.70% | 14.31% |
Total risk-based capital, requirement to be well capitalized, amount | $ 497,517 | $ 455,288 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 184,210 | $ 196,348 |
Total risk-based capital, excess, percent | 3.70% | 4.31% |
Holding Company [Member] | ||
Tier I (leverage) capital: | ||
Tier i (leverage) capital, capital level, amount | $ 586,582 | $ 563,426 |
Tier i (leverage) capital, capital level, percent | 8.74% | 9.02% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 335,616 | $ 312,278 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 250,966 | $ 251,148 |
Tier i (leverage) capital, excess, percent | 3.74% | 4.02% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 546,230 | $ 527,727 |
Common equity tier i risk-based capital, capital level, percent | 10.98% | 11.59% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 323,382 | $ 295,865 |
Common equity tier i risk-based capital, requirement to be well capitalized, percent | 6.50% | 6.50% |
Common equity tier i risk-based capital, excess, amount | $ 222,848 | $ 231,862 |
Common equity tier i risk-based capital, excess, percent | 4.48% | 5.09% |
Tier I risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 586,582 | $ 563,426 |
Tier 1 risk-based capital, capital level, percent | 11.79% | 12.38% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 398,008 | $ 364,141 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 188,574 | $ 199,285 |
Tier 1 risk-based capital, excess, percent | 3.79% | 4.38% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 682,527 | $ 658,777 |
Total risk-based capital, capital level, percent | 13.72% | 14.47% |
Total risk-based capital, requirement to be well capitalized, amount | $ 497,511 | $ 455,177 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 185,016 | $ 203,600 |
Total risk-based capital, excess, percent | 3.72% | 4.47% |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Jul. 31, 2007 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 26,600 | |||
Loans and Leases Receivable, Commitments, Weighted Average Rate of Interest | 4.80% | |||
Loans and Leases Receivable, Commitments, Variable Rates | $ 286,900 | |||
Loans and Leases Receivable, Commitments, Variable Rates, Weighted Average Rate | 5.45% | |||
Loan Commitments, Expiration | 90 days | |||
Line of Credit, Maturity, Max | 1 year 180 days | |||
Operating Leases, Rent Expense, Total | $ 6,100 | $ 6,300 | $ 5,800 | |
Operating Leases, Future Minimum Payments Due, Total | 60,234 | |||
Other Equipment and Cars [Member] | Equipment Leases [Member] | ||||
Operating Leases, Future Minimum Payments Due, Total | 500 | |||
Home Equity Line of Credit [Member] | ||||
Loans and Leases Receivable, Commitments, Credit | $ 248,700 | |||
Line of Credit, Maturity, Max | 10 years | |||
Letter of Credit Pledged as Collateral [Member] | ||||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 659,600 | $ 402,100 | ||
Capital Securities [Member] | Flushing Financial's Capital Trusts [Member] | ||||
Proceeds from Issuance of Debt | $ 61,900 | |||
Mortgages [Member] | ||||
Loans and Leases Receivable, Commitments, Credit | $ 64,900 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Minimum Annual Rental Payments for Bank Premises Due Under Non-cancelable Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 7,605 |
2,020 | 7,977 |
2,021 | 7,214 |
2,022 | 6,822 |
2,023 | 6,961 |
Thereafter | 23,655 |
Total minimum payments required | $ 60,234 |
Note 16 - Concentration of Cr_2
Note 16 - Concentration of Credit Risk (Details Textual) $ in Millions | Dec. 31, 2018USD ($) |
Lending Limit to Single Borrower | $ 99.1 |
Largest Aggregate Amount of Loans to Single Borrower | $ 83.1 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Details Textual) xbrli-pure in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of Related Party Loans | 0 | 0 |
Related Party Deposit Liabilities | $ 11.5 | $ 13.8 |
Note 18 - Fair Value of Finan_3
Note 18 - Fair Value of Financial Instruments (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Financial Assets at Fair Value Option | $ 13,800 | $ 14,300 | |
Financial Liabilities at Fair Value Option | 41,800 | 37,000 | |
Proceeds from Sale of Long-term Investments | 200 | 3,000 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (4,122) | (3,465) | $ (3,434) |
Financial Liabilites at Fair Value Option Contractual Principal | 61,900 | 61,900 | |
Financial Liabilities at Fair Value Option Accrued Interest Payable | $ 200 | 200 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 11,600 | ||
Appraised Value of Property [Member] | |||
Collateral Dependent Loans Measurement Input | 0.85 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | 0 | |
Interest Rate Swaps [Member] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 900 | $ (600) | $ 1,500 |
Note 18 - Fair Value of Finan_4
Note 18 - Fair Value of Financial Instruments - Financial Assets and Liabilities Reported Under the Fair Value Option (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Financial Assets at Fair Value Option | $ 13,800 | $ 14,300 | ||
Net loss from fair value adjustments | (4,122) | (3,465) | $ (3,434) | |
Collateralized Mortgage Backed Securities [Member] | ||||
Financial Assets at Fair Value Option | 967 | 1,590 | ||
Net loss from fair value adjustments | (19) | (26) | (25) | |
Other Securities [Member] | ||||
Financial Assets at Fair Value Option | 12,843 | 12,685 | ||
Net loss from fair value adjustments | (109) | 134 | (38) | |
Junior Subordinated Debentures [Member] | ||||
Financial Assets at Fair Value Option | 41,849 | 36,986 | ||
Net loss from fair value adjustments | (4,913) | (2,993) | (4,908) | |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | ||||
Net loss from fair value adjustments | [1] | $ (5,041) | $ (2,885) | $ (4,971) |
[1] | The net loss from fair value adjustments presented in the above table does not include net gains (losses) of $0.9 million, ($0.6) million and $1.5 million from the change in fair value of derivative instruments during the years ended December 31, 2018, 2017 and 2016, respectively. |
Note 18 - Fair Value of Finan_5
Note 18 - Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale, fair value | $ 822,655 | $ 738,354 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 557,953 | 509,650 |
Other Securities [Member] | ||
Securities available for sale, fair value | 1,256 | 1,110 |
Fair Value, Measurements, Recurring [Member] | ||
Total assets | 838,616 | 745,742 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 44,088 | 40,744 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 557,953 | 509,650 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 264,702 | 228,704 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 15,961 | 7,388 |
Interest Rate Swaps, Net Amount | 2,239 | 3,758 |
Fair Value, Measurements, Recurring [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 41,849 | 36,986 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 11,586 | 11,575 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 11,586 | 11,575 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | ||
Interest Rate Swaps, Net Amount | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 825,774 | 733,057 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,239 | 3,758 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 557,953 | 509,650 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 251,860 | 216,019 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 15,961 | 7,388 |
Interest Rate Swaps, Net Amount | 2,239 | 3,758 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 1,256 | 1,110 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 41,849 | 36,986 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 1,256 | 1,110 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | ||
Interest Rate Swaps, Net Amount | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 41,849 | $ 36,986 |
Note 18 - Fair Value of Finan_6
Note 18 - Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Recurring Basis, Classified Within Level 3 of the Valuation Hierarchy (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Trust Preferred Securities [Member] | |||
Beginning balance | $ 1,110 | $ 7,361 | |
Security call | (6,300) | ||
Net gain from fair value adjustment of financial assets | [1] | 145 | 134 |
Net loss from fair value adjustment of financial liabilities | [1] | ||
Increase(Decrease) in accrued interest | 1 | (87) | |
Change in unrealized losses included in other comprehensive loss | 2 | ||
Ending balance | 1,256 | 1,110 | |
Changes in unrealized held at period end | |||
Junior Subordinated Debentures [Member] | |||
Beginning balance | 36,986 | 33,959 | |
Security call | |||
Net gain from fair value adjustment of financial assets | [1] | ||
Net loss from fair value adjustment of financial liabilities | [1] | 4,913 | 2,993 |
Increase(Decrease) in accrued interest | 66 | 34 | |
Change in unrealized losses included in other comprehensive loss | (116) | ||
Ending balance | 41,849 | 36,986 | |
Changes in unrealized held at period end | |||
[1] | These totals in the table above are presented in the Consolidated Statement of Income under net loss from fair value adjustments. |
Note 18 - Fair Value of Finan_7
Note 18 - Fair Value of Financial Instruments - Quantitative Information About Recurring Level 3 Fair Value of Financial Instruments (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Securities available for sale, fair value | $ 822,655 | $ 738,354 |
Valuation Technique, Discounted Cash Flow [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 41,849 | $ 36,986 |
Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities, Weighted average | 0.049 | 0.057 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Securities available for sale, fair value | $ 1,256 | $ 1,110 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Assets, Weighted average | 0.049 | 0.057 |
Note 18 - Fair Value of Finan_8
Note 18 - Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Non-recurring Basis, and the Method Used to Determine Their Fair Value (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Impaired loans | $ 4,111 | $ 8,504 |
Other Repossessed Assets | 35 | |
Total assets | 4,146 | 8,504 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Other Repossessed Assets | ||
Total assets | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Other Repossessed Assets | ||
Total assets | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 4,111 | 8,504 |
Other Repossessed Assets | 35 | |
Total assets | $ 4,146 | $ 8,504 |
Note 18 - Fair Value of Finan_9
Note 18 - Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments and the Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Impaired loans, Measurement Input | 0 | |
Minimum [Member] | ||
Other repossesed assets, Measurement Input | ||
Maximum [Member] | ||
Other repossesed assets, Measurement Input | ||
Fair Value, Measurements, Nonrecurring [Member] | ||
Impaired loans | $ 4,111 | $ 8,504 |
Other Repossessed Assets | $ 35 | |
Valuation, Income Approach [Member] | Measurement Input, Cap Rate [Member] | ||
Impaired loans, Measurement Input | 0.085 | 0.085 |
Valuation, Income Approach [Member] | Measurement Input, Cap Rate [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | ||
Valuation, Income Approach [Member] | Measurement Input, Cap Rate [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | ||
Valuation, Income Approach [Member] | Measurement Input, Cap Rate [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.085 | 0.085 |
Valuation, Income Approach [Member] | Measurement Input, Loss Severity [Member] | ||
Impaired loans, Measurement Input | 0.15 | 0.15 |
Valuation, Income Approach [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.15 | 0.15 |
Valuation, Income Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Cap Rate [Member] | ||
Impaired loans | $ 204 | $ 204 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | ||
Other repossesed assets, Measurement Input | 0 | |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | 0.365 | 0 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 0.15 | 0.15 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.104 | 0.001 |
Other repossesed assets, Measurement Input | 0 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | 0.5 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 0.15 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0 | 0.001 |
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Impaired loans | $ 2,724 | $ 6,868 |
Other Repossessed Assets | $ 35 | |
Blended Income and Sales Approach [Member] | Measurement Input, Cap Rate [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | 0.074 | 0.074 |
Blended Income and Sales Approach [Member] | Measurement Input, Cap Rate [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 0.098 | 0.098 |
Blended Income and Sales Approach [Member] | Measurement Input, Cap Rate [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.087 | 0.088 |
Blended Income and Sales Approach [Member] | Measurement Input, Loss Severity [Member] | ||
Impaired loans, Measurement Input | 0.15 | 0 |
Blended Income and Sales Approach [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.15 | 0 |
Blended Income and Sales Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Impaired loans, Measurement Input | 0.3 | 0.3 |
Blended Income and Sales Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Impaired loans, Measurement Input | 0.1 | 0.1 |
Blended Income and Sales Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Impaired loans, Measurement Input | 0.078 | 0.076 |
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Impaired loans | $ 1,183 | $ 1,432 |
Note 18 - Fair Value of Fina_10
Note 18 - Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities held-to-maturity, amortized cost | $ 32,018 | $ 30,886 |
Securities available for sale, fair value | 822,655 | 738,354 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 1,001 | 3,728 |
Interest rate swaps | 2,239 | 3,758 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,953 | 7,973 |
Securities available for sale, fair value | 557,953 | 509,650 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 24,065 | 22,913 |
Securities available for sale, fair value | 264,702 | 228,704 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 118,561 | 51,546 |
Loans | 5,551,484 | 5,176,999 |
FHLB-NY stock | 57,282 | 60,089 |
Accrued interest receivable | 25,485 | 21,405 |
Deposits | 4,960,784 | 4,383,278 |
Borrowings | 1,250,843 | 1,309,653 |
Accrued interest payable | 5,890 | 2,659 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 15,961 | 7,388 |
Interest rate swaps | 2,239 | 3,758 |
Reported Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,953 | 7,973 |
Securities available for sale, fair value | 557,953 | 509,650 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 24,065 | 22,913 |
Securities available for sale, fair value | 264,702 | 228,704 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 118,561 | 51,546 |
Loans | 5,496,266 | 5,169,108 |
FHLB-NY stock | 57,282 | 60,089 |
Accrued interest receivable | 25,485 | 21,405 |
Deposits | 4,955,077 | 4,380,174 |
Borrowings | 1,241,745 | 1,310,487 |
Accrued interest payable | 5,890 | 2,659 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 15,961 | 7,388 |
Interest rate swaps | 2,239 | 3,758 |
Estimate of Fair Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,366 | 7,810 |
Securities available for sale, fair value | 557,953 | 509,650 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,508 | 21,889 |
Securities available for sale, fair value | 264,702 | 228,704 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 118,561 | 51,546 |
Loans | ||
FHLB-NY stock | ||
Accrued interest receivable | 54 | 16 |
Deposits | 3,397,474 | 3,031,345 |
Borrowings | ||
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | ||
Interest rate swaps | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | ||
Securities available for sale, fair value | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | ||
Securities available for sale, fair value | 11,586 | 11,575 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Loans | ||
FHLB-NY stock | 57,282 | 60,089 |
Accrued interest receivable | 2,756 | 1,916 |
Deposits | 1,557,603 | 1,348,829 |
Borrowings | 1,199,896 | 1,273,501 |
Accrued interest payable | 5,890 | 2,659 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 15,961 | 7,388 |
Interest rate swaps | 2,239 | 3,758 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,366 | 7,810 |
Securities available for sale, fair value | 557,953 | 509,650 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | ||
Securities available for sale, fair value | 251,860 | 216,019 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Loans | 5,496,266 | 5,169,108 |
FHLB-NY stock | ||
Accrued interest receivable | 22,675 | 19,473 |
Deposits | ||
Borrowings | 41,849 | 36,986 |
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | ||
Interest rate swaps | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | ||
Securities available for sale, fair value | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 22,508 | 21,889 |
Securities available for sale, fair value | $ 1,256 | $ 1,110 |
Note 19 - Derivative Financia_3
Note 19 - Derivative Financial Instruments (Details Textual) xbrli-pure in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Junior Subordinated Notes, Total | $ 41,849 | $ 36,986 | |
Derivative Asset, Notional Amount | 745,619 | 739,726 | |
Short-term Debt, Total | 441,500 | 441,500 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 100 | 100 | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | 0 | $ 0 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Asset, Notional Amount | 36,300 | 36,300 | |
Designated as Hedging Instrument [Member] | |||
Derivative Asset, Notional Amount | 267,800 | 261,900 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Asset, Notional Amount | 441,500 | $ 441,500 | |
Derivative, Number of Instruments Held, Total | 0 | ||
Interest Rate Swap [Member] | |||
Derivative Asset, Notional Amount | 286,100 | $ 280,200 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Asset, Notional Amount | 36,321 | 36,321 | |
Floating Rate Junior Subordinated Debentures [Member] | |||
Derivative, Amount of Hedged Item | 18,000 | 18,000 | |
Junior Subordinated Notes, Total | $ 61,900 | $ 61,900 |
Note 19 - Derivative Financia_4
Note 19 - Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest rate swaps, notional amount | $ 745,619 | $ 739,726 | |
Interest rate swaps, net carrying value | [1] | 13,722 | 3,630 |
Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 267,800 | 261,900 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 441,500 | 441,500 | |
Not Designated as Hedging Instrument [Member] | |||
Interest rate swaps, notional amount | 36,300 | 36,300 | |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Interest rate swaps, notional amount | 248,330 | 199,341 | |
Interest rate swaps, net carrying value | [1] | 10,593 | 6,971 |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 441,500 | 250,000 | |
Interest rate swaps, net carrying value | [1] | 5,368 | 417 |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Interest rate swaps, notional amount | 19,468 | 62,564 | |
Interest rate swaps, net carrying value | [1] | (502) | (921) |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 191,500 | ||
Interest rate swaps, net carrying value | [1] | (7) | |
Interest Rate Swap [Member] | |||
Interest rate swaps, notional amount | 286,100 | 280,200 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Interest rate swaps, notional amount | 36,321 | 36,321 | |
Interest rate swaps, net carrying value | [1] | $ (1,737) | $ (2,830) |
[1] | Derivatives in a net positive position are recorded as "Other assets" and derivatives in a net negative position are recorded as "Other liabilities" in the Consolidated Statements of Financial Condition. |
Note 19 - Derivative Financia_5
Note 19 - Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Net gain (loss) | [1] | $ 919 | $ (580) | $ 1,537 |
Not Designated as Hedging Instrument [Member] | ||||
Net gain (loss) | 1,094 | (102) | 71 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Net gain (loss) | $ (175) | $ (478) | $ 1,466 | |
[1] | Net gains (losses) are recorded as part of "Net loss from fair value adjustments" in the Consolidated Statements of Income. |
Note 19 - Derivative Financia_6
Note 19 - Derivative Financial Instruments - Effect of Master Netting Arrangements on Derivative Assets and Liabilities in the Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 15,961 | $ 7,388 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | ||
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Condition | 15,961 | 7,388 |
Interest Rate Swaps, Financial Instruments | ||
Interest Rate Swaps, Cash Collateral Received | 14,960 | 3,660 |
Interest Rate Swaps, Net Amount | 1,001 | 3,728 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 2,239 | 3,758 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | ||
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 2,239 | 3,758 |
Interest Rate Swaps, Financial Instruments | ||
Interest Rate Swaps, Cash Collateral Received | ||
Interest Rate Swaps, Net Amount | $ 2,239 | 3,758 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition |
Note 20 - New Authoritative A_2
Note 20 - New Authoritative Accounting Pronouncements (Details Textual) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | ||
Stranded Tax Effects from Accounting Standards Update, Balance Sheet Impact | $ 2.1 | ||||
Accounting Standards Update 2016-01 [Member] | |||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ (0.8) | ||||
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | Minimum [Member] | |||||
Operating Lease, Liability, Total | $ 40 | ||||
Increase (Decrease) in Regulatory Capital Ratios | (0.01%) | ||||
Operating Lease, Right-of-Use Asset | $ 40 | ||||
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | Maximum [Member] | |||||
Operating Lease, Liability, Total | $ 50 | ||||
Increase (Decrease) in Regulatory Capital Ratios | (0.06%) | ||||
Operating Lease, Right-of-Use Asset | $ 50 |
Note 21 - Quarterly Financial_3
Note 21 - Quarterly Financial Data (Unaudited) - Selected Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income | $ 67,433 | $ 65,486 | $ 63,293 | $ 60,786 | $ 59,697 | $ 59,319 | $ 58,315 | $ 57,254 | $ 256,998 | $ 234,585 | $ 220,997 |
Interest expense | 26,797 | 23,965 | 20,653 | 18,177 | 16,637 | 16,278 | 14,698 | 13,865 | 89,592 | 61,478 | 53,911 |
Net interest income | 40,636 | 41,521 | 42,640 | 42,609 | 43,060 | 43,041 | 43,617 | 43,389 | 167,406 | 173,107 | 167,086 |
Provision for loan losses | 422 | 153 | 6,595 | 3,266 | 575 | 9,861 | |||||
Other operating income (loss) | (986) | 4,955 | 3,168 | 3,200 | 3,064 | 1,661 | 1,948 | 3,689 | 10,337 | 10,362 | 57,536 |
Other operating expense | 25,760 | 27,233 | 27,396 | 31,294 | 25,879 | 25,966 | 26,065 | 29,564 | 111,683 | 107,474 | 118,603 |
Total before tax | 13,468 | 19,243 | 18,412 | 14,362 | 13,650 | 15,470 | 19,500 | 17,514 | 65,485 | 66,134 | 106,019 |
Tax expense (benefit) | 1,046 | 1,910 | 4,489 | 2,950 | 7,693 | 5,291 | 6,775 | 5,254 | 10,395 | 25,013 | 41,103 |
Net income, as reported | $ 12,422 | $ 17,333 | $ 13,923 | $ 11,412 | $ 5,957 | $ 10,179 | $ 12,725 | $ 12,260 | $ 55,090 | $ 41,121 | $ 64,916 |
Basic earnings per common share (in dollars per share) | $ 0.44 | $ 0.61 | $ 0.48 | $ 0.39 | $ 0.21 | $ 0.35 | $ 0.44 | $ 0.42 | $ 1.92 | $ 1.41 | $ 2.24 |
Diluted earnings per common share (in dollars per share) | 0.44 | 0.61 | 0.48 | 0.39 | 0.21 | 0.35 | 0.44 | 0.42 | $ 1.92 | $ 1.41 | $ 2.24 |
Dividends on common stock (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | |||
Basic earnings per share (in shares) | 28,422 | 28,604 | 28,845 | 28,974 | 29,045 | 29,120 | 29,135 | 29,019 | 28,709 | 29,080 | 28,957 |
Diluted earnings per share (in shares) | 28,423 | 28,604 | 28,846 | 28,975 | 29,046 | 29,120 | 29,136 | 29,023 | 28,710 | 29,082 | 28,970 |
Note 22 - Parent Company Only_3
Note 22 - Parent Company Only Financial Information - Condensed Statements of Financial Condition (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and due from banks | $ 118,561,000 | $ 51,546,000 | ||
Goodwill, Ending Balance | 16,127,000 | 16,127,000 | ||
Other assets | 69,303,000 | 61,527,000 | ||
Total assets | 6,834,176,000 | 6,299,274,000 | ||
Subordinated debentures | 74,001,000 | 73,699,000 | ||
Other liabilities | 73,085,000 | 73,735,000 | ||
Total liabilities | 6,284,712,000 | 5,766,666,000 | ||
Preferred stock | 0 | 0 | ||
Common stock | 315,000 | 315,000 | ||
Treasury stock, at average cost (3,546,958 shares and 2,942,329 at December 31, 2018 and 2017, respectively) | (75,146,000) | (57,675,000) | ||
Retained earnings | 414,327,000 | 381,048,000 | ||
Accumulated other comprehensive loss, net of taxes | (12,752,000) | (8,986,000) | ||
Total equity | 549,464,000 | 532,608,000 | $ 513,853,000 | $ 473,067,000 |
Total liabilities and equity | 6,834,176,000 | 6,299,274,000 | ||
Holding Company [Member] | ||||
Cash and due from banks | 4,351,000 | 10,198,000 | ||
Other securities | 1,256,000 | 1,110,000 | ||
Interest receivable | ||||
Investment in Bank | 661,044,000 | 634,056,000 | ||
Goodwill, Ending Balance | 2,185,000 | 2,185,000 | ||
Other assets | 2,929,000 | 3,645,000 | ||
Total assets | 671,765,000 | 651,194,000 | ||
Subordinated debentures | 74,001,000 | 73,699,000 | ||
Junior subordinated debentures, at fair value | 41,849,000 | 36,986,000 | ||
Other liabilities | 6,451,000 | 7,901,000 | ||
Total liabilities | 122,301,000 | 118,586,000 | ||
Preferred stock | ||||
Common stock | 315,000 | 315,000 | ||
Additional paid-in capital | 222,720,000 | 217,906,000 | ||
Treasury stock, at average cost (3,546,958 shares and 2,942,329 at December 31, 2018 and 2017, respectively) | (75,146,000) | (57,675,000) | ||
Retained earnings | 414,327 | 381,048 | ||
Accumulated other comprehensive loss, net of taxes | (12,752,000) | (8,986,000) | ||
Total equity | 549,464,000 | 532,608,000 | ||
Total liabilities and equity | $ 671,765,000 | $ 651,194,000 |
Note 22 - Parent Company Only_4
Note 22 - Parent Company Only Financial Information - Condensed Statements of Financial Condition (Details) (Parentheticals) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Treasury stock, shares (in shares) | 3,546,958 | 2,942,329 |
Holding Company [Member] | ||
Treasury stock, shares (in shares) | 3,546,958 | 2,942,329 |
Note 22 - Parent Company Only_5
Note 22 - Parent Company Only Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income | $ 23,022 | $ 24,489 | $ 25,141 | ||||||||
Interest expense | $ (26,797) | $ (23,965) | $ (20,653) | $ (18,177) | $ (16,637) | $ (16,278) | $ (14,698) | $ (13,865) | (89,592) | (61,478) | (53,911) |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (4,122) | (3,465) | (3,434) | ||||||||
Other expense | (15,235) | (15,239) | (14,739) | ||||||||
Tax expense (benefit) | 1,046 | 1,910 | 4,489 | 2,950 | 7,693 | 5,291 | 6,775 | 5,254 | 10,395 | 25,013 | 41,103 |
Net income, as reported | $ 12,422 | $ 17,333 | $ 13,923 | $ 11,412 | $ 5,957 | $ 10,179 | $ 12,725 | $ 12,260 | 55,090 | 41,121 | 64,916 |
Other comprehensive loss, net of tax | (2,472) | (624) | (2,800) | ||||||||
Comprehensive net income | 52,618 | 40,497 | 62,116 | ||||||||
Holding Company [Member] | |||||||||||
Dividends from the Bank | 34,000 | 21,500 | 24,000 | ||||||||
Interest income | 275 | 505 | 247 | ||||||||
Interest expense | (6,479) | (5,860) | (1,324) | ||||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (4,769) | (2,903) | (4,761) | ||||||||
Other expense | (1,391) | (1,354) | (1,611) | ||||||||
Income before taxes and equity in undistributed earnings of subsidiary | 21,636 | 11,888 | 16,551 | ||||||||
Tax expense (benefit) | 3,907 | 6,926 | 3,198 | ||||||||
Income before equity in undistributed earnings of subsidiary | 25,543 | 18,814 | 19,749 | ||||||||
Equity in undistributed earnings of the Bank | 29,547 | 22,307 | 45,167 | ||||||||
Net income, as reported | 55,090 | 41,121 | 64,916 | ||||||||
Other comprehensive loss, net of tax | (2,472) | (624) | (2,800) | ||||||||
Comprehensive net income | $ 52,618 | $ 40,497 | $ 62,116 |
Note 22 - Parent Company Only_6
Note 22 - Parent Company Only Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income, as reported | $ 12,422 | $ 17,333 | $ 13,923 | $ 11,412 | $ 5,957 | $ 10,179 | $ 12,725 | $ 12,260 | $ 55,090 | $ 41,121 | $ 64,916 |
Deferred income tax benefit | (2,664) | 8,735 | (1,540) | ||||||||
Fair value adjustments for financial assets and financial liabilities | 4,122 | 3,465 | 3,434 | ||||||||
Stock-based compensation expense | 7,016 | 5,990 | 5,884 | ||||||||
Net cash provided by operating activities | 77,303 | 83,526 | 42,395 | ||||||||
Proceeds from sales and calls of securities available for sale | 128,474 | 194,799 | 143,819 | ||||||||
Net cash provided (used in) investing activities | (477,995) | (254,114) | (322,232) | ||||||||
Issuance of subordinated debt, net | 73,402 | ||||||||||
Purchase of treasury stock | (22,585) | (9,290) | (9,858) | ||||||||
Proceeds from stock options exercised | 6 | 328 | |||||||||
Net cash (used in) provided by financing activities | 467,707 | 186,277 | 273,331 | ||||||||
Net (decrease) increase in cash and cash equivalents | 67,015 | 15,689 | (6,506) | ||||||||
Cash and cash equivalents, beginning of year | 51,546 | 35,857 | 51,546 | 35,857 | 42,363 | ||||||
Cash and cash equivalents, end of year | 118,561 | 51,546 | 118,561 | 51,546 | 35,857 | ||||||
Holding Company [Member] | |||||||||||
Net income, as reported | 55,090 | 41,121 | 64,916 | ||||||||
Equity in undistributed earnings of the Bank | (29,547) | (22,307) | (45,167) | ||||||||
Deferred income tax benefit | (1,915) | (3,990) | (2,316) | ||||||||
Fair value adjustments for financial assets and financial liabilities | 4,769 | 2,903 | 4,761 | ||||||||
Stock-based compensation expense | 7,016 | 5,990 | 5,120 | ||||||||
Net change in operating assets and liabilities | 4,246 | 2,453 | 3,318 | ||||||||
Net cash provided by operating activities | 39,659 | 26,170 | 30,632 | ||||||||
Investment in Bank | (66,497) | ||||||||||
Proceeds from sales and calls of securities available for sale | 300 | ||||||||||
Net cash provided (used in) investing activities | 300 | (66,497) | |||||||||
Issuance of subordinated debt, net | 73,402 | ||||||||||
Purchase of treasury stock | (22,585) | (9,290) | (9,858) | ||||||||
Cash dividends paid | (22,927) | (20,954) | (19,689) | ||||||||
Proceeds from stock options exercised | 6 | 328 | |||||||||
Net cash (used in) provided by financing activities | (45,506) | (30,244) | 44,183 | ||||||||
Net (decrease) increase in cash and cash equivalents | (5,847) | (3,774) | 8,318 | ||||||||
Cash and cash equivalents, beginning of year | $ 10,198 | $ 13,972 | 10,198 | 13,972 | 5,654 | ||||||
Cash and cash equivalents, end of year | $ 4,351 | $ 10,198 | $ 4,351 | $ 10,198 | $ 13,972 |