Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000923139 | |
Entity Registrant Name | Flushing Financial Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 001-33013 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 11-3209278 | |
Entity Address, Address Line One | 220 RXR Plaza | |
Entity Address, City or Town | Uniondale | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11556 | |
City Area Code | (718) | |
Local Phone Number | 961-5400 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | FFIC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 28,214,481 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 157,184 | $ 49,787 |
Securities held-to-maturity: | ||
Held to maturity securities | 58,556 | 58,888 |
Securities available for sale, at fair value: | ||
Securities available for sale | 715,412 | 772,500 |
Loans: | ||
Net unamortized premiums and unearned loan fees | 15,384 | 15,271 |
Allowance for loan losses | (28,098) | (21,751) |
Net loans | 5,903,990 | 5,750,455 |
Interest and dividends receivable | 25,526 | 25,722 |
Bank premises and equipment, net | 27,899 | 28,676 |
Federal Home Loan Bank of New York stock, at cost | 74,000 | 56,921 |
Bank owned life insurance | 158,655 | 157,713 |
Goodwill | 16,127 | 16,127 |
Other real estate owned, net | 208 | 239 |
Right of Use Asset | 39,729 | 41,254 |
Other assets | 68,526 | 59,494 |
Total assets | 7,245,410 | 7,017,776 |
Liabilities | ||
Non-interest bearing | 489,198 | 435,072 |
Interest-bearing | 4,339,237 | 4,586,977 |
Total Deposits | 4,828,435 | 5,022,049 |
Mortgagors' escrow deposits | 73,051 | 44,375 |
Borrowed funds: | ||
Federal Home Loan Bank advances | 1,498,058 | 1,118,528 |
Subordinated debentures | 74,398 | 74,319 |
Junior subordinated debentures, at fair value | 45,126 | 44,384 |
Total borrowed funds | 1,617,582 | 1,237,231 |
Operating lease liability | 47,726 | 49,367 |
Other liabilities | 128,933 | 85,082 |
Total liabilities | 6,695,727 | 6,438,104 |
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | ||
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595 shares issued at March 31, 2020 and December 31, 2019; 28,213,602 shares and 28,157,206 shares outstanding at March 31, 2020 and December 31, 2019, respectively) | 315 | 315 |
Additional paid-in capital | 225,893 | 226,691 |
Treasury stock, at average cost (3,316,993 shares and 3,373,389 shares at March 31, 2020 and December 31, 2019, respectively) | (69,540) | (71,487) |
Retained earnings | 425,455 | 433,960 |
Accumulated other comprehensive loss, net of taxes | (32,440) | (9,807) |
Total stockholders' equity | 549,683 | 579,672 |
Total liabilities and stockholders' equity | 7,245,410 | 7,017,776 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 7,929 | 7,934 |
Securities available for sale, at fair value: | ||
Securities available for sale | 489,556 | 523,849 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 50,627 | 50,954 |
Held to maturity securites, net of allowance for credit losses | 50,225 | 50,954 |
Securities available for sale, at fair value: | ||
Securities available for sale | 225,856 | 248,651 |
Multi-Family Residential [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 2,272,343 | 2,238,591 |
Commercial Real Estate Loans [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 1,664,934 | 1,582,008 |
One-To-Four Family - Mixed Used Property [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 592,109 | 592,471 |
One-To-Four Family - Residential [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 189,774 | 188,216 |
Co-Operative Apartments [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 8,493 | 8,663 |
Construction Portfolio Segment [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 66,727 | 67,754 |
Small Business Administration [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 14,076 | 14,445 |
Taxi Medallion [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 3,281 | 3,309 |
Commercial Business and Other [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | $ 1,104,967 | $ 1,061,478 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, fair value | $ 60,891 | $ 62,112 |
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) | 28,213,602 | 28,157,206 |
Treasury stock, at average cost (in shares) | 3,316,993 | 3,373,389 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, assets pledged | $ 8,704 | $ 5,283 |
Securities held-to-maturity, fair value | 8,953 | 8,114 |
Securities available for sale, pledged as collateral | 242,862 | 212,038 |
Securities available for sale, fair value option | 738 | 772 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, assets pledged | 402 | |
Securities held-to-maturity, fair value | 51,938 | 53,998 |
Securities available for sale, pledged as collateral | 0 | 0 |
Securities available for sale, fair value option | $ 13,831 | $ 13,548 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and dividend income | ||
Interest and fees on loans | $ 61,109 | $ 62,330 |
Interest and dividends on securities: | ||
Interest | 5,256 | 6,909 |
Dividends | 15 | 19 |
Other interest income | 290 | 555 |
Total interest and dividend income | 66,670 | 69,813 |
Interest expense | ||
Deposits | 18,778 | 21,469 |
Other interest expense | 7,066 | 6,541 |
Total interest expense | 25,844 | 28,010 |
Net interest income | 40,826 | 41,803 |
Provision for credit losses | 7,178 | 972 |
Net interest income after provision for credit losses | 33,648 | 40,831 |
Non-interest income | ||
Banking services fee income | 798 | 973 |
Net loss on sale of securities | (37) | 0 |
Net gain on sale of loans | 42 | 63 |
Net loss from fair value adjustments | (5,993) | (2,080) |
Federal Home Loan Bank of New York stock dividends | 964 | 903 |
Life insurance proceeds | 0 | 43 |
Bank owned life insurance | 943 | 740 |
Other income | 419 | 301 |
Total non-interest (loss) income | (2,864) | 943 |
Non-interest expense | ||
Salaries and employee benefits | 18,620 | 19,166 |
Occupancy and equipment | 2,840 | 2,789 |
Professional services | 2,862 | 2,265 |
FDIC deposit insurance | 650 | 485 |
Data processing | 1,694 | 1,492 |
Depreciation and amortization | 1,536 | 1,518 |
Other real estate owned/foreclosure expense (benefit) | (164) | 77 |
Net loss from other real estate owned | 31 | 0 |
Other operating expenses | 4,311 | 4,627 |
Total non-interest expense | 32,380 | 32,419 |
(Loss) Income before income taxes | (1,596) | 9,355 |
Provision (Benefit) for income taxes | ||
Federal | 989 | 1,943 |
State and local | (1,195) | 344 |
Total taxes | (206) | 2,287 |
Net income (Loss) | $ (1,390) | $ 7,068 |
Basic (loss) earnings per common share (in dollars per share) | $ (0.05) | $ 0.25 |
Diluted (loss) earnings per common share (in dollars per share) | (0.05) | 0.25 |
Dividends per common share | $ 0.21 | $ 0.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (1,390) | $ 7,068 |
Other comprehensive income (loss), net of tax: | ||
Amortization of actuarial losses, net of taxes of ($30) and ($10) for the three months ended March 31, 2020 and 2019, respectively. | 67 | 22 |
Amortization of prior service credits, net of taxes of $6 and $7 for the three months ended March 31, 2020 and 2019, respectively. | (14) | (15) |
Net unrealized (losses) gains on securities, net of taxes of $4,642 and ($2,524) for the three months ended March 31, 2020 and 2019, respectively. | (10,202) | 5,620 |
Reclassification adjustment for net losses included in income, net of taxes of ($12) for the three months ended March 31, 2020. | 25 | 0 |
Net unrealized losses on cash flow hedges, net of taxes of $6,190 and $1,575 for the three months ended March 31, 2020 and 2019 respectively. | (13,605) | (3,505) |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($489) and ($39) for the three months ended March 31, 2020 and 2019 respectively. | 1,096 | 88 |
Total other comprehensive (loss) income, net of tax | (22,633) | 2,210 |
Comprehensive (loss) income | $ (24,023) | $ 9,278 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Amortization of actuarial losses, net of tax | $ (30) | $ (10) |
Amortization of prior service credits, tax | 6 | 7 |
Net unrealized (losses) gains on securities, net of taxes | 4,642 | (2,524) |
Reclassification adjustment for net losses included in income, net of taxes | (12) | |
Net unrealized (loss) gain on cash flow hedge, tax | 6,190 | 1,575 |
Change in fair value of liabilities related to instrument-specific credit risk, net of tax | $ (489) | $ (39) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net (loss) income | $ (1,390) | $ 7,068 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 7,178 | 972 |
Depreciation and amortization of bank premises and equipment | 1,536 | 1,518 |
Amortization of premium, net of accretion of discount | 1,642 | 1,272 |
Net loss from fair value adjustments | 5,993 | 2,080 |
Net loss from fair value adjustments on qualifying hedges | 2,073 | 637 |
Net gain from sale of loans | (42) | (63) |
Net loss from sale of securities | 37 | 0 |
Net loss from OREO | 31 | 0 |
Income from bank owned life insurance | (943) | (740) |
Life insurance proceeds | 0 | (43) |
Stock-based compensation expense | 3,430 | 3,931 |
Deferred compensation | (1,296) | (938) |
Deferred income tax (benefit) expense | (2,318) | 805 |
Decrease in other liabilities | (7,106) | (3,737) |
Decrease (increase) in other assets | 2,440 | (942) |
Net cash provided by operating activities | 11,265 | 11,820 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of bank premises and equipment | (759) | (898) |
Net (purchases) redemptions of Federal Home Loan Bank of New York shares | (17,079) | 6,100 |
Purchases of securities held-to-maturity | 0 | (180) |
Proceeds from maturities and calls of securities held-to-maturity | 180 | 1,568 |
Proceeds from prepayments of securities held-to-maturity | 150 | 146 |
Purchases of securities available for sale | (63,434) | (45,730) |
Proceeds from sales and calls of securities available for sale | 64,600 | 13,295 |
Proceeds from maturities and prepayments of securities available for sale | 40,383 | 16,788 |
Proceeds from bank owned life insurance | 0 | 777 |
Net (originations) repayments of loans | (55,906) | 16,372 |
Purchases of loans | (77,233) | (56,995) |
Proceeds from sale of loans | 580 | 1,170 |
Net cash used in investing activities | (108,518) | (47,587) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in non-interest bearing deposits | 54,126 | (12,683) |
Net (decrease) increase in interest-bearing deposits | (247,777) | 106,788 |
Net increase in mortgagors' escrow deposits | 28,676 | 25,254 |
Net proceeds from short-term borrowed funds | 410,000 | (84,250) |
Proceeds from long-term borrowings | 50,000 | 0 |
Repayment of long-term borrowings | (80,456) | (51,310) |
Purchases of treasury stock | (3,835) | (1,877) |
Proceeds from issuance of common stock upon exercise of stock options | 0 | 3 |
Cash dividends paid | (6,084) | (6,042) |
Net cash provided by (used in) financing activities | 204,650 | (24,117) |
Net increase (decrease) in cash and cash equivalents | 107,397 | (59,884) |
Cash and cash equivalents, beginning of period | 49,787 | 118,561 |
Cash and cash equivalents, end of period | 157,184 | 58,677 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||
Interest paid | 25,617 | 25,830 |
Income taxes paid | 1,094 | 1,141 |
Taxes paid if excess tax benefits were not tax deductible | 868 | 1,072 |
Non-cash activities: | ||
Right-Of-Use assets | 0 | 42,869 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 23 | 21 |
Operating lease liabilities | $ 0 | $ 51,780 |
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, 2018 | $ 315 | $ 222,720 | $ (75,146) | $ 414,327 | $ (12,752) | $ 549,464 |
Impact of Adoption of Accounting Standards Update | 0 | 0 | 0 | 2,716 | 0 | 2,716 |
Net (loss) income | 0 | 0 | 0 | 7,068 | 0 | 7,068 |
Award of common shares released from Employee Benefit Trust | 0 | 2,086 | 0 | 0 | 0 | 2,086 |
Vesting of restricted stock unit awards | 0 | (5,878) | 6,088 | (210) | 0 | |
Exercise of stock options | 0 | 0 | 6 | (3) | 0 | 3 |
Stock-based compensation expense | 0 | 3,931 | 0 | 0 | 0 | 3,931 |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (1,877) | 0 | 0 | (1,877) |
Dividends on common stock | 0 | 0 | 0 | (6,042) | 0 | (6,042) |
Other comprehensive income | 0 | 0 | 0 | 0 | 2,210 | 2,210 |
Balance at Mar. 31, 2019 | 315 | 222,859 | (70,929) | 417,856 | (10,542) | 559,559 |
Balance at Dec. 31, 2019 | 315 | 226,691 | (71,487) | 433,960 | (9,807) | 579,672 |
Impact of Adoption of Accounting Standards Update | 0 | 0 | 0 | (875) | 0 | (875) |
Net (loss) income | 0 | 0 | 0 | (1,390) | 0 | (1,390) |
Award of common shares released from Employee Benefit Trust | 0 | 1,398 | 0 | 0 | 0 | 1,398 |
Vesting of restricted stock unit awards | 0 | (5,626) | 5,782 | (156) | 0 | 0 |
Stock-based compensation expense | 0 | 3,430 | 0 | 0 | 0 | 3,430 |
Purchase of treasury shares | 0 | 0 | (2,342) | 0 | 0 | (2,342) |
Repurchase of shares to satisfy tax obligation | 0 | 0 | (1,493) | 0 | 0 | (1,493) |
Dividends on common stock | 0 | 0 | 0 | (6,084) | 0 | (6,084) |
Other comprehensive income | 0 | 0 | 0 | 0 | (22,633) | (22,633) |
Balance at Mar. 31, 2020 | $ 315 | $ 225,893 | $ (69,540) | $ 425,455 | $ (32,440) | $ 549,683 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Dividends on common stock (in dollars per share) | $ 0.21 | $ 0.21 |
Common Stock [Member] | ||
Common shares released from Employee Benefit Trust, shares (in shares) | (116,414) | 138,775 |
Restricted stock unit awards vested, shares (in shares) | (272,946) | 287,155 |
Exercise of stock options, shares (in shares) | 300 | |
Treasury Stock [Member] | ||
Purchase of treasury shares (in shares) | (142,405) | |
Repurchase of shares to satisfy tax obligation, shares (in shares) | (74,145) | 83,908 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Basis of Presentation | 1. Basis of Presentation The primary business of Flushing Financial Corporation (the “Holding Company”), a Delaware corporation, is the operation of its wholly owned subsidiary, Flushing Bank (the “Bank”). The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q (“Quarterly Report”) include the collective results of the Holding Company and its direct and indirect wholly-owned subsidiaries, including the Bank, Flushing Preferred Funding Corporation, Flushing Service Corporation, and FSB Properties Inc., which are collectively herein referred to as “we,” “us,” “our” and the “Company.” The Holding Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III, and Flushing Financial Capital Trust IV (the “Trusts”), which are special purpose business trusts. The Trusts are not included in the Company’s consolidated financial statements, as the Company would not absorb the losses of the Trusts if any losses were to occur. The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for such presented periods of the Company. Such adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report. All inter-company balances and transactions have been eliminated in consolidation. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited consolidated interim financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts. |
Use of Estimates
Use of Estimates | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Use of Estimates | 2. Use of Estimates In December 2019, a novel coronavirus (COVID-19) was reported in China, and, in March 2020, the World Health Organization declared it a pandemic. The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization has declared COVID-19 to be a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. As a result of the recent emergence of the pandemic and the uncertainty, it is not possible to determine the overall impact of the pandemic on the Company’s business. However, if the pandemic continues for an extended period of time, there could be a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in response to the coronavirus pandemic. This legislation aims at providing relief for individuals and businesses that have been negatively impacted by the coronavirus pandemic. The CARES Act includes a provision for the Company to opt out of applying the “troubled-debt restructuring” (“TDR”) accounting guidance in Accounting Standards Codification (“ASC”) 310-40 for certain loan modifications. Loan modifications made between March 1, 2020 and the earlier of i) December 30, 2020 or ii) 60 days after the President declares a termination of the COVID-19 national emergency are eligible for this relief if the related loans were not more than 30 days past due as of December 31, 2019. The Bank adopted this provision as disclosed more fully in Note 5 (“Loans”) of the Notes to the Consolidated Financial Statements. 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, including COVID-19 related changes, are used in connection with the determination of the allowance for credit losses, the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets and the fair value of financial instruments. Goodwill Goodwill is presumed to have an indefinite life and is tested annually for impairment, or more frequently when certain conditions are met. If the fair value of the reporting unit is greater than the carrying value, no further evaluation is required. If the fair value of the reporting unit is less than the carrying value, further evaluation would be required to compare the fair value of the reporting unit to the carrying value and determine if impairment is required. Quoted market prices in active markets are the best evidence of fair value and are to be used as the basis for measurement, when available. Other acceptable valuation methods include an asset approach, which determines a fair value based upon the value of assets net of liabilities, an income approach, which determines fair value using one or more methods that convert anticipated economic benefits into a present single amount, and a market approach, which determines a fair value based on the similar businesses that have been sold. In performing the goodwill impairment testing, the Company has identified a single reporting unit. The Company identified the COVID-19 pandemic as a triggering event and as such evaluated goodwill for impairment at March 31, 2020. The Company performed a step 1 impairment test and concluded as of March 31, 2020, that there was no goodwill impairment. Management will continue to monitor if an additional triggering event requiring further goodwill impairment testing has occurred. At March 31, 2020 and December 31, 2019, the carrying amount of goodwill totaled $16.1 million. The identification of additional reporting units, the use of other valuation techniques and/or changes to input assumptions used in the analysis could result in materially different evaluations of goodwill impairment. Volatility in the Company’s stock price primarily driven by the COVID-19 pandemic has resulted in the net book value of our reporting unit exceeding market capitalization, however, the fair value of our reporting unit is not driven solely by the market price of our stock. As described above, fair value of our reporting unit is derived using a combination of an asset approach, an income approach and a market approach. These valuation techniques consider several other factors beyond our market capitalization, such as the estimated future cash flows of our reporting unit, the discount rate used to present value such cash flows and the market multiples of comparable companies. Changes to input assumptions used in the analysis could result in materially different evaluations of goodwill impairment. We qualitatively assess whether the carrying value of our reporting unit exceeds fair value. If this qualitative assessment determines that it is more likely than not that the carrying value exceeds fair value, further qualitative evaluation for impairment would be required to compare the fair value of the reporting unit to the carrying value and determine if impairment is required. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share | 3. Earnings Per Share Earnings per common share have been computed based on the following: For the three months ended March 31, 2020 2019 Net income (loss) $ (1,390) $ 7,068 Divided by: Weighted average common shares outstanding 28,853 28,621 Weighted average common stock equivalents — — Total weighted average common shares outstanding and common stock equivalents 28,853 28,621 Basic earnings (loss) per common share $ (0.05) $ 0.25 Diluted earnings (loss) per common share (1) $ (0.05) $ 0.25 Dividend payout ratio n/a 84.0 % (1) For the three months ended March 31, 2020 and 2019, there were no common stock equivalents that were anti-dilutive. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Securities | 4. Securities The Company did not hold any trading securities at March 31, 2020 and December 31, 2019. Securities available for sale are recorded at fair value. Securities held-to-maturity (“HTM”) are recorded at amortized cost. Upon adoption of ASC Topic 326, “Credit Losses” on January 1, 2020, see Note 16 related to the adoption of Topic 326, we recorded a transition adjustment of $0.3 million in the allowance for credit losses for held-to-maturity debt securities. Allowance for credit losses The Company’s estimate of expected credit losses for held-to-maturity debt securities is based on historical information, current conditions and a reasonable and supportable forecast. The Company’s portfolio is made up of three securities, two of which are structured similar to a Commercial owner occupied loan, which is modeled for credit losses similar to Commercial business loans secured by real estate. The other security is issued and guaranteed by Fannie Mae, which is a government sponsored enterprise that has a credit rating and perceived credit risk comparable to the U.S. government and therefore the Company assumes a zero loss expectation. Accrued interest receivable on held-to-maturity securities totaled $0.1 million at March 31, 2020 and is excluded from estimates of credit losses. The following table summarizes the Company’s portfolio of securities held-to-maturity at March 31, 2020: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Cost Fair Value Gains Losses Losses (In thousands) Securities held-to-maturity: Municipals $ 50,627 $ 51,938 $ 1,311 $ — $ (402) Total other securities 50,627 51,938 1,311 — (402) FNMA 7,929 8,953 1,024 — — Total mortgage-backed securities 7,929 8,953 1,024 — — Total $ 58,556 $ 60,891 $ 2,335 $ — $ (402) The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2019: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,954 $ 53,998 $ 3,044 $ — Total other securities 50,954 53,998 3,044 — FNMA 7,934 8,114 180 — Total mortgage-backed securities 7,934 8,114 180 — Total $ 58,888 $ 62,112 $ 3,224 $ — The following table summarizes the Company’s portfolio of securities available for sale at March 31, 2020: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: Corporate $ 130,000 $ 111,852 $ — $ 18,148 Municipals 12,743 12,801 58 — Mutual funds 12,476 12,476 — — Collateralized loan obligations 100,361 87,372 — 12,989 Other 1,355 1,355 — — Total other securities 256,935 225,856 58 31,137 REMIC and CMO 341,170 348,109 7,329 390 GNMA 602 659 57 — FNMA 99,676 102,224 2,572 24 FHLMC 37,630 38,564 934 — Total mortgage-backed securities 479,078 489,556 10,892 414 Total securities available for sale $ 736,013 $ 715,412 $ 10,950 $ 31,551 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2019: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: Corporate $ 130,000 $ 123,050 $ — $ 6,950 Municipals 12,797 12,916 119 — Mutual funds 12,216 12,216 — — Collateralized loan obligations 100,349 99,137 — 1,212 Other 1,332 1,332 — — Total other securities 256,694 248,651 119 8,162 REMIC and CMO 348,236 348,989 2,193 1,440 GNMA 653 704 51 — FNMA 104,235 104,882 1,073 426 FHLMC 68,476 69,274 871 73 Total mortgage-backed securities 521,600 523,849 4,188 1,939 Total securities available for sale $ 778,294 $ 772,500 $ 4,307 $ 10,101 We did not hold any private issue CMO’s that are collateralized by commercial real estate mortgages at March 31, 2020 and December 31, 2019. The corporate securities held by the Company at March 31, 2020 and December 31, 2019 are issued by U.S. banking institutions. The following tables detail the amortized cost and fair value of the Company’s securities classified as held-to-maturity and available for sale at March 31, 2020, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Securities held-to-maturity: Cost Fair Value (In thousands) Due in one year or less $ — $ — Due after ten years 50,627 51,938 Total other securities 50,627 51,938 Mortgage-backed securities 7,929 8,953 Total $ 58,556 $ 60,891 Amortized Securities available for sale: Cost Fair Value (In thousands) Due after one year through five years $ 20,000 $ 18,276 Due after five years through ten years 127,923 109,510 Due after ten years 96,536 85,594 Total other securities 244,459 213,380 Mutual funds 12,476 12,476 Mortgage-backed securities 479,078 489,556 Total $ 736,013 $ 715,412 The following tables show 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 the dates indicated: At March 31, 2020 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities Corporate 16 $ 111,853 $ 18,148 $ 9,620 $ 380 $ 102,233 $ 17,768 Collateralized loan obligations 13 87,372 12,989 22,521 3,046 64,851 9,943 Total other securities 29 199,225 31,137 32,141 3,426 167,084 27,711 REMIC and CMO 12 67,416 390 64,541 371 2,875 19 FNMA 1 8,812 24 — — 8,812 24 Total mortgage-backed securities 13 76,228 414 64,541 371 11,687 43 Total 42 $ 275,453 $ 31,551 $ 96,682 $ 3,797 $ 178,771 $ 27,754 At December 31, 2019 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities Corporate 16 $ 123,050 $ 6,950 $ — $ — $ 123,050 $ 6,950 Collateralized loan obligations 13 99,137 1,212 25,451 108 73,686 1,104 Total other securities 29 222,187 8,162 25,451 108 196,736 8,054 REMIC and CMO 23 120,989 1,440 102,384 1,117 18,605 323 GNMA 1 49 — 49 — — — FNMA 8 67,618 426 19,073 138 48,545 288 FHLMC 1 30,200 73 — — 30,200 73 Total mortgage-backed securities 33 218,856 1,939 121,506 1,255 97,350 684 Total securities available for sale 62 $ 441,043 $ 10,101 $ 146,957 $ 1,363 $ 294,086 $ 8,738 The Company reviewed each available for sale debt securities that had an unrealized loss at March 31, 2020 to evaluate whether the decline in fair value resulted from credit losses or other factors. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. All of these securities are rated investment grade or above and have a long history of no credit losses. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. In determining the risk of loss for available for sale securities, the Company considered that Mortgage-Backed Securities are either fully guaranteed or issued by a government sponsored enterprise, which has a credit rating and perceived credit risk comparable to U.S. government, the issuer of Corporate securities are global systematically important banks, and the tranche of the purchased CLO’s. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. Based on this review m anagement believes that the unrealized losses have resulted from other factors not deemed credit-related and no allowance for credit loss was recorded Accrued interest receivable on available-for-sale debt securities totaled $2.4 million at March 31, 2020 and is excluded from the estimate of credit losses. The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended March 31, 2020: Mortgage-backed securities Other securities (In thousands) Beginning balance $ — $ — CECL adoption — 340 Provision — 62 Allowance for credit losses - securities $ — $ 402 Realized gains and losses on the sales of securities are determined using the specific identification method. The Company sold $64.6 million in mortgage-backed securities during the three months ended March 31, 2020. The Company did not sell any securities during the three months ended March 31, 2019. 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 three months ended March 31, 2020 2019 Gross gains from the sale of securities $ 713 $ — Gross losses from the sale of securities (750) — Net losses from the sale of securities $ (37) $ — |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans | 5. 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. Accrued interest receivable totaled $23.0 million at March 31, 2020 and was reported in “Interest and dividends receivable” on the Consolidated Statements of Financial Condition. 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 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur. 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 days or more, are classified as non-accrual unless the loan is well secured and there is, in our opinion, compelling evidence the borrower will bring the loan current in the immediate future. Prior to a real estate secured loan becoming 90 days delinquent, an updated appraisal is ordered and/or an internal evaluation is prepared. Allowance for credit losses The Allowance for credit losses (“ACL”) is an estimate that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial assets. Loans are charged off against that allowance when management believes that a loan balance is uncollectable based on quarterly analysis of credit risk. As of January 1, 2020, the Company adopted Topic 326, see Note 16 related to the adoption of Topic 326. The amount of the ACL is based upon a loss rate model that considers multiple factors which reflects management’s assessment of the credit quality of the loan portfolio. Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The factors are both quantitative and qualitative in nature including, but not limited to, historical losses, economic conditions, trends in delinquencies, value and adequacy of underlying collateral, volume and portfolio mix, and internal loan processes. The quantitative allowance is calculated using a number of input and assumptions. The process and guidelines were developed using, among other factors, the guidance from federal banking regulatory agencies and GAAP. The results of this process, support management’s assessment as to the adequacy of the ACL at each balance sheet date. The process for calculating the allowance for credit losses begins with our historical losses by portfolio segment. The losses are then incorporated into reasonable and supportable forecast to develop the quantitative component of the allowance for credit losses. The Company specifies both the reasonable and supportable forecast and reversion periods in three economic conditions (expansion, transition, contraction) which could range from 6 months to 24 months. When calculating the ACL estimate for March 31, 2020, Management acknowledged the deteriorating economic conditions as a result of the COVID-19 pandemic were not fully captured in the forecast within the model platform. As such, when determining the reasonable and supportable forecast, Management adjusted the period to reflect a supportable forecast of six months, to align with a previously established framework for contraction periods. Similarly, a reversion period of six quarters was adjusted to reflect the shorter end of a contraction period. The Bank has established an Asset Classification Committee which carefully evaluates loans which are past due 90 days and/or are classified. The Asset Classification Committee thoroughly assesses the condition and circumstances surrounding each loan meeting the criteria. The Bank also has a Delinquency Committee that evaluates loans meeting specific criteria. The Bank’s loan policy requires loans to be placed into non-accrual status once the loan becomes 90 days delinquent unless there is, compelling evidence the borrower will bring the loan current in the immediate future. For the quantitative measurement, the Company’s portfolio consists of mortgage loans secured by real estate (both commercial and retail) and non-mortgage loans, which are primarily commercial business term loans and line of credit. Based on the Company’s evaluation of the loan portfolio, below are the pools that were established as a baseline level of segmentation with their primary risk factor. The Company confirms this data remains relevant in absence of changes to the composition of the portfolio. The mortgage portfolio is a substantial component of Company’s portfolio and it is a focus of the Company’s lending strategy, primarily focusing on multi-family and commercial real estate. While the mortgage portfolio consists of real-estate secured loans, the source of repayment and types of properties securing these loans varies and thus the Company first considered these differences as follows: 1. One-to-four family residential property – These loans are secured by residential properties for which the primary source of repayment is the income generated by the residential borrower. Delinquency status is considered a risk factor in this pool. 2. One-to-four family mixed use – These loans are secured by residential properties for which the primary source of repayment is the income generated by the property. Unlike the one-to-four residential credits, properties securing mixed use loans include a commercial space component. Delinquency status is considered a risk factor in this pool. 3. Multi-family residential – These loans are secured by multi-unit residential buildings for which the primary source of repayment is the income generated by the property. Properties securing multifamily loans have five or more residential units and thus a greater number of cash flow streams compared to one-to-four mixed use loans. Delinquency status and risk rating are considered risk factors in this pool. 4. Commercial real estate (CRE) – These loans are secured by properties for commercial use for which the primary source of repayment is the income generated by the property. Delinquency status, risk rating and collateral type are considered risk factors in this pool. 5. Construction – These loans are provided to fund construction projects for both residential and commercial properties. These loans are inherently different from all others as they represent “work in progress” and expose the Company to risk from non-completion and less recovery value should the sponsor of an unfinished property default. Delinquency status and risk rating are considered risk factors in this pool. Relative to the non-mortgage portfolio, the Company considered the following categories as a baseline for evaluation: 6. Commercial Business – These loans are not typically secured by real estate. The primary source of repayment is cash flows from operations of the borrower’s business. Within this category are Small Business Administration (“SBA”) credits and Equipment Finance credits. Delinquency status, risk rating and industry are considered a risk factors in this pool. 7. Commercial Business secured by real estate – While these loans are secured by properties used by the borrower for commercial use, the primary source of repayment is the income generated by the borrower’s business use of the property and thus these are considered Commercial Business loans. Delinquency status, risk rating and industry are considered risk factors in this pool. 8. Taxi Medallions These loans consist primarily of loans made to New York taxi medallion owners and are secured by liens on the taxi medallions. No new taxi medallions have been originated since 2014, the remaining portfolio is running off and all credits are individually evaluated for expected credit losses. As a result, a segmentation analysis is not relevant for this portfolio. Lastly, the Company identified that the remainder of the portfolio includes Overdraft lines of credit. 9. Overdrafts – These are unsecured consumer lines of credits and are an immaterial component of the Company’s portfolio. For the qualitative measurement, the Company aggregated the portfolio segments according to three business units: Business Banking, Residential and Real Estate. In accordance with the interagency statement and SEC guidance, Management evaluates nine qualitative risk factors to determine if the risk is captured elsewhere in the ACL process. If not captured elsewhere, the Company has identified specific risk factors to evaluate and incorporate into its Qualitative Framework. Some risk factors include time to maturity, origination loan-to-value, loan type composition, the value of underlying collateral, changes in policies and procedures for lending strategies and underwriting standards, collection and recovery practices, internal credit review, changes in personnel, divergence between the levels of NYC and national unemployment, divergence between the NYC GDP and national GDP, industry concentrations and riskiness and large borrower concentrations. The Company recorded an ACL for loans in the amount of $7.1 million for the quarter ending March 31, 2020, primarily due to the deteriorating economic conditions from COVID-19 and growth in the loan portfolio. This will result in the ACL for loans totaling $28.1 million at March 31, 2020, representing 0.47% of gross loans and 167.73% of non-performing loans. In response to COVID-19, the Company is actively assisting customers by providing short-term modifications in the form of deferrals of interest, principal and/or escrow for terms ranging from one The Company may restructure loans that are not directly impacted by COVID-19 to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. This restructure may include reducing the interest rate or amount of the monthly payment for a specified period of time, after which the interest rate and repayment terms revert to the original terms of the loan. We classify these loans as TDR. The Company believes that restructuring these loans in this manner will allow certain borrowers to become and remain current on their loans. All loans classified as TDR are individually evaluated, however TDR loans which have been current for six consecutive months at the time they are restructured as TDR remain on accrual status and are not included as part of non-performing loans. Loans which were delinquent at the time they are restructured as a TDR are placed on non-accrual status and reported as non-accrual performing TDR loans until they have made timely payments for six consecutive months. These restructurings have not included a reduction of principal balance. The allocation of a portion of the allowance for loan losses 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 loan which is collateral dependent, the fair value of the collateral. At March 31, 2020, there were no commitments to lend additional funds to borrowers whose loans were modified to a TDR. The modification of loans to a TDR did not have a significant effect on our operating results, nor did it require a significant allocation of the allowance for loan losses. There were no TDR loan modifications during the three months ended March 31, 2020 and 2019. The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated: March 31, 2020 December 31, 2019 Number Recorded Number Recorded (Dollars in thousands) of contracts investment of contracts investment Multi-family residential 7 $ 1,868 7 $ 1,873 One-to-four family - mixed-use property 4 1,483 4 1,481 One-to-four family - residential 3 525 3 531 Taxi medallion (1) 6 1,520 7 1,668 Commercial business and other 3 950 3 941 Total performing troubled debt restructured 23 $ 6,346 24 $ 6,494 (1) Taxi medallion loans in the table above continue to pay as agreed, however the company records interest received on a cash basis. During the three months ended March 31, 2020 and 2019, there were no defaults of TDR loans within 12 months of their modification date. One loan was transferred to non-performing status during the three months ended March 31, 2020. The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated: March 31, 2020 December 31, 2019 Number Recorded Number Recorded (Dollars in thousands) of contracts investment of contracts investment Taxi medallion 5 $ 1,195 4 $ 1,065 Commercial business and other 1 279 1 279 Total troubled debt restructurings that subsequently defaulted 6 $ 1,474 5 $ 1,344 The following table shows our non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing for period shown below: At or three months ended March 31, 2020 Non-Accrual Loans ninety days Total Non-Accrual with no related Interest Income or more past due (In thousands) Amortized Cost Allowance Recognized and still accruing: Multi-family residential $ 2,763 $ 2,763 $ — $ — Commercial real estate 8 8 — — One-to-four family - mixed-use property 627 346 — — One-to-four family - residential 4,588 4,588 — — Construction loans — — — — Small Business Administration 1,544 1,544 — — Taxi Medallion (1) 1,763 1,763 9 — Commercial business and other (1) 5,006 5,001 — — Total $ 16,299 $ 16,013 $ 9 $ — (1) Not included in the above analysis are non-accrual performing TDR taxi medallion loans totaling $1.5 million at March 31, 2020 and non-accrual performing TDR commercial business loans totaling $1.0 million at March 31, 2020. The following table shows our non-performing loans at the period indicated: December 31, (In thousands) 2019 Loans ninety days or more past due and still accruing: Multi-family residential $ 445 Total 445 Non-accrual mortgage loans: Multi-family residential 2,296 Commercial real estate 367 One-to-four family - mixed-use property 274 One-to-four family - residential 5,139 Total 8,076 Non-accrual non-mortgage loans: Small Business Administration 1,151 Taxi medallion (1) 1,641 Commercial business and other (1) 1,945 Total 4,737 Total non-accrual loans 12,813 Total non-performing loans $ 13,258 (1) Not included in the above analysis are non-accrual performing TDR taxi medallion loans totaling $1.7 million at December 31, 2019, respectively and non-accrual performing TDR commercial business loans totaling $0.9 million at December 31, 2019. The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the periods indicated: For the three months ended March 31, 2020 2019 Interest income that would have been recognized had the loans performed in accordance with their original terms $ 375 $ 394 Less: Interest income included in the results of operations 89 118 Total foregone interest $ 286 $ 276 The following tables shows the aging of the amortized cost basis in past-due loans at the period indicated by class of loans: March 31, 2020 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 1,919 $ — $ 2,763 $ 4,682 $ 2,274,090 $ 2,278,772 Commercial real estate 5,206 — 8 5,214 1,661,599 1,666,813 One-to-four family - mixed-use property 3,283 — 627 3,910 592,435 596,345 One-to-four family - residential 1,322 381 4,588 6,291 193,593 199,884 Construction loans — — — — 66,524 66,524 Small Business Administration — — 1,544 1,544 12,961 14,505 Taxi medallion — — 1,195 1,195 2,087 3,282 Commercial business and other 645 153 4,968 5,766 1,100,197 1,105,963 Total $ 12,375 $ 534 $ 15,693 $ 28,602 $ 5,903,486 $ 5,932,088 The following tables show by delinquency an analysis of our recorded investment in loans at the periods indicated by class of loans: December 31, 2019 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 4,042 $ 1,563 $ 2,741 $ 8,346 $ 2,230,245 $ 2,238,591 Commercial real estate — 4,941 367 5,308 1,576,700 1,582,008 One-to-four family - mixed-use property 1,117 496 274 1,887 590,584 592,471 One-to-four family - residential 720 1,022 5,139 6,881 181,335 188,216 Co-operative apartments — — — — 8,663 8,663 Construction loans — — — — 67,754 67,754 Small Business Administration — — 1,151 1,151 13,294 14,445 Taxi medallion — — 1,065 1,065 2,244 3,309 Commercial business and other 2,340 5 1,945 4,290 1,057,188 1,061,478 Total $ 8,219 $ 8,027 $ 12,682 $ 28,928 $ 5,728,007 $ 5,756,935 The following tables show the activity in the allowance for loan losses for the three month periods indicated: March 31, 2020 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,391 $ 4,429 $ 1,817 $ 756 $ 441 $ 363 $ — $ 8,554 $ 21,751 Impact of CECL Adoption (651) 1,170 (55) (159) (279) 1,180 — (827) 379 Charge-offs — — — — — — — (1,259) (1,259) Recoveries 7 — 78 4 — 7 — 14 110 Provision (benefit) 1,148 1,192 330 291 23 (22) — 4,155 7,117 Ending balance $ 5,895 $ 6,791 $ 2,170 $ 892 $ 185 $ 1,528 $ — $ 10,637 $ 28,098 March 31, 2019 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ 329 $ 418 $ — $ 7,591 $ 20,945 Charge-offs — — (1) — — — — (1,137) (1,138) Recoveries 13 — 86 4 — 4 84 45 236 Provision (benefit) (196) (37) (161) (22) 22 (13) (84) 1,463 972 Ending balance $ 5,493 $ 4,278 $ 1,791 $ 731 $ 351 $ 409 $ — $ 7,962 $ 21,015 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 fall within one of the previous mentioned categories then the loan would be considered “Pass.” Loans that are non-accrual are designated as Substandard, Doubtful or Loss. These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that may jeopardize the orderly liquidation of the debt. We designate a loan Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Credit Losses. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications, but does contain a potential weakness that deserves closer attention. The following table summarizes the risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination : For the year ended Revolving Loans, Lines of Credit Amortized Cost converted to (In thousands) 2020 2019 2018 2017 2016 Prior Basis term loans 1-4 Family Residential Pass $ 8,526 $ 26,292 $ 29,807 $ 16,352 $ 11,399 $ 65,998 $ 9,361 $ 22,132 Watch — — — — — 2,759 — 1,809 Special Mention — — — — — 444 146 147 Substandard — — — — 950 2,906 — 856 Total 1-4 Family Residential $ 8,526 $ 26,292 $ 29,807 $ 16,352 $ 12,349 $ 72,107 $ 9,507 $ 24,944 1-4 Family Mixed-Use Pass $ 15,189 $ 70,064 $ 78,136 $ 63,655 $ 54,009 $ 304,415 $ — $ — Watch — — 793 — 1,325 7,148 — — Special Mention — — — — — 984 — — Substandard — — — — — 627 — — Total 1-4 Family Mixed Use $ 15,189 $ 70,064 $ 78,929 $ 63,655 $ 55,334 $ 313,174 $ — $ — Commercial Real Estate Pass $ 75,893 $ 254,086 $ 283,515 $ 194,618 $ 239,116 $ 511,871 $ — $ — Watch 4,979 9,762 — 4,963 20,748 66,711 — — Special Mention — — — — — 543 — — Substandard — — — — — 8 — — Total Commercial Real Estate $ 80,872 $ 263,848 $ 283,515 $ 199,581 $ 259,864 $ 579,133 $ — $ — Construction Pass $ 4,885 $ 15,633 $ 35,934 $ — $ 9,394 $ — $ — $ — Special Mention — — 678 — — — — — Total Construction $ 4,885 $ 15,633 $ 36,612 $ — $ 9,394 $ — $ — $ — Multifamily Pass $ 68,498 $ 313,608 $ 369,264 $ 376,202 $ 283,128 $ 846,228 $ 4,460 $ — Watch — — — 2,158 2,843 9,620 — — Substandard — — 1,974 — — 789 — — Total Multifamily $ 68,498 $ 313,608 $ 371,238 $ 378,360 $ 285,971 $ 856,637 $ 4,460 $ — Commercial Business - Secured by RE Pass $ 27,601 $ 117,070 $ 59,408 $ 22,399 $ 44,964 $ 85,736 $ — $ — Watch — — 6,647 1,320 2,701 3,276 — — Special Mention — — — — — 423 — — Substandard — — — — — 2,330 — — Total Commercial Business - Secured by RE $ 27,601 $ 117,070 $ 66,055 $ 23,719 $ 47,665 $ 91,765 $ — $ — Commercial Business Pass $ 39,770 $ 151,169 $ 117,548 $ 73,802 $ 18,931 $ 73,775 $ 213,463 $ — Watch 1,221 1,001 2,372 3,114 445 587 19,162 — Special Mention — — 15 2,683 463 317 — Substandard — 577 340 3,386 6,255 1,211 94 — Doubtful — — — — — 108 — — Total Commercial Business $ 40,991 $ 152,747 $ 120,275 $ 80,302 $ 28,314 $ 76,144 $ 233,036 $ — Small Business Administration Pass $ — $ 986 $ 3,626 $ 1,072 $ 2,704 $ 2,220 $ — $ — Watch — — — 2,299 — — — — Special Mention — — — — — 54 — — Substandard — — — 1,170 374 — — — Total Small Business Administration $ — $ 986 $ 3,626 $ 4,541 $ 3,078 $ 2,274 $ — $ — Taxi Medallions Substandard — — — — — 3,282 — — Total Taxi Medallions $ — $ — $ — $ — $ — $ 3,282 $ — $ — Other Pass $ — $ — $ — $ — $ — $ 105 $ 171 $ — Watch — — — — — — 3 — Total Other $ — $ — $ — $ — $ — $ 105 $ 174 $ — Total Loans $ 246,562 $ 960,248 $ 990,057 $ 766,510 $ 701,969 $ 1,994,621 $ 247,177 $ 24,944 The following table sets forth the recorded investment in loans designated as Criticized or Classified at the period indicated: December 31, 2019 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 1,563 $ 2,743 $ — $ — $ 4,306 Commercial real estate 5,525 367 — — 5,892 One-to-four family - mixed-use property 1,585 453 — — 2,038 One-to-four family - residential 1,095 5,787 — — 6,882 Construction — — — — — Small Business Administration 55 85 — — 140 Taxi medallion — 3,309 — — 3,309 Commercial business and other 3,924 11,289 266 — 15,479 Total loans $ 13,747 $ 24,033 $ 266 $ — $ 38,046 Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally home equity lines of credit and business lines of credit) amounted to $51.9 million and $259.9 million, respectively, at March 31, 2020. The following tables presents types of collateral-dependent loans by class of loans as of March 31, 2020: Collateral Type (In thousands) Real Estate Business Assets Multi-family residential $ 2,763 $ — Commercial real estate 8 — One-to-four family - mixed-use property 627 — One-to-four family - residential 4,588 — Small Business Administration — 1,544 Commercial business and other — 5,000 Taxi Medallion — 3,282 Total $ 7,986 $ 9,826 Off-Balance Sheet Credit Losses Also included within scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and commitments “in-process”. Commitments “in‐process” reflect loans not in the Company’s books but rather negotiated loan / line of credit terms and rates that the Company has offered to customers and is committed to honoring. In reference to “in‐process” credits, the Company defines an unfunded commitment as a credit that has been offered to and accepted by a borrower, which has not closed and by which the obligation is not unconditionally cancellable. The Company estimates expected credit losses over the contractual period in which the company is exposed to credit risk through a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on losses on off-balance sheet exposures is adjusted as a provision for credit loss expense. The Company uses similar assumptions and risk factors that are developed for collectively evaluated financing receivables. This estimates includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments to be funded over its estimated life. At March 31, 2020, allowance for off-balance-sheet credit losses is $0.8 million, which is included the “Other liabilities” on the Consolidated Statements of Financial Condition. During the first quarter 2020, the Company has $0.2 million in credit loss expense for off-balance-sheet items, which is included in the “Other operating expense” on the Consolidated Statements of Income. |
Loans Held for Sale
Loans Held for Sale | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans held for sale | 6. Loans held for sale Loans held for sale are carried at the lower of cost or estimated fair value. At March 31, 2020 and December 31, 2019, the Bank did not have any loans held for sale. 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 contingencies or recourse to the Company and servicing is released to the buyer. Additionally, at times the Company may sell participating interests in performing loans. The following tables show loans sold during the period indicated: For the three months ended March 31, 2020 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 1 $ 284 $ — $ 42 One-to-four family - mixed-use property 1 296 — — Total 2 $ 580 $ — $ 42 For the three months ended March 31, 2019 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain (loss) Delinquent and non-performing loans Multi-family residential 2 $ 765 $ — $ 63 One-to-four family - mixed-use property 1 405 (1) — Total 3 $ 1,170 $ (1) $ 63 |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Real Estate Owned | 7. Other Real Estate Owned The following table shows changes in Other Real Estate Owned (“OREO”) during the periods indicated: For the three months ended March 31, 2020 2019 Balance at beginning of period $ 239 $ — Reductions to carrying value (31) — Balance at end of period $ 208 $ — The following table shows the gross gains, gross losses and write-downs of OREO reported in the Consolidated Statements of Income during the periods indicated: For the three months ended March 31, 2020 2019 Gross gains $ — $ — Gross losses — — Write-down of carrying value (31) — Total income $ (31) $ — Included within net loans as of March 31, 2020 and December 31, 2019 was a recorded investment of $5.2 million and $6.6 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | 8. Leases The Company has 21 operating leases for branches (including headquarters) and office spaces, nine operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from eight months to 12 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term. The Company has elected the short-term lease recognition exemption such that the Company will not recognize Right-Of-Use (“ROU”) assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company’s operating lease expense totaled $1.9 million and was recorded in Occupancy and equipment on the Consolidated Statements of Income for each of the three month periods ended March 31, 2020 and 2019. The Company has one agreement that qualifies as a short-term lease with expense totaling approximately $34,000 for each of the three month periods ended March 31, 2020 and 2019, included in Professional services on the Consolidated Statements of Income. The Company has $0.3 million and $0.2 million in variable lease payments, which include insurance and real estate tax expenses and was recorded in Occupancy and equipment on the Consolidated Statements of Income, for the three months ended March 31, 2020 and 2019, respectively. At March 31, 2020, the weighted-average remaining lease term for our operating leases is approximately seven years and the weighted average discount rate is 3.8%. Our lease agreements do not contain any residual value guarantees. Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2032. Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) March 31, 2020 December 31, 2019 Operating lease ROU assets $ 39,729 $ 41,254 Operating lease liabilities $ 47,726 $ 49,367 Weighted-average remaining lease term-operating leases 7.4 years 8.0 years Weighted average discount rate-operating leases 3.8 % 3.8 % The components of lease expense and cash flow information related to leases were as follows: For the three months ended (Dollars in thousands) March 31, 2020 March 31, 2019 Lease Cost Operating lease cost $ 1,885 $ 1,892 Short-term lease cost 34 34 Variable lease cost 264 246 Total lease cost $ 2,183 $ 2,172 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,982 $ 2,025 Right-of-use assets obtained in exchange for new operating lease liabilities $ 23 $ 21 The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows as of March 31, 2020 and December 31, 2019: Minimum Rental (In thousands) Years ended December 31: 2020 $ 6,004 2021 7,680 2022 7,265 2023 7,398 2024 7,425 Thereafter 19,148 Total minimum payments required 54,920 Less: implied interest 7,194 Total lease obligations $ 47,726 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. Stock-Based Compensation On January 31, 2019, the Board of Directors approved a 2019 long-term incentive compensation program for certain Company executive officers that includes grants of performance-based restricted stock units (“PRSUs”) in addition to time-based restricted stock units (“RSU”). Under the terms of the PRSU Agreement, the number of PRSUs that may be earned depends on the extent to which performance goals for the award are achieved over a three-year performance period, as determined by the Compensation Committee of the Board. The number of PRSUs that may be earned ranges from 0% to 150% of the target award, with no PRSUs earned for below threshold-level performance, 50% of PRSUs earned for threshold-level performance, 100% of PRSUs earned for target-level performance, and 150% of PRSUs earned for maximum-level performance. As of March 31, 2020, PRSU’s granted in 2020 are being accrued at target and PRSU’s granted in 2019 are being accrued above target. The different levels of accrual are commensurate with the projected performance of the respective grant. For the three months ended March 31, 2020 and 2019, the Company’s net income, as reported, included $2.5 million and $4.0 million, respectively, of stock-based compensation costs and $0.6 million and $1.0 million of income tax benefits, respectively, related to the stock-based compensation plans in each of the periods. During the three months ended March 31, 2020 and 2019, the Company granted 170,228 and 263,574 in RSU awards, respectively. During the three months ended March 31, 2020 and 2019, the Company granted 72,143 and 57,870 in PRSU awards, respectively. The Company has not granted stock options since 2009 and at March 31, 2020, had none outstanding. 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. The following table summarizes the Company’s RSU and PRSU awards at or for the three months ended March 31, 2020: RSU Awards PRSU Awards Weighted-Average Weighted-Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value Non-vested at December 31, 2019 428,295 $ 24.42 34,186 $ 22.38 Granted 170,228 19.79 72,143 20.38 Vested (232,351) 22.28 (35,149) 20.54 Forfeited (2,415) 24.62 — — Non-vested at March 31, 2020 363,757 $ 23.62 71,180 $ 21.26 Vested but unissued at March 31, 2020 216,777 $ 23.26 62,515 $ 21.35 As of March 31, 2020, there was $8.4 million of total unrecognized compensation cost related to RSU and PRSU awards granted. That cost is expected to be recognized over a weighted-average period of 2.7 years. The total fair value of awards vested for the three months ended March 31, 2020 and 2019 was $5.0 million and $6.1 million, respectively. The vested but unissued RSU and PRSU awards consist of awards made to employees and directors who are eligible for retirement. According to the terms of these awards, which provide for vesting upon retirement, these employees and directors have no risk of forfeiture. These shares will be issued at the original contractual vesting and settlement dates. Phantom Stock Plan: The following table summarizes the Phantom Stock Plan at or for the three months ended March 31, 2020: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2019 109,226 $ 21.61 Granted 5,798 17.77 Distributions (26) 20.45 Outstanding at March 31, 2020 114,998 $ 13.36 Vested at March 31, 2020 114,627 $ 13.36 The Company recorded stock-based compensation (benefit) expense for the Phantom Stock Plan of ($0.9) million and $0.1 million for the three months ended March 31, 2020 and 2019, respectively. The total fair value of the distributions from the Phantom Stock Plan was less than $1,000 and $22,000 for the three months ended March 31, 2020 and 2019, respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. Pension and Other Postretirement Benefit Plans The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans. Three months ended March 31, (In thousands) 2020 2019 Employee Pension Plan: Interest cost $ 163 $ 199 Amortization of unrecognized loss 111 67 Expected return on plan assets (257) (272) Net employee pension expense (benefit) $ 17 $ (6) Outside Director Pension Plan: Service cost $ 4 $ 10 Interest cost 16 21 Amortization of unrecognized gain (14) (35) Amortization of past service liability — — Net outside director pension expense (benefit) $ 6 $ (4) Other Postretirement Benefit Plans: Service cost $ 69 $ 70 Interest cost 65 85 Amortization of past service credit (20) (22) Net other postretirement expense $ 114 $ 133 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2019 that it expects to contribute $0.3 million to each of the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value of Financial Instruments 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. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At March 31, 2020, the Company carried financial assets and financial liabilities under the fair value option with fair values of $14.6 million and $45.1 million, respectively. At December 31, 2019, the Company carried financial assets and financial liabilities under the fair value option with fair values of $14.3 million and $44.4 million, respectively. The Company did not elect to carry any additional financial assets or financial liabilities under the fair value option during the three months ended March 31, 2020 and 2019. The following table presents the financial assets and financial liabilities reported at fair value under the fair value option, and the changes in fair value included in the Consolidated Statement of Income – Net gain (loss) from fair value adjustments, at or for the periods ended as indicated: Fair Value Fair Value Measurements Measurements at March 31, at December 31, Three Months Ended (In thousands) 2020 2019 March 31, 2020 March 31, 2019 Mortgage-backed securities $ 738 $ 772 $ 3 $ 1 Other securities 13,831 13,548 219 179 Borrowed funds 45,126 44,384 (2,351) (1,210) Net loss from fair value adjustments (1) $ (2,129) $ (1,030) (1) The net loss from fair value adjustments presented in the above table does not include losses of $3.9 million and $1.1 million for the three months ended March 31, 2020 and 2019, respectively, from the change in the fair value of interest rate swaps. 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 had a contractual principal amount of $61.9 million at both March 31, 2020 and December 31, 2019. The fair value of borrowed funds includes accrued interest payable of $0.2 million at both March 31, 2020 and December 31, 2019, respectively. 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 reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular instrument. Accordingly, as assumptions change, such as interest rates and prepayments, fair value estimates change and these amounts may not necessarily be realized in an immediate sale. Disclosure of fair value does not require fair value information for items that do not meet the definition of a financial instrument or certain other financial instruments specifically excluded from its requirements. These items include core deposit intangibles and other customer relationships, premises and equipment, leases, income taxes and equity. Further, fair value disclosure does not attempt to value future income or business. These items may be material and accordingly, the fair value information presented does not purport to represent, nor should it be construed to represent, the underlying “market” or franchise value of the Company. Financial assets and financial liabilities reported at fair value are required to be measured based on either: (1) quoted prices in active markets for identical financial instruments (Level 1); (2) significant other observable inputs (Level 2); or (3) significant unobservable inputs (Level 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 – when quoted market prices are available in an active market. At March 31, 2020 and December 31, 2019, Level 1 included one mutual fund. Level 2 – when quoted market prices are not available, fair value is estimated using quoted market prices for similar financial instruments and adjusted for differences between the quoted instrument and the instrument being valued. Fair value can also be estimated by using pricing models, or discounted cash flows. Pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices and credit spreads. In addition to observable market information, models also incorporate maturity and cash flow assumptions. At March 31, 2020 and December 31, 2019, Level 2 included mortgage-backed securities, CLO’s, corporate debt, municipals and interest rate swaps. Level 3 – when there is limited activity or less transparency around inputs to the valuation, financial instruments are classified as Level 3. At March 31, 2020 and December 31, 2019, Level 3 included trust preferred securities owned and junior subordinated debentures issued by the Company. The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies, assumptions and models to determine fair value of certain financial instruments could produce different estimates of fair value at the reporting date. 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 March 31, 2020 and December 31, 2019: Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ — $ — $ 489,556 $ 523,849 $ — $ — $ 489,556 $ 523,849 Other securities 12,476 12,216 212,025 235,103 1,355 1,332 225,856 248,651 Interest rate swaps — — — 2,352 — — — 2,352 Total assets $ 12,476 $ 12,216 $ 701,581 $ 761,304 $ 1,355 $ 1,332 $ 715,412 $ 774,852 Liabilities: Borrowings $ — $ — $ — $ — $ 45,126 $ 44,384 $ 45,126 $ 44,384 Interest rate swaps — — 70,611 19,653 — — 70,611 19,653 Total liabilities $ — $ — $ 70,611 $ 19,653 $ 45,126 $ 44,384 $ 115,737 $ 64,037 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 of the valuation hierarchy for the periods indicated: For the three months ended March 31, 2020 March 31, 2019 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,332 $ 44,384 $ 1,256 $ 41,849 Net gain from fair value adjustment of financial assets (1) 24 — 33 — Net loss from fair value adjustment of financial liabilities (1) — 2,351 — 1,210 Decrease in accrued interest receivable (1) — — — (Decrease) increase in accrued interest payable — (24) — 9 Change in unrealized gains included in other comprehensive income — (1,585) — (127) Ending balance $ 1,355 $ 45,126 $ 1,289 $ 42,941 Changes in unrealized gains held at period end $ — 3,062 — 1,375 (1) Totals in the table above are presented in the Consolidated Statement of Income under net loss from fair value adjustments. During the three months ended March 31, 2020 and 2019, there were no transfers between Levels 1, 2 and 3. The following tables present the quantitative information about recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: March 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,355 Discounted cash flows Discount rate n/a 3.7 % Liabilities: Junior subordinated debentures $ 45,126 Discounted cash flows Discount rate n/a 3.7 % December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,332 Discounted cash flows Discount rate n/a 4.2 % Liabilities: Junior subordinated debentures $ 44,384 Discounted cash flows Discount rate n/a 4.2 % 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 at March 31, 2020 and December 31, 2019, are the effective yields used in the cash flow models. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The following table sets forth the Company’s assets and liabilities that are carried at fair value on a non-recurring basis and the level that was used to determine their fair value at March 31, 2020 and December 31, 2019: Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a non-recurring basis 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Assets Non-accrual loans $ — $ — $ — $ — $ 1,259 $ 1,081 $ 1,259 $ 1,081 Other real estate owned — — — — 208 239 208 239 Total assets $ — $ — $ — $ — $ 1,467 $ 1,320 $ 1,467 $ 1,320 The following tables present the qualitative information about non-recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: March 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 169 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 0.0% 0.0% Reduction for planned expedited disposal 47.8% 47.8% Non-accrual loans $ 818 Discounted Cash flow Discount Rate 6.4% 6.4% Probability of Default 20.0% 20.0% Non-accrual loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales (10.0) to 15.0% 2.5% Capitalization rate 9.5% 9.5% Reduction for planned expedited disposal 15.0% 15.0% Other real estate owned 208 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 0.5% to 12.5% 6.5% Reduction for planned expedited disposal 0.0% 0.0% At December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 809 Discounted Cash flow Discount Rate 6.4% 6.4% Probability of Default 20.0% 20.0% Impaired loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales (10.0) to 15.0 2.5% Capitalization Rate 9.5% 9.5% Reduction for planned expedited disposal 15.0% 15.0% Other real estate owned $ 239 Sales approach Reduction for planned expedited disposal 0.5 to 12.5 6.5% The Company did not have any liabilities that were carried at fair value on a non-recurring basis at March 31, 2020 and December 31, 2019. The methods and assumptions used to estimate fair value at March 31, 2020 and December 31, 2019 are as follows: Securities: The fair values of securities are contained in Note 4 (“Securities”) of the Notes to Consolidated Financial Statements. Fair value is based upon quoted market prices, where available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities and adjusted for differences between the quoted instrument and the instrument being valued. When there is limited activity or less transparency around inputs to the valuation, securities are valued using discounted cash flows. Non-accrual 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% of the appraised or internally estimated value of the property, except for taxi medallion loans. The fair value of the underlying collateral of taxi medallion loans is the most recent reported arm’s length transaction. When there is no recent sale activity, the fair value is calculated using capitalization rates. See Note 5 (“Loans”) of the Notes to the Consolidated Financial Statements. 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. Other Real Estate Owned and Other Repossessed Assets: 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 recent sale activity, the fair value is calculated using capitalization rates. Interest Rate Swaps: The fair value of interest rate swaps is based upon broker quotes. The following tables set forth the carrying amounts and estimated fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at the periods indicated: March 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 157,184 $ 157,184 $ 157,184 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,929 8,953 — 8,953 — Other securities 50,225 51,938 — — 51,938 Securities available for sale Mortgage-backed securities 489,556 489,556 — 489,556 — Other securities 225,856 225,856 12,476 212,025 1,355 Loans 5,932,088 6,035,453 — — 6,035,453 FHLB-NY stock 74,000 74,000 — 74,000 — Accrued interest receivable 25,526 25,527 2 2,254 23,271 Liabilities: Deposits $ 4,901,486 $ 4,914,041 $ 3,729,105 $ 1,184,936 $ — Borrowings 1,617,582 1,624,010 — 1,578,884 45,126 Accrued interest payable 7,492 7,492 — 7,492 — Interest rate swaps 70,611 70,611 — 70,611 — December 31, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 49,787 $ 49,787 $ 49,787 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,934 8,114 — 8,114 — Other securities 50,954 53,998 — — 53,998 Securities available for sale Mortgage-backed securities 523,849 523,849 — 523,849 — Other securities 248,651 248,651 12,216 235,103 1,332 Loans 5,772,206 5,822,124 — — 5,822,124 FHLB-NY stock 56,921 56,921 — 56,921 — Accrued interest receivable 25,722 25,722 9 2,519 23,194 Interest rate swaps 2,352 2,352 — 2,352 — Liabilities: Deposits $ 5,066,424 $ 5,070,046 $ 3,628,534 $ 1,441,512 $ — Borrowings 1,237,231 1,389,883 — 1,345,499 44,384 Accrued interest payable 6,752 6,752 — 6,752 — Interest rate swaps 19,653 19,653 — 19,653 — |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12. Derivative Financial Instruments At March 31, 2020 and December 31, 2019, the Company’s derivative financial instruments consist of interest rate swaps. The Company’s interest rate swaps are used for three purposes: 1) to mitigate the Company’s exposure to rising interest rates on a portion ($18.0 million) of its floating rate junior subordinated debentures that have a contractual value of $61.9 million, at March 31, 2020 and December 31, 2019; 2) to mitigate the Company’s exposure to rising interest rates on certain fixed rate loans totaling $323.5 million and $326.0 million at March 31, 2020 and December 31, 2019, respectively; and 3) to mitigate exposure to rising interest rates on certain short-term advances totaling $866.5 million and $541.5 million at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020 and December 31, 2019, we held derivatives designated as cash flow hedges, fair value hedges and certain derivatives not designated as hedges. 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 it qualifies and has been designated as a hedge for accounting purposes, and further, by the type of hedging relationship. At March 31, 2020 and December 31, 2019, derivatives with a combined notional amount of $18.0 million were not designated as hedges. At March 31, 2020 and December 31, 2019, derivatives with a combined notional amount of $323.5 million and $326.0 million, respectively, were designated as fair value hedges. At March 31, 2020 and December 31, 2019, derivatives with a combined notional amount of $866.5 million and $541.5 million, respectively, were designated as cash flow hedges. For cash flow hedges, the changes in the fair value of the derivative is reported in accumulated other comprehensive income (loss), net of tax. Amounts in accumulated other comprehensive income (loss) are reclassified into earnings in the same period during which the hedged forecasted transaction effects earnings. During the three months ended March 31, 2020 and 2019, $0.2 million each were reclassified from accumulated other comprehensive loss to interest expense. The estimated amount to be reclassified in the next 12 months out of the accumulated comprehensive income (loss) into earnings is $0.6 million. Changes in the fair value of interest rate swaps not designated as hedges are reflected in “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. The following table sets forth information regarding the Company’s derivative financial instruments at the periods indicated: March 31, 2020 December 31, 2019 Notional Net Carrying Notional Net Carrying Amount Value (1) Amount Value (1) (In thousands) Interest rate swaps (fair value hedge) $ — $ — $ 139,960 $ 2,352 Interest rate swaps (fair value hedge) 323,525 (35,069) 186,009 (7,769) Interest rate swaps (cash flow hedge) 866,500 (28,325) 541,500 (8,350) Interest rate swaps (non-hedge) 18,000 (7,217) 18,000 (3,534) Total derivatives $ 1,208,025 $ (70,611) $ 885,469 $ (17,301) (1) Derivatives in a positive position are recorded as “Other assets” and derivatives in a 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 three months ended March 31, (In thousands) 2020 2019 Financial Derivatives: Interest rate swaps (non-hedge) (1) $ (3,929) $ (1,072) Interest rate swaps (fair value hedge) (2) (2,249) (292) Interest rate swaps (cash flow hedge) (3) (391) 611 Net loss $ (6,569) $ (753) (1) Includes interest income (loss) recorded in “Interest and fees on loans” in the Consolidated Statements of Income of ($0.1) million and ($22,000) for the three months ended March 31, 2020 and 2019, respectively. Also includes net gains and (losses) recorded in “Net loss from fair value adjustments” in the Consolidated Statements of Income of ($3.9) million and ($1.1) million for the three months ended March 31, 2020 and 2019, respectively. (2) Includes interest income (loss) recorded in “Interest and fees on loans” in the Consolidated Statements of Income of ($0.2) million and $0.3 million for the three months ended March 31, 2020 and 2019, respectively. Also includes net gains and (losses) recorded in “Net loss from fair value adjustments” in the Consolidated Statements of Income of ($2.1) million and ($0.6) million for the three months ended March 31, 2020 and 2019, respectively. (3) Recorded as part of “Other interest expense” in the Consolidated Statements of Income. The Company’s interest rate swaps are subject to master netting arrangements between the Company and its two designated counterparties. The Company has not made a policy election to offset its derivative positions. 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: March 31, 2020 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 70,611 $ — $ 70,611 $ 72,526 $ — $ (1,915) December 31, 2019 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 2,352 $ — $ 2,352 $ — $ — $ 2,352 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 19,653 $ — $ 19,653 $ 19,265 $ — $ 388 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes 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 Company’s trusts, which file separate Federal income tax returns as trusts, and Flushing Preferred Funding Corporation, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns. As of March 31, 2020, the Company is undergoing examination for its New York State income tax returns for 2014, 2015 and 2016 and its New York City income tax return for 2015, 2016 and 2017. Income tax provisions are summarized as follows: For the three months ended March 31, 2020 2019 (In thousands) Federal: Current $ 1,950 $ 1,326 Deferred (961) 617 Total federal tax provision 989 1,943 State and Local: Current 162 156 Deferred (1,357) 188 Total state and local tax (benefit) provision (1,195) 344 Total income tax (benefit) provision $ (206) $ 2,287 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income Loss | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss): The following tables sets forth the changes in accumulated other comprehensive income (loss) by component for the periods indicated: For the three months ended March 31, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (3,982) $ (5,863) $ (983) $ 1,021 $ (9,807) Other comprehensive income before reclassifications, net of tax (10,202) (13,748) — 1,096 (22,854) Amounts reclassified from accumulated other comprehensive income, net of tax 25 143 53 — 221 Net current period other comprehensive income (loss), net of tax (10,177) (13,605) 53 1,096 (22,633) Ending balance, net of tax $ (14,159) $ (19,468) $ (930) $ 2,117 $ (32,440) For the three months ended March 31, 2019 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (15,649) $ 3,704 $ (1,673) $ 866 $ (12,752) Other comprehensive income before reclassifications, net of tax 5,620 (3,644) — 88 2,064 Amounts reclassified from accumulated other comprehensive income (loss), net of tax — 139 7 — 146 Net current period other comprehensive income, net of tax 5,620 (3,505) 7 88 2,210 Ending balance, net of tax $ (10,029) $ 199 $ (1,666) $ 954 $ (10,542) The following tables set forth significant amounts reclassified from accumulated other comprehensive income (loss) by component for the periods indicated: For the three months ended March 31, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized gains (losses) on available for sale securities $ (37) Net loss on sale of securities 12 Provision for income taxes $ (25) Net of tax Cash flow hedges: Interest rate swaps $ (208) Other interest expense 65 Tax benefit $ (143) Net of tax Amortization of defined benefit pension items: Actuarial gain (losses) $ (97) (1) Other operating expense Prior service credits 20 (1) Other operating expense (77) Total before tax 24 Provision for income taxes $ (53) Net of tax For the three months ended March 31, 2019 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps $ (201) Interest expense 62 Tax benefit $ (139) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (32) (1) Other operating expense Prior service credits 22 (1) Other operating expense (10) Total before tax 3 Tax benefit $ (7) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 (“Pension and Other Postretirement Benefit Plans”) for additional information. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15. Regulatory Capital Under current capital regulations, the Bank is required to comply with four separate capital adequacy standards. As March 31, 2020, the Bank continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The Bank is also required to comply with a Capital Conservation Buffer (“CCB”). The CCB is designed to establish a capital range above minimum capital requirements and impose constraints on dividends, share buybacks and discretionary bonus payments when capital levels fall below prescribed levels. The minimum CCB is 2.500%. The CCB for the Bank at March 31, 2020 was 4.98%. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. March 31, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 676,267 9.51 % $ 680,749 9.65 % Requirement to be well capitalized 355,552 5.00 352,581 5.00 Excess 320,715 4.51 328,168 4.65 Common Equity Tier I risk-based capital: Capital level $ 676,267 12.48 % $ 680,749 13.02 % Requirement to be well capitalized 352,240 6.50 339,944 6.50 Excess 324,027 5.98 340,805 6.52 Tier 1 risk-based capital: Capital level $ 676,267 12.48 % $ 680,749 13.02 % Requirement to be well capitalized 433,526 8.00 418,393 8.00 Excess 242,741 4.48 262,356 5.02 Total risk-based capital: Capital level $ 703,130 12.98 % $ 702,500 13.43 % Requirement to be well capitalized 541,908 10.00 522,991 10.00 Excess 161,222 2.98 179,509 3.43 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of March 31, 2020, the Holding Company continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The CCB for the Holding Company at March 31, 2020 was 5.16%. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. March 31, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 610,898 8.59 % $ 615,500 8.73 % Requirement to be well capitalized 355,470 5.00 352,581 5.00 Excess 255,428 3.59 262,919 3.73 Common Equity Tier I risk-based capital: Capital level $ 567,306 10.47 % $ 572,651 10.95 % Requirement to be well capitalized 352,184 6.50 339,929 6.50 Excess 215,122 3.97 232,722 4.45 Tier 1 risk-based capital: Capital level $ 610,898 11.28 % $ 615,500 11.77 % Requirement to be well capitalized 433,458 8.00 418,374 8.00 Excess 177,440 3.28 197,126 3.77 Total risk-based capital: Capital level $ 712,761 13.16 % $ 712,251 13.62 % Requirement to be well capitalized 541,822 10.00 522,967 10.00 Excess 170,939 3.16 189,284 3.62 |
New Authoritative Accounting Pr
New Authoritative Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 16. New Authoritative Accounting Pronouncements Accounting Standards Adopted in 2020: Effective January 1, 2020, the Company adopted Accounting Standards Topic 326, “Financial Instruments – Credit Losses” which replaced the previously existing U.S. GAAP “incurred loss” approach to “expected credit losses” approach, which is referred as Current Expected Credit Losses (“CECL”). CECL measures the credit loss associated with financial assets carried at amortize cost, including loan receivables, held-to-maturity debt securities, off balance sheet credit exposures and certain leases recognized by a lessor. CECL introduced the concept of purchased credit-deteriorated (PCD) financial assets, in which it requires the estimate of expected credit losses embedded in the purchase price of PCD assets to be estimated and separately recognized as an allowance as of the date of acquisition. It also modifies the accounting of impairment on available-for-sale debt securities by recognizing a credit loss through an allowance for credit. The company adopted Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balances sheet exposures. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Upon adoption we recorded a cumulative-effect adjustment to retained earnings totaling $1.3 million, $0.9 million, net of tax. The transition adjustment includes changes to the three applicable components of the ACL: increases of $0.4 million in the allowance for loan losses, $0.3 million in the allowance for held-to-maturity debt securities and $0.6 million in the allowance for off-balance sheet items. At January 1, 2020 the reasonable and supportable forecast indicated economic growth and low unemployment. Effective January 1, 2020, the Company adopted ASU No. 2018-13, “Fair Value Measurement (Topic 820)”: The Update modifies the disclosure requirements on fair value measurements in Topic 820. The guidance did not have a significant impact on the Company’s financial positions, results of operations or disclosures. Effective January 1, 2020, the Company adopted ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under this ASU, the Company should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The impairment charge is limited to the amount of goodwill allocated to that reporting unit. The guidance did not have a significant impact on the Company’s financial positions, results of operations or disclosures. Accounting Standards Pending Adoption: In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 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. Early adoption is permitted. The amendments are to be applied on a retrospective basis to all periods presented. The guidance is not expected to have a significant impact on the Company’s financial positions, results of operations or disclosures. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform” (Topic 848), which provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We anticipate this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. We are evaluating the impacts of this ASU and have not yet determined whether LIBOR transition and this ASU will have material effects on our business operations and consolidated financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share | |
Earnings Per Share | For the three months ended March 31, 2020 2019 Net income (loss) $ (1,390) $ 7,068 Divided by: Weighted average common shares outstanding 28,853 28,621 Weighted average common stock equivalents — — Total weighted average common shares outstanding and common stock equivalents 28,853 28,621 Basic earnings (loss) per common share $ (0.05) $ 0.25 Diluted earnings (loss) per common share (1) $ (0.05) $ 0.25 Dividend payout ratio n/a 84.0 % (1) For the three months ended March 31, 2020 and 2019, there were no common stock equivalents that were anti-dilutive. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | The following table summarizes the Company’s portfolio of securities held-to-maturity at March 31, 2020: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Cost Fair Value Gains Losses Losses (In thousands) Securities held-to-maturity: Municipals $ 50,627 $ 51,938 $ 1,311 $ — $ (402) Total other securities 50,627 51,938 1,311 — (402) FNMA 7,929 8,953 1,024 — — Total mortgage-backed securities 7,929 8,953 1,024 — — Total $ 58,556 $ 60,891 $ 2,335 $ — $ (402) The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2019: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,954 $ 53,998 $ 3,044 $ — Total other securities 50,954 53,998 3,044 — FNMA 7,934 8,114 180 — Total mortgage-backed securities 7,934 8,114 180 — Total $ 58,888 $ 62,112 $ 3,224 $ — The following table summarizes the Company’s portfolio of securities available for sale at March 31, 2020: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: Corporate $ 130,000 $ 111,852 $ — $ 18,148 Municipals 12,743 12,801 58 — Mutual funds 12,476 12,476 — — Collateralized loan obligations 100,361 87,372 — 12,989 Other 1,355 1,355 — — Total other securities 256,935 225,856 58 31,137 REMIC and CMO 341,170 348,109 7,329 390 GNMA 602 659 57 — FNMA 99,676 102,224 2,572 24 FHLMC 37,630 38,564 934 — Total mortgage-backed securities 479,078 489,556 10,892 414 Total securities available for sale $ 736,013 $ 715,412 $ 10,950 $ 31,551 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2019: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: Corporate $ 130,000 $ 123,050 $ — $ 6,950 Municipals 12,797 12,916 119 — Mutual funds 12,216 12,216 — — Collateralized loan obligations 100,349 99,137 — 1,212 Other 1,332 1,332 — — Total other securities 256,694 248,651 119 8,162 REMIC and CMO 348,236 348,989 2,193 1,440 GNMA 653 704 51 — FNMA 104,235 104,882 1,073 426 FHLMC 68,476 69,274 871 73 Total mortgage-backed securities 521,600 523,849 4,188 1,939 Total securities available for sale $ 778,294 $ 772,500 $ 4,307 $ 10,101 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Securities held-to-maturity: Cost Fair Value (In thousands) Due in one year or less $ — $ — Due after ten years 50,627 51,938 Total other securities 50,627 51,938 Mortgage-backed securities 7,929 8,953 Total $ 58,556 $ 60,891 Amortized Securities available for sale: Cost Fair Value (In thousands) Due after one year through five years $ 20,000 $ 18,276 Due after five years through ten years 127,923 109,510 Due after ten years 96,536 85,594 Total other securities 244,459 213,380 Mutual funds 12,476 12,476 Mortgage-backed securities 479,078 489,556 Total $ 736,013 $ 715,412 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At March 31, 2020 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities Corporate 16 $ 111,853 $ 18,148 $ 9,620 $ 380 $ 102,233 $ 17,768 Collateralized loan obligations 13 87,372 12,989 22,521 3,046 64,851 9,943 Total other securities 29 199,225 31,137 32,141 3,426 167,084 27,711 REMIC and CMO 12 67,416 390 64,541 371 2,875 19 FNMA 1 8,812 24 — — 8,812 24 Total mortgage-backed securities 13 76,228 414 64,541 371 11,687 43 Total 42 $ 275,453 $ 31,551 $ 96,682 $ 3,797 $ 178,771 $ 27,754 At December 31, 2019 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities Corporate 16 $ 123,050 $ 6,950 $ — $ — $ 123,050 $ 6,950 Collateralized loan obligations 13 99,137 1,212 25,451 108 73,686 1,104 Total other securities 29 222,187 8,162 25,451 108 196,736 8,054 REMIC and CMO 23 120,989 1,440 102,384 1,117 18,605 323 GNMA 1 49 — 49 — — — FNMA 8 67,618 426 19,073 138 48,545 288 FHLMC 1 30,200 73 — — 30,200 73 Total mortgage-backed securities 33 218,856 1,939 121,506 1,255 97,350 684 Total securities available for sale 62 $ 441,043 $ 10,101 $ 146,957 $ 1,363 $ 294,086 $ 8,738 |
Schedule of allowance for credit losses for debt securities held-to-maturity | The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended March 31, 2020: Mortgage-backed securities Other securities (In thousands) Beginning balance $ — $ — CECL adoption — 340 Provision — 62 Allowance for credit losses - securities $ — $ 402 |
Schedule of Realized Gain (Loss) [Table Text Block] | For the three months ended March 31, 2020 2019 Gross gains from the sale of securities $ 713 $ — Gross losses from the sale of securities (750) — Net losses from the sale of securities $ (37) $ — |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | At or three months ended March 31, 2020 Non-Accrual Loans ninety days Total Non-Accrual with no related Interest Income or more past due (In thousands) Amortized Cost Allowance Recognized and still accruing: Multi-family residential $ 2,763 $ 2,763 $ — $ — Commercial real estate 8 8 — — One-to-four family - mixed-use property 627 346 — — One-to-four family - residential 4,588 4,588 — — Construction loans — — — — Small Business Administration 1,544 1,544 — — Taxi Medallion (1) 1,763 1,763 9 — Commercial business and other (1) 5,006 5,001 — — Total $ 16,299 $ 16,013 $ 9 $ — |
Schedule Of Interest Foregone On Non Accrual And TDR Loans [Table Text Block] | For the three months ended March 31, 2020 2019 Interest income that would have been recognized had the loans performed in accordance with their original terms $ 375 $ 394 Less: Interest income included in the results of operations 89 118 Total foregone interest $ 286 $ 276 |
Past Due Financing Receivables [Table Text Block] | March 31, 2020 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 1,919 $ — $ 2,763 $ 4,682 $ 2,274,090 $ 2,278,772 Commercial real estate 5,206 — 8 5,214 1,661,599 1,666,813 One-to-four family - mixed-use property 3,283 — 627 3,910 592,435 596,345 One-to-four family - residential 1,322 381 4,588 6,291 193,593 199,884 Construction loans — — — — 66,524 66,524 Small Business Administration — — 1,544 1,544 12,961 14,505 Taxi medallion — — 1,195 1,195 2,087 3,282 Commercial business and other 645 153 4,968 5,766 1,100,197 1,105,963 Total $ 12,375 $ 534 $ 15,693 $ 28,602 $ 5,903,486 $ 5,932,088 The following tables show by delinquency an analysis of our recorded investment in loans at the periods indicated by class of loans: December 31, 2019 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 4,042 $ 1,563 $ 2,741 $ 8,346 $ 2,230,245 $ 2,238,591 Commercial real estate — 4,941 367 5,308 1,576,700 1,582,008 One-to-four family - mixed-use property 1,117 496 274 1,887 590,584 592,471 One-to-four family - residential 720 1,022 5,139 6,881 181,335 188,216 Co-operative apartments — — — — 8,663 8,663 Construction loans — — — — 67,754 67,754 Small Business Administration — — 1,151 1,151 13,294 14,445 Taxi medallion — — 1,065 1,065 2,244 3,309 Commercial business and other 2,340 5 1,945 4,290 1,057,188 1,061,478 Total $ 8,219 $ 8,027 $ 12,682 $ 28,928 $ 5,728,007 $ 5,756,935 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | March 31, 2020 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,391 $ 4,429 $ 1,817 $ 756 $ 441 $ 363 $ — $ 8,554 $ 21,751 Impact of CECL Adoption (651) 1,170 (55) (159) (279) 1,180 — (827) 379 Charge-offs — — — — — — — (1,259) (1,259) Recoveries 7 — 78 4 — 7 — 14 110 Provision (benefit) 1,148 1,192 330 291 23 (22) — 4,155 7,117 Ending balance $ 5,895 $ 6,791 $ 2,170 $ 892 $ 185 $ 1,528 $ — $ 10,637 $ 28,098 March 31, 2019 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,676 $ 4,315 $ 1,867 $ 749 $ 329 $ 418 $ — $ 7,591 $ 20,945 Charge-offs — — (1) — — — — (1,137) (1,138) Recoveries 13 — 86 4 — 4 84 45 236 Provision (benefit) (196) (37) (161) (22) 22 (13) (84) 1,463 972 Ending balance $ 5,493 $ 4,278 $ 1,791 $ 731 $ 351 $ 409 $ — $ 7,962 $ 21,015 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table summarizes the risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination : For the year ended Revolving Loans, Lines of Credit Amortized Cost converted to (In thousands) 2020 2019 2018 2017 2016 Prior Basis term loans 1-4 Family Residential Pass $ 8,526 $ 26,292 $ 29,807 $ 16,352 $ 11,399 $ 65,998 $ 9,361 $ 22,132 Watch — — — — — 2,759 — 1,809 Special Mention — — — — — 444 146 147 Substandard — — — — 950 2,906 — 856 Total 1-4 Family Residential $ 8,526 $ 26,292 $ 29,807 $ 16,352 $ 12,349 $ 72,107 $ 9,507 $ 24,944 1-4 Family Mixed-Use Pass $ 15,189 $ 70,064 $ 78,136 $ 63,655 $ 54,009 $ 304,415 $ — $ — Watch — — 793 — 1,325 7,148 — — Special Mention — — — — — 984 — — Substandard — — — — — 627 — — Total 1-4 Family Mixed Use $ 15,189 $ 70,064 $ 78,929 $ 63,655 $ 55,334 $ 313,174 $ — $ — Commercial Real Estate Pass $ 75,893 $ 254,086 $ 283,515 $ 194,618 $ 239,116 $ 511,871 $ — $ — Watch 4,979 9,762 — 4,963 20,748 66,711 — — Special Mention — — — — — 543 — — Substandard — — — — — 8 — — Total Commercial Real Estate $ 80,872 $ 263,848 $ 283,515 $ 199,581 $ 259,864 $ 579,133 $ — $ — Construction Pass $ 4,885 $ 15,633 $ 35,934 $ — $ 9,394 $ — $ — $ — Special Mention — — 678 — — — — — Total Construction $ 4,885 $ 15,633 $ 36,612 $ — $ 9,394 $ — $ — $ — Multifamily Pass $ 68,498 $ 313,608 $ 369,264 $ 376,202 $ 283,128 $ 846,228 $ 4,460 $ — Watch — — — 2,158 2,843 9,620 — — Substandard — — 1,974 — — 789 — — Total Multifamily $ 68,498 $ 313,608 $ 371,238 $ 378,360 $ 285,971 $ 856,637 $ 4,460 $ — Commercial Business - Secured by RE Pass $ 27,601 $ 117,070 $ 59,408 $ 22,399 $ 44,964 $ 85,736 $ — $ — Watch — — 6,647 1,320 2,701 3,276 — — Special Mention — — — — — 423 — — Substandard — — — — — 2,330 — — Total Commercial Business - Secured by RE $ 27,601 $ 117,070 $ 66,055 $ 23,719 $ 47,665 $ 91,765 $ — $ — Commercial Business Pass $ 39,770 $ 151,169 $ 117,548 $ 73,802 $ 18,931 $ 73,775 $ 213,463 $ — Watch 1,221 1,001 2,372 3,114 445 587 19,162 — Special Mention — — 15 2,683 463 317 — Substandard — 577 340 3,386 6,255 1,211 94 — Doubtful — — — — — 108 — — Total Commercial Business $ 40,991 $ 152,747 $ 120,275 $ 80,302 $ 28,314 $ 76,144 $ 233,036 $ — Small Business Administration Pass $ — $ 986 $ 3,626 $ 1,072 $ 2,704 $ 2,220 $ — $ — Watch — — — 2,299 — — — — Special Mention — — — — — 54 — — Substandard — — — 1,170 374 — — — Total Small Business Administration $ — $ 986 $ 3,626 $ 4,541 $ 3,078 $ 2,274 $ — $ — Taxi Medallions Substandard — — — — — 3,282 — — Total Taxi Medallions $ — $ — $ — $ — $ — $ 3,282 $ — $ — Other Pass $ — $ — $ — $ — $ — $ 105 $ 171 $ — Watch — — — — — — 3 — Total Other $ — $ — $ — $ — $ — $ 105 $ 174 $ — Total Loans $ 246,562 $ 960,248 $ 990,057 $ 766,510 $ 701,969 $ 1,994,621 $ 247,177 $ 24,944 The following table sets forth the recorded investment in loans designated as Criticized or Classified at the period indicated: December 31, 2019 (In thousands) Special Mention Substandard Doubtful Loss Total Multi-family residential $ 1,563 $ 2,743 $ — $ — $ 4,306 Commercial real estate 5,525 367 — — 5,892 One-to-four family - mixed-use property 1,585 453 — — 2,038 One-to-four family - residential 1,095 5,787 — — 6,882 Construction — — — — — Small Business Administration 55 85 — — 140 Taxi medallion — 3,309 — — 3,309 Commercial business and other 3,924 11,289 266 — 15,479 Total loans $ 13,747 $ 24,033 $ 266 $ — $ 38,046 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | Collateral Type (In thousands) Real Estate Business Assets Multi-family residential $ 2,763 $ — Commercial real estate 8 — One-to-four family - mixed-use property 627 — One-to-four family - residential 4,588 — Small Business Administration — 1,544 Commercial business and other — 5,000 Taxi Medallion — 3,282 Total $ 7,986 $ 9,826 |
Nonperforming Financial Instruments [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | March 31, 2020 December 31, 2019 Number Recorded Number Recorded (Dollars in thousands) of contracts investment of contracts investment Taxi medallion 5 $ 1,195 4 $ 1,065 Commercial business and other 1 279 1 279 Total troubled debt restructurings that subsequently defaulted 6 $ 1,474 5 $ 1,344 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, (In thousands) 2019 Loans ninety days or more past due and still accruing: Multi-family residential $ 445 Total 445 Non-accrual mortgage loans: Multi-family residential 2,296 Commercial real estate 367 One-to-four family - mixed-use property 274 One-to-four family - residential 5,139 Total 8,076 Non-accrual non-mortgage loans: Small Business Administration 1,151 Taxi medallion (1) 1,641 Commercial business and other (1) 1,945 Total 4,737 Total non-accrual loans 12,813 Total non-performing loans $ 13,258 (1) Not included in the above analysis are non-accrual performing TDR taxi medallion loans totaling $1.7 million at December 31, 2019, respectively and non-accrual performing TDR commercial business loans totaling $0.9 million at December 31, 2019. |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | March 31, 2020 December 31, 2019 Number Recorded Number Recorded (Dollars in thousands) of contracts investment of contracts investment Multi-family residential 7 $ 1,868 7 $ 1,873 One-to-four family - mixed-use property 4 1,483 4 1,481 One-to-four family - residential 3 525 3 531 Taxi medallion (1) 6 1,520 7 1,668 Commercial business and other 3 950 3 941 Total performing troubled debt restructured 23 $ 6,346 24 $ 6,494 (1) Taxi medallion loans in the table above continue to pay as agreed, however the company records interest received on a cash basis. |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Delinquent and Non-Performing Loans Sold During Period [Table Text Block] | For the three months ended March 31, 2020 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 1 $ 284 $ — $ 42 One-to-four family - mixed-use property 1 296 — — Total 2 $ 580 $ — $ 42 For the three months ended March 31, 2019 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain (loss) Delinquent and non-performing loans Multi-family residential 2 $ 765 $ — $ 63 One-to-four family - mixed-use property 1 405 (1) — Total 3 $ 1,170 $ (1) $ 63 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | The following table shows changes in Other Real Estate Owned (“OREO”) during the periods indicated: For the three months ended March 31, 2020 2019 Balance at beginning of period $ 239 $ — Reductions to carrying value (31) — Balance at end of period $ 208 $ — |
Gross Gains, Gross (Losses) and Write-downs of OREO [Table Text Block] | For the three months ended March 31, 2020 2019 Gross gains $ — $ — Gross losses — — Write-down of carrying value (31) — Total income $ (31) $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Summary of supplemental balance sheet information related to leases | (Dollars in thousands) March 31, 2020 December 31, 2019 Operating lease ROU assets $ 39,729 $ 41,254 Operating lease liabilities $ 47,726 $ 49,367 Weighted-average remaining lease term-operating leases 7.4 years 8.0 years Weighted average discount rate-operating leases 3.8 % 3.8 % |
Components of lease expense and cash flow information related to leases | For the three months ended (Dollars in thousands) March 31, 2020 March 31, 2019 Lease Cost Operating lease cost $ 1,885 $ 1,892 Short-term lease cost 34 34 Variable lease cost 264 246 Total lease cost $ 2,183 $ 2,172 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,982 $ 2,025 Right-of-use assets obtained in exchange for new operating lease liabilities $ 23 $ 21 |
Schedule of Minimum annual rental payments for Bank facilities due under non-cancelable leases | Minimum Rental (In thousands) Years ended December 31: 2020 $ 6,004 2021 7,680 2022 7,265 2023 7,398 2024 7,425 Thereafter 19,148 Total minimum payments required 54,920 Less: implied interest 7,194 Total lease obligations $ 47,726 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | RSU Awards PRSU Awards Weighted-Average Weighted-Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value Non-vested at December 31, 2019 428,295 $ 24.42 34,186 $ 22.38 Granted 170,228 19.79 72,143 20.38 Vested (232,351) 22.28 (35,149) 20.54 Forfeited (2,415) 24.62 — — Non-vested at March 31, 2020 363,757 $ 23.62 71,180 $ 21.26 Vested but unissued at March 31, 2020 216,777 $ 23.26 62,515 $ 21.35 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2019 109,226 $ 21.61 Granted 5,798 17.77 Distributions (26) 20.45 Outstanding at March 31, 2020 114,998 $ 13.36 Vested at March 31, 2020 114,627 $ 13.36 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three months ended March 31, (In thousands) 2020 2019 Employee Pension Plan: Interest cost $ 163 $ 199 Amortization of unrecognized loss 111 67 Expected return on plan assets (257) (272) Net employee pension expense (benefit) $ 17 $ (6) Outside Director Pension Plan: Service cost $ 4 $ 10 Interest cost 16 21 Amortization of unrecognized gain (14) (35) Amortization of past service liability — — Net outside director pension expense (benefit) $ 6 $ (4) Other Postretirement Benefit Plans: Service cost $ 69 $ 70 Interest cost 65 85 Amortization of past service credit (20) (22) Net other postretirement expense $ 114 $ 133 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value Option, Disclosures [Table Text Block] | Fair Value Fair Value Measurements Measurements at March 31, at December 31, Three Months Ended (In thousands) 2020 2019 March 31, 2020 March 31, 2019 Mortgage-backed securities $ 738 $ 772 $ 3 $ 1 Other securities 13,831 13,548 219 179 Borrowed funds 45,126 44,384 (2,351) (1,210) Net loss from fair value adjustments (1) $ (2,129) $ (1,030) (1) The net loss from fair value adjustments presented in the above table does not include losses of $3.9 million and $1.1 million for the three months ended March 31, 2020 and 2019, respectively, from the change in the fair value of interest rate swaps. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ — $ — $ 489,556 $ 523,849 $ — $ — $ 489,556 $ 523,849 Other securities 12,476 12,216 212,025 235,103 1,355 1,332 225,856 248,651 Interest rate swaps — — — 2,352 — — — 2,352 Total assets $ 12,476 $ 12,216 $ 701,581 $ 761,304 $ 1,355 $ 1,332 $ 715,412 $ 774,852 Liabilities: Borrowings $ — $ — $ — $ — $ 45,126 $ 44,384 $ 45,126 $ 44,384 Interest rate swaps — — 70,611 19,653 — — 70,611 19,653 Total liabilities $ — $ — $ 70,611 $ 19,653 $ 45,126 $ 44,384 $ 115,737 $ 64,037 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended March 31, 2020 March 31, 2019 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,332 $ 44,384 $ 1,256 $ 41,849 Net gain from fair value adjustment of financial assets (1) 24 — 33 — Net loss from fair value adjustment of financial liabilities (1) — 2,351 — 1,210 Decrease in accrued interest receivable (1) — — — (Decrease) increase in accrued interest payable — (24) — 9 Change in unrealized gains included in other comprehensive income — (1,585) — (127) Ending balance $ 1,355 $ 45,126 $ 1,289 $ 42,941 Changes in unrealized gains held at period end $ — 3,062 — 1,375 (1) Totals in the table above are presented in the Consolidated Statement of Income under net loss from fair value adjustments. |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a non-recurring basis 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Assets Non-accrual loans $ — $ — $ — $ — $ 1,259 $ 1,081 $ 1,259 $ 1,081 Other real estate owned — — — — 208 239 208 239 Total assets $ — $ — $ — $ — $ 1,467 $ 1,320 $ 1,467 $ 1,320 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 157,184 $ 157,184 $ 157,184 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,929 8,953 — 8,953 — Other securities 50,225 51,938 — — 51,938 Securities available for sale Mortgage-backed securities 489,556 489,556 — 489,556 — Other securities 225,856 225,856 12,476 212,025 1,355 Loans 5,932,088 6,035,453 — — 6,035,453 FHLB-NY stock 74,000 74,000 — 74,000 — Accrued interest receivable 25,526 25,527 2 2,254 23,271 Liabilities: Deposits $ 4,901,486 $ 4,914,041 $ 3,729,105 $ 1,184,936 $ — Borrowings 1,617,582 1,624,010 — 1,578,884 45,126 Accrued interest payable 7,492 7,492 — 7,492 — Interest rate swaps 70,611 70,611 — 70,611 — December 31, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 49,787 $ 49,787 $ 49,787 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,934 8,114 — 8,114 — Other securities 50,954 53,998 — — 53,998 Securities available for sale Mortgage-backed securities 523,849 523,849 — 523,849 — Other securities 248,651 248,651 12,216 235,103 1,332 Loans 5,772,206 5,822,124 — — 5,822,124 FHLB-NY stock 56,921 56,921 — 56,921 — Accrued interest receivable 25,722 25,722 9 2,519 23,194 Interest rate swaps 2,352 2,352 — 2,352 — Liabilities: Deposits $ 5,066,424 $ 5,070,046 $ 3,628,534 $ 1,441,512 $ — Borrowings 1,237,231 1,389,883 — 1,345,499 44,384 Accrued interest payable 6,752 6,752 — 6,752 — Interest rate swaps 19,653 19,653 — 19,653 — |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 169 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 0.0% 0.0% Reduction for planned expedited disposal 47.8% 47.8% Non-accrual loans $ 818 Discounted Cash flow Discount Rate 6.4% 6.4% Probability of Default 20.0% 20.0% Non-accrual loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales (10.0) to 15.0% 2.5% Capitalization rate 9.5% 9.5% Reduction for planned expedited disposal 15.0% 15.0% Other real estate owned 208 Sales approach Adjustment to sales comparison value to reconcile differences between comparable sales 0.5% to 12.5% 6.5% Reduction for planned expedited disposal 0.0% 0.0% At December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Impaired loans $ 809 Discounted Cash flow Discount Rate 6.4% 6.4% Probability of Default 20.0% 20.0% Impaired loans $ 272 Blended income and sales approach Adjustment to sales comparison value to reconcile differences between comparable sales (10.0) to 15.0 2.5% Capitalization Rate 9.5% 9.5% Reduction for planned expedited disposal 15.0% 15.0% Other real estate owned $ 239 Sales approach Reduction for planned expedited disposal 0.5 to 12.5 6.5% |
Fair Value, Measurements, Recurring [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,355 Discounted cash flows Discount rate n/a 3.7 % Liabilities: Junior subordinated debentures $ 45,126 Discounted cash flows Discount rate n/a 3.7 % December 31, 2019 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,332 Discounted cash flows Discount rate n/a 4.2 % Liabilities: Junior subordinated debentures $ 44,384 Discounted cash flows Discount rate n/a 4.2 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | March 31, 2020 December 31, 2019 Notional Net Carrying Notional Net Carrying Amount Value (1) Amount Value (1) (In thousands) Interest rate swaps (fair value hedge) $ — $ — $ 139,960 $ 2,352 Interest rate swaps (fair value hedge) 323,525 (35,069) 186,009 (7,769) Interest rate swaps (cash flow hedge) 866,500 (28,325) 541,500 (8,350) Interest rate swaps (non-hedge) 18,000 (7,217) 18,000 (3,534) Total derivatives $ 1,208,025 $ (70,611) $ 885,469 $ (17,301) (1) Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition. |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the three months ended March 31, (In thousands) 2020 2019 Financial Derivatives: Interest rate swaps (non-hedge) (1) $ (3,929) $ (1,072) Interest rate swaps (fair value hedge) (2) (2,249) (292) Interest rate swaps (cash flow hedge) (3) (391) 611 Net loss $ (6,569) $ (753) (1) Includes interest income (loss) recorded in “Interest and fees on loans” in the Consolidated Statements of Income of ($0.1) million and ($22,000) for the three months ended March 31, 2020 and 2019, respectively. Also includes net gains and (losses) recorded in “Net loss from fair value adjustments” in the Consolidated Statements of Income of ($3.9) million and ($1.1) million for the three months ended March 31, 2020 and 2019, respectively. (2) Includes interest income (loss) recorded in “Interest and fees on loans” in the Consolidated Statements of Income of ($0.2) million and $0.3 million for the three months ended March 31, 2020 and 2019, respectively. Also includes net gains and (losses) recorded in “Net loss from fair value adjustments” in the Consolidated Statements of Income of ($2.1) million and ($0.6) million for the three months ended March 31, 2020 and 2019, respectively. (3) Recorded as part of “Other interest expense” in the Consolidated Statements of Income. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, 2020 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 70,611 $ — $ 70,611 $ 72,526 $ — $ (1,915) December 31, 2019 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 2,352 $ — $ 2,352 $ — $ — $ 2,352 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 19,653 $ — $ 19,653 $ 19,265 $ — $ 388 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the three months ended March 31, 2020 2019 (In thousands) Federal: Current $ 1,950 $ 1,326 Deferred (961) 617 Total federal tax provision 989 1,943 State and Local: Current 162 156 Deferred (1,357) 188 Total state and local tax (benefit) provision (1,195) 344 Total income tax (benefit) provision $ (206) $ 2,287 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the three months ended March 31, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (3,982) $ (5,863) $ (983) $ 1,021 $ (9,807) Other comprehensive income before reclassifications, net of tax (10,202) (13,748) — 1,096 (22,854) Amounts reclassified from accumulated other comprehensive income, net of tax 25 143 53 — 221 Net current period other comprehensive income (loss), net of tax (10,177) (13,605) 53 1,096 (22,633) Ending balance, net of tax $ (14,159) $ (19,468) $ (930) $ 2,117 $ (32,440) For the three months ended March 31, 2019 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (15,649) $ 3,704 $ (1,673) $ 866 $ (12,752) Other comprehensive income before reclassifications, net of tax 5,620 (3,644) — 88 2,064 Amounts reclassified from accumulated other comprehensive income (loss), net of tax — 139 7 — 146 Net current period other comprehensive income, net of tax 5,620 (3,505) 7 88 2,210 Ending balance, net of tax $ (10,029) $ 199 $ (1,666) $ 954 $ (10,542) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | For the three months ended March 31, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized gains (losses) on available for sale securities $ (37) Net loss on sale of securities 12 Provision for income taxes $ (25) Net of tax Cash flow hedges: Interest rate swaps $ (208) Other interest expense 65 Tax benefit $ (143) Net of tax Amortization of defined benefit pension items: Actuarial gain (losses) $ (97) (1) Other operating expense Prior service credits 20 (1) Other operating expense (77) Total before tax 24 Provision for income taxes $ (53) Net of tax For the three months ended March 31, 2019 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps $ (201) Interest expense 62 Tax benefit $ (139) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (32) (1) Other operating expense Prior service credits 22 (1) Other operating expense (10) Total before tax 3 Tax benefit $ (7) Net of tax |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | March 31, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 676,267 9.51 % $ 680,749 9.65 % Requirement to be well capitalized 355,552 5.00 352,581 5.00 Excess 320,715 4.51 328,168 4.65 Common Equity Tier I risk-based capital: Capital level $ 676,267 12.48 % $ 680,749 13.02 % Requirement to be well capitalized 352,240 6.50 339,944 6.50 Excess 324,027 5.98 340,805 6.52 Tier 1 risk-based capital: Capital level $ 676,267 12.48 % $ 680,749 13.02 % Requirement to be well capitalized 433,526 8.00 418,393 8.00 Excess 242,741 4.48 262,356 5.02 Total risk-based capital: Capital level $ 703,130 12.98 % $ 702,500 13.43 % Requirement to be well capitalized 541,908 10.00 522,991 10.00 Excess 161,222 2.98 179,509 3.43 |
Holding Company | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | March 31, 2020 December 31, 2019 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 610,898 8.59 % $ 615,500 8.73 % Requirement to be well capitalized 355,470 5.00 352,581 5.00 Excess 255,428 3.59 262,919 3.73 Common Equity Tier I risk-based capital: Capital level $ 567,306 10.47 % $ 572,651 10.95 % Requirement to be well capitalized 352,184 6.50 339,929 6.50 Excess 215,122 3.97 232,722 4.45 Tier 1 risk-based capital: Capital level $ 610,898 11.28 % $ 615,500 11.77 % Requirement to be well capitalized 433,458 8.00 418,374 8.00 Excess 177,440 3.28 197,126 3.77 Total risk-based capital: Capital level $ 712,761 13.16 % $ 712,251 13.62 % Requirement to be well capitalized 541,822 10.00 522,967 10.00 Excess 170,939 3.16 189,284 3.62 |
Use of Estimates (Details)
Use of Estimates (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Notes to Financial Statements | ||
Goodwill | $ 16,127 | $ 16,127 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share | ||
Net income, as reported | $ (1,390) | $ 7,068 |
Weighted average common shares outstanding (in shares) | 28,853 | 28,621 |
Weighted average common stock equivalents (in shares) | 0 | 0 |
Total weighted average common shares outstanding and common stock equivalents (in shares) | 28,853 | 28,621 |
Basic earnings (loss) per common share (in dollars per share) | $ (0.05) | $ 0.25 |
Diluted earnings (loss) per common share (in dollars per share) | $ (0.05) | $ 0.25 |
Dividend Payout ratio | 84.00% |
Earnings Per Share - Anti Dilut
Earnings Per Share - Anti Dilutive (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Securities (Details)
Securities (Details) $ in Thousands | Jan. 01, 2020USD ($) | Mar. 31, 2020USD ($)security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 | ||
Number of securities in portfolio | security | 3 | |||
Number of portfolio securities modeled structured | security | 2 | |||
Accrued interest receivable on held-to-maturity securities | $ 100 | |||
Allowance for credit loss | 0 | |||
Accrued interest receivable on available-for-sale debt securities | 2,400 | |||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 64,600 | $ 0 | ||
Collateralized Mortgage Obligations by Commercial Real Estate [Member] | ||||
Private Issue Collateralized Mortgage Obligations, Number | 0 | 0 | ||
Accounting Standards Update 2016-13 [Member] | ||||
Increase in allowance for held-to-maturity debt securities | $ 300 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost | $ 58,556 | $ 58,888 |
Securities held-to-maturity, fair value | 60,891 | 62,112 |
Securities held-to-maturity, gross unrealized gains | 2,335 | 3,224 |
Securities held-to-maturity, gross unrealized losses | 0 | |
Securities held-to-maturity, allowance for credit losses | (402) | |
Securities available for sale, amortized cost, total other securities | 736,013 | 778,294 |
Securities available for sale, fair value | 715,412 | 772,500 |
Securities available for sale, gross unrealized gains | 10,950 | 4,307 |
Securities available for sale, gross unrealized losses | 31,551 | 10,101 |
Corporate Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 130,000 | 130,000 |
Securities available for sale, fair value | 111,852 | 123,050 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 18,148 | 6,950 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held-to-maturity, amortized cost | 50,627 | 50,954 |
Securities held-to-maturity, fair value | 51,938 | 53,998 |
Securities held-to-maturity, gross unrealized gains | 1,311 | 3,044 |
Securities held-to-maturity, gross unrealized losses | 0 | |
Securities held-to-maturity, allowance for credit losses | (402) | |
Securities available for sale, amortized cost, total other securities | 12,743 | 12,797 |
Securities available for sale, fair value | 12,801 | 12,916 |
Securities available for sale, gross unrealized gains | 58 | 119 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 50,627 | 50,954 |
Securities held-to-maturity, fair value | 51,938 | 53,998 |
Securities held-to-maturity, gross unrealized gains | 1,311 | 3,044 |
Securities held-to-maturity, gross unrealized losses | 0 | |
Securities held-to-maturity, allowance for credit losses | (402) | |
Securities available for sale, fair value | 225,856 | 248,651 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 12,476 | 12,216 |
Securities available for sale, fair value | 12,476 | 12,216 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
FNMA [Member] | ||
Securities held-to-maturity, amortized cost | 7,929 | 7,934 |
Securities held-to-maturity, fair value | 8,953 | 8,114 |
Securities held-to-maturity, gross unrealized gains | 1,024 | 180 |
Securities held-to-maturity, gross unrealized losses | 0 | |
Securities available for sale, amortized cost, total other securities | 99,676 | 104,235 |
Securities available for sale, fair value | 102,224 | 104,882 |
Securities available for sale, gross unrealized gains | 2,572 | 1,073 |
Securities available for sale, gross unrealized losses | 24 | 426 |
Collateralized Debt Obligations [Member] | ||
Securities available for sale, amortized cost, total other securities | 100,361 | 100,349 |
Securities available for sale, fair value | 87,372 | 99,137 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 12,989 | 1,212 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,929 | 7,934 |
Securities held-to-maturity, fair value | 8,953 | 8,114 |
Securities held-to-maturity, gross unrealized gains | 1,024 | 180 |
Securities held-to-maturity, gross unrealized losses | 0 | |
Securities available for sale, amortized cost, total other securities | 479,078 | 521,600 |
Securities available for sale, fair value | 489,556 | 523,849 |
Securities available for sale, gross unrealized gains | 10,892 | 4,188 |
Securities available for sale, gross unrealized losses | 414 | 1,939 |
Other Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 1,355 | 1,332 |
Securities available for sale, fair value | 1,355 | 1,332 |
Securities available for sale, gross unrealized gains | 0 | 0 |
Securities available for sale, gross unrealized losses | 0 | 0 |
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 256,935 | 256,694 |
Securities available for sale, fair value | 225,856 | 248,651 |
Securities available for sale, gross unrealized gains | 58 | 119 |
Securities available for sale, gross unrealized losses | 31,137 | 8,162 |
REMIC and CMO [Member] | ||
Securities available for sale, amortized cost, total other securities | 341,170 | 348,236 |
Securities available for sale, fair value | 348,109 | 348,989 |
Securities available for sale, gross unrealized gains | 7,329 | 2,193 |
Securities available for sale, gross unrealized losses | 390 | 1,440 |
GNMA [Member] | ||
Securities available for sale, amortized cost, total other securities | 602 | 653 |
Securities available for sale, fair value | 659 | 704 |
Securities available for sale, gross unrealized gains | 57 | 51 |
Securities available for sale, gross unrealized losses | 0 | 0 |
FHLMC [Member] | ||
Securities available for sale, amortized cost, total other securities | 37,630 | 68,476 |
Securities available for sale, fair value | 38,564 | 69,274 |
Securities available for sale, gross unrealized gains | 934 | 871 |
Securities available for sale, gross unrealized losses | $ 0 | $ 73 |
Securities - Securities Availab
Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost, due after ten years | $ 50,627 | |
Securities held-to-maturity, fair value, due after ten years | 51,938 | |
Securities held-to-maturity, amortized cost | 58,556 | $ 58,888 |
Securities held-to-maturity, fair value | 60,891 | 62,112 |
Securities available for sale, amortized cost, due after one years through five years | 20,000 | |
Securities available for sale, fair value, due after one years through five years | 18,276 | |
Securities available for sale, amortized cost, due after five years through ten years | 127,923 | |
Securities available for sale, fair value, due after five years through ten years | 109,510 | |
Securities available for sale, amortized cost, due after ten years | 96,536 | |
Securities available for sale, fair value, due after ten years | 85,594 | |
Securities available for sale, amortized cost, total other securities | 736,013 | 778,294 |
Securities available for sale, fair value, total other securities | 715,412 | 772,500 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 50,627 | 50,954 |
Securities held-to-maturity, fair value | 51,938 | 53,998 |
Securities available for sale, fair value, total other securities | 225,856 | 248,651 |
Total Other Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 244,459 | |
Securities available for sale, fair value, total other securities | 213,380 | |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,929 | 7,934 |
Securities held-to-maturity, fair value | 8,953 | 8,114 |
Securities available for sale, amortized cost, total other securities | 479,078 | 521,600 |
Securities available for sale, fair value, total other securities | 489,556 | 523,849 |
Mutual Fund Debt Securities [Member] | ||
Securities available for sale, amortized cost, total other securities | 12,476 | 12,216 |
Securities available for sale, fair value, total other securities | $ 12,476 | $ 12,216 |
Securities - Available for Sale
Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Securities have been in a continuous unrealized loss position, number of positions | 42 | 62 |
Securities have been in a continuous unrealized loss position, fair value | $ 275,453 | $ 441,043 |
Securities have been in a continuous unrealized loss position, unrealized losses | 31,551 | 10,101 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 96,682 | 146,957 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,797 | 1,363 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 178,771 | 294,086 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 27,754 | $ 8,738 |
Other Debt Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 29 | 29 |
Securities have been in a continuous unrealized loss position, fair value | $ 199,225 | $ 222,187 |
Securities have been in a continuous unrealized loss position, unrealized losses | 31,137 | 8,162 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 32,141 | 25,451 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,426 | 108 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 167,084 | 196,736 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 27,711 | $ 8,054 |
FNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | 8 |
Securities have been in a continuous unrealized loss position, fair value | $ 8,812 | $ 67,618 |
Securities have been in a continuous unrealized loss position, unrealized losses | 24 | 426 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 19,073 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 138 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 8,812 | 48,545 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 24 | $ 288 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 13 | 33 |
Securities have been in a continuous unrealized loss position, fair value | $ 76,228 | $ 218,856 |
Securities have been in a continuous unrealized loss position, unrealized losses | 414 | 1,939 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 64,541 | 121,506 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 371 | 1,255 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 11,687 | 97,350 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 43 | $ 684 |
Corporate Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 16 | 16 |
Securities have been in a continuous unrealized loss position, fair value | $ 111,853 | $ 123,050 |
Securities have been in a continuous unrealized loss position, unrealized losses | 18,148 | 6,950 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 9,620 | 0 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 380 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 102,233 | 123,050 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 17,768 | $ 6,950 |
Collateralized Loan Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 13 | 13 |
Securities have been in a continuous unrealized loss position, fair value | $ 87,372 | $ 99,137 |
Securities have been in a continuous unrealized loss position, unrealized losses | 12,989 | 1,212 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 22,521 | 25,451 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,046 | 108 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 64,851 | 73,686 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 9,943 | $ 1,104 |
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 12 | 23 |
Securities have been in a continuous unrealized loss position, fair value | $ 67,416 | $ 120,989 |
Securities have been in a continuous unrealized loss position, unrealized losses | 390 | 1,440 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 64,541 | 102,384 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 371 | 1,117 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 2,875 | 18,605 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 19 | $ 323 |
FHLMC [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 | $ 30,200 | |
Securities have been in a continuous unrealized loss position, unrealized losses | 73 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 30,200 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 73 | |
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 | $ 49 | |
Securities have been in a continuous unrealized loss position, unrealized losses | 0 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 49 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 |
Securities - Allowance for cred
Securities - Allowance for credit losses for debt securities held-to-maturity (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Activity in the allowance for credit losses for debt securities held-to-maturity | |
Allowance for credit losses - securities | $ 402 |
Other Debt Obligations [Member] | |
Activity in the allowance for credit losses for debt securities held-to-maturity | |
CECL adoption | 340 |
Provision | 62 |
Allowance for credit losses - securities | $ 402 |
Securities - Gross Gain (Loss)
Securities - Gross Gain (Loss) Realized From the Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Notes to Financial Statements | ||
Gross gains from the sale of securities | $ 713 | $ 0 |
Gross losses from the sale of securities | (750) | 0 |
Net losses from the sale of securities | $ (37) | $ 0 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($)item | Mar. 31, 2019USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of business units | item | 3 | |||
Allowance for credit losses | $ 28,098 | $ 21,015 | $ 21,751 | $ 20,945 |
Percentage of financing receivable on total loans | 0.47% | |||
Percentage of financing receivable on gross loans | 167.73% | |||
Payback protection program , maximum fund | $ 64,000 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||
Financing Receivable, Modifications, Number of Contracts | item | 0 | 0 | ||
Financing Receivable, Nonaccrual | $ 12,813 | |||
Minimum [Member] | ||||
Term of Deferral interest and principal payments | 1 year | |||
Maximum [Member] | ||||
Term of Deferral interest and principal payments | 6 months | |||
Interest and dividends receivable | ||||
Interest Receivable | $ 23,000 | |||
Payment Deferral | ||||
Aggregate outstanding loans | 839,000 | |||
Extension Of Credit [Member] | ||||
Commitments and contingencies (Note 15) | 51,900 | |||
Extension Of Lines Of Credit [Member] | ||||
Commitments and contingencies (Note 15) | $ 259,900 | |||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 23 | 24 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for credit losses | $ 6,791 | $ 4,278 | $ 4,429 | 4,315 |
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral | ||||
Aggregate outstanding loans | 673,000 | |||
Multi-family Residential Portfolio Segment [Member] | ||||
Allowance for credit losses | $ 5,895 | 5,493 | $ 5,391 | 5,676 |
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 6 | 7 | ||
Financing Receivable, Nonaccrual | $ 1,500 | $ 1,700 | ||
Commercial Business and Other Portfolio Segment [Member] | ||||
Allowance for credit losses | $ 10,637 | $ 7,962 | 8,554 | $ 7,591 |
TDR Loans Transferred to Non-performing, Number of Contracts | item | 1 | |||
Commercial Business and Other Portfolio Segment [Member] | Payment Deferral | ||||
Aggregate outstanding loans | $ 166,000 | |||
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Nonaccrual | 1,000 | $ 900 | ||
Overdrafts [Member] | ||||
Allowance for credit losses | $ 7,100 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses - Loans Modified and Classified as TDR (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)item | Mar. 31, 2019item | |
Number | item | 0 | 0 |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ | $ 0 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Troubled Debt Restructurings That Are Performing (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)item | Mar. 31, 2019item | Dec. 31, 2019USD ($) | |
Number | item | 0 | 0 | |
Performing Financial Instruments [Member] | |||
Number | 23 | 24 | |
Recorded investment | $ 6,346 | $ 6,494 | |
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | |||
Number | 7 | 7 | |
Recorded investment | $ 1,868 | $ 1,873 | |
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | |||
Number | 4 | 4 | |
Recorded investment | $ 1,483 | $ 1,481 | |
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | |||
Number | 3 | 3 | |
Recorded investment | $ 525 | $ 531 | |
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Number | 6 | 7 | |
Recorded investment | $ 1,520 | $ 1,668 | |
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | |||
Number | 3 | 3 | |
Recorded investment | $ 950 | $ 941 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Troubled Debt Restructurings That Are Not Performing (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019 | Dec. 31, 2019USD ($) | |
Number of contracts | 0 | 0 | |
Nonperforming Financial Instruments [Member] | |||
Number of contracts | 6 | 5 | |
Recorded investment, not performing | $ 1,474 | $ 1,344 | |
Taxi Medallion Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Number of contracts | 5 | 4 | |
Recorded investment, not performing | $ 1,195 | $ 1,065 | |
Commercial Business and Other Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Number of contracts | 1 | 1 | |
Recorded investment, not performing | $ 279 | $ 279 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Non-performing Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans ninety days or more past due and still accruing | $ 445 | |
Non-accrual loans | 12,813 | |
Total non-performing loans | 13,258 | |
Mortgage Receivable [Member] | ||
Non-accrual loans | 8,076 | |
Non-Mortgage Loans [Member] | ||
Non-accrual loans | 4,737 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 367 | |
Multi-family Residential Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 445 | |
Multi-family Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 2,296 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 274 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Non-accrual loans | 5,139 | |
Small Business Administration Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,151 | |
Taxi Medallion Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,641 | |
Commercial Business and Other Portfolio Segment [Member] | Non-Mortgage Loans [Member] | ||
Non-accrual loans | 1,945 | |
Performing Financial Instruments [Member] | Taxi Medallion Portfolio Segment [Member] | ||
Non-accrual loans | $ 1,500 | 1,700 |
Performing Financial Instruments [Member] | Commercial Business and Other Portfolio Segment [Member] | ||
Non-accrual loans | $ 1,000 | $ 900 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Foregone on Non-accrual Loans and Loans Classified as TDR (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Note 3 - Loans and Allowance for Loan Losses - Summary of Interest Foregone on Non-accrual Loans and Loans Classified as TDR (Details) | ||
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 375 | $ 394 |
Less: Interest income included in the results of operations | 89 | 118 |
Total foregone interest | $ 286 | $ 276 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans, past due | $ 28,602 | $ 28,928 |
Loans, current | 5,903,486 | 5,728,007 |
Loans | 5,932,088 | 5,756,935 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 12,375 | 8,219 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 534 | 8,027 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 15,693 | 12,682 |
Multi-family Residential Portfolio Segment [Member] | ||
Loans, past due | 4,682 | 8,346 |
Loans, current | 2,274,090 | 2,230,245 |
Loans | 2,278,772 | 2,238,591 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 1,919 | 4,042 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 0 | 1,563 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 2,763 | 2,741 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, past due | 5,214 | 5,308 |
Loans, current | 1,661,599 | 1,576,700 |
Loans | 1,666,813 | 1,582,008 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 5,206 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 0 | 4,941 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 8 | 367 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans, past due | 3,910 | 1,887 |
Loans, current | 592,435 | 590,584 |
Loans | 596,345 | 592,471 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 3,283 | 1,117 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 0 | 496 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 627 | 274 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans, past due | 6,291 | 6,881 |
Loans, current | 193,593 | 181,335 |
Loans | 199,884 | 188,216 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 1,322 | 720 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 381 | 1,022 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 4,588 | 5,139 |
Co-Operative Apartments Portfolio Segment [Member] | ||
Loans, past due | 0 | |
Loans, current | 8,663 | |
Loans | 8,663 | |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 0 | |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 0 | |
Co-Operative Apartments Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 0 | |
Construction Portfolio Segment [Member] | ||
Loans, past due | 0 | 0 |
Loans, current | 66,524 | 67,754 |
Loans | 66,524 | 67,754 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | ||
Loans, past due | 1,544 | 1,151 |
Loans, current | 12,961 | 13,294 |
Loans | 14,505 | 14,445 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,544 | 1,151 |
Taxi Medallion Portfolio Segment [Member] | ||
Loans, past due | 1,195 | 1,065 |
Loans, current | 2,087 | 2,244 |
Loans | 3,282 | 3,309 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,195 | 1,065 |
Commercial Business and Other Portfolio Segment [Member] | ||
Loans, past due | 5,766 | 4,290 |
Loans, current | 1,100,197 | 1,057,188 |
Loans | 1,105,963 | 1,061,478 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 645 | 2,340 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 153 | 5 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | $ 4,968 | $ 1,945 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Beginning balance | $ 21,751 | $ 20,945 |
Impact of CECL Adoption | 379 | |
Charge-off's | (1,259) | (1,138) |
Recoveries | 110 | 236 |
Provision (benefit) | 7,117 | 972 |
Ending balance | 28,098 | 21,015 |
Multi-family Residential Portfolio Segment [Member] | ||
Beginning balance | 5,391 | 5,676 |
Impact of CECL Adoption | (651) | |
Recoveries | 7 | 13 |
Provision (benefit) | 1,148 | (196) |
Ending balance | 5,895 | 5,493 |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning balance | 4,429 | 4,315 |
Impact of CECL Adoption | 1,170 | |
Provision (benefit) | 1,192 | (37) |
Ending balance | 6,791 | 4,278 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Beginning balance | 1,817 | 1,867 |
Impact of CECL Adoption | (55) | |
Charge-off's | (1) | |
Recoveries | 78 | 86 |
Provision (benefit) | 330 | (161) |
Ending balance | 2,170 | 1,791 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Beginning balance | 756 | 749 |
Impact of CECL Adoption | (159) | |
Recoveries | 4 | 4 |
Provision (benefit) | 291 | (22) |
Ending balance | 892 | 731 |
Construction Portfolio Segment [Member] | ||
Beginning balance | 441 | 329 |
Impact of CECL Adoption | (279) | |
Provision (benefit) | 23 | 22 |
Ending balance | 185 | 351 |
Small Business Administration Portfolio Segment [Member] | ||
Beginning balance | 363 | 418 |
Impact of CECL Adoption | 1,180 | |
Recoveries | 7 | 4 |
Provision (benefit) | (22) | (13) |
Ending balance | 1,528 | 409 |
Taxi Medallion Portfolio Segment [Member] | ||
Recoveries | 84 | |
Provision (benefit) | (84) | |
Commercial Business and Other Portfolio Segment [Member] | ||
Beginning balance | 8,554 | 7,591 |
Impact of CECL Adoption | (827) | |
Charge-off's | (1,259) | (1,137) |
Recoveries | 14 | 45 |
Provision (benefit) | 4,155 | 1,463 |
Ending balance | $ 10,637 | $ 7,962 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Non-Accrual at Amortized Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Total Non-Accrual Amortized Cost | $ 16,299 | |
Non-Accrual with no related Allowance | 16,013 | |
Interest Income Recognized | 9 | |
Loans ninety days or more past due and still accruing | $ 445 | |
Multi-family Residential Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 2,763 | |
Non-Accrual with no related Allowance | 2,763 | |
Loans ninety days or more past due and still accruing | $ 445 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 8 | |
Non-Accrual with no related Allowance | 8 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 627 | |
Non-Accrual with no related Allowance | 346 | |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 4,588 | |
Non-Accrual with no related Allowance | 4,588 | |
Small Business Administration Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 1,544 | |
Non-Accrual with no related Allowance | 1,544 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 5,006 | |
Non-Accrual with no related Allowance | 5,001 | |
Taxi Medallion Portfolio Segment [Member] | ||
Total Non-Accrual Amortized Cost | 1,763 | |
Non-Accrual with no related Allowance | 1,763 | |
Interest Income Recognized | $ 9 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Risk category of our loan portfolio (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 246,562 |
2019 | 960,248 |
2018 | 990,057 |
2017 | 766,510 |
2016 | 701,969 |
Prior | 1,994,621 |
Revolving Loans Amortized Cost Basis | 247,177 |
Lines of credit converted to term loans | 24,944 |
One-To-Four Family - Residential Portfolio Segment [Member] | |
2020 | 8,526 |
2019 | 26,292 |
2018 | 29,807 |
2017 | 16,352 |
2016 | 12,349 |
Prior | 72,107 |
Revolving Loans Amortized Cost Basis | 9,507 |
Lines of credit converted to term loans | 24,944 |
One-To-Four Family - Residential Portfolio Segment [Member] | Pass [Member] | |
2020 | 8,526 |
2019 | 26,292 |
2018 | 29,807 |
2017 | 16,352 |
2016 | 11,399 |
Prior | 65,998 |
Revolving Loans Amortized Cost Basis | 9,361 |
Lines of credit converted to term loans | 22,132 |
One-To-Four Family - Residential Portfolio Segment [Member] | Watch [Member] | |
Prior | 2,759 |
Lines of credit converted to term loans | 1,809 |
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | |
Prior | 444 |
Revolving Loans Amortized Cost Basis | 146 |
Lines of credit converted to term loans | 147 |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | |
2016 | 950 |
Prior | 2,906 |
Lines of credit converted to term loans | 856 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |
2020 | 15,189 |
2019 | 70,064 |
2018 | 78,929 |
2017 | 63,655 |
2016 | 55,334 |
Prior | 313,174 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Pass [Member] | |
2020 | 15,189 |
2019 | 70,064 |
2018 | 78,136 |
2017 | 63,655 |
2016 | 54,009 |
Prior | 304,415 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Watch [Member] | |
2018 | 793 |
2016 | 1,325 |
Prior | 7,148 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | |
Prior | 984 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | |
Prior | 627 |
Commercial Real Estate Portfolio Segment [Member] | |
2020 | 80,872 |
2019 | 263,848 |
2018 | 283,515 |
2017 | 199,581 |
2016 | 259,864 |
Prior | 579,133 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |
2020 | 75,893 |
2019 | 254,086 |
2018 | 283,515 |
2017 | 194,618 |
2016 | 239,116 |
Prior | 511,871 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | |
2020 | 4,979 |
2019 | 9,762 |
2017 | 4,963 |
2016 | 20,748 |
Prior | 66,711 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |
Prior | 543 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |
Prior | 8 |
Construction Portfolio Segment [Member] | |
2020 | 4,885 |
2019 | 15,633 |
2018 | 36,612 |
2016 | 9,394 |
Construction Portfolio Segment [Member] | Pass [Member] | |
2020 | 4,885 |
2019 | 15,633 |
2018 | 35,934 |
2016 | 9,394 |
Construction Portfolio Segment [Member] | Watch [Member] | |
2018 | 678 |
Multi-family Residential Portfolio Segment [Member] | |
2020 | 68,498 |
2019 | 313,608 |
2018 | 371,238 |
2017 | 378,360 |
2016 | 285,971 |
Prior | 856,637 |
Revolving Loans Amortized Cost Basis | 4,460 |
Multi-family Residential Portfolio Segment [Member] | Pass [Member] | |
2020 | 68,498 |
2019 | 313,608 |
2018 | 369,264 |
2017 | 376,202 |
2016 | 283,128 |
Prior | 846,228 |
Revolving Loans Amortized Cost Basis | 4,460 |
Multi-family Residential Portfolio Segment [Member] | Watch [Member] | |
2017 | 2,158 |
2016 | 2,843 |
Prior | 9,620 |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | |
2018 | 1,974 |
Prior | 789 |
Commercial Business Secured By Portfolio Segment [member] | |
2020 | 27,601 |
2019 | 117,070 |
2018 | 66,055 |
2017 | 23,719 |
2016 | 47,665 |
Prior | 91,765 |
Commercial Business Secured By Portfolio Segment [member] | Pass [Member] | |
2020 | 27,601 |
2019 | 117,070 |
2018 | 59,408 |
2017 | 22,399 |
2016 | 44,964 |
Prior | 85,736 |
Commercial Business Secured By Portfolio Segment [member] | Watch [Member] | |
2018 | 6,647 |
2017 | 1,320 |
2016 | 2,701 |
Prior | 3,276 |
Commercial Business Secured By Portfolio Segment [member] | Special Mention [Member] | |
Prior | 423 |
Commercial Business Secured By Portfolio Segment [member] | Substandard [Member] | |
Prior | 2,330 |
Commercial Business Portfolio Segment [Member] | |
2020 | 40,991 |
2019 | 152,747 |
2018 | 120,275 |
2017 | 80,302 |
2016 | 28,314 |
Prior | 76,144 |
Revolving Loans Amortized Cost Basis | 233,036 |
Commercial Business Portfolio Segment [Member] | Pass [Member] | |
2020 | 39,770 |
2019 | 151,169 |
2018 | 117,548 |
2017 | 73,802 |
2016 | 18,931 |
Prior | 73,775 |
Revolving Loans Amortized Cost Basis | 213,463 |
Commercial Business Portfolio Segment [Member] | Watch [Member] | |
2020 | 1,221 |
2019 | 1,001 |
2018 | 2,372 |
2017 | 3,114 |
2016 | 445 |
Prior | 587 |
Revolving Loans Amortized Cost Basis | 19,162 |
Commercial Business Portfolio Segment [Member] | Special Mention [Member] | |
2018 | 15 |
2016 | 2,683 |
Prior | 463 |
Revolving Loans Amortized Cost Basis | 317 |
Commercial Business Portfolio Segment [Member] | Substandard [Member] | |
2019 | 577 |
2018 | 340 |
2017 | 3,386 |
2016 | 6,255 |
Prior | 1,211 |
Revolving Loans Amortized Cost Basis | 94 |
Commercial Business Portfolio Segment [Member] | Doubtful [Member] | |
Prior | 108 |
Small Business Administration Portfolio Segment [Member] | |
2019 | 986 |
2018 | 3,626 |
2017 | 4,541 |
2016 | 3,078 |
Prior | 2,274 |
Small Business Administration Portfolio Segment [Member] | Pass [Member] | |
2019 | 986 |
2018 | 3,626 |
2017 | 1,072 |
2016 | 2,704 |
Prior | 2,220 |
Small Business Administration Portfolio Segment [Member] | Watch [Member] | |
2017 | 2,299 |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | |
Prior | 54 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | |
2017 | 1,170 |
2016 | 374 |
Taxi Medallion Portfolio Segment [Member] | |
Prior | 3,282 |
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |
Prior | 3,282 |
Other Portfolio Segment [Member] | |
Prior | 105 |
Revolving Loans Amortized Cost Basis | 174 |
Other Portfolio Segment [Member] | Pass [Member] | |
Prior | 105 |
Revolving Loans Amortized Cost Basis | 171 |
Other Portfolio Segment [Member] | Watch [Member] | |
Revolving Loans Amortized Cost Basis | $ 3 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Loans Designated as Criticized or Classified (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Loans designated as criticized or classified | $ 38,046 |
Special Mention [Member] | |
Loans designated as criticized or classified | 13,747 |
Substandard [Member] | |
Loans designated as criticized or classified | 24,033 |
Doubtful [Member] | |
Loans designated as criticized or classified | 266 |
Loss [Member] | |
Loans designated as criticized or classified | 0 |
Multi-family Residential Portfolio Segment [Member] | |
Loans designated as criticized or classified | 4,306 |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 1,563 |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 2,743 |
Multi-family Residential Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Multi-family Residential Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Loans designated as criticized or classified | 5,892 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 5,525 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 367 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |
Loans designated as criticized or classified | 2,038 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 1,585 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 453 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
One-To-Four Family - Residential Portfolio Segment [Member] | |
Loans designated as criticized or classified | 6,882 |
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 1,095 |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 5,787 |
One-To-Four Family - Residential Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
One-To-Four Family - Residential Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Construction Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Small Business Administration Portfolio Segment [Member] | |
Loans designated as criticized or classified | 140 |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 55 |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 85 |
Small Business Administration Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Small Business Administration Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Taxi Medallion Portfolio Segment [Member] | |
Loans designated as criticized or classified | 3,309 |
Taxi Medallion Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 0 |
Taxi Medallion Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 3,309 |
Taxi Medallion Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 0 |
Taxi Medallion Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | 0 |
Commercial Business and Other Portfolio Segment [Member] | |
Loans designated as criticized or classified | 15,479 |
Commercial Business and Other Portfolio Segment [Member] | Special Mention [Member] | |
Loans designated as criticized or classified | 3,924 |
Commercial Business and Other Portfolio Segment [Member] | Substandard [Member] | |
Loans designated as criticized or classified | 11,289 |
Commercial Business and Other Portfolio Segment [Member] | Doubtful [Member] | |
Loans designated as criticized or classified | 266 |
Commercial Business and Other Portfolio Segment [Member] | Loss [Member] | |
Loans designated as criticized or classified | $ 0 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Amortized Cost of Collateral (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | $ 7,986 |
Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 9,826 |
Multi-family Residential Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 2,763 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 8 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 627 |
One-To-Four Family - Residential Portfolio Segment [Member] | Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 4,588 |
Small Business Administration Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 1,544 |
Commercial Business and Other Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | 5,000 |
Taxi Medallion Portfolio Segment [Member] | Business Assets | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Collateral Type | $ 3,282 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Off-Balance Sheet Credit Losses (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Other operating expense | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Credit loss expense for off-balance-sheet | $ 0.2 |
Other Liabilities | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Off-balance-sheet credit losses | $ 0.8 |
Loans Held for Sale (Details)
Loans Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Note To Financial Statement Details Textual | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | $ 0 | $ 0 |
Loans Held for Sale - Delinquen
Loans Held for Sale - Delinquent and Non-performing Loans Sold During the Period Indicated (Details) - Nonperforming Financial Instruments [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Loans sold | 2 | 3 |
Proceeds | $ 580 | $ 1,170 |
Net (charge-offs) recoveries | 0 | (1) |
Net gain (loss) | $ 42 | $ 63 |
Multi-family Residential Portfolio Segment [Member] | ||
Loans sold | 1 | 2 |
Proceeds | $ 284 | $ 765 |
Net (charge-offs) recoveries | 0 | 0 |
Net gain (loss) | $ 42 | $ 63 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans sold | 1 | 1 |
Proceeds | $ 296 | $ 405 |
Net (charge-offs) recoveries | 0 | (1) |
Net gain (loss) | $ 0 | $ 0 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Consumer Portfolio Segment [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 5.2 | $ 6.6 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Changes in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Note 5 - Other Real Estate Owned - Changes in Other Real Estate Owned ("OREO") (Details) | ||
Balance at beginning of year | $ 239 | $ 0 |
Write-down of carrying value | (31) | 0 |
Balance at end of year | $ 208 | $ 0 |
Other Real Estate Owned - Gross
Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Note 5 - Other Real Estate Owned - Gross Gains, Gross Losses and Write-downs of OREO (Details) | ||
Gross gains | $ 0 | $ 0 |
Write-down of carrying value | (31) | $ 0 |
Total income | $ (31) |
Leases (Details)
Leases (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)lease | Mar. 31, 2019USD ($) | Dec. 31, 2019 | |
Short-term lease expense | $ 34,000 | $ 34,000 | |
variable lease payments | 300,000 | 200,000 | |
Operating lease cost | $ 1,885,000 | $ 1,892,000 | |
Weighted-average remaining lease term-operating leases (Year) | 7 years 4 months 24 days | 8 years | |
Weighted average discount rate-operating leases | 3.80% | 3.80% | |
Minimum [Member] | |||
Term of contract | 8 months | ||
Maximum [Member] | |||
Term of contract | 12 years | ||
Branches And Office Space [Member] | |||
Number of leases | lease | 21 | ||
Vehicles [Member] | |||
Number of leases | lease | 9 | ||
Equipment [Member] | |||
Number of leases | lease | 1 | ||
Professional Services [Member] | |||
Short-term lease expense | $ 34,000 |
Leases - Balance Sheet Disclosu
Leases - Balance Sheet Disclosures and Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Right of Use Asset | $ 39,729 | $ 41,254 | |
Operating lease liability | $ 47,726 | $ 49,367 | |
Weighted-average remaining lease term-operating leases (Year) | 7 years 4 months 24 days | 8 years | |
Weighted average discount rate-operating leases | 3.80% | 3.80% | |
Operating lease cost | $ 1,885 | $ 1,892 | |
Short-term lease cost | 34 | 34 | |
Variable lease cost | 264 | 246 | |
Total lease cost | 2,183 | 2,172 | |
Operating cash flows from operating leases | 1,982 | 2,025 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 23 | $ 21 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments for Bank facilities Due Under Non-cancelable Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 6,004 | |
2021 | 7,680 | |
2022 | 7,265 | |
2023 | 7,398 | |
2024 | 7,425 | |
Thereafter | 19,148 | |
Total minimum payments required | 54,920 | |
Less: implied interest | 7,194 | |
Operating lease liability | $ 47,726 | $ 49,367 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 |
Allocated Share-based Compensation Expense, Total | $ 2,500,000 | $ 4,000,000 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 600,000 | $ 1,000,000 | ||
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 | 0 | 0 | ||
Omnibus Plan 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
The 2019 Long-term Incentive Compensation Program [Member] | ||||
PRSU Awards, Percentage of Target Award, Below Threshold-level Performance | 0.00% | |||
PRSU Awards, Percentage of Target Award, Threshold-level Performance | 50.00% | |||
PRSU Awards, Percentage of Target Award, Target-Level Performance | 100.00% | |||
PRSU Awards, Percentage of Target Award, Maximum-Level Performance | 150.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 170,228 | 263,574 | ||
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 8,400,000 | $ 8,400,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5,000,000 | $ 6,100,000 | ||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 72,143 | 57,870 | ||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ (900,000) | $ 100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,000 | $ 22,000 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restricted Stock Units (RSUs) [Member] | ||
Non-vested RSU's, beginning balance (in shares) | 428,295 | |
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 24.42 | |
Granted RSU's (in shares) | 170,228 | 263,574 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 19.79 | |
Vested RSU's (in shares) | (232,351) | |
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 22.28 | |
Forfeited RSU's (in shares) | (2,415) | |
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 24.62 | |
Non-vested RSU's, ending balance (in shares) | 363,757 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 23.62 | |
Vested RSU's but unissued (in shares) | 216,777 | |
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 23.26 | |
Performance-based Restricted Stock Units [Member] | ||
Non-vested RSU's, beginning balance (in shares) | 34,186 | |
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 22.38 | |
Granted RSU's (in shares) | 72,143 | 57,870 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 20.38 | |
Vested RSU's (in shares) | (35,149) | |
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 20.54 | |
Forfeited RSU's (in shares) | 0 | |
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 0 | |
Non-vested RSU's, ending balance (in shares) | 71,180 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 21.26 | |
Vested RSU's but unissued (in shares) | 62,515 | |
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 21.35 |
Stock-based Compensation - Phan
Stock-based Compensation - Phantom Stock Plan (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Note 11 - Stock-based Compensation - Phantom Stock Plan (Details) | |
Outstanding, beginning balance (in shares) | shares | 109,226 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 21.61 |
Granted (in shares) | shares | 5,798 |
Granted (in dollars per share) | $ / shares | $ 17.77 |
Distributions (in shares) | shares | (26) |
Distributions (in dollars per share) | $ / shares | $ 20.45 |
Outstanding, ending balance (in shares) | shares | 114,998 |
Outstanding, ending (in dollars per share) | $ / shares | $ 13.36 |
Vested at March 31, 2020 (in shares) | shares | 114,627 |
Vested at March 31, 2020 (in dollars per share) | $ / shares | $ 13.36 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Directors' Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 36,000 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 18,000 | |
Retirement Plan [Member] | Savings Bank [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - The Components of the Net Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Pension Plan [Member] | ||
Interest cost | $ 163 | $ 199 |
Amortization of unrecognized (gain) loss | 111 | 67 |
Expected return on plan assets | (257) | (272) |
Net pension (benefit) expense | 17 | (6) |
Directors' Plan [Member] | ||
Interest cost | 16 | 21 |
Amortization of unrecognized (gain) loss | (14) | (35) |
Net pension (benefit) expense | 6 | (4) |
Service cost | 4 | 10 |
Amortization of past service credit | 0 | 0 |
Other Post Retirement Benefit Plan Defined Benefit [Member] | ||
Interest cost | 65 | 85 |
Net pension (benefit) expense | 114 | 133 |
Service cost | 69 | 70 |
Amortization of past service credit | $ (20) | $ (22) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Financial Assets at Fair Value Option | $ 14,600 | $ 14,300 | |
Financial Liabilities at Fair Value Option | 45,100 | 44,400 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (5,993) | $ (2,080) | |
Financial Liabilities at Fair Value Option Contractual Principal | 61,900 | 61,900 | |
Financial Liabilities at Fair Value Option Accrued Interest Payable | $ 200 | 200 | |
Appraised Value of Property [Member] | |||
Collateral Dependent Loans Measurement Input | 85 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |
Interest Rate Swap [Member] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 3,900 | $ 1,100 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Reported Under the Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financial Assets at Fair Value Option | $ 14,600 | $ 14,300 | |
Net loss from fair value adjustments | (5,993) | $ (2,080) | |
Collateralized Mortgage Backed Securities [Member] | |||
Financial Assets at Fair Value Option | 738 | 772 | |
Net loss from fair value adjustments | 3 | 1 | |
Other Securities [Member] | |||
Financial Assets at Fair Value Option | 13,831 | 13,548 | |
Net loss from fair value adjustments | 219 | 179 | |
Junior Subordinated Debentures [Member] | |||
Financial Assets at Fair Value Option | 45,126 | $ 44,384 | |
Net loss from fair value adjustments | (2,351) | (1,210) | |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | |||
Net loss from fair value adjustments | $ (2,129) | $ (1,030) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, fair value | $ 715,412 | $ 772,500 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 489,556 | 523,849 |
Other Securities [Member] | ||
Securities available for sale, fair value | 1,355 | 1,332 |
Fair Value, Measurements, Recurring [Member] | ||
Total assets | 715,412 | 774,852 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 115,737 | 64,037 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 489,556 | 523,849 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 225,856 | 248,651 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 2,352 |
Interest Rate Swaps, Net Amount | 70,611 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 45,126 | 44,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 12,476 | 12,216 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 12,476 | 12,216 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest Rate Swaps, Net Amount | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 701,581 | 761,304 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 70,611 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 489,556 | 523,849 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 212,025 | 235,103 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 2,352 |
Interest Rate Swaps, Net Amount | 70,611 | 19,653 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 1,355 | 1,332 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 45,126 | 44,384 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 1,355 | 1,332 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest Rate Swaps, Net Amount | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 45,126 | $ 44,384 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Recurring Basis, Classified Within Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Trust Preferred Securities [Member] | ||
Beginning balance | $ 1,332 | $ 1,256 |
Net gain from fair value adjustment of financial assets | 24 | 33 |
Decrease in accrued interest receivable | (1) | |
Ending balance | 1,355 | 1,289 |
Junior Subordinated Debentures [Member] | ||
Beginning balance | 44,384 | 41,849 |
Net loss from fair value adjustment of financial liabilities | 2,351 | 1,210 |
(Decrease) increase in accrued interest payable | (24) | 9 |
Change in unrealized gains included in other comprehensive income | (1,585) | (127) |
Ending balance | 45,126 | 42,941 |
Changes in unrealized gains held at period end | $ 3,062 | $ 1,375 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information About Recurring Level 3 Fair Value of Financial Instruments (Details) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Securities available for sale, fair value | $ 715,412 | $ 772,500 |
Valuation Technique, Discounted Cash Flow [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 45,126 | $ 44,384 |
Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities, Weighted average | 3.7 | 4.2 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Securities available for sale, fair value | $ 1,355 | $ 1,332 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Assets, Weighted average | 3.7 | 4.2 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Non-recurring Basis, Fair Value (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Impaired loans | $ 1,259 | $ 1,081 |
Other repossessed assets | 208 | 239 |
Total assets | 1,467 | 1,320 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Other repossessed assets | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Other repossessed assets | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 1,259 | 1,081 |
Other repossessed assets | 208 | 239 |
Total assets | $ 1,467 | $ 1,320 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments (Details) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Other Real Estate | $ 208 | $ 239 | $ 0 | $ 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Impaired loans | $ 1,259 | 1,081 | ||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | ||||
Impaired loans | $ 239 | |||
Impaired loans, measurerment input | 47.8 | |||
Other Real Estate, Measurement Input | 0 | |||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||||
Impaired loans, measurerment input | 0.5 | |||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||||
Impaired loans, measurerment input | 12.5 | |||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||||
Impaired loans, measurerment input | 47.8 | 6.5 | ||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | ||||
Impaired loans | $ 169 | |||
Impaired loans, measurerment input | 0 | |||
Other Real Estate | $ 208 | |||
Other Real Estate, Measurement Input | 6.5 | |||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||||
Other Real Estate, Measurement Input | 0.5 | |||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||||
Other Real Estate, Measurement Input | 12.5 | |||
Valuation, Market Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||||
Impaired loans, measurerment input | 0 | |||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | ||||
Impaired loans | $ 818 | $ 809 | ||
Impaired loans, measurerment input | 6.4 | 6.4 | ||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||
Impaired loans, measurerment input | 6.4 | 6.4 | ||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | ||||
Impaired loans, measurerment input | 0.200 | 0.200 | ||
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||||
Impaired loans, measurerment input | 0.200 | 0.200 | ||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Cap Rate [Member] | ||||
Impaired loans, measurerment input | 9.5 | 9.5 | ||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Cap Rate [Member] | Weighted Average [Member] | ||||
Impaired loans, measurerment input | 9.5 | 9.5 | ||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | ||||
Impaired loans, measurerment input | 15 | 15 | ||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||||
Impaired loans, measurerment input | 15 | 15 | ||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | ||||
Impaired loans | $ 272 | |||
Other Real Estate | $ 272 | |||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||||
Impaired loans, measurerment input | (10) | |||
Other Real Estate, Measurement Input | (0.100) | |||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||||
Impaired loans, measurerment input | 15 | |||
Other Real Estate, Measurement Input | 15 | |||
Blended Income and Sales Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||||
Impaired loans, measurerment input | 2.5 | 2.5 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost | $ 58,556 | $ 58,888 |
Securities available for sale, fair value | 715,412 | 772,500 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 2,352 | |
Interest rate swaps | (1,915) | 388 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,929 | 7,934 |
Securities available for sale, fair value | 489,556 | 523,849 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 50,627 | 50,954 |
Securities available for sale, fair value | 225,856 | 248,651 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 157,184 | 49,787 |
Loans | 5,932,088 | 5,772,206 |
FHLB-NY stock | 74,000 | 56,921 |
Accrued interest receivable | 25,526 | 25,722 |
Deposits | 4,901,486 | 5,066,424 |
Borrowings | 1,617,582 | 1,237,231 |
Accrued interest payable | 7,492 | 6,752 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 2,352 | |
Interest rate swaps | 70,611 | 19,653 |
Reported Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,929 | 7,934 |
Securities available for sale, fair value | 489,556 | 523,849 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 50,225 | 50,954 |
Securities available for sale, fair value | 225,856 | 248,651 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 157,184 | 49,787 |
Loans | 6,035,453 | 5,822,124 |
FHLB-NY stock | 74,000 | 56,921 |
Accrued interest receivable | 25,527 | 25,722 |
Deposits | 4,914,041 | 5,070,046 |
Borrowings | 1,624,010 | 1,389,883 |
Accrued interest payable | 7,492 | 6,752 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 2,352 | |
Interest rate swaps | 70,611 | 19,653 |
Estimate of Fair Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 8,953 | 8,114 |
Securities available for sale, fair value | 489,556 | 523,849 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 51,938 | 53,998 |
Securities available for sale, fair value | 225,856 | 248,651 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 157,184 | 49,787 |
Loans | 0 | 0 |
FHLB-NY stock | 0 | 0 |
Accrued interest receivable | 2 | 9 |
Deposits | 3,729,105 | 3,628,534 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | |
Interest rate swaps | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 12,476 | 12,216 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Loans | 0 | 0 |
FHLB-NY stock | 74,000 | 56,921 |
Accrued interest receivable | 2,254 | 2,519 |
Deposits | 1,184,936 | 1,441,512 |
Borrowings | 1,578,884 | 1,345,499 |
Accrued interest payable | 7,492 | 6,752 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 2,352 | |
Interest rate swaps | 70,611 | 19,653 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 8,953 | 8,114 |
Securities available for sale, fair value | 489,556 | 523,849 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 212,025 | 235,103 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Loans | 6,035,453 | 5,822,124 |
FHLB-NY stock | 0 | 0 |
Accrued interest receivable | 23,271 | 23,194 |
Deposits | 0 | 0 |
Borrowings | 45,126 | 44,384 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | |
Interest rate swaps | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 51,938 | 53,998 |
Securities available for sale, fair value | $ 1,355 | $ 1,332 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Junior Subordinated Notes, Total | $ 45,126 | $ 44,384 |
Derivative Asset, Notional Amount | 1,208,025 | 885,469 |
Short-term Debt, Total | 866,500 | 541,500 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 200 | |
Derivative Instruments, Gain (Loss) Reclassification from accumulated other comprehensive income (loss) to Income, Estimated Net Amount to be Transferred | 600 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Notional Amount | 18,000 | 18,000 |
Designated as Hedging Instrument [Member] | ||
Derivative Asset, Notional Amount | 323,500 | 326,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Asset, Notional Amount | 866,500 | 541,500 |
Interest Rate Swap [Member] | ||
Derivative Asset, Notional Amount | 323,500 | 326,000 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Notional Amount | 18,000 | 18,000 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Asset, Notional Amount | 866,500 | 541,500 |
Floating Rate Junior Subordinated Debentures [Member] | ||
Derivative, Amount of Hedged Item | 18,000 | 18,000 |
Junior Subordinated Notes, Total | $ 61,900 | $ 61,900 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Interest rate swaps, notional amount | $ 1,208,025 | $ 885,469 |
Interest rate swaps, net carrying value | (70,611) | (17,301) |
Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 323,500 | 326,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 866,500 | 541,500 |
Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 18,000 | 18,000 |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Interest rate swaps, notional amount | 139,960 | |
Interest rate swaps, net carrying value | 2,352 | |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Interest rate swaps, notional amount | 323,525 | 186,009 |
Interest rate swaps, net carrying value | (35,069) | (7,769) |
Interest Rate Swap [Member] | ||
Interest rate swaps, notional amount | 323,500 | 326,000 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 866,500 | 541,500 |
Interest rate swaps, net carrying value | (28,325) | (8,350) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 18,000 | 18,000 |
Interest rate swaps, net carrying value | $ (7,217) | $ (3,534) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net loss | $ (6,569,000) | $ (753,000) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Net loss | (3,929,000) | (1,072,000) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Interest and fees on loans | ||
Net loss | (100,000) | (22,000) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Net loss from fair value adjustments | ||
Net loss | (3,900,000) | (1,100,000) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Net loss | (2,249,000) | (292,000) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest and fees on loans | ||
Net loss | (200,000) | 300,000 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Net loss from fair value adjustments | ||
Net loss | (2,100,000) | (600,000) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Net loss | $ (391,000) | $ 611,000 |
Derivative Financial Instrume_6
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 2,352 | |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | |
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Condition | 2,352 | |
Interest Rate Swaps, Financial Instruments | 0 | |
Interest Rate Swaps, Net Amount | 2,352 | |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | $ 70,611 | 19,653 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | |
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 70,611 | 19,653 |
Interest Rate Swaps, Financial Instruments | 72,526 | 19,265 |
Interest Rate Swaps, Cash Collateral Received | 0 | 0 |
Interest Rate Swaps, Net Amount | $ (1,915) | 388 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | $ 0 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provisions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Note 10 - Income Taxes - Income Tax Provisions (Details) | ||
Federal tax provision, current | $ 1,950 | $ 1,326 |
Federal tax provision, deferred | (961) | 617 |
Total federal tax provision | 989 | 1,943 |
State and local tax provision, current | 162 | 156 |
State and local tax provision, deferred | (1,357) | 188 |
Total state and local tax (benefit) provision | (1,195) | 344 |
Total income tax (benefit) provision | $ (206) | $ 2,287 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 579,672 | $ 549,464 |
Total other comprehensive (loss) income, net of tax | (22,633) | 2,210 |
Balance | 549,683 | 559,559 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | (3,982) | (15,649) |
Other comprehensive income before reclassifications, net of tax | (10,202) | 5,620 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 25 | 0 |
Total other comprehensive (loss) income, net of tax | (10,177) | 5,620 |
Balance | (14,159) | (10,029) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | (5,863) | 3,704 |
Other comprehensive income before reclassifications, net of tax | (13,748) | (3,644) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 143 | 139 |
Total other comprehensive (loss) income, net of tax | (13,605) | (3,505) |
Balance | (19,468) | 199 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (983) | (1,673) |
Other comprehensive income before reclassifications, net of tax | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 53 | 7 |
Total other comprehensive (loss) income, net of tax | 53 | 7 |
Balance | (930) | (1,666) |
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||
Balance | 1,021 | 866 |
Other comprehensive income before reclassifications, net of tax | 1,096 | 88 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 |
Total other comprehensive (loss) income, net of tax | 1,096 | 88 |
Balance | 2,117 | 954 |
AOCI Attributable to Parent [Member] | ||
Balance | (9,807) | (12,752) |
Other comprehensive income before reclassifications, net of tax | (22,854) | 2,064 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 221 | 146 |
Total other comprehensive (loss) income, net of tax | (22,633) | 2,210 |
Balance | $ (32,440) | $ (10,542) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Expense | $ 25,844 | $ 28,010 |
Tax expense (benefit) | (206) | 2,287 |
Net income, as reported | (1,390) | 7,068 |
Other expense | (4,311) | (4,627) |
Total before tax | (1,596) | 9,355 |
Tax expense (benefit) | 206 | (2,287) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Tax expense (benefit) | (24) | (3) |
Net income, as reported | (53) | (7) |
Total before tax | (77) | (10) |
Tax expense (benefit) | 24 | 3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Net loss on sale of securities | (37) | |
Tax expense (benefit) | (12) | |
Net income, as reported | (25) | |
Tax expense (benefit) | 12 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||
Interest Expense | (208) | (201) |
Tax expense (benefit) | (65) | (62) |
Net income, as reported | (143) | 139 |
Tax expense (benefit) | 65 | 62 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Other expense | 97 | 32 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||
Other expense | $ (20) | $ (22) |
Regulatory Capital (Details)
Regulatory Capital (Details) | Mar. 31, 2020 |
Capital Conservation Buffer Required for Capital Adequacy | 2.50% |
Savings Bank [Member] | |
Capital Conservation Buffer | 4.98% |
Holding Company | |
Capital Conservation Buffer | 5.16% |
Regulatory Capital - Summary of
Regulatory Capital - Summary of the Bank's Compliance (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Tier I (leverage) capital: | ||
Tier i (leverage) capital, capital level, amount | $ 676,267 | $ 680,749 |
Tier i (leverage) capital, capital level, percent | 9.51% | 9.65% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 355,552 | $ 352,581 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 320,715 | $ 328,168 |
Tier i (leverage) capital, excess, percent | 4.51% | 4.65% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 676,267 | $ 680,749 |
Common equity tier i risk-based capital, capital level, percent | 12.48% | 13.02% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 352,240 | $ 339,944 |
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 | $ 324,027 | $ 340,805 |
Common equity tier i risk-based capital, excess, percent | 5.98% | 6.52% |
Tier I risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 676,267 | $ 680,749 |
Tier 1 risk-based capital, capital level, percent | 12.48% | 13.02% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 433,526 | $ 418,393 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 242,741 | $ 262,356 |
Tier 1 risk-based capital, excess, percent | 4.48% | 5.02% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 703,130 | $ 702,500 |
Total risk-based capital, capital level, percent | 12.98% | 13.43% |
Total risk-based capital, requirement to be well capitalized, amount | $ 541,908 | $ 522,991 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 161,222 | $ 179,509 |
Total risk-based capital, excess, percent | 2.98% | 3.43% |
Holding Company | ||
Tier I (leverage) capital: | ||
Tier i (leverage) capital, capital level, amount | $ 610,898 | $ 615,500 |
Tier i (leverage) capital, capital level, percent | 8.59% | 8.73% |
Tier i (leverage) capital, requirement to be well capitalized, amount | $ 355,470 | $ 352,581 |
Tier i (leverage) capital, requirement to be well capitalized, percent | 5.00% | 5.00% |
Tier i (leverage) capital, excess, amount | $ 255,428 | $ 262,919 |
Tier i (leverage) capital, excess, percent | 3.59% | 3.73% |
Common Equity Tier I risk-based capital: | ||
Common equity tier i risk-based capital, capital level, amount | $ 567,306 | $ 572,651 |
Common equity tier i risk-based capital, capital level, percent | 10.47% | 10.95% |
Common equity tier i risk-based capital, requirement to be well capitalized, amount | $ 352,184 | $ 339,929 |
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 | $ 215,122 | $ 232,722 |
Common equity tier i risk-based capital, excess, percent | 3.97% | 4.45% |
Tier I risk-based capital: | ||
Tier 1 risk-based capital, capital level, amount | $ 610,898 | $ 615,500 |
Tier 1 risk-based capital, capital level, percent | 11.28% | 11.77% |
Tier 1 risk-based capital, requirement to be well capitalized, amount | $ 433,458 | $ 418,374 |
Tier 1 risk-based capital, requirement to be well capitalized, percent | 8.00% | 8.00% |
Tier 1 risk-based capital, excess, amount | $ 177,440 | $ 197,126 |
Tier 1 risk-based capital, excess, percent | 3.28% | 3.77% |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 712,761 | $ 712,251 |
Total risk-based capital, capital level, percent | 13.16% | 13.62% |
Total risk-based capital, requirement to be well capitalized, amount | $ 541,822 | $ 522,967 |
Total risk-based capital, requirement to be well capitalized, percent | 10.00% | 10.00% |
Total risk-based capital, excess, amount | $ 170,939 | $ 189,284 |
Total risk-based capital, excess, percent | 3.16% | 3.62% |
New Authoritative Accounting _2
New Authoritative Accounting Pronouncements (Details) - Accounting Standards Update 2016-13 [Member] $ in Millions | Jan. 01, 2020USD ($) |
Cumulative-effect adjustment to retained earnings | $ 1.3 |
Cumulative-effect adjustment to retained earnings, net of tax | 0.9 |
Increase in allowance for loan losses | 0.4 |
Increase in allowance for held-to-maturity debt securities | 0.3 |
Increase in allowance for off-balance sheet items | $ 0.6 |